Report: Switching to Natural Gas Saved Israeli Economy NIS 180B

YERUSHALAYIM -
A view of the Israeli Leviathan gas field processing rig near Caesarea. (Marc Israel Sellem/POOL)

Israel has saved NIS 180 billion ($57 billion) since 2013 thanks to the switch to natural gas, according to a report presented at the Knesset this week by the Energy Ministry.

Data shows that NIS 51 billion ($16 billion) was saved due to the reduction in the cost of energy production for electricity and industry, and NIS 130 billion ($41 billion) due to the decrease in air pollution following a reduction in coal and fuel oil use.

By 2025, coal-run power plants will fully transition to natural gas, the report said. Between 2019 and 2020, the total supply of natural gas to the economy spiked by 43%. Export of natural gas went from non-existent in 2016 to 4.25 billion cubic meters last year.

The Energy Ministry estimates that by 2045, natural gas consumption by the electricity sector will increase by 150%, and as such, it will continue to serve as a major energy source alongside solar energy and wind power.

Currently, four hospitals and eight IDF camps are connected to the natural gas networks, with many more expected to join in the coming years.