"IEC Tower, company's headquarters
|"Yiftah Ron-Tal ("Chairman since 2011)
Ofer Bloch ("CEO)
|Products||"Electricity generation, "transmission and "distribution|
|Revenue||"₪ 27.7 billion (2013)|
|"₪ 1.4 billion (2013)|
|"₪ (808) million (2013)|
Number of employees
|9,782 permanent employees
2,894 temporary employees
Israel Electric Corporation ("Hebrew: חברת החשמל לישראל, abbreviation: IEC) is the largest supplier of "electrical power in "Israel. The IEC builds, maintains, and operates "power generation stations, sub-stations, as well as transmission and distribution networks.
The company is the sole integrated "electric utility in the State of Israel. Its installed generating capacity represents about 75% of the total electricity production capacity in the country. It transmits and distributes substantially all the electricity used in Israel, including power generated by other producers. The State of Israel owns approximately 99.85% of the company.
The company was incorporated in "Mandatory Palestine with its main object to produce, supply, distribute, and sell electricity to consumers. Israel Electric Corp. was first registered under the name "The Palestine Electricity, Corporation Limited", which was changed in 1961 to its present name "The Israel Electric Corporation Limited".
The IEC is one of the largest industrial companies in Israel, owning and operating an extensive nationwide power distribution network fed by 17 power station sites (including 5 major "thermal power stations) with an aggregate installed generating capacity of 10,899 "MW. Most of the "base load electricity is generated using coal, though by the end of 2010 the company expected the majority (55%) of total installed generation capacity to be in the form of "natural gas plants. In 2009, the company sold 48,947 "GWh of electricity. To meet projected future electricity demand, an IEC "capital investment program provided for the addition of 2,578 MW of installed capacity by the end of 2011. In addition, the government of Israel was seeking private companies to generate an additional several thousand megawatts by the middle of the 2010s, which would then be distributed by the IEC.["needs update]
The company's current CEO is Ofer Bloch.
|Steam powered power plants||coal, fuel oil, natural gas||6,612|
|Aeroderivative jet turbines||natural gas, diesel||504|
|Industrial gas turbines||natural gas||1,700|
|"Combined cycle||natural gas||2,848|
On 23 February 2015 the IEC intentionally cut off the West Bank power for about 45 minutes due to uncollected debts. Two days later they again cut off power, stating it was a warning to the Palestinian Authority to begin paying down the debt, which at that time was NIS 1.9 billion. The majority of the debt is held by the PA and "Jerusalem District Electricity Company (JDECO) which is a Palestinian electricity firm which buys its power from IEC and serves east Jerusalem, Bethlehem, Ramallah and Jericho areas. The IEC stated that they are losing NIS 85 million per month on power being supplied to "Nablus and "Jenin that they are not being paid for, causing the majority of their quarterly loss. The Palestinians accused IEC of collective punishment, however the IEC stated that they must operate independently and are treating this as they would any customer who does not pay their debts.
On 31 March 2016 the IEC once again cut power to parts of the West Bank, in the "Jericho area, over a NIS 1.7 billion in debts. On 4 April the IEC cut power, in the "Bethlehem area, and the following day the IEC cut power in the "Hebron area. On 6 April, the IEC restored full power to the West Bank after they received a NIS 20 million payment, and an agreement to receive a full debt repayment schedule within seven days.