Following the results of the meeting of the Public Services Regulatory Commission of the Republic of Armenia (hereinafter — the Commission), held on November 17 of this year, the Commission adopted a decision to revoke the license for the distribution of electricity (capacity) of CJSC “Electric Networks of Armenia” (hereinafter — the Company).
In accordance with the applicable legal framework, until the completion of the legislative procedures aimed at the full transfer of electricity distribution activities, the Company, under the management of the Interim Manager acting as the executive body, will continue its regular operations, carrying out the functions assigned under the electricity distribution (capacity) license and ensuring the continuity of cash flows, including the timely and full fulfillment of its obligations.
In particular, in this context, in addition to the ongoing settlement of the Company’s obligations, more than USD 20 million of principal debt under loan obligations was repaid ahead of schedule following the appointment of the Interim Manager.
Based on the Company’s financial condition, it is indisputable that the Company fulfills all contractual obligations necessary for its normal operations, in accordance with the approved payment plan and performance acts.
“ENA” CJSC
Department for Public and Corporate Relations
