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Investor Relations

The Israel Electric Corporation (IEC) is a public and government-owned company, generating and supplying electricity to all sectors in the economy. IEC is 99.85% 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 16 power stations with 58 generating units: 16 steam-driven, 29 gas turbines and 13 combined-cycle units. IEC’s installed capacity stood at 12,752 MW. IEC supplies reliable and high-quality electricity, complies with leading service standards, maintaining economic, commercial and environmental principles. IEC employs 11,391 workers and provides service to 2.9 million customers (update as of March 31, 2020).

News and updates

29.11.2020

Israel Electric ended first nine months of 2020 with a profit of appx. NIS 1.8 billion

Israel Electric published its first nine months 2020 Financial Statements and ended 9M-2020 with a profit of appx. NIS 1.8 billion compared with a profit of appx. NIS 1.4 billion in the corresponding period last year. The profit excluding one-off events is appx. NIS 1.3 billion compared with a profit appx.

NIS 1.5 billion in the corresponding period last year.

IEC's revenues summed up to a total of NIS 18.5 billion, compared with revenues of NIS 19.1 billion in the corresponding period last year, due to a decrease of appx. 5% in the electricity market rate for 2020 and a decrease of 2% in the electricity consumption, which offset exceptional and one-time receipts of appx. NIS 740 million from East Jerusalem Electricity Company for past debts.

Out of consideration for its consumers, the Company announced a series of easements including extending its customers' credit days, reducing its collection procedures including the sending of billing notices, arrears interest and disconnections. In light of the expected increase in the Company's customers' debts, and as a result of an increase in the credit risk of some of its customers, the company has made a provision for doubtful debts of NIS 120 million.

IEC's fuel costs in the 9M-2020 amounted to NIS 4.9 billion, compared with NIS 6.7 billion in the corresponding period last year, a decrease of 27%, mainly due to a decrease in the price of coal, a decrease in natural gas consumption costs due to the purchasing of gas at a lower cost from Leviathan reservoir, a decrease in use of diesel fuel in light of the gas supply from Leviathan reservoir and due to the purchases of LNG cargoes at opportunity prices as a result of the collapse of the NG prices in the international commodity markets.

During 9M-2020, IEC continued to increase its investments in the transmission and distribution segments by a sum of appx. NIS 2.0 billion, an increase of 24% compared with the corresponding period last year. These investments in the network segments are expected to grow in the coming years.

The net financial debt of the Company decreased by appx. NIS 2.8 billion compared the net financial debt as of December 31, 2019 to a sum of appx. NIS 33.3 billion as of September 30, 2020.

24.08.2020

Israel Electric ended first half of 2020 with a profit of appx. NIS 714 million

Israel Electric published its First Half 2020 Financial Statements and ended 6M-2020 with a profit of appx. NIS 714 million compared with a profit of appx. NIS 184 million in the corresponding period last year.

The profit excluding one-off events is appx. NIS 254 million compared with a profit appx. NIS 375 million in the corresponding period last year.

The decrease in profit excluding one-off events is mainly due to a decrease in IEC's revenues by appx. 3% to a total of NIS 11.1 billion, compared with revenues of NIS 11.4 billion in the corresponding period last year, due to a decrease of appx. 5% in the electricity rate for 2020 and a decrease in the electricity consumption because of the COVID-19 and seasonality impacts, which offset exceptional and one-time receipts of appx. NIS 740 million from East Jerusalem Electricity Company for past debts.

Out of consideration for its consumers, the Company announced a series of easements including extending its customers' credit days, reducing its collection procedures including the sending of billing notices, arrears interest and disconnections.

In light of the expected increase in the Company's customers' debts, and as a result of an increase in the credit risk of some of its customers, the company has made a provision for doubtful debts of NIS 120 million.

IEC's fuel costs in the first half of 2020 amounted to NIS 2.9 billion, compared with NIS 4.3 billion in the corresponding period last year, a decrease of 32%, mainly due to a decrease in the price of coal, a decrease in natural gas consumption costs due to the purchasing of gas at a lower cost from Leviathan reservoir which began its production at the end of 2019, a decrease in use of diesel fuel in light of the gas supply from Leviathan reservoir and due to the purchases of LNG cargoes at lower prices as a result of the collapse of the NG prices in the international commodity markets.

During H1/2020, IEC continued to increase its investments in the transmission and distribution segments by a sum of appx. NIS 286 million, an increase of 28% compared with the corresponding period last year.

These investments in the network segments are expected to grow in the coming years.

The net financial debt of the Company decreased by appx. NIS 1.4 billion compared the net financial debt as of December 31, 2019 to a sum of appx. NIS 34.7 billion as of June 30, 2020.