YERUSHALAYIM -In a history-making session, the Israeli cabinet put an end to the Israel Electric Corporation monopoly by unanimous vote on Sunday.

It took 22 years and one last, stormy cabinet meeting, but the deed was finally done, scaling back the IEC and opening the sector to competition from private electricity producers.

“The reform paves the way for the creation of an efficient, competitive and modern electricity sector in the future,” Energy Minister Yuval Steinitz said. “This is the biggest, most comprehensive and best reform that has been achieved in government companies.”

“The reform brings to Israel socioeconomic tidings of the opening up of competition and its implications,” Finance Minister Moshe Kahlon said in a statement.

At an estimated cost of $2 billion over 10 years, the IEC will cut about 25 percent of its workforce, down to 9,000 workers, the IEC said. Some of the employees will be shifted to different jobs in new government corporations to be set up as part of the overall reform plan.

Published in Hamodia, 3rd June, 2018

https://hamodia.com/2018/06/03/government-brings-end-electricity-monopoly/