olivLaw · US equity research
Kenon Holdings Ltd. KEN
Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)
Kenon Holdings is a holding company whose main asset is its roughly 46% stake in OPC, an independent power producer with operations in Israel and the United States. The company currently carries no material debt, which gives it room for new investments and shareholder distributions.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Kenon Holdings Ltd. (KEN) stock was 63.05 USD (−2.38% on the day), with market capitalisation 3.3 bn USD, P/E 49.6 on diluted EPS of 1.27 USD over the last 12 months, dividend yield 8.16%, beta 0.88, 52-week range 52.66–95.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.0
- neutral
- Bollinger (20, 2)
- 59.29 – 68.46
- in the lower half of the band · %B 0.41 · band width 14.3%
- SMA 50 / 200
- 64.45 / 73.89
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.36 / 0.37
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.0% | −1.1% | +4.1 pp | — |
| 3 months | −1.9% | −0.5% | −1.5 pp | — |
| 6 months | −31.5% | +4.4% | −35.9 pp | — |
| Year to date | −4.9% | +12.3% | −17.2 pp | — |
| 1 year | +20.6% | +13.5% | +7.0 pp | −2.5% |
| 3 years | +218.4% | +76.4% | +142.0 pp | +40.8% |
| 5 years | +47.3% | +63.7% | −16.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 80 percentile of its own 5-quarter history (min 3.0, median 3.2, max 52.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 364.0 m | 373.5 m | 386.5 m | 487.8 m | 574.0 m | 691.8 m | 751.3 m | 871.9 m |
| Revenue YoY | −0.5% | +2.6% | +3.5% | +26.2% | +17.7% | +20.5% | +8.6% | +16.1% |
| Net income | 434.2 m | -13.4 m | 507.1 m | 930.3 m | 312.7 m | -236.0 m | 597.7 m | 66.3 m |
| Net income YoY | +83.5% | −103.1% | unavailable | +83.4% | −66.4% | −175.5% | unavailable | −88.9% |
| Diluted EPS | unavailable | unavailable | 9.41 | 17.27 | 5.80 | -4.42 | 11.34 | 1.27 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +83.5% | −66.4% | −176.2% | unavailable | −88.8% |
| net % | 119.3% | -3.6% | 131.2% | 190.7% | 54.5% | -34.1% | 79.6% | 7.6% |
| Free cash flow | -16.9 m | 51.2 m | 17.7 m | 866.0 k | 490.1 m | -55.3 m | -75.6 m | 167.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 bn USD
- Financial debt
- 1.7 bn USD
- Net debt
- 173.4 m USD
- Equity
- 3.2 bn USD
- Total assets
- 5.4 bn USD
- Debt / equity
- 0.52x
- Current ratio
- 4.94x
- ROE
- 2.3%
- ROA
- 1.4%
- FCF margin
- 19.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 386.5 m | 487.8 m | 574.0 m | 691.8 m | 751.3 m | 871.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 282.1 m | 336.3 m | 417.3 m | 494.3 m | 521.9 m | 657.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | 71.2 m | 98.3 m | 99.8 m | 119.5 m | 143.8 m | 146.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 2.0 m | 1.6 m | 15.2 m | 15.6 m | 12.2 m | 4.0 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | 23.0 m | 22.5 m | 2.8 m | 42.6 m | 47.5 m | 62.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | 33.1 m | 53.1 m | 56.9 m | 78.0 m | 85.6 m | 67.3 m | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | 56.1 m ≈ | 75.7 m ≈ | 59.7 m ≈ | 120.6 m ≈ | 133.1 m ≈ | 129.6 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | 51.2 m | 144.3 m | 50.4 m | 66.3 m | 115.2 m | 86.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | 500.4 m | 879.6 m | 82.3 m | 81.2 m | 93.3 m | 176.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | 4.7 m | 4.3 m | 38.0 m | 25.2 m | 40.6 m | 28.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | 507.1 m | 930.3 m | 312.7 m | -236.0 m | 597.7 m | 66.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | 9.41 | 17.27 | 5.80 | -4.42 | 11.34 | 1.27 | SEC (XBRL)· 30 Mar 2026verified |
| Dividend per share | 2.23 | 1.86 | 13.75 | 2.85 | 3.85 | 5.14 | SEC (XBRL)· 30 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 286.2 m | 474.5 m | 535.2 m | 696.8 m | 1.0 bn | 1.5 bn | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | 0 | 1.7 m | 1.9 m | — | — | — | SEC (XBRL)· 30 Mar 2023verified |
| Current assets | 919.8 m | 581.6 m | 1.1 bn | 1.1 bn | 1.3 bn | 1.8 bn | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 818.6 m | 1.1 bn | 1.2 bn | 1.7 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 30 Mar 2026verified |
| Goodwill | — | 14.0 m | 105.0 m | — | — | — | SEC (XBRL)· 30 Mar 2023verified |
| Total assets | 2.5 bn | 4.0 bn | 3.8 bn | 4.1 bn | 4.2 bn | 5.4 bn | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 128.2 m | 171.5 m | 133.4 m | 181.9 m | 94.0 m | 245.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | 871.8 m | 1.2 bn | 1.1 bn | 1.4 bn | 1.2 bn | 1.7 bn | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 227.9 m | 447.3 m | 193.0 m | 358.8 m | 182.8 m | 365.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 1.2 bn | 1.8 bn | 1.5 bn | 2.0 bn | 1.6 bn | 2.2 bn | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 1.3 bn | 2.3 bn | 2.3 bn | 2.1 bn | 2.7 bn | 3.2 bn | SEC (XBRL)· 30 Mar 2026verified |
| Shares outstanding at year end | 53.9 m | 53.9 m | 53.9 m | 52.8 m | 52.2 m | 52.1 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 92.2 m | 240.5 m | 771.4 m | 276.8 m | 265.1 m | 283.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 74.5 m | 239.7 m | 281.3 m | 332.1 m | 340.7 m | 116.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | 17.7 m ≈ | 866.0 k ≈ | 490.1 m ≈ | -55.3 m ≈ | -75.6 m ≈ | 167.4 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -221.6 m | -205.5 m | -203.4 m | -432.2 m | 135.9 m | -361.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 255.8 m | 146.6 m | -493.7 m | 324.6 m | -84.1 m | 505.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Dividends paid | 120.1 m | 100.2 m | 740.9 m | 150.4 m | 200.6 m | 267.9 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation10
- Returns64
- Quality30
- Balance sheet54
- Growth43
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 20.15 – 155.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)88.62 – 155.36 (Mid 112.72)WACC 7.9% · starting FCFF 240.3 m USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -9.1%
- Dividend discount (DDM)67.57 – 90.87 (Mid 77.51)
- Peers: EV/EBITDA20.15 – 30.66 (Mid 26.08)24 companies used · median multiple 11.8x · quartiles 9.4x – 13.7xAEP, AQN, BKH, CEG, CNP, CWEN, D, EIX, ELLO, ENLT, ES, ETR, HE, IDA, NEE, NRG, OTTR, PNW, POR, SO, SPRU, TVC, TXNM, VST
- Peers: P/E25.27 – 30.39 (Mid 27.54)18 companies used · median multiple 21.7x · quartiles 19.9x – 23.9xAEP, AQN, BKH, CEG, CNP, D, ES, ETR, FE, IDA, NEE, NRG, OTTR, PNW, POR, PPL, SO, VST
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.7% | 17 (vs peers) | 6% |
| Net margin · Quality | 7.6% | 43 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 15.0% | 100 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | -39.7% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 1.3x | 83 (vs peers) | 13% |
| Interest coverage · Balance sheet | 0.7x | 0 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 49.6x | 14 (vs peers) | 13% |
| EV/EBITDA · Valuation | 26.7x | 4 (vs peers) | 11% |
| Dividend yield · Returns | 8.2% | 91 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 404.9% | 0 (on a fixed band) | 6% |
Score groups
- Balance sheet54/100 · 3/3 factors with a value
- Growth43/100 · 2/2 factors with a value
- Quality30/100 · 2/2 factors with a value
- Returns64/100 · 2/2 factors with a value
- Valuation10/100 · 2/2 factors with a value
Memo
KENON HOLDINGS LTD. (KEN). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 871.9 m USD in 2025; YoY growth 16.1%; net margin 7.6%; ROE 4.1%; net debt/EBITDA 1.3x.
The estimated value range is 46.42–60.77 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 52.53 USD, the price of 63.05 USD leaves a potential of -16.7% (value / price − 1) and a margin of safety of -20.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 15.0%
- Net debt / EBITDA: 1.3x
- Current ratio: 4.9x
- Dividend yield: 8.2%
What contradicts it
- ROIC: 1.7%
- EPS CAGR 3Y: -39.7%
- Interest coverage: 0.7x
- P/E (TTM): 49.6x
- EV/EBITDA: 26.7x
- Payout ratio (EPS): 404.9%
- The price is above the estimated value range
- The valuation methods diverge
Versus the vertical median
Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NEENextera Energy Inc | 184.4 bn | 22.5 | 15.6% | 31.5% | +9.8% | +3% / +51% |
| SOSouthern Co | 105.0 bn | 23.9 | 11.3% | 14.5% | +10.6% | +2% / +31% |
| PAMPampa Energy Inc. | 88.2 bn | 141.0 | 21.8% | 33.0% | +8.3% | −28% / +38% |
| CEGConstellation Energy Corporation | 87.1 bn | 24.0 | 15.3% | 11.1% | +8.3% | −33% / +103% |
| AEPAmerican Electric Power Company, Inc. | 70.3 bn | 19.0 | 12.8% | 16.9% | +10.9% | +4% / +62% |
| DDominion Energy, Inc | 61.3 bn | 20.6 | 10.5% | 16.9% | +14.2% | +11% / +54% |
| ETREntergy Corp | 51.2 bn | 28.4 | 11.1% | 13.6% | +9.0% | +15% / +121% |
| VSTVistra Operations Company LLC | 40.4 bn | 19.9 | 43.1% | 11.6% | +3.0% | −33% / +240% |
| FEFirstenergy Corp | 27.3 bn | 25.7 | 8.4% | 6.9% | +12.0% | −1% / +28% |
| PPLPPL Corp | 26.9 bn | 21.8 | 8.3% | 13.1% | +6.9% | −3% / +37% |
| CNPCenterpoint Energy Inc | 26.8 bn | 25.2 | 9.6% | 11.4% | +8.3% | +3% / +45% |
| ESEversource Energy | 26.5 bn | 18.2 | 9.1% | 10.4% | +13.8% | +5% / +19% |
| EIXEdison International | 23.7 bn | 6.5 | 20.8% | 19.6% | +9.8% | +4% / −8% |
| NRGNRG Energy, Inc | 17.5 bn | 21.6 | 23.8% | 2.6% | +9.2% | −51% / +74% |
| TLNTalen Energy Corporation | 14.2 bn | — | -16.7% | -6.4% | +22.0% | −17% / +470% |
| PNWPinnacle West Capital Corporation | 12.8 bn | 19.8 | 9.1% | 11.7% | +4.2% | +16% / +41% |
| ENLTEnlight Renewable Energy Ltd. | 8.9 bn | 67.7 | 9.2% | 27.0% | +29.3% | +69% / +293% |
| IDAIDACORP, Inc. | 8.7 bn | 23.2 | 9.9% | 20.5% | −1.2% | +12% / +53% |
| BEPBrookfield Renewable Partners L.P. | 8.5 bn | — | -1.9% | -1.1% | +9.0% | +8% / +25% |
| CWENClearway Energy, Inc. | 7.3 bn | 72.6 | 1.8% | 6.4% | +4.2% | −2% / +43% |
| TXNMTXNM Energy, Inc. | 6.5 bn | 41.1 | 5.5% | 7.5% | +9.9% | +0% / +41% |
| BKHBlack Hills Corporation | 6.4 bn | 21.3 | 7.9% | 13.0% | +8.6% | +14% / +63% |
| PORPortland General Electric Company | 5.5 bn | 19.7 | 6.6% | 7.7% | +4.0% | −9% / +12% |
| OKLOOklo Inc. | 4.1 bn | — | -7.7% | — | unavailable | −76% / +114% |
| OTTROtter Tail Corporation | 3.5 bn | 20.0 | 9.4% | 13.6% | −2.3% | +2% / +10% |
1- and 3-year price returns: for KEN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 41.24 Total return -33% · Per year -33% | 72.59 Total return 17% · Per year 17% | 108.88 Total return 75% · Per year 75% |
| 3 years | 48.88 Total return -17% · Per year -6% | 95.92 Total return 60% · Per year 17% | 156.67 Total return 159% · Per year 37% |
| 5 years | 57.94 Total return 2% · Per year 0% | 126.76 Total return 117% · Per year 17% | 225.45 Total return 278% · Per year 30% |
- Exit P/E± 23.98
- Net margin± 16.79
- Annual revenue growth± 12.52
- Annual dilution± 1.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (30 Sept 2026), 6-K (29 Sept 2026), 6-K (28 Sept 2026), 6-K (10 Sept 2026), 6-K (08 Sept 2026).
In brief
Kenon Holdings is a holding company whose main asset is its roughly 46% stake in OPC, an independent power producer with operations in Israel and the United States. The company currently carries no material debt, which gives it room for new investments and shareholder distributions.1
SWOT
Strengths
- A strong balance sheet with no material debt at holding level and substantial cash, giving flexibility for investments and distributions.
- The OPC stake generates revenue from a portfolio spread across Israel and the US, with long-term contracts.
- A track record of shareholder distributions and high-return asset sales, including the ZIM stake.
Weaknesses
- The company depends almost entirely on OPC, so the subsidiary's performance directly drives holding-level results.
- The OPC stake was diluted in 2025 through capital raises in which Kenon did not fully participate.
- The holding company has no independent operations and depends on distributions from subsidiaries, which may be limited by debt and regulation.
Opportunities
- Development of solar projects with storage in Israel and gas projects in the US could add capacity and revenue.
- Recovery of amounts from the Qoros disputes and the Peru arbitration could bring additional cash, if enforcement succeeds.
- Majority or minority stakes in new businesses could diversify the portfolio if conditions are favorable.
Threats
- Changes to the generation tariff set by the Electricity Authority could reduce OPC's revenue in Israel.
- Rising gas costs and excise taxes could compress margins, especially if the gas price stays at its minimum.
- Volatile capital market conditions could make project financing more expensive or unavailable.
Risks
- Financing of OPC and CPV projectshigh
Projects under construction and in development need additional financing, and if it is unavailable on acceptable terms, development could be delayed.
- Dilution of the OPC stakehigh
If Kenon does not participate pro rata in OPC capital raises, its stake could decline further, reducing its share of the subsidiary's results.
- Israeli tariffs and regulationmedium
Changes to the tariff structure or the generation component could directly affect the profitability of the Israeli segment.
- Dependence on subsidiary distributionsmedium
As a holding company, Kenon relies on cash flows from OPC and asset sales, which may be limited by contracts or laws.
- Recovery of arbitration claimslow
Recovery of amounts awarded in the Qoros and Peru arbitrations is not assured, and enforcing awards may prove difficult.
Investment thesis
What would need to be true (bull case)
- If OPC continues developing solar and storage projects and raises its stakes in US plants, the value of Kenon's interest could grow over time.
- A balance sheet with no material debt and available cash could allow new investments or distributions to shareholders, if conditions are favorable.
- Recovery of arbitration amounts could bring unexpected proceeds if favorable awards are enforced.
What would break the thesis
- The OPC stake has declined through dilution, and if Kenon cannot keep participating in capital raises, its share could continue to fall.
- Higher gas costs and tariff changes in Israel could compress OPC's margins and the holding company's income.
- If new investments do not earn adequate returns, distributions to shareholders could be reduced or delayed.
What to watch
- Evolution of the OPC stake after capital raises2026
- Completion of the Maryland stake acquisition and consolidation of CPV resultsQ2 2026
- Commercial operation of Sorek 2 and the Israeli storage projects2026
- Outcome of recovery efforts on the Qoros and Peru arbitration awardsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Mar 2026; since then the company filed 6-K (28 Oct 2026), 6-K (30 Sept 2026), 6-K (29 Sept 2026), 6-K (28 Sept 2026), 6-K (10 Sept 2026), 6-K (08 Sept 2026).
The business
Kenon is a holding company incorporated in Singapore and listed on the NYSE and TASE under the symbol KEN. Its only operating business is OPC, which accounted for all of the company's revenue in 2025, of 872 million USD.1 According to the 20-F, at March 30 2026 Kenon held approximately 46% of OPC, down from approximately 55% at the start of 2025, when it did not take part in all of OPC's capital raises.1
Since its 2015 spin-off the company has distributed over 2.8 billion USD in cash and listed securities to shareholders, and in March 2026 it announced a dividend of approximately 200 million USD.1 At March 30 2026 Kenon had cash and other investments of approximately 708 million USD and no material debt.1 It has also sold its interests in ZIM, Tower and the Inkia business, while a dispute over its remaining Qoros interest is still pending.1
Management evaluates investment opportunities in new businesses, generally in established industries, and may support OPC's growth through participation in its capital raises. Funding for such plans could come from cash on hand, asset sales or new financing, depending on market conditions.1
Segments
Israel (OPC Israel)
The Israeli segment generates electricity for private customers and for the System Operator Noga, using natural gas plants and solar projects co-located with storage. In 2025 the segment reported revenue of 675 million USD.1 Tariffs set by the Electricity Authority directly affect results, and the generation component for 2026 was set at 28.90 agorot per kWh.1
United States (CPV Group)
CPV Group, approximately 71% owned by OPC, operates gas-fired plants and renewable projects in the US. The energy transition segment generated revenue of 197 million USD in 2025, and the Fairview plant has a capacity of 1,050 MW.1 The company increased its stakes in some plants and completed the acquisition of about 11% of Shore in January 2026.1
US Renewable Energies
The US renewable segment develops, builds and operates wind and solar projects, with CPV Group's interest in renewable projects at 66.7%. The projects sell under long-term power purchase agreements or are linked to renewable energy certificates, mainly in the PJM and SPP markets.1
Market context
OPC operates in the Israeli electricity market, where contract prices are linked to the generation tariff set by the Electricity Authority and denominated in NIS. In the US, gas-fired plants sell power mainly to the grid in regulated markets such as PJM and NYISO. Both markets were affected in 2025 by variable gas costs and new tax rules.1
The Israeli tariff structure changed on January 1 2026, when the generation component was split into a fixed and a variable part, both adjusted periodically.1 The increase in the excise tax on natural gas, from 19 to 33 NIS per ton in 2025 and to 54 NIS in 2026, could raise OPC's gas costs, although management expects part of the impact to be offset by higher tariffs.1
Trends
- Israeli electricity tariffsmixed
The generation component fell in 2025 and was set at a lower level for 2026, which compresses margins in Israel. The new indexed structure could however protect long-term revenue if the variable part tracks actual costs.1
- Cost of natural gasheadwind
OPC's gas contracts are partly linked to the dollar and to the generation tariff, with minimum prices. If the tariff falls below the minimum, gas costs do not fall proportionately, which could limit the benefit of a lower tariff.1
- Project financingheadwind
OPC has projects under construction and in development in Israel and the US that need significant capital. Access to capital markets could become more expensive if conditions deteriorate, which could delay development.1
- Demand for renewables and storagetailwind
Solar projects co-located with storage, such as Ramat Bekka and Hadera 2, reflect a shift toward renewable energy and flexibility. If these projects reach commercial operation they could support growth in OPC's segments.1
Competitive position
The sources do not provide a dedicated competition section, and direct product competitors are not explicitly named. The acquisition risks are described, however: Kenon competes with financial investors and local or international companies for investment opportunities, and some rivals have greater resources or lower costs of capital.1
In independent power production, OPC operates in markets where generators compete for supply contracts and development projects. If other developers secure similar projects, OPC's cost advantage could be reduced.1
- Financial investors and infrastructure funds
Compete with Kenon for investment and acquisition opportunities, sometimes with greater resources and lower costs of capital.
- Local and international energy companies
Take part in bids and acquisitions of generation assets, which can raise the cost of new investments.
- Renewable and storage project developers
Compete in the same US and Israeli markets for solar, wind and storage projects.
- Natural gas power producers
Compete in US capacity and energy markets, where gas-fired plants sell mainly to the grid.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)29 Jun 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Kenon Holdings Ltd. · 30 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.