Welcome to our dedicated page for Genie Energy news (Ticker: GNE), a resource for investors and traders seeking the latest updates and insights on Genie Energy stock.
Genie Energy Ltd. (NYSE: GNE) is a leading retail and renewable energy solutions provider. The company operates through its two primary segments: Genie Retail Energy (GRE) and Genie Renewables (GREW).
Genie Retail Energy (GRE) supplies electricity, including from renewable sources, and natural gas to residential and small business customers across the Eastern and Midwestern United States. GRE has been expanding its customer base and leveraging the stability of wholesale energy markets to achieve strong financial results.
Genie Renewables (GREW) holds controlling interests in various companies that manufacture solar panels, design solar installations, and manage solar energy projects. The division is vertically integrated, providing commercial, community, and utility-scale solar energy solutions. GREW has been making significant strides in expanding its solar generation pipeline, reaching over 100 megawatts (MW) in development.
Recently, Genie Energy completed the redemption of all outstanding shares of its Series 2012-A Preferred Stock, resulting in a $6.5 million aggregate payment. With no debt outstanding, the company is well-positioned for future growth.
Financially, Genie Energy reported that as of June 30, 2023, it had cash, restricted cash, and marketable equity securities totaling $115.1 million. The company's second quarter saw record revenue, income from operations, and Adjusted EBITDA, driven by a 27.8% increase in income from operations for GRE.
Genie Energy is committed to sustainable and affordable energy solutions, with a focus on clean energy technologies and expanding its solar energy projects. The company continues to invest in both its retail energy and renewable energy segments to drive growth and provide value to its shareholders.
Genie Energy Ltd (NYSE: GNE) has commenced construction on a new four megawatt (MW) community solar array in Perry, NY, expected to generate sufficient electricity to power over 440 homes. The project will produce more than 5,000 MWh annually and reduce carbon emissions by over 3,500 metric tons each year. Genie Solar aims to complete the project within the year while utilizing local labor for construction tasks. This initiative is part of New York's community solar program, allowing local residents to benefit from discounted electricity bills without needing their solar panels. The project signifies a step towards increasing renewable energy access in the region, promoting energy affordability and local job creation.
Genie Energy (NYSE: GNE, GNEPRA) has acquired the rights to a community solar generation site in Upstate New York, targeting an output of approximately 6.25 megawatts (MW). The project follows obtaining a favorable CESIR, indicating a positive outcome for interconnection costs from Con-Ed for another planned 3 MW project in Downstate New York. The company plans to commence construction pending local permits and land lease negotiations. CEO Michael Stein emphasized the importance of community solar in reducing carbon emissions and highlighted increased project demand and economic viability driving growth.
Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced that CFO Avi Goldin will present at the Sidoti March Small-Cap Virtual Conference on March 23, 2023, at 9:15 a.m. Eastern Time. The presentation will highlight Genie Energy's strategy, outlook, and results. Interested participants can access the live presentation via the provided link. Additionally, Genie management is available for one-on-one virtual investor meetings on March 22 and 23. Genie Energy specializes in supplying electricity and natural gas, including renewable options, to residential and small business customers in the U.S. and Scandinavia.
Genie Energy, Ltd. (NYSE: GNE, GNE.PRA) reported a strong financial performance for Q4 and full-year 2022. Q4 operating income surged 167% year-over-year to $15.5 million, with revenue up 17.6% to $81.4 million. Full-year operating income reached a record $77.8 million, and adjusted EBITDA was $83.2 million. The company experienced growth in its retail energy segment, strategically reducing customer acquisition during volatile pricing to bolster financial results. Genie Renewables also made strides with significant revenue growth and advancements in solar projects, while maintaining its dividend payments and simplifying capital structure by redeeming $8.4 million of preferred stock.
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