July 28, 2014 12:52 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. It operates through threes segments: Power Generation, Power Transmission and Transformation, and Power Distribution. The company serves households, industrial, public and commercial buildings, and bulk water pumping and agriculture customers. As of December 31, 2013, it owned and operated 17 generation facilities, including 5 steam-powered power stations with total installed generation capacity of 13,483 megawatts; and had 63 generation units comprising 18 steam generation units, 13 gas turbine integrated cycle units, 16 jet gas turbine units, and 15 industrial gas turbine u...

1 Netiv Ha'or street

PO Box 10

Haifa,  3100001

Israel

Founded in 1923

9,826 Employees

Phone:

972 4 818 4700

Fax:

972 4 818 4710

Key Executives for Israel Electric Corporation Limited

Chief Executive Officer and President
Age: 53
Chief Financial Officer and Senior Vice President of Finance & Economics
Age: 49
Deputy Chief Executive Officer and Senior Vice President of Planning
Age: 64
Deputy Chief Executive Officer and Senior Vice President of Customer & Business Development Division
Age: 59
Senior Vice President of Corporate Sustainability
Age: 66
Compensation as of Fiscal Year 2014.

Israel Electric Corporation Limited Key Developments

Israel Electric Corporation Limited Announces Cessation of Eitzhak (Ika) Yakin as Senior Vice President, Effective June 30, 2014

Israel Electric Corporation Limited announced the cessation of Eitzhak (Ika) Yakin as Senior Vice President, effective June 30, 2014 due to term of office has ended.

Israel Electric Corporation Limited, Special/Extraordinary Shareholders Meeting, Jun 19, 2014

Israel Electric Corporation Limited, Special/Extraordinary Shareholders Meeting, Jun 19, 2014., at 14:30 Israel Standard Time. Location: 14 Hahashmal St.. Agenda: To approve Dr. Izhak Lax's appointment as an external director for an additional three years.

Government and Israel Electric Corporation Employees to Resume Reform Talks

Negotiations between the government, through the Yogev Committee, and Israel Electric Corporation employees on reforming the utility will resume in a week. The resumption comes despite the labor dispute declared by IEC's workers committee to protest the firing of hundreds of untenured employees by the IEC Projects Division. The first meeting between the Yogev Committee, the IEC workers committee, and the Histadrut (General Federation of Labor in Israel) will be held Wednesday week. The negotiations will resume from the point at which they broke off in February. Four major disputes are on the agenda: the refusal by IEC employees to convert their free electricity into financial compensation; Director of Wages Kobi Amsalem's refusal to whitewash the salary excesses at IEC; IEC employees' objections to sell the Eshkol Power Station's land in Ashdod; and the Histadrut's refusal to float 20% of IEC on the Tel Aviv Stock Exchange. The parties also disagree on managerial flexibility at IEC and employee compensation to agree to the reform. The IEC workers committee accepted with equanimity Sunday's ruling by the High Court of Justice, despite the decisions taken regarding Dorad. The workers committee said that Judge Isaac Amit ruled that the Haifa District Labor Court's ruling would stand until the National Labor Court decides on the appeal filed by the state. In the decision on April 3, Haifa District Labor Court President Judge Rami Ram Cohen issued an injunction banning the state from taking steps that are liable to change the current situation with regard to the rights of IEC employees, so long as there are no discussions between the state and the employees in an effort to secure their consent to the IEC reform. As a result of the injunction, Minister of National Infrastructures Silvan Shalom has not signed Dorad's license, fearing that he would be charged with contempt of court. In contrast, Public Utilities Authority (Electricity) chairwoman Orit Farkash-Hacohen signed the license, and has not been charged with contempt of court.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
August 21, 2013
PV Nanocell Ltd.
 

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