Israel Electric Corporation
|Key people||Michael Lazar (Acting Chairman since March 2010), Amos Lasker (CEO )|
|Products||Electricity generation, transmission and distribution|
|Revenue||₪ 17.6 billion|
|Operating income||₪ 332 million|
|Net income||₪ 253 million|
|Employees||9,782 permanent employees
2,894 temporary employees
|Website||Israel Electric Company|
Israel Electric Corporation (Hebrew: חברת החשמל לישראל, abbreviation: IEC) is the main supplier of electrical power in Israel. IEC builds, maintains and operates power generation stations, sub-stations, as well as the transmission and distribution networks.
The company is the sole integrated electric utility in the State of Israel and generates, transmits and distributes substantially all the electricity used in the State of Israel. 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 the 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 expects 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, IEC capital investment program provides for the addition of 2,578 MW of installed capacity by the end of 2011. In addition, the government of Israel is seeking private companies to generate an additional several thousand megawatts by the middle of the 2010s which will then be distributed by the IEC.
The current CEO is Eli Glickman.
|Plant type||Fuel||Capacity [MW]|
|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|