Just a quick note here about Israel’s electricity situation.
Over the past half a year, there has been an increasing amount of attention on the practices of the Israel Electric Corporation (IEC), which is a government owned company and the sole national provider of electricity in Israel. The monopoly has had a disastrous impact on Israel’s energy security, ranging from financial irregularities to abysmal power production planning.
Starting with the financial aspect, it should be known that the IEC is a black hole of government – and, therefore, public – funds. The company is under an NIS 70 billion (~ $17.5 billion) mountain of debt. In recent years, the IEC raised debt abroad in two offerings during the height of the global credit crunch, committing to pay out high interest rates financed by electricity consumers. It has also come to light that, between 1996-2008, IEC management distributed NIS 3.4 billion
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