Israeli state utility IEC saw profits leap 39% to IS1.8bn ($500mn) for 2022 with revenues up 4% to IS23.1bn ($6.9bn) “mainly due to an increase in the average electricity tariff of approximately 8% in 2022” although this was offset by a decrease in the volume of electricity sales to customers.
Volumes were down 6% year on year to 48.7TWh. This second consecutive fall comes as IEC continues to reduce its installed capacity by selling off plants to independent power producers as part of a 2018 government mandate to increase competition within the sector (MEES, 4 June 2021). (CONTINUED - 598 WORDS)
