The Government of Armenia has initiated the process of assuming management of the Electric Networks of Armenia (ENA), Prime Minister Nikol Pashinyan announced during a cabinet meeting.
“It is clear that the state must urgently take over the management of the Electric Networks of Armenia and implement further steps toward nationalization and improved governance of the company. This must be done quickly and efficiently,” Pashinyan said.
The Prime Minister referenced a recent incident on June 25, during the opening ceremony of the “Homeplex Mall,” which was disrupted by a power outage. “People invested $70 million and couldn’t hold a proper opening ceremony. There are only two possibilities here: either this was intentional sabotage or the system is technically incapable. In both cases, they’ve crossed all red lines,” Pashinyan stressed.
He noted that the issue has been discussed at the political level, including within the governing Civil Contract Party and its parliamentary faction. The government has already prepared the necessary legislative initiatives, he said.
The first step, Pashinyan explained, will be to assume state control of the company’s management. Further scenarios will be considered, including full nationalization, governance reforms, and increasing operational efficiency.
As a long-term strategic goal, the government intends to enable citizens to acquire shares of ENA through open subscription. “We must ensure guarantees that citizens of Armenia can purchase shares using their savings. We have a similar strategic goal for the Zangezur Copper-Molybdenum Combine,” the Prime Minister added.
