Electricity (illustrative)
Electricity (illustrative) iStock

Israel Electric Corporation (IEC) on Monday removed itself from the management of Israel's electricity, after nearly a century of local electricity management.

As part of a general reform in the IEC and market in general, and based on a 2018 government decision, starting November 1, 2021, the electric grid will be managed by Noga - The Israel Independent System Operator Ltd.

Following over two years of preparations, Noga has taken full responsibility for country-wide supervision, for the purpose of increasing competition in the electricity-generating market and ensuring proper management.

IEC currently generates less than 50% of Israel's electricity. Noga will act as a third party ensuring that IEC, which remains charged with conducting electricity, does not give priority to its own power stations at the expense of privately-owned power stations.

Ofer Bloch, CEO of IEC, said: "This is an historical moment for the Electric Corporation."

"I wish success to Noga's management and hope that the transition will occur in the best way possible, with no effect at all on the public."