Israel Electric Corporation

Israel Electric Corporation

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Israel Electric Corporation

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Description:
Israel Electric Corporation (, 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.

History

The Company was founded by Pinhas Rutenberg and incorporated in mandatory Palestine on March 29, 1923, 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 the year 1961 to its present name "The Israel Electric Corporation Limited".

Today

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...
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