search
Front > News

Israel Electric to resume West Bank power disruptions

electricity
electricity
25 Feb, 2015 14:22
שלח תגובה במיילGlobes correspondent

The Palestinian Authority and Jerusalem Electricity Corp. owe the IEC NIS 2 billion.

Israel Electric Corporation (IEC) (TASE: ELEC.B22) has announced that it will limit its supply of electricity to Palestinian cities Nablus and Jenin. The limitations will be imposed for two hours today each time for both cities: once in the morning and once in the evening. This is the second time in a week that IEC has imposed such a restriction.

IEC said, "The debts of the Palestinian Authority (PA) and the Jerusalem District Electricity Corporation to IEC have mushroomed to NIS 2 billion, and after innumerable warnings and attempts to reach an arrangement, the IEC board of directors has instructed the CEO to take action to reduce the debt… Because IEC is legally obligated to operate according to commercial considerations, it must restrict the supply of electricity for defined periods from time to time."

The PA's debts are growing at a rate of NIS 85 million per month, a figure that IEC simply cannot afford. IEC lost NIS 920 million in the first three quarters of 2014, and is struggling under a prodigious debt burden of NIS 70 billion.

Published by Globes [online], Israel business news - www.globes-online.com - on February 25, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Eilat's old airport Photo: Shutterstock Building set to begin on former Eilat airport land

2,469 housing units will be built as well as 2,776 hotel rooms, 88,000 square meters of office space and 95,000 square meters of commercial space.

Liron Horshi credit: Jonathan Bloom Wiz's talent manager nurtures $1b workforce

Wiz's $32 billion sale to Google was rooted in the cloud security product if offers but could not have been achieved without the quality of its employees built by human resources chief Liron Horshi.

Gas station in Israel credit: Tali Bogdanovsky Gasoline prices in Israel to rise Monday night

The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will rise on Monday at midnight April 1, 2025, by NIS 0.08 per liter to NIS 7.31 per liter.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Givatayim, Ra'anana, Modiin-Maccabim-Reut, Gedera, Kiryat Shemona and Ashkelon.

Fencing goes up Petah Tikva's Segula neighborhood credit: NTA The Metro is really happening

Although there are skeptics who doubt that the project will ever be realized, there are now enough signs on the ground to indicate that they are probably wrong.

Ben Gurion airport Terminal 1 credit: Shutterstock Ben Gurion airport's Terminal 1 reopens

Terminal 1 at Ben Gurion airport reopened yesterday to domestic flights, while international flights will start using the terminal from Sunday, March 30.

Minister of Interior Moshe Arbel credit: Cadya Levy Interior Minister: There is no deep state in Israel

Minister of Interior Moshe Arbel told the Globes Services conference that civil servants are dedicated employees who serve the public.

Minimum wage credit: Tali Bogdanovsky Minimum wage in Israel to rise next week

The monthly minimum wage in Israel will be revised upwards by 6%.

Bank of Israel credit: Shutterstock/Alon Adika Bank of Israel slams gov't fiscal policy

Governor Prof. Amir Yaron wrote in the annual report that the government's measures are not enough to ensure a sustained decline in debt-to-GDP ratio.

Minister of Justice Yariv Levin credit: Noam Moskovitz Knesset Spokesperson Knesset passes Judicial Selection Law

The new law makes judicial appointments subject to political control.

Airbnb credit: Reuters Knesset ignores Airbnb tax evasion loophole

The Israel Hotels Association has slammed the government's indifference to tax evasion by Airbnb landlords, which it insists promotes unfair competition.

GMT CFO Eran Tibon credit: PR Political tensions tempt Israelis to move funds abroad

According to data from advanced financial services company Global Money Transfer, steps taken by the Israeli cabinet to oust Shin Bet chief Ronen Bar, and Attorney General Gali Baharav-Miara, could cause capital to flee Israel.

Sde Dov credit: Guy Yehieli Tenders close for 2,744 more homes in Sde Dov

Four tenders closed last month for the north Tel Aviv district saw a decrease of about 40% in the prices of land, and there is great interest in the prices these latest tenders will fetch.

Rafael CEO Yoav Turgeman credit: Rafael Spokesperson Rafael CEO: Iron Beam will be ready in 2025 as promised

In presenting record financial results for 2024, Yoav Turgeman tells "Globes" that the high energy laser weapon system will be operational this year.

Tel Aviv credit: Shutterstock Rent rises moderate due to emigration and reserve duty

Rents only rose 4% in 2024, the Bank of Israel reports, despite the large number of evacuees, due to the negative migration balance and the large number of young people in the army reserves.

Moody's, Benjamin Netanyahu, Bezalel Smotrich, credit: Shutter stock, Government Spokesperson, Tali Bogdanovsky Moody's: Political risks weigh on Israel's rating

"Israel's sovereign credit profile reflects very high political risks that have weakened economic and fiscal strength."

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018