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The Israel Electric Corporation (IEC) is a public and government-owned company, generating and supplying electricity to all sectors in the economy. IEC is 99.846% owned by the State of Israel. The IEC activities includes the generation, transmission and transformation, distribution, supply and sale of electricity. IEC owns and operates 17 power stations with 61 generating units: 16 steam-driven, 31 gas turbines and 14 combined-cycle units. IEC’s installed capacity stood at 13,335 MW. IEC supplies reliable and high-quality electricity, complies with leading service standards, maintaining economic, commercial and environmental principles. IEC employs 11,476 workers and provides service to 2.8 million customers (update as of December 31, 2018).
 
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News and updates

04.04.2019

Israel Electric ended Fiscal Year of 2018 with a profit of appx. NIS 4 billion

Israel Electric published its Fiscal 2018 Year End Financial Statements and ended 2018FY with a profit of NIS 4 billion compared with a profit of NIS 4.7 billion in the corresponding period last year.
In the year 2018, IEC’s revenues increased by 1% to a total of NIS 23.6 billion, compared with revenues of NIS 23.4 billion in the corresponding period last year, mainly due to change in the electricity tariff mix.
The Financial Statements for 2018 included the effect of one-off events, mainly the implications of the assets arrangement and the Government's decisions on the structural changes in the Israeli electricity sector and in Israel Electric Company, including the retirement of employees. As part of the structural change, 459 employees took early retirement in 2018. The main effect of the retirement of these employees on cost savings will be expressed in 2019 and thereafter. These retirements are the first of the reform retirements (out of a total of 1,803 employees in the period up to 2025) and continue the efficiency measures implemented by Israel Electric in recent years.
IEC continued its comprehensive financial debt-reducing trend and in 2018 the net financial debt has been reduced by some NIS 3.7 billion (of which NIS 2.7 billion was in respect of repayment of the perpetual bonds) to a total of NIS 38.3 billion at the year end, compared with NIS 42 billion at the end of 2017.
 

21.11.2018

Israel Electric ended first nine months of 2018 with a profit of NIS 3.6 billion

Israel Electric published its Financial Statements for the first nine months of 2018.  IEC ended the period with a profit of NIS 3.6 billion compared with a profit of NIS 3.2 billion in the corresponding period last year, mainly due to beginning of the implementation of the assets arrangement with the Israeli local authorities and the State of Israel and due to efficiency measures, particularly by early employee retirements between the years 2016 and 2018.
IEC has begun to implement significant efficiency measures in the framework of the Israeli Electricity sector reform, including the early retirement of hundreds of employees. In addition, IEC began implementing the assets arrangement and transferred real estate assets to the Israeli local authorities and the State of Israel.
In the nine months to September 30, 2018, IEC's revenues decreased from NIS 18.4 billion in the corresponding period last year to a total of NIS 18.1 billion, as a result of the decrease in electricity consumption during this period.
IEC continued its comprehensive financial debt-reducing trend, in accordance with the goals set by IEC Board of Directors.  As of September 30, 2018, IEC's net financial debt has been reduced by approx. NIS 4 billion to a total of approx. NIS 38 billion, compared to NIS 42 billion as of December 31, 2017. Furthermore, IEC's capital has risen by approx. NIS 4 billion to NIS 24.5 billion as of September 30, 2018, compared with NIS 20.8 billion as of December 31, 2017.
 

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