PADICO HOLDING established Palestine Power Generation CO. (PPGC) in 1999 with a paid-up capital of USD 60 million, to establish power plants in the area under the Palestinian National Authority (PNA) control, implement all necessary operations for generating electricity. The company has been listed on the Palestine Stock Exchange since 2004, the same year the company started its commercial operations.
An exclusive right was granted by the Palestinian Authority allowing Palestinian Electricity Company to generate electricity in the Gaza Strip and sell it to Palestinian Authority owned or managed institutions for 20 years. The period may be extended for a maximum of two consecutive five-year terms.
