Inter RAO UES not confirming Armenian power grid sale

Inter RAO UES, the manager of the Electric Networks of Armenia, has not confirmed the report on the company’s planned sale, the news agency TASS reports, citing a representative from the Russian power giant.

“We do not confirm the report on the sale of the Electric Networks of Armenia,” said the source.

The newspaper Kommersant reported earlier that the continuing protests against the planned hike in electricity prices in Armenia and the government promises to nationalize the power grid might cause the company to sell its affiliate.

Informed sources reportedly told the paper that the holding was ready to abandon the controversial assets and even negotiate with potential purchasers. The paper said that the Russian company had even started the negotiations with businessmen, including Samvel Karapetyan, the owner of Tashir Group, and other Russian-Armenian entrepreneurs.

The Electric Networks of Armenia had earlier proposed raising the power tariffs by 17.08 Armenian Drams (US $ 1 = 473 Drams). In an attempt to meet the demand half-way without stirring up a rebellion, the Public Services Regulatory Commission made a decision to raise the price by 6.93 Drams. The decision is to take effect on August 1. The move provoked a wide public discontent, attracting hundreds and thousands to the street.