YEREVAN. – Executive director of the Electric Networks of Armenia (ENA) Company, Yevgeny Bibin, has allows himself to mislead the public.

Chairman of the Public Services Regulatory Commission of the Republic of Armenia (PSRC RA), Robert Nazaryan, stated the aforesaid at Friday’s parliamentary hearings.

“He [i.e. Bibin] says he repeatedly stated about the difficulties, yet neither the RA Public Services Regulatory Commission nor the government did anything,” Nazaryan said and added: “Mr. Bibin is lying.”

The PSRC chief explained that, under the current method of calculating the price of electricity in Armenia, the ENA assumes the current risks. But 2014 was not only a year of scarce water in the country, but uncommon over the course of the past ten years, and the price of electricity was increased.

“And then we said: We will also cover the [ENA] losses suffered in the previous three years,” Robert Nazaryan noted. “But if there are profits, you [i.e. the ENA] will cover [the losses] yourself. Is this not a step forward?”

The PSRC on Tuesday introduced a draft decision, according to which the price of electricity in Armenia will increase by 6.93 drams—instead of 17 drams, proposed by the ENA—per cubic meter. On June 17, the PSRC is expected to approve this decision.

If this decision is approved, however, it is expected to be followed by an increase in the prices of first necessity goods in Armenia.