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The Armenian government will pay compensation for a 6.93-dram rise in the electricity tariff until September 20, Minister of Energy and Natural Resources Yervand Zakharyan said at the government session today.

According to him, relevant calculations are now being made with Electric Networks of Armenia (ENA) Company and Public Services Regulatory Commission of Armenia (PSRC).

“The amounts of power consumption by the population ad SMEs will be clarified by the end of the week, and compensation will be paid by September 20,” he said.

Deputy PM, Minister of International Economic Integration and Reforms Vache Gabrielyan said for his part that the first stage of consultations at PSRC will end in late September, and the second and third stages are expected to end in late October and late November.

Gabrielyan said that Deloitte – the company that provides consulting services to Public Services Regulatory Commission regarding tariff regulation in the energy sector – has already started its work.

To remind, the Armenian government took a decision to pay subsidies from extra-budgetary funds from the period of August 1, 2015 until the completion of an audit of ENA Company. Subsidies of 6.93 AMD per kWh will be provided to the population (for the whole amount of electricity consumed each month) and small and medium enterprises consuming up to 500 kWh a month. The government will subsidize 250 kWh monthly for SMEs.

Prime Minister Hovik Abrahamyan said at the August 31 session of the government: “This morning we together with Armenian President discussed the issue of assistance to SMEs and made a decision to submit this draft - through which we try to solve the problem of SMEs - to the government”. The PM said compensation of 6.93 drams per kWh will be paid by the government until the end of consultations.