YEREVAN. – The Public Services Regulatory Commission (PSRC) of the Republic of Armenia (RA) has formally responded to the statement by Boris Kovalchuk—Chairman of the Management Board of Inter RAO UES, which is a Russian state-owned company—that the financial losses of the Electric Networks of Armenia (ENA) Company are a result of the current regulatory system in the country.

“The RA Public Services Regulatory Commission considers Mr. Kovalchuk’s position over the situation to be incomprehensible and groundless, and it stands ready to prove this also during discussions with international consultants.

“The commission insists that the RA legislation, especially regarding the regulatory domain, is fully consistent with the international track-record and it has a broad application.

“Under the circumstances, we consider unacceptable that, instead of paying even more attention to own deficiencies and shortcomings, and attempt is made to seek a reason to justify them,” reads the PSRC statement in response.