Inter RAO UES—which is a Russian state-owned company—, together with the Armenian government, will select the firm that will conduct an audit at the Electric Networks of Armenia (ENA) Company.

Chairman of the Inter RAO UES Management Board, Boris Kovalchuk, told the above-said to reporters, informed TASS news agency of Russia.

“Now, a [respective] tender will be announced, and the firms will be selected from the internationally recognized Big Four,” said Kovalchuk. “We will make the decision, together with the authorities of Armenia; they will conduct an independent audit, [and] we only welcome it.”

In the Inter RAO UES official’s words, the audit may take approximately three months, and the company does not rule out the sale of its asset—i.e. the ENA—in Armenia.

“Any option is possible here,” explained Boris Kovalchuk.

The Russian Minister of Energy, Alexander Novak, also expressed the hope that, after the audit, the Public Services Regulatory Commission (PSRC) of Armenia will make the right decision regarding the electricity tariffs of the ENA.

Novak told TASS that conducting audits is normal because, at any rate, the tariff is regulated by the state.

Despite numerous protests, the PSRC recently increased the price of electricity in Armenia by 6.93 drams—instead of 17 drams, proposed by the ENA—, per cubic meter, and this decision will take effect on August 1. But the decision is expected to be followed by an increase in the prices of numerous products and services in the country.

President Sargsyan, however, stated that the government will cover this price hike until an audit is conducted at the ENA, which supplies electricity to the country’s residents. Sargsyan also said he does not rule out returning the company to the Armenian government and transferring it to competitive management, if the audit shows that the aforesaid increase in electricity prices is unjustified.