The family of jailed billionaire Samvel Karapetyan—now emerging as a leading opposition figure—accuses Armenian authorities of thwarting a planned reduction in electricity tariffs just weeks before the state moved to take over the national power distributor, Electric Networks of Armenia (ENA), in June.
On June 18, hours after Karapetyan was arrested following his sharp criticism of Prime Minister Nikol Pashinyan’s campaign against the Armenian Apostolic Church, Pashinyan vowed to “quickly” nationalize ENA. The Civil Contract–controlled National Assembly then rushed through a bill on July 2 authorizing the government to “temporarily” assume ENA’s management and compel a sale within three months. The Public Services Regulatory Commission (PSRC)—led by a Pashinyan ally—was empowered to approve and oversee the process.
PSRC chairman Mesrop Mesropyann promptly endorsed the government’s pick for ENA’s “interim manager” while the regulator weighs allegations that Karapetyan’s Tashir Group mismanaged the grid. By November 18, the PSRC must decide whether to revoke ENA’s license and force a sale at a price effectively set by the state.
Seeking to undercut the regulator’s narrative, Narek Karapetyan—Samvel’s nephew, ENA board chair, and his chief lieutenant in Armenia—said Tuesday that Tashir asked the PSRC roughly two weeks before the arrest to approve a cut in electricity prices, but the commission rejected the request. The PSRC did not directly deny that on Wednesday; instead, it argued the proposed cut was too small and fiscally unsound.
Narek Karapetyan dismissed that claim, insisting ENA can reduce rates thanks to higher revenues from efficiency gains and cost savings. He said the company would formally resubmit its proposal to the regulator on Thursday.
Narek also coordinates the new opposition movement “In Our Way,” launched by his uncle two months ago. The group drew thousands in Yerevan on October 18 demanding the release of Karapetyan and other “political prisoners,” and is seen as a likely contender in parliamentary elections slated for June 2026.
After the effective state takeover of ENA, Tashir filed a claim with the Arbitration Institute of the Stockholm Chamber of Commerce (SCC), seeking $500 million in damages for what it calls an unlawful “expropriation” of its largest Armenian asset. In July, the SCC ordered Armenian authorities not to confiscate ENA from Tashir, change its top management, or revoke its parent company’s license pending a final ruling. The authorities have ignored that interim order.
