IEC (Flash 90 / Yossi Aloni, Wikipedia)
The IEC’s board of directors approved today (Tuesday) the company’s financial reports for 2021, which reflected the government’s decisions regarding the reform of the IEC and the IEC, including the continued retirement of employees and the process of selling the company’s sites.
The company’s revenues for 2021 amounted to NIS 22.1 billion, compared with revenues of NIS 23.8 billion in the corresponding period last year. This is a decrease of 7% in the amount of NIS 1.7 billion. The decrease is due, among other things, to an exceptional and one-time receipt in the corresponding period last year of NIS 740 million from the East Jerusalem Company for past debts. The remaining decrease of about NIS 0.96 billion is mainly due to a decrease in the electricity tariff by about 3%.
On November 1, 2021, as part of the continued structural change, the company sold the system management assets and the system management activities and employees to Noga. As a result of this change, a new format of activity in the electricity sector was launched against Noga as a central factor. The cost of fuel consumption in 2021 was about NIS 5.9 billion, compared with NIS 6.2 billion in the corresponding period last year, a decrease of about 5.5% (about NIS 0.3 billion). A significant part of the decrease in the amount of fuels due to the decrease in electricity production in the company was offset by a significant increase in the price of global coal.
More in-
The cost of purchasing electricity from private producers, including from renewable energies, in 2021 was NIS 6.9 billion, compared with NIS 5.3 billion in the corresponding period last year, an increase of 30% (NIS 1.6 billion). This increase is mainly due to the sale of the Ramat Hovav power plant at the end of 2020 as part of the structural change, as well as the introduction of private and renewable energy producers.
As part of the continued structural change in which in 2018-2020 another 1,229 employees retired early, in 2021 another 319 employees retired. These retirements are a continuation of the efficiency measures that the company has taken in recent years. The savings resulting from the retirement of employees, finance the cost involved in implementing the reform. Financing expenses in 2021 amounted to NIS 1.9 billion, compared with expenses of NIS 0.5 billion in the corresponding period last year, an increase of NIS 1.4 billion.
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