News Briefs

  Elul 12, 5772 , 30/08/12

Electric Company Q2 Loss NIS 205 Million

The Israel Electric Company announced, Thursday that it lost 205 million shekels in the second quarter of 2012, compared to a net profit of NIS 363 million last year.

The utility explained, "Following the stopping of the supply of gas from Egypt, the drop in the supply of gas from the Tetis field due to its depletion and internal collapse, limitations of the Ruchabi Order from the Environmental Protection Ministry, the electric company was forced to increase its use of diesel fuel. As a direct result, the fuel expenses of the electric company were increased from 4.65 billion shekels to NIS 9.74 billion, a jump of 109 percent during the first half of 2012, compared to last year."

Other archived news briefs:Aug 30 2012, 04:44 PM, 8/30/2012