|Over a quarter ago|
Genie Energy estimates preliminary impact of winter storm Uri in Texas » 08:3603/0803/08/21
Genie Energy provided…
Genie Energy provided additional information on the financial impact to the company of Winter Storm Uri, which disrupted the Texas electricity market in mid-February. The unprecedented severity of the storm triggered an exceptional increase in electricity demand. As a result, wholesale prices in the Electric Reliability Council of Texas service area reached or exceeded maximum allowed clearing prices for sustained periods. Because complete supply costs are not yet available, Genie Energy is not yet able to fully quantify the financial impact of Winter Storm Uri. However, invoices received to date as well as other costs incurred place the loss from the situation in the first quarter of 2021 at approximately $12.5M. The final amount of the losses is still unknown. The company plans to provide updates when it announces fourth quarter 2020 results on March 11th and when it gains access to complete price and volume settlement data from its supplier. Moreover, the results of formal disputes regarding pricing and volume settlement and corrective actions that Genie and other market participants are seeking from the State of Texas, ERCOT, the Public Utility Commission of Texas, and other regulatory agencies of jurisdiction may impact the final cost.
Genie Energy unit, Community Power Partners form solar joint venture » 08:3312/1612/16/20
Community Power Partners…
Community Power Partners announced a joint venture with Genie Energy subsidiary CityCom Solar, a marketer of community generated solar energy directly to end users throughout New York State. The joint venture, CPP Genie Community Solar, LLC, will provide customer aggregation and management services to New York's independent solar power producers operating under the State's consolidated billing programs. Consolidated billing programs enable customers to receive credits from their electricity supplier for power generated by community solar programs.
Genie Energy acquires partner's interest in Orbit Energy JV for $1.7M » 16:3210/0910/09/20
Genie Energy announced…
Genie Energy announced that it has purchased the outstanding 24% interest in its retail energy supply joint venture operating in the United Kingdom from its former joint venture partner. The venture, which operates under the trade name Orbit Energy, provides electricity and natural gas service to over 100,000 residential meters in the U.K.'s deregulated retail energy market. The purchase price was approximately $1.7M. Net of repayment of outstanding loans, Genie paid approximately $1.4M.