YEREVAN. – The Electric Networks of Armenia (ENA) CJSC does not plan to start a process of bankruptcy.

The ENA Press Secretary, Natalya Sarjanyan, stated the abovementioned at a press conference on Wednesday.

“The ENA is not thinking about such a thing,” she said.

Sarjanyan added that a technical work is in progress to prepare for the audit to be conducted at the company. The respective work is carried out by the Government of Armenia and the Russian state-owned Inter RAO UES company, which is the proprietor the ENA.

Subsequently, a tender will be announced to select the auditing firm.

“It’s too early to announce when that will be,” stated the ENA press secretary. “And the audit, as reported earlier, may take three to six months.”

Despite numerous protests, the Public Services Regulatory Commission of Armenia 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.