Drop in demand sparks NIS 249m quarterly loss for Israel's electricity company
Due to the loss of natural gas supplies from Egypt for a year and a half, IEC had faced a severe shortage of natural gas, which it uses to generate electricity.
The Israel Electric Corporation had a net loss of NIS 249 million for the first quarter of 2013, which the state-owned utility attributed to a 6% drop in demand. The decline in consumption led, in turn, to a 5% decline in revenues. Total revenues amounted to NIS 6.5 billion for the quarter.