The decision is expected to be finalized at the November 13 session of the Public Services Regulatory Commission (PSRC).
The PSRC cited multiple reasons for the proposed license revocation. Documents submitted by ENA’s temporary manager, Romanos Petrosian, indicate that the company’s automated electricity metering system was disrupted in January 2025, erasing data dating back to 2018.
The regulator also pointed to underreporting and overreporting of electricity usage in several ENA branches. Petrosian, a political ally of Prime Minister Nikol Pashinian who held key positions in his consecutive governments before his appointment in July, alleged that branch managers were instructed to account for energy losses at varying rates, suggesting deliberate manipulation of consumption records.
A third factor cited in the PSRC’s draft decision concerns ENA’s provision of financial guarantees for loans taken by other companies within Karapetian’s Tashir Group. The regulator warned that such practices could “endanger electricity supply and create financial and security risks for consumers.”
The PSRC also accused ENA of repeatedly submitting inaccurate information to the regulator, resulting in “misjudgments about the condition of the electricity distribution network, the frequency of outages, and the extent of losses.”
According to the draft decision, Petrosian will continue as ENA’s temporary manager even if the company’s license is revoked.
Under amendments to Armenia’s energy law introduced by the ruling Civil Contract party in July, ENA may be designated as a company of “prevailing public interest,” allowing the government to assess its value and compensate its current owners before the company’s full takeover.
Pashinian has previously stated that ENA will no longer remain under Tashir’s ownership, describing the process as “irreversible.”
“Sometimes surgical measures are necessary,” the prime minister said, noting two potential outcomes: full nationalization with professional government management, or the transfer of majority shares to a reputable international energy company, with the state maintaining strategic control.
In a November 6 news briefing, Pashinian acknowledged uncertainty over whether the government has the financial resources to purchase ENA from Tashir, saying the final decision would depend on a comprehensive valuation. He also declined to specify which international firms might be involved in the second scenario.
Tashir Group has not publicly indicated whether it plans to negotiate a sale with the government if the license is revoked.
The PSRC began investigations into ENA shortly after Karapetian’s arrest in June, which followed his public criticism of government actions against the Armenian Apostolic Church.
The Russian-Armenian businessman was remanded into pre-trial custody on charges of allegedly threatening to overthrow the government. Later, prosecutors added charges of large-scale fraud, tax evasion, and money laundering.
Karapetian, his family, and supporters have rejected the accusations as politically motivated. From prison, Karapetian announced plans to set up a political party to challenge the Pashinian government in next year’s parliamentary elections. His supporters, including his nephew Narek Karapetian, said the party could be established as early as January.
Karapetian’s family has filed a $500 million claim in an arbitration court, arguing that the seizure of ENA constitutes illegal expropriation. In July, the Stockholm Chamber of Commerce issued an injunction obliging Armenian authorities to refrain from confiscating ENA from Karapetian’s group, changing ENA’s top management, or revoking its parent company’s operating license pending a verdict in the case. The authorities effectively ignored the order.