Israel Electric Corp. Sells Fiber Optic Stake, Plans Tariff Reduction
Translated & summarized from TheMarker by baba
The Israel Electric Corporation will sell its stake in the IBC fiber optic venture for NIS 250 million. NIS 125 million of the proceeds are intended to reduce electricity tariffs by approximately 0.5% starting in January 2027. However, the overall electricity rate might still rise due to other contributing factors.
The story in 5 lines · by baba
- Israel Electric Corp. will sell its IBC stake for NIS 250 million.
- NIS 125 million from the sale will fund a tariff reduction.
- The tariff reduction is expected to be about 0.5%.
- The tariff change is scheduled for January 2027.
- Overall electricity rates may still increase.
The Israel Electric Corporation (IEC) has signed a memorandum of understanding to sell its stake in the Israel Broadband Company (IBC) for NIS 250 million. Approximately half of the proceeds, NIS 125 million, are earmarked for a reduction in electricity tariffs, according to a proposal by the Electricity Authority. This reduction is expected to amount to about 0.5% of the current tariff and is slated to be recognized in the electricity rate update scheduled for January 2027. Despite this planned reduction, the overall electricity tariff may still increase due to other factors.
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