Electric Networks of Armenia

Stock performance

History

Electric Networks of Armenia (ENA) was formed in 2002 by merging four regional state distribution companies and was privatized soon after. Russian state-linked energy group Inter RAO controlled it until 2015, when a planned tariff increase triggered the 'Electric Yerevan' street protests; it was then sold to the Tashir group of Russian-Armenian businessman Samvel Karapetyan. In 2025 the Armenian government moved to take over management of the company after a political confrontation with Karapetyan.

Business model

ENA is the sole electricity distribution company in Armenia, buying power from generators such as the Metsamor nuclear plant and hydropower stations and delivering it to all consumers, at tariffs set by the national regulator.

Market position

ENA holds a monopoly on electricity distribution in Armenia.

Country impact

As the company that sends every electricity bill in the country, ENA has repeatedly been at the center of Armenian politics, from the 2015 protests over tariffs to the 2025 fight over its ownership, which became a test of the government's relations with powerful business figures.