Armenia's loss-making power distribution network said on Thursday that will ask public utility regulators next month to raise the prices of its electricity for a third time in less than two years.
The Russian-owned company, Electricity Networks of Armenia (ENA), did not disclose the scale of the price hike which it hopes will be approved by the Public Services Regulatory Commission (PSRC). "The matter is still under discussion," Natalia Sarjanian, an ENA spokeswoman, told RFE/RL's Armenian service (Azatutyun.am).
Sarjanian said the unpopular measure is essential for helping the company end its financial losses which she estimated at 10 billion drams ($21 million) per annum. The ENA, which is owned by Russia's national power utility RAO UES, has not made profits for three consecutive years, she said.
Armenian News
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