The israel electric corporation limited private company information – bloomberg ortega y gasset la rebelion de las masas

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The Israel Electric Corporation Limited generates, transmits, distributes, and supplies electricity in Israel. As of December 31, 2017, the company owned and operated 17 sites of power stations with a total installed generation capacity of approximately 13,617 megawatts; and 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 approximately 2,720 thousand customers consisting of households, industrial, public and commercial building, bulk water pumping, and agriculture. The company was formerly known as The Palestine Electric Corporation Ltd. and changed its name to The Israel E…

The Israel Electric Corporation Limited generates, transmits, distributes, and supplies electricity in Israel. As of December 31, 2017, the company owned and operated 17 sites of power stations with a total installed generation capacity of approximately 13,617 megawatts; and 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 approximately 2,720 thousand customers consisting of households, industrial, public and commercial building, bulk water pumping, and agriculture. The company was formerly known as The Palestine Electric Corporation Ltd. and changed its name to The Israel Electric Corporation Limited in 1961. The Israel Electric Corporation Limited was incorporated in 1923 and is headquartered in Haifa, Israel.

The Israel Electric Corporation Limited announced on May 11, 2018, following discussions and further negotiations between the relevant government entities, the company, the employee representatives and the National Labor Federation, the parties reached agreements regarding the outline of principles regarding the structural change for a period of 8 years (hereinafter: ‘the Structural Change Outline’). A wholly-owned subsidiary of the Electric Company will be established. The subsidiary shall establish 2 generation units operated by natural gas in the Orot Rabin site with combined cycle technology. The combined cycle gas turbines shall be registered as the subsidiary’s assets. An agreement shall be signed for the purchase of planning and construction services from the Electric Company for the construction of the combined cycle gas turbines. After construction of the combined cycle gas turbines, the subsidiary will purchase the operation and maintenance services from the IEC. Construction of the first combined cycle gas turbine shall be completed no later than June 2022. Construction of the second combined cycle gas turbine will commence after the sale of the Alon Tavor site and publication of a competitive process for the sale of the Ramat Hovav site. Both combined cycle gas turbines will be at least H technology with a capacity of approximately 1,200 MW, in accordance with the products currently on the market. The Electric Company or its subsidiary shall not establish, replace, operate, plan or engage in the development of power stations in Israel either by itself or as a contractor for a third party, nor shall it engage in the production of electricity in the framework of microgeneration or renewable energy in Israel.

Further to the Immediate Report dated October 4, 2017, and further to section 7.12.3 of the financial statements for the year ending December 31, 2017 of the Israel Electric Corporation Ltd. regarding the leakage of diesel oil at the Hagit site and the filing of an indictment against the Company and against several of employees in the Company, the Company announced that on May 8, 2018, the Haifa Magistrate’s Court decided to adopt the plea bargain whereby the Company and a former Company manager admitted to the facts of an amended indictment letter and to committing offenses under the Water Law and the Cleanliness & Sanitation Law, imposing a ILS 350,000 fine on the Company for the Maintenance of Cleanliness Fund, and that the Company, through an authorized representative, will sign a commitment in the amount of ILS 700,000, according to which the Company will refrain from committing the offenses for which it was convicted for a period of three years. In addition, the court charged a former Company manager with a fine of ILS 20,000 for the Maintenance of Cleanliness Fund and a commitment in the amount of ILS 40,000, whereby he will refrain from committing the offenses for which he was convicted for a period of three years. In the amended indictment, the other defendants included in the original indictment were removed, and it was agreed that a financial sanction would be imposed on one of the defendants.