Israel Electric Corporation
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| Israel Electric Corporation | |
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| Type | Government-owned corporation |
| Founded | 1921 |
| Headquarters | Haifa, Israel |
| Area served | Israel |
| Key people | Moti Friedman (Chairman since March 2007), Moshe Bachar (CEO since August 9, 2007) |
| Industry | Electric Utilities |
| Products | Electricity generation, transmission and distribution |
| Revenue | ₪ 17.6 billion [1] |
| Operating income | ₪ 332 million [1] |
| Net income | ₪ 253 million [1] |
| 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 on March 29th, 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".
The IEC is one of the largest industrial companies in Israel, owning and operating 17 power stations sites (including 5 major thermal power stations) with an aggregate installed generating capacity of 10,899 MW. In 2006, the Company sold 46,175 GWh, of electricity. To meet projected future electricity demand, the Company's capital investment program provides for the addition of 2,578 MW of installed capacity by the end of 2011.
The Orot Rabin power station owned by the IEC has Israel's tallest structure, a chimney, standing at 300m, while Tel Aviv's distinctive Reading Power Station was one of its earliest.
The current CEO is Uri Bin Nun.
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