In September 2022, the Electricity Authority published a decision on regulating the activity of production and storage facilities connected or integrated into the distribution network. The regulation was published as part of a gradual transition to a decentralized, competitive, and efficient electricity market in Israel, reducing the regulatory burden and emphasizing the significant integration of renewable energy sources.
The market regulation aims to govern the activities of production facilities in the distribution network, particularly their ability to sell electricity directly to suppliers. As part of the regulation, from 2023, production facilities included in the regulations or other competitive processes are allowed to switch to market regulation (including facilities that have completed their tariff period and are not currently subject to other regulations). Starting in 2024, energy can be sold directly from a production facility to private suppliers.
In January 2022, Doral received an electricity supply license as part of its activity as an ‘electricity supplier’. The Company signed electricity supply agreements with a variety of business customers and began to sell electricity to its customers. From 2024, Doral will allocate ‘green’ electricity produced in some of its facilities directly to end customers to whom it supplies electricity.
Entering the electricity supply field represents a significant growth engine for Doral, alongside promoting green electricity procurement, given the increasing demand from private consumers and businesses for electricity from renewable energy.
In addition, the Company issues I-REC green certificates1 for electricity generated in its facilities to sell to third parties. Moreover, the green certificates are used by the Company to mitigate the total electricity consumption at its headquarters and facilities as part of its decarbonization plan until a direct green electricity consumption format is established.
In this context, the electricity consumed by the Company in its offices in 2023 was fully offset against green certificates issued by the Company for electricity produced at its facilities.
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The Israeli Ministry of Environment has released a new renewable energy roadmap, targeting 40% of renewables in the country''s power mix by 2030. To reach the new objective, Israel would have to instal between 18 GW and 23 GW of solar projects along with 5.5 GW / 33 GWh of storage capacity. The total potential for solar PV installation is estimated at 26 GW, including 24 GW on building roofs and facades, parking lots, industrial areas and water bodies, and 2 GW over agricultural crops. The roadmap also recommands the creation of a regulatory framework for managing distributed renewable energy and storage systems and for virtual power plants (VPPs) to manage 100 MW of renewables and 50 MW of storage.
Israel currently aims for 30% of renewables in power generation by 2030. In 2020, renewables accounted for less than 7% of Israel''s power mix (mainly solar with 6%). The country''s installed capacity (20 GW at the end of 2020) relies on gas (30% of capacity and 67% of power generation), and coal (24% and 26%).
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TEL AVIV, Israel, Nov. 26, 2024 /PRNewswire/ -- Eco Wave Power Global AB (NASDAQ: WAVE) ("Eco Wave Power" or the "Company"), a leading provider of onshore wave energy technology, is pleased to announce thatEco Wave Power and EDF Renewables IL, in collaboration with the Tel Aviv-Yafo Municipality and the municipal company Atarim, will inaugurate Israel''s first pilot station for generating electricity from sea waves on Thursday, December 5, 2024, at Warehouse 2 in Jaffa Port. This groundbreaking global project combines innovation, sustainability, and the fight against climate change.
The launch marks a significant step towards reducing greenhouse gas emissions and advancing sustainable energy, reinforcing Tel Aviv-Yafo''s status as a global innovation leader. The event will include a formal inauguration by Tel Aviv-Yafo Mayor Ron Huldai, followed by a reception at Warehouse 2 in Jaffa Port with senior energy officials, investors, and strategic partners.
The Eco Wave Power project was built in collaboration with EDF Renewables Israel, supported by the Chief Scientist of the Ministry of Energy (which recognized the Company''s technology as "Pioneering Technology") and Tel Aviv-Yafo Municipality.
In this unique project, for the very first time, electricity generated from sea waves is supplied to the national grid—a historic milestone in Israel''s renewable energy journey.
"The launch of Israel''s first wave energy power plant is more than just a technological achievement—it''s a powerful statement about the future we envision. This project at Jaffa Port represents a historic milestone in the global renewable energy journey, proving that sea waves can be a viable, clean, and consistent source of electricity. We are proud to collaborate with EDF Renewables IL, Tel Aviv-Yafo Municipality, and Atarim to place Israel at the forefront of wave energy innovation. Together, we are creating a new wave of possibilities in the fight against climate change," said Inna Braverman, Founder and CEO of Eco Wave Power.
"We are happy to support the advancement of innovative technologies through collaboration with Israeli startups and companies, to diversify clean energy solutions. Our partnership with Eco Wave Power gave birth to a unique pilot that harnesses wave energy to produce clean electricity. We have a strong interest in assessing the potential of this new technology, as part of the broad interest of EDF Group for marine energies," said Ayalon Vaniche, CEO of EDF Renewables Israel.
The project is located within Atarim''s Blue Economy Innovation Hub at the Jaffa Port, alongside other cutting-edge marine innovation technologies.
The Company and the project are led by Eco Wave Power''s founder and CEO Inna Braverman, a graduate of the "Women for Climate" program by the international C40 Cities organization, which Tel Aviv-Yafo is a member of. Ms. Braverman, who joined the program through the city''s Environmental and Sustainability Authority, won a technology challenge competition representing Tel Aviv-Yafo with her visionary green energy solution.
The Women for Climate program empowers women to lead environmental and sustainability projects addressing urban climate challenges. This initiative, led by Tel Aviv-Yafo''s Environmental and Sustainability Authority in collaboration with C40, is part of the municipality''s strategy to promote gender equality, entrepreneurship, and innovation. Selected women receive professional guidance and tools to lead innovative projects that advance urban sustainability and tackle climate change.
Eco Wave Power is a leading onshore wave energy company revolutionizing clean energy with its patented, smart, and cost-efficient technology that converts ocean and sea waves into sustainable electricity.
Dedicated to combating climate change, Eco Wave Power operates the first grid-connected wave energy system in Israel, co-funded by EDF Renewables IL and the Israeli Energy Ministry, which recognized the technology as a "Pioneering Technology."
Expanding globally, Eco Wave Power is preparing to install projects at the Port of Los Angeles, Taiwan, and Portugal, adding to its impressive project pipeline totalling 404.7 MWT.
The Company has received support from prestigious institutions such as the European Union Regional Development Fund, Innovate UK, and the Horizon 2020 program, and was honoured with the United Nations''Global Climate Action Award.
Information on, or accessible through, the websites mentioned above does not form part of this press release.
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As the photovoltaic (PV) industry continues to evolve, advancements in Israel green electricity have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Israel green electricity for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
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