Yiftach Ron-Tal promised the Finance Committee: As part of the reform, we will get rid of the phenomenon of free electricity.
Israel Electric Corporation (IEC) (TASE: ELEC.B22) chairman Yiftach Ron-Tal today promised the Knesset Finance Committee to terminate the free electricity benefit for the utility's employees. "As part of the reform, we will get rid of the phenomenon of free electricity," he said.
The Finance Committee today approved NIS 1.4 billion in guarantees for an IEC bond issue. IEC will use the proceeds to help deal with its liquidity problem caused by the need to use diesel and industrial oil to generate electricity, instead of cheaper natural gas, in the wake of the end of deliveries of gas from Egypt.
Published by Globes [online], Israel business news - www.globes-online.com - on August 29, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012