Cellcom, one of Israel's leading telecommunications companies, announced Monday plans to enter the electricity market, essentially kickstarting a revolution in the industry, which has until now been monopolized by the government-owned Israel Electric Corporation.
Follow Israel Hayom on Facebook and Twitter
As part of "Cellcom Energy," its joint venture with Meshek Energy that works with renewable sources, the company will provide electricity to private customers and businesses. Within a decade, it plans to transform the market, shifting most of the production to private companies, increasing the use of renewable energy, and transitioning to mostly electric or hybrid vehicles.
The project, which is pending approval, requires the installation of special smart meters. As part of a pilot, the IEC has already installed 40,000 such devices, with many more to be installed soon.
According to Cellcom, the cost of electricity would reduce dramatically, saving the average household thousands of shekels a year, and businesses, tens of thousands of shekels a year.
To encourage more customers to join its program, Cellcom is offering a variety of discounts, including at-home charging stations for electric vehicles and renewable power sources, such as solar panels.
Another major telecommunications company, Hot, also announced its plan to enter the electricity market and is expected to hand in a request for a license from the Electric Corporation on Monday.
Subscribe to Israel Hayom's daily newsletter and never miss our top stories!
