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May 03, 2015 6:06 PM ET

Electric Utilities

Company Overview of Israel Electric Corporation Limited

Company Overview

The Israel Electric Corporation Limited generates, transmits, distributes, sells, and supplies electricity in Israel. As of December 31, 2014, the company owned and operated 17 sites of power stations, including 5 steam-powered power stations with total installed generation capacity of approximately 13,617 megawatts; and had 63 generation units comprising 18 steam generation units, 14 combined cycle gas turbine units, 16 jet gas turbine units, and 15 industrial gas turbine units. It served 2,633 thousand customers, including households; industrial, public, and commercial building customers; and bulk water pumping and agriculture customers. The company was formerly known as The Palestine Elec...

1 Netiv Ha'or Street

PO Box 10

Haifa,  3100001


Founded in 1923


972 4 818 4700


972 4 818 4710

Key Executives for Israel Electric Corporation Limited

Senior Vice President
Age: 66
Senior Vice President
Age: 64
Senior Vice President of Customer Relations
Age: 50
Head of the Administration for Structural Change and Vice President
Age: 46
Senior Vice President
Age: 46
Compensation as of Fiscal Year 2014.

Israel Electric Corporation Limited Key Developments

Israel Electric Corporation Limited Announces Management Changes

The board of directors of Israel Electric Corporation Limited announced the cessation of Glickman Eliyahu as CEO and President. The date of cessation is April 30, 2015. The company also announced the appointment of Balmas Yitzhak of Acting CEO and Senior Vice President for Customer Relations, effective from May 1, 2015 until the approval of the earlier: the date of the approval of his appointment by the Brenner Committee as CEO in practice or until the date of assumption of the function of CEO by the New CEO. Balmas Yitzhak worked as Senior Vice President for Generation and Energy Division of the company for 2 years, acting Head Manager of Engineering Projects Division of the company for 8 years and Head Manager of the company for 5 years.

Israel Electric Corporation Limited Announces Audited Consolidated Earnings Results for the Year Ended December 31, 2014

Israel Electric Corporation Limited announced audited consolidated earnings results for the year ended December 31, 2014. For the period, the company reported revenues of ILS 25,195 million compared to ILS 27,601 million a year ago. Profit from operating the electricity system was ILS 5,051 million compared to ILS 3,394 million a year ago. Income from current operations was ILS 3,011 million compared to ILS 1,360 million a year ago. Profit before income taxes was ILS 224 million compared to loss before income taxes of ILS 807 million a year ago. Net profit for the year was ILS 151 million compared to net loss for the year of ILS 934 million a year ago. Net cash provided by operating activities was ILS 8,252 million compared to ILS 5,767 million a year ago. Investment in fixed assets was ILS 4,041 million compared to ILS 4,693 million a year ago. Investment in intangible assets was ILS 172 million compared to ILS 172 million a year ago.

The Israel Electric Corporation Ltd. Announces Executive Changes

The Israel Electric Corporation Ltd. announced the cessation of Hilu Nissim as Acting General Counsel and Secretary. The date of cessation is April 15, 2015. Reason of the cessation of office is appointment of the General Counsel, Adv. Yael Nevo. The officer will continue to hold office as Deputy of the General Counsel.

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