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.

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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...