Israeli electric company to end outages after Palestinians pay up

Power cuts were introduced December 18 to press for payment of $519m owed by Jerusalem District Electricity Company

                                

Israel’s state-owned electric company Israel Electric Corp (IEC) is ending power cuts in the West Bank after it received payments for outstanding debts.

IEC began widespread three-hour outages in December press for around $519m (£395m, €468m) owed by the Jerusalem District Electricity Company (JDECO).

JDECO had said that the debt accumulated because many residents did not pay their power bills. Illegal electricity connections in residents homes, particularly in refugee camps,were also to blame.

Palestinians in the West Bank rely on IEC for over 95 per cent of their electricity supply. The cuts led to power outages in Ramallah and Bethlehem, affecting an estimated 130,000 people, JDECO said.

JDECO, which buys electricity from IEC and sells it to customers in the West Bank territory that Israel captured in the 1967 war, is said to have signed a loan agreement with several Palestinian banks to pay off the debt.

The Palestinians have tried to reduce dependence on Israel for energy, by introducing state and private sector-funded solar energy projects. They also plan to build their own power plants.

FURTHER READING: EastMed gas pipeline ignites geopolitical tensions

FURTHER READING: EDF powers up its battery business with takeover of British start-up

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image