YEREVAN (Public Radio of Armenia)—The Tashir Group and Inter RAO have signed an agreement for the sale and purchase of electric energy assets in Armenia. The deal was approved by the Armenian government and will be closed after approval by the Public Service Regulatory Commission (PSRC).
The parties have agreed that Electric Networks of Armenia (ENA) and the Hrazdan Thermal Power Plant will continue to meet all the liabilities associated with the deal.
“Tashir Group takes full responsibility for the management of the ENA,” said the President of Tashir Group, Samvel Karapetyan.
“Future development plans include an anti-crisis program to optimize the company’s financial activities and control its commercial operations, as well as gradual modernization of its distribution network facilities. On a parity basis with the government of Armenia, the company will cover part of the electricity costs of the general public and small businesses for the whole of 2015, compensating the difference between tariffs before and after indexation on 1st August 2015. This decision has been taken to support the people of Armenia,” Karapetyan said.
”While the assets were in our ownership, Inter RAO Group implemented international best business practices, invested in the development of the Armenian utilities sector, and ran an optimization and cost control program, resulting in improved operational efficiency of the assets”, announced Boris Kovalchuk, Chairman of the management board of Inter RAO.
“We agreed with Tashir Group to close the deal on terms that reflect the fair value of the assets. This approach will enable both parties to secure maximum economic benefit,” Kovalchuk said.
The ENA and the PSRC have been embroiled in controversy following the PSCR’s decision to raise electricity tariff prices in Armenia by 17%, resulting in nonstop protests in Yerevan for two weeks in June and July.