Israel Electric Corporation
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IEC Tower, company's headquarters
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| Government-owned corporation | |
| Industry | Electric utilities |
| Founded | 1923 |
| Founder | Pinchas Rutenberg |
| Headquarters | Haifa, Israel |
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Area served
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Israel |
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Key people
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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) | |
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Number of employees
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9,782 permanent employees 2,894 temporary employees |
| Website | iec.co.il |
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 Jaffa Electric Company was founded in 1923 by Pinhas Rutenberg, and was later absorbed into a newly created Palestine Electric 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.
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Wikipedia