Armenia’s PM favours full nationalisation of Electric Networks CJSC

Armenian Prime Minister Nikol Pashinyan considers full nationalisation of the arrested oligarch Samvel Karapetyan's Electric Networks of Armenia (ENA) CJSC the best path forward.

“There are two options. The first is full nationalisation of ENA, after which we would invite a professional manager to run the company under government oversight. The second option is to bring in a new investor if nationalisation proves impossible due to financial constraints or would be unjustified given the cost to the state, since we would have to pay,” Pashinyan said during a meeting with the company’s interim manager, Romanos Petrosyan, Caliber.Az reports, citing Armenian media.

“To be honest, for me the best and most desirable option is the first one — nationalisation of ENA, but there is a financial component,” he added.

The ENA nationalisation drive began in June 2025, shortly after Karapetyan's arrest on charges of "public calls to seize power" following his pro-Armenian Apostolic Church statements. Pashinyan immediately vowed to "swiftly nationalise" ENA, accusing it of intentional disruptions to fuel discontent. 

Parliament passed enabling legislation on July 3, 2025, allowing state intervention in utilities for violations, temporary administration, and forced sales with the state holding first refusal rights at market value plus 15%. By July 18, Petrosyan—a CC party member—was appointed interim manager, with ENA under de facto state control.

Samvel Karapetyan, a Russian-Armenian billionaire and president of the Tashir Group, has been the owner of ENA since 2015. ENA is Armenia's primary electricity distribution company, managing medium- and low-voltage networks and serving approximately 1 million customers nationwide. Karapetyan's ownership and subsequent detention have sparked a high-profile dispute with the Armenian government, involving legal battles, nationalisation threats, and political accusations.

By Khagan Isayev