Israel Electric Corporation

Israel Electric Corporation is a united electric power company in the state of Israel. Produces, transmits and distributes almost all the electricity used in the country. The State of Israel owns approximately 99.85% of the Company.
The company has become one of the largest industrial companies in Israel. In 2009, the Company had total revenues of $ 5 billion, net income of $ 328 million and total assets of $ 21.1 billion. The company owns and operates 17 power plants (including 5 main TPPs) with a total installed capacity of 11,664 MW. In 2009, the Company sold 48,947 GWh of electricity.

To meet the growing demands of energy consumers, the Company has made significant investments in the construction of new generation stations, expanding and improving transmission and distribution systems. The Company's investment program provides for an increase in installed capacity by 2012 of 1,112 MW.

One of the goals of the current Electricity Law is to develop competition in the electricity sector, and government decisions aim to increase electricity generation by independent producers at 20% of the total installed capacity in the country.

Until 2005, staff employed by the company did not pay for the electricity consumed in an apartment or house, this rule does not fully apply to newly adopted ones. Included in the top five companies in terms of wages in Israel. Attempts at reforming the monopolist by the Ministry of Finance were repeatedly torpedoed by the labor union union, according to the latest agreement, the ministry’s requirements were far from complete, and as a result, half-measures do not allow the company to fully develop independent power producers and clean up the finances of the Company. The total debts of the Company resulting from poor management for 2013 amount to about 74 billion shekels, payments for which are covered from the state budget. At the same time, the salary expenses in 2012 of the Company increased from 2.64 to 3.16 billion shekels