The program “will make us less dependent on energy and will help the environment,” the minister told INN TV. “Israel will be more green, and we will pay less.”
He cautioned that in the near-term, costs may be higher because of initial outlays, but that in the long-run, the cost of energy will decrease as Israel becomes more efficient.
Minister Landau’s remarks come on the heels of a World Bank “wake-up” call to the government that it needs to inject $1.5 billion into the Israel Electric Corp. (IEC) to help it service its large debt.
The report notes that IEC salaries are 25 percent higher than those power companies in leading countries in the world and that the company must streamline operations. The IEC has warned that electricity rates have to be increased by 16 percent.