Genie Energy Ltd. provides energy services. The company operates through two segments, Genie Retail Energy (GRE) and Genie Renewables.
Genie Retail Energy (‘GRE’) supplies electricity and natural gas to residential and small business customers through retail energy providers (‘REPs’) operating in certain deregulated markets within the United States; and
Genie Renewables (‘GREW) is primarily consists of the following three lines of businesses:
Genie Solar an integrated solar energy company tha...
Genie Energy Ltd. provides energy services. The company operates through two segments, Genie Retail Energy (GRE) and Genie Renewables.
Genie Retail Energy (‘GRE’) supplies electricity and natural gas to residential and small business customers through retail energy providers (‘REPs’) operating in certain deregulated markets within the United States; and
Genie Renewables (‘GREW) is primarily consists of the following three lines of businesses:
Genie Solar an integrated solar energy company that develops, constructs and operates utility-scale solar energy projects;
CityCom Solar (‘CityCom’) a marketer of community solar and alternative products and services complementary to the company’s energy offerings; and
Diversegy LLC (‘Diversegy’), a provider of energy procurement and advisory services to industrial, commercial and municipal customers.
The company owns 100% of Genie Retail Energy, Inc. and 95.5% of Genie Energy Services, LLC (‘GES’). GES holds the company’s interest in the entities consists of the GREW segment.
GRE owns and operates REPs, including IDT Energy, Inc. (‘IDT Energy’), Residents Energy, LLC (‘Residents Energy’), Town Square Energy, LLC and Town Square Energy East, LLC (collectively, ‘TSE’), Southern Federal Power, LLC (‘SFP’), Evergreen Gas & Electric, LLC (‘Evergreen’) and Mirabito Natural Gas, LLC (‘Mirabito’). GRE's REP businesses resell electricity and natural gas to residential and small business and small commercial customers. The majority of GRE's REPs' customers are located in the Eastern and Midwestern United States and Texas. Mirabito supplies natural gas to commercial customers in Florida.
GREW consists of the company’s 95.5% interest in Genie Solar, its 92.8% interest in CityCom Solar and its 96.0% interest in Diversegy.
Business
Genie Retail Energy
GRE consists of REPs and related businesses. GRE’s REP businesses acquire residential and business electricity and natural gas customers in deregulated markets in the United States. GRE purchases electricity and natural gas on the wholesale markets and resells these commodities to GRE's REPs' customers.
GRE’s REP businesses operate in certain utility territories within the deregulated retail energy markets of nineteen states in the United States: California, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Texas, as well as in Washington, D.C.
GRE’s REP businesses operate under several brand names including IDT Energy, Residents Energy, Town Square Energy, Southern Federal Power, Evergreen and Mirabito. GRE's diverse offerings, in both the electricity and natural gas markets, include variable rate and fixed rate offerings. Throughout many of their markets, GRE's REPs offer green electricity and green natural gas products. Green electricity supply is matched with renewable energy certificates, or RECs that reflect the generation of electricity from renewable sources. Green natural gas supply is matched with carbon offsets certificates generated mostly from greenhouse emission reduction projects.
Historically, GRE has expanded its REP businesses primarily through organic growth of its REPs and acquisition of other REPs.
GRE evaluates its customer base both in terms of the numbers of commodity meters served and the number of Residential Customer Equivalents (‘RCEs’) represented by these meters. An RCE is a unit of measure denoting the typical annual commodity consumption of a single-family residential customer. One RCE represents 1,000 therms of natural gas or 10,000 kWh of electricity.
As of December 31, 2024, GRE serviced 423,000 meters (333,000 electric and 90,000 natural gas). As of December 31, 2024, GRE has 399,000 RCEs (319,000 electric and 80,000 natural gas).
Marketing
The services of GRE’s REPs - IDT Energy, Residents Energy, TSE, SFP, Evergreen and Mirabito - are made available to customers under several offerings with distinct terms and conditions.
GRE’s REPs offer green electricity and green natural gas products in many of their markets. Renewable electricity supply is 100% matched with renewable energy certificates, or RECs, that reflect the generation of electricity from sources, such as hydro-electric wind, solar and biomass.
The electricity and natural gas the company sells through its offerings are metered and delivered to customers by the local utilities. The utilities also provide billing and collection services for the majority of the company’s customers.
Procurement and Management of Gas and Electric Supply
Certain of GRE's REPs are party to an Amended and Restated Preferred Supplier Agreement with BP Energy Company, or BP, through November 30, 2026. For their natural gas supply, GRE’s REPs contract with Dominion Transmission, Inc., National Fuel Supply, Williams Gas Pipeline and Texas Eastern Transmission and others for natural gas pipeline, storage and transportation services. For electricity supply, they utilize the regional independent system operators (ISOs) including the New York Independent System Operator, Inc. (NYISO), and PJM Interconnection, LLC, (PJM), ISO New England, and Electricity Reliability Council of Texas (ERCOT), for electric transmission and distribution. NYISO operates the high-voltage electric transmission network in New York State and administers and monitors New York’s wholesale electricity markets. PJM is a regional transmission organization that coordinates the movement of wholesale electricity in all or parts of thirteen states (including New Jersey, Pennsylvania, Maryland and Illinois) and the District of Columbia. In Texas, SFP acquires power through ERCOT.
Genie Renewables
GREW consists of businesses that market and provide renewable and other energy solutions. GREW primarily consists of its 95.5% interest in Genie Solar, its 92.8% interest in CityCom, and its 96.0% interest in Diversegy.
Genie Solar engages in multiple facets of the solar energy ecosystem including, development, construction, management and operations of small utility scale solar generation projects, including community solar. The company utilizes its best-in-class technology and expertise to identify and permit potential solar sites, design, build operate them as well as to evaluate and acquire operating solar generation assets. Genie Solar holds the company’s 60.0% interest in Prism which designs and manufactures specialized solar panels.
CityCom Solar provides customer acquisition solutions for community solar and alternative products and services that are complementary to the company’s energy offerings.
Diversegy is an energy procurement advisor to industrial, commercial and municipal customers across deregulated energy markets in the United States. It also offers ancillary energy services in both deregulated and regulated state markets.
Market
Genie Solar engages in different business areas within the solar energy industry.
History
Genie Energy Ltd., a Delaware corporation, was founded in 2011. The company was incorporated in 2011.