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 firstname.lastname@example.org.
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.