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It will become clear within two days – today or tomorrow – what funds will be used by the Armenian government to compensate for the difference caused by a rise in electricity tariffs, Armenian Minister of Energy and Natural Resources Yervand Zakharyan said during a briefing today.

The minister did not refute information about the possible compensation at the expense of money received from the sale of Vorotan Hydropower Complex. He said that option is also under consideration.

In his words, within 2-3 days or a week the Armenian and Russian sides will also make a final decision about the conditions of carrying out an audit in Electric Networks of Armenia (ENA) Company. The sides are now clarifying their joint technical task, the energy minister said.

As was reported, President Serzh Sargsyan said at the June 27 consultation with officials responsible for the economic policy in Armenia that cancelling the decision on power tariff rise is “very dangerous”. For this reason the government will cover the tariff rise until the conclusion (of an audit of Electric Networks – editor), he said. “Of course, we will not pull out the ongoing programs or social expenditures, but will identify other resources among the means allotted for the further strengthening of (energy) security.

Certainly, our security issues are far from being solved, to say the least, and yet that environment of suspicion and distrust that we have now, I think is another security issue and a very important one. And that must be solved. And if that conclusion [of the audit] confirms the price increase is well-based, from that moment on the consumers will begin paying the new tariff without having any suspicions. Should the conclusion confirm the increase had been groundless, the government would take measures to get refunds from the ENA on the amount surcharged, as well as bring to account those officials that failed on their duties»,” the president said noting that under such conditions the work that the government started a few months ago to change the owner of ENA will become a certainty, and the option of returning the company to the state and transferring it for competitive management is not ruled out.