A Russian energy conglomerate plans to sell Armenia's loss-making national electricity distribution company owned by it, Energy and Natural Resources Minister Yervand Zakharian confirmed on Wednesday.
A subsidiary of the state-run RAO Unified Energy Systems (UES) purchased the Electricity Networks of Armenia (ENA) utility from a British-registered firm in 2006. The $73 million takeover solidified Russia's strong presence in the Armenian energy sector.
The ENA absorbed capital investments from its new owner and remained profitable until 2011. However, the network has since been making losses, resulting in an estimated $220 million in outstanding debts to Armenian commercial banks and power plants.
Armenian News
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