YEREVAN /ARKA/. Prime Minis- ter Nikol Pashinyan announced that the process of assessing the market value of Electric Networks of Armenia (ENA) is currently underway. On November 17, 2025, the Pub- lic Services Regulatory Commission revoked ENA’s license to distribute electricity, setting a three-month dead- line (until February 17, 2026) for the government to negotiate with the com- pany’s owner regarding its future sta- tus (state buyout (nationalization) or transfer to management with state par- ticipation). “If ENA’s market value is afford- able for the state budget, we will ful- ly nationalize it and transfer it to the trust management of a highly profes- sional international company or group of companies,” Pashinyan noted at a briefing on Thursday. According to him, various assump- tions have been made about ENA’s financial condition, including that the company’s market value may be low and its acquisition would require a rel- atively small sum. “Currently, there is no documented figure of this size. Discussions are on- going, but I cannot say anything con- crete at this stage,” the Prime Minister noted. Pashinyan emphasized that there is no reason to rush. “Currently, ENA, at least de facto, belongs to the Republic of Armenia. The company’s operation- al efficiency, tax discipline, and trans- parency have significantly improved,” Pashinyan said. The Prime Minister also noted that ENA has become more open to part- nerships with a wider range of compa- nies. “Previously, the company’s tenders were primarily attended by entities affiliated with the previous manage- ment. Corruption mechanisms related to money laundering have been uncov- ered, and criminal cases have been ini- tiated,” Pashinyan added.