Electric Networks of Armenia CJSC (ENA) posted profit and total comprehensive income of AMD 9.56 billion for the first half of 2026, down 27.3% from AMD 13.16 billion a year earlier. This is according to the company’s unaudited financial statements published by the Armenia Securities Exchange (AMX).
Revenue rose 1.1% to AMD 98.8 billion. However, electricity transmission service fees increased 13% to AMD 63.3 billion. In addition, other income fell from AMD 8.1 billion to AMD 1.5 billion. Consequently, results from operating activities fell 36% to AMD 11.5 billion. No dividends were paid in the first half, compared with AMD 11.6 billion a year earlier.
According to the management report, the Public Services Regulatory Commission (PSRC) approved the company’s 2026 investment budget of AMD 46.7 billion. Under this budget, the renovation of electrical facilities in the entrances of more than 600 apartment buildings is already underway. The budget is part of the 2024–2034 investment program totaling AMD 305.4 billion.
On July 3, 2025, Armenia’s parliament adopted amendments to the laws “On Energy” and “On the Public Services Regulatory Body.” As ARKA reports, they “allowed the state to intervene in the management” of ENA.
On November 17, 2025, the PSRC voted four to one to revoke ENA’s core electricity distribution license. The regulator concluded that the company had jeopardized “not only the preservation of its assets, but also the uninterrupted and efficient power supply to consumers.” The decision lists:
- irrecoverable deletion of electricity meter data for 2018–2024;
- violations in implementing investment programs;
- falsification of meter readings;
- failure to meet deadlines for connecting new customers;
- breaches of building codes and fire safety rules;
- risky loan guarantees in favor of affiliated companies.
According to Arminfo, which reported the details, total loan guarantees secured on ENA’s assets approached $690 million, while the average duration of power outages increased by 4.2%.
Since July 2025, ENA has been run by a temporary manager appointed by the PSRC and, according to the report, continues to supply consumers without interruption. Earlier, in September 2025, Moody’s downgraded the company’s rating from Ba2 to Ba3 with a negative outlook.
On April 9, 2026, Prime Minister Nikol Pashinyan stated: “Electric Networks of Armenia has been nationalized de facto, and it will soon be de jure as well.” In June, Armenia’s Ministry of Territorial Administration and Infrastructure published a draft government decision recognizing 100% of ENA’s shares as an object of overriding public interest, a step required for their expropriation. Public hearings on the draft were held on July 29. The government has not yet made a final decision.
The financial statements were released amid sharp criticism from Moscow. On September 17, Russian Security Council Secretary Sergei Shoigu said: “What is happening to enterprises and entire industries in which Russia has invested billions can hardly be called anything other than a ‘raider takeover.’” His deputy, Alexei Shevtsov, spoke specifically about ENA. According to him, since mid-2025 Pashinyan’s team has been “consistently moving toward the nationalization” of the company owned by Samvel Karapetyan, which “is in fact a raider takeover.” On September 18, Russian Deputy Foreign Minister Mikhail Galuzin described the Armenian authorities’ actions regarding ENA as “a politically motivated reprisal against one of the competitors in the domestic arena.” He also warned that violating the interests of Russian business “will not remain without a proper response from the Russian side.”
