NEWARK, N.J., Aug. 2, 2017 /PRNewswire/ -- Genie Energy Ltd (NYSE: GNE, GNEPRA), today announced a joint venture with Energy Global Company (EGC) to offer electricity and natural gas service to residential and small business customers in the United Kingdom's (UK's) deregulated retail energy market.
"The addressable electricity and natural gas market in the UK is large, with approximately 50 million customers, and very dynamic. This is a very exciting opportunity for Genie Energy," said Michael Stein, Chief Operating Officer of Genie Energy.
The JV with EGC, a market entry specialist organization, provides Genie Energy with an accelerated path to the UK's market. The JV launch will be led by EGC's principals - Timothy Szakacs and Tom Gilpin.
"Tim Szakacs and Tom Gilpin have launched multiple energy start-ups and bring substantial global expertise to the JV. With their leadership and Genie Energy's longstanding history in energy supply, we are well positioned to hit the ground running," Stein added.
Customer acquisition in the UK could begin as early as the fourth quarter of this year.
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. GOGAS is a global oil and gas exploration company operating an exploratory program in Northern Israel. For more information, visit www.genie.com.