IEC Transmission Segment Development Plan 2023-2027
Progress in implementation of the electricity
sector reform and structural change - cont.
Request to close "Netiv Haor" subsidiary
חברת החשמל
Israel Electric
■ On July 26, 2023, the Company's BOD decided to extend the period of validity of the decisions regarding
the supplantation of the powers of the BOD and the CEO of Netiv Ha'or regarding the establishment and
operation of the two new CCGT units at the Orot Rabin site, as well as signing on the Company's financial
statements. The decisions to supplant these powers will remain in force until the end of 2023 or until at
least 2 Company employees are appointed as Directors in Netiv Ha'Or, according to the earlier among
them.
On August 7, 2023, IEC informed the governmental companies authority that Netiv Haor's liquidation
process is expected to take a long time and there is great doubt as to whether it will be possible to
complete this process by the time of the commercial operation of unit 70. Therefore, and in light of the
short timetables until operation of the units, the Company intends to act to continue the operation of
the Netiv Ha'Or Company by supplanting the powers or until the appointment of Directors in this
company, whichever comes first, including, for the approval of the parent-subsidiary agreements and the
submission of the application to the Electricity Authority for receiving the generation license in the name
Netiv Ha'Or.
IEC is working continuously with the GCA to find additional alternatives that will enable the operation of
units 70-80 on time.
Source: IEC's Financial Statements for 2022FY and for H1.2023
Investor Relations
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