Profile: Genie Energy Ltd (GNE)
22 Jul 2019
Genie Energy Ltd. (Genie), incorporated on January 10, 2011, owns interest in its subsidiary, Genie Energy International Corporation (GEIC), which owns Genie Retail Energy (GRE) and Genie Oil and Gas, Inc. (GOGAS). The Company consists of two businesses: GRE and GOGAS. The Company operates through three segments: Genie Retail Energy, Afek Oil and Gas, Ltd. (Afek), and Genie Oil and Gas. The GRE segment operates retail energy providers (REPs), including IDT Energy, Inc. (IDT Energy) and Residents Energy, Inc. (Residents Energy), and energy brokerage and marketing services. Its REP businesses resell electricity and natural gas to residential and small business customers in the Eastern United States. The GOGAS segment is an oil and gas exploration company.
Genie Retail Energy
The GRE segment acts through various subsidiaries, resells electricity and natural gas to residential and small business customers operating in the Mid-Atlantic and Midwestern United States. It also provides brokerage and advisory services to commercial customers in deregulated markets.
Afek Oil and Gas, Ltd.
The Company has interest in Afek, which operates an oil and gas exploration project in the Golan Heights in Northern Israel. Afek is conducting an exploratory drilling program of approximately 10 wells throughout its license area, as well as a well flow test program.
Genie Oil and Gas
The GOGAS segments' projects include an oil and gas exploration project in Israel operated by its subsidiary, Afek Oil and Gas, Ltd. The Company has over three year petroleum exploration license covering approximately 396.5 square kilometers in the southern portion of the Golan Heights. It consists of early-stage oil shale projects, including its interest in Genie Mongolia, Inc. (Genie Mongolia), an oil shale exploration project; American Shale Oil Corporation (AMSO), which holds and manages an interest in AMSO, LLC, an oil shale development project, and Israel Energy Initiatives, Ltd. (IEI), an oil shale development project.
Genie Energy Ltd
520 Broad St
NEWARK NJ 07102-3121