Genie Energy
| Company type | Public |
|---|---|
| Industry | Energy |
| Predecessor | IDT Telecom (retail energy segment) |
| Founded | 2004 |
| Founder | Howard Jonas |
| Headquarters | Newark, New Jersey , United States |
Area served | United States, Israel, Finland, Japan, United Kingdom |
Key people | Howard Jonas (Founder and Chairman), Michael Stein (CEO), Avi Goldin (CFO), Effie Eitam (President of Israeli subsidiary) |
| Products | Retail energy supply (electricity and natural gas), oil and gas exploration |
Genie Energy Ltd. is a U.S.-based energy corporation with its main office located in Newark, New Jersey. It functions as a parent company overseeing Genie Retail Energy, Genie Retail Energy International, Genie Energy Services, and Genie Energy Oil and Gas. Michael Stein holds the position of CEO for both Genie Energy Ltd. and Genie Retail Energy.
Established in 2004 by Howard Jonas as part of IDT Telecom's expansion into the retail energy sector, the firm began signing up its initial energy supply customers within the same year. In October 2011, Genie Energy Ltd. (NYSE:GNE) was separated from IDT Corporation to become an independent publicly traded entity, with Class B common shares listed on the NYSE under the symbol "GNE".
Howard Jonas continues to serve as founder and chairman, while Michael Stein acts as CEO and Avi Goldin fulfills the role of CFO. The Israeli subsidiary is led by president Effie Eitam. The company's strategic advisory board features distinguished members including former U.S. Vice President Dick Cheney, media executive Rupert Murdoch, ex-CIA director James Woolsey, former U.S. Treasury Secretary Larry Summers, Michael Steinhardt, Jacob Rothschild, and ex-U.S. Senator Mary Landrieu.
In 2013, IDT Energy—a subsidiary of Genie Energy—purchased Diversegy, LLC, a Dallas-based commercial energy consultancy, along with its network marketing arm Epiq Energy; both entities are now fully owned by Genie Energy Ltd.
Genie Retail Energy
Genie Retail Energy (GRE) encompasses the company’s domestic electricity and natural gas supply operations, functioning as Retail Energy Providers (REPs). These businesses cater to residential and small to medium-sized commercial customers within deregulated energy markets across the United States, providing both conventional and renewable energy products. GRE procures electricity and natural gas on a wholesale basis and resells to consumers in states including New York, New Jersey, New Hampshire, Pennsylvania, Connecticut, Ohio, Rhode Island, Illinois, Massachusetts, Maine, Delaware, Texas, Maryland, Washington, DC, as well as commercial natural gas clients in Florida. The product portfolio features fixed-rate and variable-rate plans, green energy options, and carbon offset programs for natural gas. GRE competes against incumbent utilities alongside more than 100 other REPs.
In November 2016, Genie Energy broadened GRE’s footprint by acquiring Retail Energy Holdings, LLC (REH), incorporating REH's Town Square Energy brand and customer accounts. August 2017 saw Genie enter a joint venture aimed at launching retail energy services in the UK market and also acquire Mirabito Natural Gas—a Florida-based supplier specializing in commercial natural gas.
By January 2019, GRE had secured a majority ownership in Lumo Energia, a Finnish provider of renewable electricity, followed by the introduction of Genie Energy Japan to supply diverse electricity offerings within Japan’s retail sector.
In 2022, Lumo ended fixed-term electricity agreements impacting roughly 8,000 customers which led to considerable financial setbacks. The firm provided minimal compensation while divesting electricity derivative assets valued at €30 million; Finnish consumer protection officials judged the compensation offered as inadequate.
Genie Oil and Gas
Genie Oil and Gas (GOGAS) conducted exploration for conventional oil within the Israeli-occupied Golan Heights through its subsidiary Afek Oil and Gas, while also advancing oil shale initiatives via American Shale Oil (AMSO), Israel Energy Initiatives (IEI), and Genie Energy Mongolia. Currently, AMSO, IEI, and Genie Energy Mongolia are no longer operational. Genie Energy maintained an 89% ownership in GOGAS, with minority stakes held by Jacob Rothschild, Michael Steinhardt, and Rupert Murdoch.
Afek Oil and Gas
In February 2013, Afek Oil and Gas was granted an exclusive petroleum exploration license for 36 months covering an area in the Israeli-occupied Golan Heights, a region internationally recognized as Syrian territory by the United Nations. The company performed above-surface geophysical surveys and submitted applications for a ten-well exploratory drilling plan.
By 2015, Afek declared significant discoveries of oil and natural gas reserves located south of Katzrin in the southern part of the Golan Heights, which could potentially enable Israel to achieve energy independence (with national consumption around 270,000 barrels daily). Exploration wells drilled included Ness-5 near Avnei Eitan and Nov, Ness-3 adjacent to the Bnei Yehuda industrial zone, Ness-6 close to Moshav Kanaf, southeast of Gamla, and Ness-10 positioned north of the Sheikh-Ali Fault. Nevertheless, in November 2017, Afek halted its drilling activities after concluding that the targeted formations did not contain commercially exploitable quantities of oil or gas.
Several human rights organizations have condemned the drilling operations as breaches of international law due to the disputed status of the Golan Heights.
American Shale Oil
American Shale Oil (AMSO) was a collaborative enterprise between Genie Energy and Total S.A.. In May 2016, Genie announced the termination of this partnership, resulting in the shutdown of its pilot plant near Rifle, Colorado. AMSO had obtained a 160-acre Research, Development and Demonstration (RD&D) lease in 2006 from the U.S. Bureau of Land Management within Colorado's Piceance Basin, aimed at extracting oil and gas from deeply buried oil shale. The lease was initially valid for ten years with an option to extend for an additional five years based on progress toward commercial viability. The technical team was headed by Dr. Alan Burnham from Lawrence Livermore National Laboratory. AMSO’s proprietary extraction method was referred to as CCR (Conduction, Convection, Reflux).
Israel Energy Initiatives
Founded in 2008, Israel Energy Initiatives (IEI) concentrated on advancing oil shale development within Israel. In July 2011, it secured a one-year extension on its original three-year license to explore oil shale across in Israel's Shefela region. However, by September 2014, a government planning committee denied the construction permit necessary for project advancement, effectively terminating IEI’s efforts since no appeal was filed. By this time, most IEI personnel including Chief Scientist Harold Vinegar had moved to Afek Oil and Gas.
IEI planned to employ the In-Situ Conversion Process technology for its pilot project—a method initially tested in 1995 by Royal Dutch Shell, which later abandoned further development.
The initiative encountered strong resistance from prominent environmental groups such as the Jewish National Fund, the Society for the Protection of Nature in Israel, Greenpeace, and the Israel Union for Environmental Defense. Their primary objections centered on threats to the Shfela region’s aquifer system, potential harm to local eco-tourism activities, and negative impacts on Israel’s greenhouse gas reduction targets. Additionally, residents from Adullam actively protested over concerns regarding both environmental consequences and economic feasibility.