NEWARK, N.J., June 12, 2017 /PRNewswire/ -- IDT Energy,
Inc., announced today that it has launched indirect energy
procurement and advisory services for commercial and industrial
customers. IDT Energy is the largest competitive independent
retail energy provider (REP) in the portfolio of Genie Energy Ltd.,
a New York Stock Exchange listed company whose REPs serve over
418,000 residential and small commercial meters.
This new offering leverages Genie Energy's procurement expertise
and robust portfolio of services to offer commercial and industrial
clients, and the energy brokers who serve them, high-end energy
advisory expertise. The new offering is available throughout
IDTE's service footprint, which includes utility territories in
Illinois, Maryland, New
Jersey, New York,
Ohio, Pennsylvania and Washington, DC.
"Founded in 2004, IDT Energy has grown phenomenally since its
inception," said Michael Stein, CEO
of Genie Energy's retail business. "We have proven our ability to
operate efficiently and profitably on a significant scale and in a
wide variety of market conditions, and today have over 1.8 million
megawatt hours in our residential and small commercial customer
base. We are delighted to leverage our expertise and
operational capabilities to provide energy brokers with commodity
procurement and hedging for their commercial customers -- all
managed in-house and backed by the significant financial resources
of our parent company, Genie Energy Ltd."
IDT Energy offers commercial customers and energy brokers a host
of established back-office business systems, transparent processes,
competitive matrix and custom pricing options, attentive customer
and broker support, and additional energy-related service
offerings. A robust Pricing Portal is available for immediate
pricing in select markets.
"IDT Energy's comprehensive service offering provides an
excellent value in the commercial and industrial marketplace,"
commented Stein. "Coupled with an experienced management team
spanning all facets of the energy industry and a strong balance
sheet, we are excited to put our expertise to work for commercial
and industrial customers."
For more information about IDT Energy commercial energy
offerings, contact us at (973) 438-3825 or
partnersupport@idtenergy.com.
Forward Looking Statements:
All statements above that
are not purely about historical facts, including, but not limited
to, those in which we use the words "believe," "anticipate,"
"expect," "plan," "intend," "estimate," "target" and similar
expressions, are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. While these
forward-looking statements represent our current judgment of what
may happen in the future, actual results may differ materially from
the results expressed or implied by these statements due to
numerous important factors. Genie Energy Ltd.'s filings with the
SEC provide detailed information on such statements and risks, and
should be consulted along with this release. To the extent
permitted under applicable law, Genie Energy Ltd., assumes no
obligation to update any forward-looking statements.
ABOUT GENIE ENERGY LTD.:
Genie Energy Ltd. (NYSE: GNE,
GNEPRA) is comprised of two operating divisions, Genie Retail
Energy (GRE) and Genie Oil and Gas (GOGAS). GRE operates
retail energy providers and brokerage and marketing services.
GRE's retail energy providers market electricity and natural gas to
residential and small business customers in deregulated markets in
the United States, and offers
energy procurement and advisory services to commercial and
industrial customers nationwide. GOGAS is a global oil and
gas exploration company operating an exploratory program in
Northern Israel. For more information, visit www.genie.com.
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SOURCE Genie Energy Ltd.