YEREVAN. - Electric Networks of Armenia CJSC (ENA) has no surplus profits, Robert Nazaryan, Head of Armenia’s Public Services Regulatory Commission said in the parliament on Friday.  

“Someone says or writes that Joint Stock Company RAO UES has a 65 per cent profit. Regardless of whether this is true, ENA has nothing to do with this. Yes, ENA is the subsidiary of the RAO UES, but it has different indicators. Over the last 2 years, the company has lost roughly 9 billion AMD (approx. $19 million) partly because of the displaced power balance, which we have referred to not once, and partly, in our opinion, because of not very effective management. But these data are reliable; they were confirmed by the auditing company (Ernst&Young),” Nazaryan said.

Armenia’s Public Services Regulatory Commission intends to raise the electricity tariff by 6,93 AMD instead of 17, as  proposed by ENA. Currently the tariff is 41,85 AMD for 1 kWh in daytime (approx. 8,8 cents).