Audit of Electric Networks of Armenia (ENA) may take 3-6 months, David Haroutiunyan, Minister-Chief of the Government Staff, said on Armenian TV.
He said the Government will be subsidizing the increased electricity price on the budget funds until the audit results. If the audit reveals that the increase was not substantiated, the government will recompense the money spent at the expense of ENA. Speaking of the nationalization or resale of ENA, the minister said, either option is possible. However, Haroutiunyan said, the government must not manage the Company. A well-known international company must do it. Unfortunately, Haroutiunyan said, there was a negative experience in Armenia when the stated-managed company accumulated $50-$100 million debts and it is inadmissible to pay off such amounts from the state budget. Haroutiunyan recalled the president's statement saying that there are some EEU organizations that may help rehabilitate the energy system, RFE/RL Armenian Services said.
"Our energy market is extremely small and one drought season is enough to negatively affect the company's activity. Commercial loans are not a solution, indeed. Eventually, if the fluctuation of the national dram caused an increase in the gas price in Armenia, the electricity that is generated by gas- consuming plants could not but increase in price too. Some problems are impossible to avoid. Another matter that the calculations could be wrong and whether the last tariff does not include the embezzlements and others. I am sure in it, but the people must be sure too," he said.