TEL AVIV, Israel, May 20, 2026 /PRNewswire/ -- OPC Energy Ltd. (TASE: OPCE), a leading independent power producer in Israel and the U.S., providing reliable and efficient electricity generation through natural gas and renewable energy, today announced its financial results for the first quarter of 2026.
First Quarter 2026 Highlights:
EBITDA increased approximately 10% year-over-year to approximately $124 million, while adjusted net profit rose approximately 18% to approximately $33 million.
The Company continued to advance key growth initiatives in Israel and expects to reach Final Investment Decisions (FID) by the end of the second quarter of 2026 for:
the Hadera Expansion project, with planned capacity of 850 MW;
the Ramat Beka project, with planned capacity of 550 MW and 3,850 MWh of energy storage, with payment submission to the Israeli Land authority in the amount of $0.37 Billion (NIS 1.1 billion)
Expanding Israeli operations into supply of electricity to the Data Centers sector through a long-term PPA agreement with a leading energy data centers developer with contracted capacity set to scale up to 460 MW over the coming years
In the U.S., the Company expanded its natural gas development pipeline to approximately 8.7 GW (CPV share: approximately 7.4 GW), while continuing the accelerated development of its flagship Shay project in the PJM market (a combined-cycle power plant with a capacity of approximately 2.1 GW located in West Virginia, CPV share: 70%). Shay is the largest project in the portfolio of natural gas projects currently included in the PJM grid interconnection process (Transition Cycle 2), with interconnection agreement expected to be signed in early 2027. In addition, in recent months Shay entered into a slot reservation agreement with a leading global equipment manufacturer, which is also a partner in the project, and is well positioned to participate in PJM's Reliability Backstop Program (RBP) auction.
Favorable market dynamics and regulatory developments in the PJM market continue to support the advancement of the Company's U.S. natural gas pipeline. In April 2026, FERC approved the extension of price collar mechanisms (maximum and minimum prices) for two additional capacity auctions, covering the period from June 1, 2028 through May 31, 2030. In parallel, PJM published an initial proposal for an emergency mechanism for the procurement of additional capacity (Reliability Backstop Procurement, RBP) of approximately 15 GW for periods of up to 15 years, aimed at addressing a shortfall in dispatchable electricity capacity stemming from growing power demand, with the process expected to launch in September 2026.
Full ownership was secured in recent months in the Shore, Basin Ranch, and Maryland power plants, in line with the company's strategy to increase its holdings and gain control of natural gas power plants.
Advancement of the renewable energy project pipeline, CPV is advancing renewable energy projects that qualify under Safe Harbor rules, with a total capacity of approximately 1.9 GW (CPV's share: 1.3 GW).
Upgrade of credit rating outlook by Midroog - reaffirmed the Company's and its bonds' issuer rating at A1.il, while revising the outlook from Stable to Positive, reflecting the strengthening of the Company's financial profile driven by a significantly enhanced capital base and continued improvement in the performance of its U.S. natural gas operations.
In March 2026, the Company completed a capital raise of ...
