The Public Services Regulatory Commission (PSRC) of Armenia has imposed a substantial fine on Electric Networks of Armenia CJSC for violating the terms of its electricity distribution license. The company is required to pay 20 million drams (approximately $50,000) for providing inaccurate and incomplete information.
The administrative proceedings were initiated by the PSRC after receiving complaints from citizens. The investigation aimed to determine whether the company had breached its obligation to provide accurate and comprehensive information, a requirement under its electricity distribution license.
During the investigation, the provision of misleading and incomplete information was confirmed. Notably, the company itself acknowledged the violation.
The PSRC emphasized that the actions of Electric Networks of Armenia not only violated the license terms but also hindered the proper functioning of the regulatory commission. Specifically, this made it more difficult for the PSRC to fully and thoroughly address citizens' complaints.
BMG reminds that since September 2015, 100% of the shares of Electric Networks of Armenia have been controlled by Tashir Group, owned by Samvel Karapetyan, a Russian billionaire of Armenian descent.
