Genie Energy Ltd., through its subsidiaries, operates as an energy services company. The company owns 99.3% of its subsidiary, Genie Energy International Corporation, which owns 100% of IDT Energy and 92% of Genie Oil and Gas, Inc. (Genie Oil and Gas). Segments The company operates in two business segments, IDT Energy and Genie Oil and Gas. IDT Energy IDT Energy is a retail energy provider (REP) supplying electricity and natural gas to residential and small business customers in eight utility markets in New York, six utility territories in New Jersey, eight utility territories in Pennsylvania, four utility territories in Maryland, one utility market in Illinois, and in Washington D.C. IDT Energy has been party to a preferred supplier agreement with BP Energy Company (BP) pursuant to which BP is IDT Energy’s preferred provider of electricity and natural gas. Seasonality: IDT Energy’s business, particularly its sales of natural gas, is a seasonal business. Approximately 49% of IDT Energy’s natural gas revenues in the year ended December 31, 2013 was generated during the three months ended March 31, 2013. The demand for electricity is not as seasonal as natural gas, but is higher during IDT Energy’s third quarter when air conditioning usage peaks. Revenues from sales of electricity in the three months ended September 30, 2013 represented approximately 31% of total revenues from electricity sales in the year ended December 31, 2013. Strategy: IDT Energy’s strategy is to acquire profitable customers in low-risk markets, specifically where the utilities have adopted a portfolio of REP-friendly, regulatory-driven programs. Customers: As of December 31, 2013, IDT Energy serviced 427,000 meters (282,000 electric and 145,000 natural gas). Regulation: The state of New York, the Commonwealth of Pennsylvania, the state of New Jersey, the state of Maryland, the federal government, and related public service commissions establish the rules and regulations for the company’s REP operations. IDT Energy is affected by the actions of governmental agencies, primarily on the state level by the respective state Public Service Commissions, and other organizations (such as the New York Independent System Operator, Inc. and PJM Interconnection, LLC) and indirectly the Federal Energy Regulatory Commission. Genie Oil and Gas, Inc. Genie Oil and Gas produces clean and affordable transportation fuels from the oil shale and other fuel resources, which consists of American Shale Oil Corporation (AMSO), which holds and manages a 48.2% interest in American Shale Oil, L.L.C. (AMSO, LLC), the company’s oil shale project in Colorado; an 87.7% interest in Israel Energy Initiatives, Ltd. (IEI), an oil shale project in Israel; an 87.1% interest in Afek Oil & Gas Ltd. (Afek), a conventional oil and gas exploration project in the southern portion of the Golan Heights in Northern Israel; and an 89.1% interest in Genie Mongolia, Inc., an oil shale exploration project in Central Mongolia. AMSO, LLC holds a research, develop and demonstration lease awarded by the U.S. Bureau of Land Management that covers an area of 160 acres in western Colorado. IEI holds and a License that covers approximately 238 square kilometers in the south of the Shfela region in Israel. Intellectual Property AMSO, LLC owns four patents issued in the United States, seven patents issued abroad, two of which are jointly owned with Lawrence Livermore National Security, LLC, as well as pending applications, both in the United States and abroad.
genie energy ltd-b (GNE:New York)
550 Broad Street
Newark, NJ 07102
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