[4] The protests were successful in reversing the price hike and causing the sale of Electric Networks of Armenia from Inter RAO to the Tashir Group.

Electric Yerevan had been preceded by previous smaller movements against price hikes on marshrutkas public transportation and a new mandatory pension savings system.

[5] Garegin Bagramyan, the Armenian Public Services Regulatory Commission chairman also stated, "The main reason for this decision is the fluctuation in the currency exchange rates.

Ideological restrictions and public sector dominance during the Soviet period enforced citizens to be passive and expect authorities to hold the responsibility for community welfare.

[10] Armenia has a high level of dependency on foreign aid from the diaspora, contributing up to 20% of the GDP in 2006—to support both economic and human development within the country.

[13] Faced with an imperative need to modernize, Armenia considered the EU’s enhanced offer under the Eastern Partnership with great interest.

[17] In 2015 the relations between the two countries turned sour, which stems from Armenia becoming outspoken about Russia due to its increased arm sales to Azerbaijan during the ongoing Nagorno-Karabakh conflict.

The reduction of remittance linked income to Armenia's population has negatively impacted the nations economy by resulting in a decline in retail trade.

ENA justified the acquisition by stating the company had no other way of paying off over $250 million in debt caused by the inefficiencies in Armenia's outdated energy infrastructure.

[3] Concurrently, a 2013 World Bank report stated that the power sector in Armenia was under financed and that even raising tariffs would not cover increasing costs.

[3] In this regard, it has been pointed out that the latest hike could be afforded by the middle class but the underlying reasons for protest actually stemmed from a sense of mistrust in the government due to the perceived corruption and mismanagement.

[26] Lead figure Vaghinak Shushanyan credited the organization’s widespread support due to its specific demands — increased oversight of ENA, a reversal of the price hike and refusal to engage in political horse trading.

At the end of the rally, a group of civil activists announced another sit-in in a central Yerevan square, which was attended by thousands of people.

Tashir Group pledged to introduce international standards within five years, improve the management of the utility and is also committed to reduce the technological losses of the company by at least 2%.

The director of the ENA, Karen Harutyunyan announced Monday that 30 percent of the investments to be made in the “Electric Networks of Armenia” over the next 10 years will be allocated toward equipment modernization, with approximately $12 million expected to be spent in 2018.