October 18, 2017 6:18 AM ET

Electric Utilities

Company Overview of IDT Energy, Inc.

Company Overview

IDT Energy, Inc. operates as a retail energy provider. The company supplies electricity and natural gas to residents, and small and medium enterprises in New York, New Jersey, Pennsylvania, Maryland, Illinois, and Washington, D.C. It also provides home services, rewards, and green electricity supply. The company was founded in 2004 and is based in Newark, New Jersey. IDT Energy, Inc. operates as a subsidiary of Genie Energy Ltd.

550 Broad Street

Newark, NJ 07102

United States

Founded in 2004

Phone:

973-438-4167

Fax:

973-438-1455

Key Executives for IDT Energy, Inc.

Chairman and Chief Executive Officer
Age: 46
Chief Financial Officer
Chief Operating Officer
Compensation as of Fiscal Year 2017.

IDT Energy, Inc. Key Developments

Genie Energy Ltd., IDT Energy, LLC, Genie Retail Energy, Inc. and Genie Energy International Corporation, Inc. Enter into a Class Action Settlement Agreement

On July 5, 2017, Genie Energy Ltd. and its subsidiaries, IDT Energy, LLC, Genie Retail Energy, Inc. and Genie Energy International Corporation, Inc. entered into a class action settlement agreement with the class action plaintiffs Louis McLaughlin, Anthony Ferrare and Deborah Aks, acting individually and on behalf of the entire class, in the lawsuits entitled McLaughlin versus IDT Energy, Inc. (Civil Action No. 14 Civ. 4107), Ferrare versus IDT Energy, Inc. (Civil Action No. Civ. 4658) and Aks versus IDT Energy, Inc., (Civil Action No. L-04936-14), currently pending in the United States District Court for the Eastern District of New York, United States District Court for the Eastern District of Pennsylvania and Superior Court of New Jersey Law Division, Essex County, respectively. In these actions, which were brought shortly after the winter of 2013-2014, the named plaintiffs alleged that they and other former and current electric or gas customers of Defendants were injured as a result of Defendants' allegedly unlawful sales and marketing practices. During that winter, due to the unusually severe cold weather, wholesale energy commodity costs rose dramatically, contributing to an usually high volume of customer complaints throughout the industry, particularly for suppliers with variable rate plans. Defendants took voluntary steps to address the impact on its customers from the "polar vortex" and is dedicated to customer satisfaction, Genie Energy Ltd. does not believe that there was any wrongdoing on its part, and is entering into this settlement to further its efforts to address its customers' concerns. Under the Settlement Agreement, the company has agreed to pay certain amounts to resolve the Lawsuits and obtain a release of claims that were asserted or could be asserted in the Lawsuits or that are related to or arise out of the conduct alleged in the Lawsuits or similar conduct, wherever it may have occurred. The Settlement Payment includes payments to customers who timely make a claim, class counsel, and the named plaintiffs as well as the cost of a claims administrator for administrating the claims process. Class Members are to receive settlement payments in the form of a check or credit against future invoices. The amount of the settlement payment will depend on a variety of factors, including whether the Class Member was an electric, gas or dual meter customer, energy usage level, and the length of time that the Class Member was a customer of Defendants. Electric customers will receive cash payments of between $2.50 and $3.50, depending on usage level, for each month Defendants supplied electricity up to a maximum of 15 months or a credit of between $4.25 and $5.25, depending on usage level, for each month Defendants supplied electricity up to a maximum of 20 months. Gas customers will receive cash payments of between $0.75 and $1.00, depending on usage level, for each month Defendants supplied gas up to a maximum of 15 months or a credit of between $1.70 and $2.10, depending on usage level, for each month Defendants supplied gas up to a maximum of 20 months. Class Members who received certain rebates from Defendants will also have the right to elect to have their rebate recalculated or to receive a $1.00 cash payment or $2.00 invoice credit. The actual amount to be paid out will depend on several factors, including the number of customers who elect to be seek the settlement payments to which they are entitled. Genie Energy Ltd. estimates, based in part on historical participation rates, that its total Settlement Payment will be approximately $9 million.

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