{"id":441382,"date":"2021-02-22T19:58:30","date_gmt":"2021-02-23T00:58:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=441382"},"modified":"2021-02-22T19:58:30","modified_gmt":"2021-02-23T00:58:30","slug":"genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/","title":{"rendered":"Genie Energy Comments on Impact of Texas Market Electricity Price Spikes"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p \/>\n<p \/>\n<p>\n        <span class=\"xn-location\">NEWARK, N.J.<\/span>, <span class=\"xn-chron\">Feb. 22, 2021<\/span> \/PRNewswire\/ &#8212; Genie Energy (NYSE: GNE, GNEPRA) today said that it continues to serve its 10,000 customers across <span class=\"xn-location\">Texas<\/span> with no change in their rates under their current agreements despite the unprecedented price volatility in real-time electricity prices last week.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/391080\/Genie_Energy_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/391080\/Genie_Energy_Logo.jpg\" title=\"Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&amp;P company with an active exploratory program in Northern Israel.\" alt=\"Genie Energy is a leading provider of electricity and natural gas to homes and small businesses in the Eastern U.S. Genie also operates an E&amp;P company with an active exploratory program in Northern Israel.\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <span class=\"xn-person\">Michael Stein<\/span>, Genie&#8217;s CEO, commented, &#8220;First and foremost, our heart goes out to the many people across <span class=\"xn-location\">Texas<\/span> who have suffered because of the extraordinarily severe weather this winter and particularly in the last week.\u00a0 We applaud the emergency services personnel who helped many Texans in need during this difficult period.\u00a0 <\/p>\n<p>&#8220;Our retail supply business in <span class=\"xn-location\">Texas<\/span>, Southern Federal Power, continues to provide electricity to customers with no change in rates, as it did throughout the extraordinary market conditions last week.\u00a0 Although real time costs climbed to levels that were well over 100 times the rates we charge our customers, we take very seriously our obligation to provide our customers with supply at the agreed upon fixed rates.\u00a0 <\/p>\n<p>&#8220;Genie Energy had a robust commodity price risk management strategy in place to mitigate the financial impacts of price spikes, and our seasoned customer service team worked diligently with customers throughout the disruption.\u00a0 In that regard, we thank the thousands of customers who consulted with us over the past week.\u00a0 Our team provided our customers with hundreds of thousands of dollars in incentives and rewards to lower their consumption and reduce strain on the grid during the crisis,&#8221; Mr. Stein concluded.<\/p>\n<p>Management continues to evaluate the financial impacts of the severe weather event in Texas.\u00a0 Its current estimate is that the impact on its consolidated, company-wide profitability for the first quarter of 2021 will be modest.\u00a0 The company expects to provide a full account of the impact when it announces its quarterly results.<\/p>\n<p>\n        <i>In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;estimate, &#8220;target&#8221; and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.\u00a0 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, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings &#8220;Risk Factors&#8221; and &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221;), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K.\u00a0 We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.<\/i>\n      <\/p>\n<p>\n        <b><br \/>\n          <u>ABOUT GENIE ENERGY LTD<\/u><br \/>\n        <\/b><br \/>\n        <b><br \/>\n          <u>:<br \/><\/u><br \/>\n        <\/b>Genie Energy Ltd. (NYSE: GNE, GNEPRA), is a global provider of energy services.\u00a0 The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in <span class=\"xn-location\">the United States<\/span>. The Genie Retail Energy International division supplies customers in <span class=\"xn-location\">Europe<\/span> and Asia.\u00a0 The Genie Energy Services division includes Diversegy, a commercial and industrial brokerage and consultative services company, and Genie Solar Energy and Prism Solar, which design, supply and install commercial solar solutions. For more information, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3075221-1&amp;h=4279724217&amp;u=https%3A%2F%2Fgenie.com%2F&amp;a=Genie.com\" rel=\"nofollow noopener noreferrer\">Genie.com<\/a>.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY87436&amp;sd=2021-02-22\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes-301232893.html\">http:\/\/www.prnewswire.com\/news-releases\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes-301232893.html<\/a><\/p>\n<p>SOURCE  Genie Energy Ltd.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY87436&amp;Transmission_Id=202102221954PR_NEWS_USPR_____NY87436&amp;DateId=20210222\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEWARK, N.J., Feb. 22, 2021 \/PRNewswire\/ &#8212; Genie Energy (NYSE: GNE, GNEPRA) today said that it continues to serve its 10,000 customers across Texas with no change in their rates under their current agreements despite the unprecedented price volatility in real-time electricity prices last week. Michael Stein, Genie&#8217;s CEO, commented, &#8220;First and foremost, our heart goes out to the many people across Texas who have suffered because of the extraordinarily severe weather this winter and particularly in the last week.\u00a0 We applaud the emergency services personnel who helped many Texans in need during this difficult period.\u00a0 &#8220;Our retail supply business in Texas, Southern Federal Power, continues to provide electricity to customers with no change in rates, as it &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Genie Energy Comments on Impact of Texas Market Electricity Price Spikes&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-441382","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Genie Energy Comments on Impact of Texas Market Electricity Price Spikes - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genie Energy Comments on Impact of Texas Market Electricity Price Spikes - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEWARK, N.J., Feb. 22, 2021 \/PRNewswire\/ &#8212; Genie Energy (NYSE: GNE, GNEPRA) today said that it continues to serve its 10,000 customers across Texas with no change in their rates under their current agreements despite the unprecedented price volatility in real-time electricity prices last week. Michael Stein, Genie&#8217;s CEO, commented, &#8220;First and foremost, our heart goes out to the many people across Texas who have suffered because of the extraordinarily severe weather this winter and particularly in the last week.\u00a0 We applaud the emergency services personnel who helped many Texans in need during this difficult period.\u00a0 &#8220;Our retail supply business in Texas, Southern Federal Power, continues to provide electricity to customers with no change in rates, as it &hellip; Continue reading &quot;Genie Energy Comments on Impact of Texas Market Electricity Price Spikes&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-23T00:58:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/391080\/Genie_Energy_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Genie Energy Comments on Impact of Texas Market Electricity Price Spikes\",\"datePublished\":\"2021-02-23T00:58:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\\\/\"},\"wordCount\":574,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/391080\\\/Genie_Energy_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\\\/\",\"name\":\"Genie Energy Comments on Impact of Texas Market Electricity Price Spikes - 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Michael Stein, Genie&#8217;s CEO, commented, &#8220;First and foremost, our heart goes out to the many people across Texas who have suffered because of the extraordinarily severe weather this winter and particularly in the last week.\u00a0 We applaud the emergency services personnel who helped many Texans in need during this difficult period.\u00a0 &#8220;Our retail supply business in Texas, Southern Federal Power, continues to provide electricity to customers with no change in rates, as it &hellip; Continue reading \"Genie Energy Comments on Impact of Texas Market Electricity Price Spikes\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/","og_site_name":"Market Newsdesk","article_published_time":"2021-02-23T00:58:30+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/391080\/Genie_Energy_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Genie Energy Comments on Impact of Texas Market Electricity Price Spikes","datePublished":"2021-02-23T00:58:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/"},"wordCount":574,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/391080\/Genie_Energy_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/genie-energy-comments-on-impact-of-texas-market-electricity-price-spikes\/","name":"Genie Energy Comments on Impact of Texas Market Electricity Price Spikes - 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