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Last $10.45 USD
Change Today +0.08 / 0.77%
Volume 49.9K
GNE On Other Exchanges
Symbol
Exchange
New York
Frankfurt
As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

550 Broad Street

Newark, NJ 07102

United States

Phone: 973-438-3500

Fax: 973-438-1256

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 Genie Retail Energy (GRE) and 92% of Genie Oil and Gas, Inc. (GOGAS). Segments The company operates through two segments, GRE and GOGAS. GRE GRE operates retail energy providers (REPs), including IDT Energy, and Residents Energy, and energy brokerage and marketing services. Its REP businesses resells electricity and natural gas to residential and small business customers primarily in the Eastern United States. GRE operates two active REP businesses, which resell natural gas and electricity to residential and small business customers. IDT Energy operates in eight utility markets in New York, six utility territories in New Jersey, eight utility territories in Pennsylvania, four utility territories in Maryland and one utility territory in each of Washington District of Columbia and Illinois. Residents Energy resells natural gas and electricity to residential and small business customers in eight utility markets in New York. GRE REPs have applications pending to enter into additional utility service areas, primarily natural gas and dual meter territories, in Pennsylvania, Maryland, Washington, District of Columbia and Illinois. GRE acquired Dallas-based Diversegy, LLC (Diversegy), a retail energy advisory and brokerage company that serves commercial and industrial customers, and its network marketing channel, Epiq Energy, LLC (Epiq). Diversegy connects large commercial and industrial customers with its portfolio of energy products provided by some of the energy suppliers. Diversegy evaluates alternative supply sources based on its customers’ usage patterns and risk profiles to provide options that benefit their bottom lines. Epiq provides independent representatives with the opportunity to build sales organizations and to profit from both residential and commercial energy. Diversegy operates as an energy broker and advisor to industrial, commercial and municipal customers across deregulated energy markets in the United States. Epiq has built and operates a network marketing platform that sells services for REPs in various states. Epiq offers a direct sales opportunity to individuals who are seeking to profit from the deregulation of energy in the United Sates, focusing on residential and small to medium-sized businesses. Epiq’s sales channel has the potential to reach customers the company’s traditional sales channels of door-door marketing and outbound telemarketing has difficulty in reaching. Customers GRE’s REPs include IDT Energy and Residents Energy. REP services are made available to customers under various categories of terms and conditions. GRE’s REPs fixed-rate offerings are available in seven utility service areas in Pennsylvania, one in New Jersey and one in Illinois. GRE’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. Key among these programs is purchase of receivables programs, where utilities are contractually obligated to purchase customer receivables at a pre-determined fixed discount. GOGAS GOGAS is an oil and gas exploration company. GOGAS’s early stage projects include an 88.5% interest in Afek Oil & Gas Ltd. (Afek), which operates an exploration project in the southern portion of the Golan Heights in Northern Israel; an 89.9% interest in Genie Mongolia, Inc. (Genie Mongolia), an oil shale exploration project in Central Mongolia; American Shale Oil Corporation ( AMSO), which holds and manages a 43.1% interest in American Shale Oil, L.L.C. (AMSO, LLC), an oil shale development project in Colorado; and an 87.9% interest in Israel Energy Initiatives, Ltd. (IEI), an oil shale development project in Israel. Afek In 2013, the Government of Israel finalized the award to Afek of an exclusive three year petroleum exploration license covering 396.5 square kilometers in the southern portion of the Golan Heights. Afek has retained seasoned oil and gas exploration profes

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