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The Prime Minister of Armenia, Hovik Abrahamyan, on Saturday revealed the source whereby the state will subsidize the rise in the electricity tariffs in the country.

Abrahamyan told reporters in Gyumri city that the government will get the respective amount of money from non-budgetary funds, especially, the proceeds from the sale of the Vorotan Hydro Cascade.

Despite numerous protests, the Public Services Regulatory Commission of Armenia had decided to increase the price of electricity in the country by 6.93 drams—instead of 17 drams, proposed by the Electric Networks of Armenia (ENA) CJSC—, per cubic meter, and this decision took effect on Saturday, 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 Serzh Sargsyan, however, stated that the government will subsidize this price hike until an audit is conducted at the ENA, which supplies electricity to the country’s residents, and whose proprietor is the Russian state-owned Inter RAO UES Company. Sargsyan also said should the audit show that the aforesaid increase in electricity tariff is unjustified, he does not rule out returning the ENA to the Armenian government and transferring it to competitive management.

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