Epress.am News from Armenia
Electric Networks of Armenia power utility (ENA), owned by Russian electric power company Inter RAO UES, pays 1 million 110 thousand AMD a month in rent for a private house of 160 square meters located in Arabkir district of Yerevan. This sum is entirely included in the electricity tariff, Armenian “Haykakan Zhamanak” daily reported on Friday, May 29.
“Is it worth to pay more than $ 2,300 a month for this house? Combining the official data provided by the Armenian State Committee of Real Estate Cadastre, we see that this house is worth about 60 million AMD. Paying 1,110 million AMD a month, the Armenian power utility will have covered the entire cost of the house [by 2020]. But in 4,5 years, after paying the entire price for the house, ENA will have to return the property to its owner. This alone shows that ENA wastes huge amounts of money unnecessarily.
To make a rough estimate of exactly how much money ENA throws away, it is worth noting that according to the claim submitted to the Public Services Regulatory Commission the company has a total of 3, 300 lease agreements of immovable property. The example of the above-mentioned house alone shows that ENA's leases of immovable property should be thoroughly checked. And not just to find out whether the size of the rent matches market value.
First and foremost, it should be found out why ENA needs this house or apartment: how essential is it for the company's activities? Why should the consumer have to pay the company's rents? Why do we, the consumers, have to pay for the houses of the managers or ordinary employees of ENA? After all, our employers do not pay for our apartments, do they?” the daily wrote.