Clean Energy Deal Aims To Cut Electricity Prices For Israeli Homes

An Israeli renewable electricity firm is forming a joint venture with one of the country’s natural gas suppliers to provide clean energy to households and small businesses. 

The partnership between Enlight Renewable Energy, which finances, develops and constructs clean energy power plants, and Electra Power, a leading company in the Israeli gas market, will use each of their advantages to establish a new supplier of cheap electricity.

This follows the decision to open up the Israeli electricity market to competition from January 2024, allowing independent suppliers and energy distributors to compete for the first time with the state-owned Israel Electric Corporation, which previously held a monopoly on the sector.

With a competitive electricity market, customers are expected to have more control over how much power they consume and what they pay for it.

“The Israeli electricity market is evolving, ushering in a new era of competition with the Israel Electric Corporation for the direct supply of electricity to consumers,” said Gilad Yavetz, CEO of Enlight.

“This move empowers Israeli households to access the country’s abundant solar resources and choose cheaper and greenhouse gas-free electricity,” he said.

“Enlight has decided to enter this strategic market, which generates an annual turnover of approximately 10 billion shekels [approx. $2.6 billion] in the residential sector alone, and Electra Power was the natural choice as our partner for this venture given their extensive reach to hundreds of thousands of households, billing capabilities, and a strong track record of delivery in customer service.”