YEREVAN. – Electric Networks of Armenia (ENA) Company Executive Director Yevgeny Bibin has returned to Armenia, and he is working as of Monday, the ENA news service informed Armenian News-NEWS.am.

We were also told that there should be news toward the end of the week, and with respect to the audit to be conducted at the company, and now they are working on the terms of reference they need to submit to the auditing firm. 

They also informed us that the Public Services Regulatory Commission (PSRC) of Armenia is penalizing them, since they have not worked with the investment plan and not made new electricity connections.

“When the investment plan was to be approved, Bibin said we ask to postpone [it] due to the financial situation,” informed the ENA news service. “The 2015 investment plan is not yet approved; [but] it will be approved in the coming days, [and] the [electricity] connections—for which we are being fined—are a part of the investment plan.” 

Overall, it is proposed that the ENA be fined 75 million drams (approx. US$158,370).

Despite numerous protests, the PSRC recently increased the price of electricity in Armenia by 6.93 drams—instead of 17 drams, proposed by the ENA—, per cubic meter, and this decision will take effect on August 1. But the decision is expected to be followed by an increase in the prices of numerous products and services in the country. 
President Sargsyan, however, stated that the government will cover this price hike until an audit is conducted at the ENA, which supplies electricity to the country’s residents. Sargsyan also said he does not rule out returning the company to the Armenian government and transferring it to competitive management, if the audit shows that the aforesaid increase in electricity prices is unjustified.