New electricity prices for Armenian households come into force
New electricity prices for Armenian households and enterprises approved by Armenia’s Public Services Regulatory Commission (PSRC) on June 24 have come into force from August 1.
More precisely, the daytime rate for households (from 7.00 am to 11 pm is reduced from 48.78 drams to 46.2 drams (5.3% decline), and the nighttime rate - from 38.78 drams to 36.2 drams (6.7% decline) per one kWh.
On August 1 the government has halted also subsidies to all households and small businesses that consumed up to 250 kWh / month.
The Electric Networks of Armenia (ENA), Armenia’s national power distribution company, was bought earlier this year by Russia-based Tashir Group from the Russian energy giant Inter RAO.
Tashir Group pledged to introduce international practice standards within five years and to improve the management of the utility.
Tashir Group consists of about 200 companies, including 30 shopping malls and two dozen office buildings and hotels across Russia. With total assets estimated by Forbes magazine at $4.5 billion, its owner Samvel Karapetyan is one of the world’s richest Armenians.
The ENA was said to have more than $220 million in outstanding debts to Armenian power generating plants and commercial banks. It was sold to Inter RAO in 2006 at $73 million by Midland Resources, a British-registered company. -0-