IDT Energy Strikes Deal with BP to Supply Electricity and Gas
July 02 2009 - 5:00PM
Business Wire
IDT Energy, a subsidiary of IDT Corporation (NYSE: IDT; IDT.C),
today said that it has selected BP Energy as its preferred supplier
of electricity and natural gas in New York State.
�We are very pleased to forge this strategic relationship with
BP Energy,� said IDT Energy�s CEO Geoff Rochwarger. �This agreement
enhances our ability to provide our customers with competitive
rates and outstanding service throughout our New York service
areas.�
Under the terms of the multi-year agreement, BP Energy will be
the supplier of choice for IDT Energy - the largest residential
energy supply company in New York state serving approximately
414,000 electric and gas meters.
�If this arrangement develops as we expect, it will enhance
IDT�s liquidity by materially reducing the capital required to
support our ESCO business,� said Bill Pereira, CFO of IDT
Corporation. �That will give us greater flexibility to support some
of our other business initiatives.�
IDT Energy�s ability to purchase electricity and natural gas
under the agreement is subject to satisfaction of certain
conditions.
About IDT Energy:
IDT Energy (www.idtenergy.com) is an energy supply company
(ESCO) providing electricity and natural gas primarily to
residential and small business customers throughout New York State.
IDT Energy�s headquarters are in Newark, New Jersey. It is a
subsidiary of IDT Corporation (NYSE: IDT; IDT.C).
About IDT Corporation:
IDT Corporation (www.idt.net) is a consumer focused company
operating primarily in the telecommunications and energy
industries. IDT Corporation's Class B Common Stock and Common Stock
trade on the New York Stock Exchange under the ticker symbols IDT
and IDT.C, respectively.
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