YEREVAN. - Armenia’s Public Services Regulatory Commission (PSRC) published the list of companies, which were invited to the consultation on regulating the electric networks of the republic.

The invitations were sent to the 5 best consulting firms of the world according to the rating on the website www.vault.com: Bain & Company, McKinsey & Company, The Boston Consulting Group, Strategy & (part of PriceWaterhouseCoopers group) and Deloitte Consulting.

On August 6 - within the established time period - the PSRC received responses from only two firms: McKinsey & Company and Deloitte Consulting.

PSRC will additionally inform about the further processes.

Despite numerous protests, the PSRC approved the electricity tariff rise by 6,93 AMD, increasing it up to 48.78 AMD (approx. $10,3 cents) per kWh.

On June 27, the sixth day of the protests, Armenia’s President Serzh Sargsyan held a consultation with the state officials in charge of the economic policy. During the consultation, he stated that the government would subsidize the electricity tariff rise before receiving the international audit conclusion on the reasonableness of the tariff rise.  

If the audit justifies the tariff rise, the consumers will have to pay according to the new tariff. Otherwise, the government will take measures to collect from the EPA the overpaid amount and hold liable the officials in charge of the price hike.