The Israeli Electric Corporation (IEC) has asked the government for 750 million U.S. dollars to help cover the rising costs of supplying electricity through the year's scorching summer, local media reported on Monday.

The IEC says that a tremendous rise in demand, as well as expensive oil and diesel alternatives to the cheap natural gas previously supplied by Egypt, have spiked the costs of generating electricity.

Since February 2011, the natural gas supplied by Egypt, as part of the peace treaty between the two countries, has been disrupted over a dozen times by saboteurs, who have blown up segments of the pipeline that serves Israel. In April, Egypt formally halted the supply over a contractual disagreement with Israel.

In a letter sent to Finance Minister Yuval Steinitz, the IEC board of directors said that the utility would require a financial bailout for the upcoming two months and maybe longer.

Ministry officials told Xinhua that they had received the request but had not yet decided how to respond.

According to IEC data, the demand for electricity went up 14 percent in June and 11 percent in July, compared with the same period last year.

On peak days, the IEC said the cost of generating and distributing power can reach 33 million U.S. dollars.

In April, The IEC got an approval for an average 8-percent rate rise to help cover the higher fuel prices. However, the Public Utilities Authority estimated that to compensate for the difference, rates would have to be raised by 31 percent. The treasury undertook to make up for the difference.

In early July, officials at the IEC warned that "due to the heavy heat burden, the IEC will be forced to halt electricity intermittently throughout the country and power outages will last for an hour."

The IEC has been running radio and television campaign asking Israelis to limit their use of electricity-guzzling appliances.\