Genie Energy Ltd., through its subsidiaries, operates as an energy services company. The company owns 99.3% of its subsidiary, Genie Energy International Corporation, which owns 96.4% of IDT Energy and 92% of Genie Oil and Gas, Inc. (Genie Oil and Gas). Segments The company operates in two business segments, IDT Energy and Genie Oil and Gas. IDT Energy IDT Energy is a retail energy provider (REP) supplying electricity and natural gas to residential and small business customers in eight utility markets in New York, six utility territories in New Jersey, eight utility territories in Pennsylvania, and four utility territories in Maryland. IDT Energy is evaluating opportunities in various additional areas, including Washington, DC, Illinois, and Connecticut. IDT Energy has been party to a preferred supplier agreement with BP Energy Company (BP) pursuant to which BP is IDT Energy’s preferred provider of electricity and natural gas. Seasonality: IDT Energy’s business, particularly its sales of natural gas, is a seasonal business. Approximately 47% of IDT Energy’s natural gas revenues in the year ended December 31, 2012 was generated during the three months ended March 31, 2012. The demand for electricity is not as seasonal as natural gas, but is higher during IDT Energy’s third quarter when air conditioning usage peaks. Revenues from sales of electricity in the three months ended September 30, 2012 represented approximately 34% of total revenues from electricity sales in the year ended December 31, 2012. Strategy: IDT Energy’s strategy is to acquire profitable customers in low-risk markets, specifically where the utilities have adopted a portfolio of REP-friendly, regulatory-driven programs. Customers: IDT Energy markets its energy services primarily through direct marketing methods, including door-to-door sales, outbound telemarketing, direct mail, and Internet signup. As of December 31, 2012, IDT Energy serviced 502,000 meters (331,000 electric and 171,000 natural gas). Regulation: The State of New York, the Commonwealth of Pennsylvania, the State of New Jersey, the State of Maryland, the federal government, and related public service commissions establish the rules and regulations for the company’s REP operations. IDT Energy is affected by the actions of governmental agencies, primarily on the state level by the respective state Public Service Commissions, and other organizations (such as the New York Independent System Operator, Inc. and PJM Interconnection, LLC) and indirectly the Federal Energy Regulatory Commission. Genie Oil and Gas Genie Oil and Gas produces transportation fuels from abundant oil shale and other conventional and unconventional resources, which consists of American Shale Oil Corporation, which holds and manages a 50% interest in American Shale Oil, L.L.C. (AMSO, LLC), its oil shale project in Colorado; and an 89% interest in Israel Energy Initiatives, Ltd. (IEI), its oil shale project in Israel. In addition, in February 2013, another subsidiary, Genie Israel Oil and Gas Ltd., was awarded an exclusive petroleum license by the Government of Israel covering 396.5 square kilometers in the southern portion of the Golan Heights. The research, development, and demonstration lease awarded by the U.S. Bureau of Land Management (the BLM) to E.G.L. Resources, Inc. and acquired by AMSO, LLC covers an area of 160 acres. IEI holds a shale oil exploration and production license awarded by the Government of Israel. The license covers approximately 238 square kilometers in the south of the Shfela region in Israel and grants IEI a right to demonstrate in-situ technologies for potential commercial shale oil production. Other Projects: The company is evaluating various potential exploration and development projects for oil shale and other conventional and unconventional energy resources in other locations. In June 2012, the company signed an agreement with the Republic of Mongolia for a joint geological survey of certain of that country’s oil shale deposits. The company incurred research and development expenses of $2.2 million for other projects in the year ended December 31, 2012. Intellectual Property: In connection with its research, development and demonstration process and related technologies, AMSO, LLC owns three patents issued in the United States, five patents issued abroad, two of which are jointly owned with Lawrence Livermore National Security, LLC, as well as various pending applications, both in the United States and abroad. Regulation: AMSO, LLC has been working to ensure compliance with rules, regulations, and policies of the BLM and the Department of Environmental Protection at the federal level, with the Colorado Division of Reclamation and Mining Service and the Air Pollution Control Division and the Water Control Division of the Colorado Department of Public Health and Environment at the state level, and with Rio Blanco County at the county level.
genie energy ltd-b (GNE:New York)
550 Broad Street
Newark, NJ 07102
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