NEWARK, N.J., Feb. 22, 2021 /PRNewswire/ -- Genie Energy (NYSE:
GNE, GNEPRA) today said that it continues to serve its 10,000
customers across Texas with no
change in their rates under their current agreements despite the
unprecedented price volatility in real-time electricity prices last
week.
Michael Stein, Genie's CEO,
commented, "First and foremost, our heart goes out to the many
people across Texas who have
suffered because of the extraordinarily severe weather this winter
and particularly in the last week. We applaud the emergency
services personnel who helped many Texans in need during this
difficult period.
"Our retail supply business in Texas, Southern Federal Power, continues to
provide electricity to customers with no change in rates, as it did
throughout the extraordinary market conditions last week.
Although real time costs climbed to levels that were well over 100
times the rates we charge our customers, we take very seriously our
obligation to provide our customers with supply at the agreed upon
fixed rates.
"Genie Energy had a robust commodity price risk management
strategy in place to mitigate the financial impacts of price
spikes, and our seasoned customer service team worked diligently
with customers throughout the disruption. In that regard, we
thank the thousands of customers who consulted with us over the
past week. Our team provided our customers with hundreds of
thousands of dollars in incentives and rewards to lower their
consumption and reduce strain on the grid during the crisis," Mr.
Stein concluded.
Management continues to evaluate the financial impacts of the
severe weather event in Texas. Its current estimate is that
the impact on its consolidated, company-wide profitability for the
first quarter of 2021 will be modest. The company expects to
provide a full account of the impact when it announces its
quarterly results.
In this press release, all statements 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, including, but not limited to, those
described in our most recent report on SEC Form 10-K (under the
headings "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations"), which may be
revised or supplemented in subsequent reports on SEC Forms 10-Q and
8-K. We are under no obligation, and expressly disclaim any
obligation, to update the forward-looking statements in this press
release, whether as a result of new information, future events or
otherwise.
ABOUT GENIE ENERGY LTD:
Genie Energy Ltd.
(NYSE: GNE, GNEPRA), is a global provider of energy services.
The Genie Retail Energy division supplies electricity, including
electricity from renewable resources, and natural gas to
residential and small business customers in the United States. The Genie Retail Energy
International division supplies customers in Europe and Asia. The Genie Energy
Services division includes Diversegy, a commercial and industrial
brokerage and consultative services company, and Genie Solar Energy
and Prism Solar, which design, supply and install commercial solar
solutions. For more information, visit Genie.com.
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SOURCE Genie Energy Ltd.