 In 1923, Rutenberg founded the Palestine Electric Corporation, Limited which was granted the "Jordan Concession".Rutenberg merged Jaffa Electric Company into that company, which in 1961 was renamed the Israel Electric Corporation Ltd. Rutenberg built the First Jordan Hydro-Electric Power House at Naharayim on the Jordan River, which opened in 1932.Pursuant to the Concessions, the Company was granted the exclusive right to generate, supply and distribute electricity and to sell it throughout the Mandate for Palestine, except in Jerusalem and its environs.