Genie Energy

{{expand section|date=January 2016}}

Genie Retail Energy (GRE) comprises the company’s domestic electricity and natural gas supply companies. Commonly referred to as “Retail Energy Providers” or “REPs”, these companies offer traditional and renewable/green energy supply options to residential and small/medium commercial clients throughout deregulated energy states in the United States. GRE companies purchase electricity and natural gas in the wholesale markets which it resells to residential and small business customers in New York, New Jersey, New Hampshire, Pennsylvania, Connecticut, Ohio, Rhode Island, Illinois, Massachusetts, Maine, Delaware, Texas, Maryland, and Washington, DC. Commercial natural gas supply customers are also served in the state of Florida. These companies offer a variety of products and services, including fixed rate and variable rate energy supply plans, traditional and green electricity options, and clean, carbon offset natural gas programs. Like other REP's, GRE companies compete against incumbent electric and gas utilities as well as over 100 or more other REPs.

In November 2016, Genie Energy acquired Retail Energy Holdings, LLC. (REH), and added REH's brand, Town Square Energy, and meters to Genie Retail Energy's portfolio.{{Cite news|url=http://www.prnewswire.com/news-releases/genie-retail-energy-acquires-retail-energy-holdings-llc-300357362.html|title=Genie Retail Energy Acquires Retail Energy Holdings, LLC|work=Genie Energy Press Release}} In August 2017, Genie Energy announced a joint venture to enter the retail energy market and begin customer acquisition in the United Kingdom.{{Cite news|url=http://www.prnewswire.com/news-releases/genie-energy-launches-jv-to-pursue-uk-retail-energy-market-300498478.html|title=Genie Energy Launches JV to Pursue UK Retail Energy Market|date=August 2, 2017|work=Genie Energy press release}} Also in August 2017, Genie Retail Energy acquired Mirabito Natural Gas, a Ft. Lauderdale, Florida-based natural gas supplier to commercial customers.{{Cite web|url=http://www.youroilandgasnews.com/genie+energy+acquires+florida-based+commercial+natural+gas+supplier_144420.html|title=Genie Energy acquires Florida-based commercial natural gas supplier|date=August 15, 2017|website=Your Oil and Gas News|archive-url=https://web.archive.org/web/20170912233724/http://www.youroilandgasnews.com/genie+energy+acquires+florida-based+commercial+natural+gas+supplier_144420.html|archive-date=September 12, 2017|url-status=usurped}}

In January 2019, Genie Retail Energy acquired a majority stake in Lumo Energia, a Finnish supplier of renewable electricity,

{{cite news

| work = Renewable Now

| title = Genie Energy acquires Finnish renewable power supplier Lumo Energia

| url = https://renewablesnow.com/news/genie-energy-acquires-finnish-renewable-power-supplier-lumo-energia-638636/

| date = 2019-01-07

| access-date = 2019-03-23}}

and earlier this year launched Genie Energy Japan, offering customers a variety of high value electricity supply products in the dynamic Japanese retail market.

In 2022 Lumo unilaterally terminated fixed term and fixed price electricity deals of c. 8,000 consumers, thus causing financial damages of even thousands of Euros to each customer. Lumo offered 2 cent/kWh compensation, equaling few million Euros, while selling electricity derivative assets for €30 million. Finnish consumer protection authority regarded this compensation as inadequate.{{Cite web |date=2022-09-11 |title=Sähkö {{!}} Lumo Energia kaatui, ja nyt entisille asiakkaille tulee jopa tuhansien eurojen lisälasku – "Naurettava", kuvaa asiakas yhtiön reaktiota |url=https://www.hs.fi/talous/art-2000009043831.html |access-date=2022-10-25 |website=Helsingin Sanomat |language=fi}} {{Cite web |date=2022-10-21 |title=Lumo Energia lopetti korvausneuvottelut kuluttaja-asiamiehen pyydettyä olennaisia tietoja yhtiön taloustilanteesta |url=https://www.kkv.fi/ajankohtaista/tiedotteet/lumo-energia-lopetti-korvausneuvottelut-kuluttaja-asiamiehen-pyydettya-olennaisia-tietoja-yhtion-taloustilanteesta/ |access-date=2022-10-25 |website=Kilpailu- ja kuluttajavirasto |language=fi}}

Genie Oil and Gas (GOGAS) explored for conventional oil in the Israeli-occupied Golan Heights through its Afek Oil and Gas subsidiary, and pursued oil shale projects through American Shale Oil (AMSO), Israel Energy Initiatives (IEI) and Genie Energy Mongolia. AMSO, IEI, and Genie Energy Mongolia are no longer active. 89% of GOGAS was owned by Genie Energy while Jacob Rothschild, Michael Steinhardt and Rupert Murdoch among others held minority interests.

{{cite press release

| publisher = IDT Corporation

| title = Business and Financial Leaders Lord Rothschild and Rupert Murdoch Invest in Genie Oil & Gas

| url= http://www.idt.net/about/press/story.aspx?id=41777

| date = 2010-11-15

| access-date=2011-10-06

| archive-url = https://web.archive.org/web/20120402202719/http://www.idt.net/about/press/story.aspx?id=41777

| archive-date = 2012-04-02

| url-status = dead}}

{{cite press release

| publisher = IDT Corporation

| title = Michael Steinhardt to Become Chairman of IDT Corporation Subsidiary, Israel Energy Initiatives

| url= http://www.idt.net/about/press/story.aspx?id=37513

| date = 2010-04-19

| access-date=2011-10-06

| archive-url = https://web.archive.org/web/20120402202727/http://www.idt.net/about/press/story.aspx?id=37513

| archive-date = 2012-04-02

| url-status = dead}}

{{cite news

|newspaper = The Jerusalem Post

| first = Amiram | last = Barkat

| title = Murdoch, Rothschild invest in Israeli shale oil

| url= http://www.jpost.com/Business/Globes/Article.aspx?id=196217

| date = 2010-11-22

| access-date=2011-10-06}}

In February 2013, Israeli authorities awarded Afek Oil and Gas an exclusive 36-month petroleum exploration license to a {{convert|153|sqmi|adj=on}} plot in the Israeli-occupied Golan Heights, which the UN recognizes to be Syrian territory.{{cite news | first = Michael | last = Kelley | title = Israel Grants First Golan Heights Oil Drilling License To Dick Cheney-Linked Company | date = February 22, 2013 | url = http://www.businessinsider.com/israel-grants-golan-heights-oil-license-2013-2 | work = Business Insider | access-date = 31 August 2013}}

{{cite news

| newspaper = The Jerusalem Post

| title = Israel approves drilling for oil in Golan Heights

| url= http://www.jpost.com/Enviro-Tech/Israel-approves-drilling-for-oil-in-Golan-Heights

| date = 2013-02-02

| access-date=2014-05-20}}

{{cite news|url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000824062&fid=1725 |last=Barkat |first=Amiram |title=Israel awards first Golan oil drilling license |access-date=22 February 2013 |newspaper=Globes |date=20 February 2013 }}{{cite news|title=N.J. firm wins original rights to drill in Golan Heights|url=http://www.jta.org/news/article/2013/02/21/3120221/jersey-firm-wins-rights-to-drill-in-golan-heights|access-date=22 February 2013|newspaper=JTA|date=21 February 2013|url-status=dead|archive-url=https://archive.today/20130415044823/http://www.jta.org/news/article/2013/02/21/3120221/jersey-firm-wins-rights-to-drill-in-golan-heights|archive-date=15 April 2013}} Afek subsequently conducted above-ground geophysical tests and based on its preliminary analysis, has applied for a ten well exploratory drilling program.

{{cite press release

|publisher=Genie Energy

|title=Genie Energy Reports First Quarter 2014 Results

|url=http://b2icontent.irpass.cc/2100%2F154472.pdf?AWSAccessKeyId=1Y51NDPSZK99KT3F8VG2&Expires=1449003228&Signature=gZFbz%2BSaN3PLTjWzjQSgEDnJlJM%3D

|format=PDF

|date=2014-05-07

|access-date=2015-12-01

}}{{dead link|date=January 2017 |bot=InternetArchiveBot |fix-attempted=yes }}

South of Katzrin in the southern Golan Heights in 2015, Afek discovered a substantial amount of oil and natural gas reserves which would make Israel energy self-sufficient.{{efn|As of 2015, Israel consumes 270,000 barrels of oil per day.{{cite web | last = Graeber | first = Daniel J | title = Israel upbeat on Golan oil potential: Israeli company estimates reserve column 10 times larger than global average | url = http://www.upi.com/Business_News/Energy-Industry/2015/10/07/Israel-upbeat-on-Golan-oil-potential/9401444212278/ | publisher = UPI | date = 7 October 2015 | accessdate = 26 October 2015}}}}

{{cite news

| title = Huge oil discovery on Golan Heights: Estimates are that the amount of oil found will make Israel self sufficient for very many years to come

| url = http://www.globes.co.il/en/article.aspx?did=1001071698&from=iglobes

| newspaper = Globes

| date = 7 October 2015

| access-date = 26 October 2015}}

{{cite news

| last = Graeber | first = Daniel J

| title = Major reserve discovery confirmed in the southern Golan Heights: Leadership of company behind the find seen as close to Israeli Prime Minister Netanyahu

| url = http://www.upi.com/Business_News/Energy-Industry/2015/10/09/Major-reserve-discovery-confirmed-in-Golan-Heights/6461444389373/

| agency = UPI

| date = 9 October 2015

| access-date = 26 October 2015}}

The company had drilled a series of exploratory wells including Ness-5, just northwest of the Avnei Eitan and Nov moshavim and south of Kibbutz Natur and the town of Katzrin; Ness-3, near the Bnei Yehuda industrial area; Ness-6, located near the entrance of Moshav Kanaf, just southeast of Gamla;

{{cite news

| last = Udasin | first = Sharon

| title = Still too soon to determine production potential of Golan Heights oil: Afek Oil and Gas say findings have so far revealed a 'very robust oil-bearing strata'

| url = http://www.jpost.com/Business-and-Innovation/Environment/Still-too-soon-to-determine-production-potential-of-Golan-Heights-oil-421220

| newspaper = The Jerusalem Post

| date = 7 October 2015

| access-date = 26 October 2015}}

and Ness 10 north of the Sheikh-Ali Fault. In November 2017, the company announced that it suspended its exploratory drilling program as the well's target zone does not contain commercially producible quantities of oil or natural gas.

{{cite press release

|publisher=Genie Energy

|title= Genie Energy Suspends Exploratory Oil and Gas Drilling Program in Northern Israel

|url= https://www.prnewswire.com/news-releases/genie-energy-suspends-exploratory-oil-and-gas-drilling-program-in-northern-israel-300558113.html

|date=2017-11-16

|access-date=2019-03-23}}

Human rights groups have said the drilling violates international law as Golan Heights is an occupied territory.{{cite news |last=Khoury |first=Jack |date=25 February 2016 |title=Human Rights Groups: Golan Oil Drilling Contravenes International Law |url=http://www.haaretz.com/israel-news/.premium-1.705391 |newspaper=Haaretz|access-date=5 April 2016}}

{{main|American Shale Oil}}

American Shale Oil (AMSO) was a joint venture between Genie Energy and Total S.A.

{{cite news

| work = Reuters

| title = Total buys 50 pct stake in AMSO to sell shale oil

| url= http://uk.reuters.com/article/mnaNewsTechMediaTelco/idUKLE35613420090114

| archive-url= https://archive.today/20130201043025/http://uk.reuters.com/article/mnaNewsTechMediaTelco/idUKLE35613420090114

| url-status= dead

| archive-date= February 1, 2013

| date =January 14, 2009

| access-date=October 6, 2011}}

Genie announced in May 2016 that the partners were closing the venture.{{cite web

|url = http://investors.genie.com/profiles/investor/ResLibraryView.asp?ResLibraryID=81534

|archive-url = https://web.archive.org/web/20190211024830/http://investors.genie.com/profiles/investor/ResLibraryView.asp?ResLibraryID=81534

|url-status = dead

|archive-date = February 11, 2019

|publisher = Genie Energy

|title = First Quarter 2016 Results

|access-date = August 2, 2016

}} and its pilot plant facilities located outside of Rifle, Colorado, were subsequently decommissioned and removed. AMSO received in 2006 a Research, Development and Demonstration (RD&D) lease from the U.S. Bureau of Land Management in Colorado's Piceance Basin in order to develop a process for generating oil and gas from deep buried oil shale.

{{Cite book

|publisher = United States Department of Energy

|title = Secure Fuels from Domestic Resources: The Continuing Evolution of America's Oil Shale and Tar Sands Industries

|year = 2010

|url = http://www.unconventionalfuels.org/publications/reports/SecureFuelsReport2010.pdf

|archive-url = https://web.archive.org/web/20110427231417/http://www.unconventionalfuels.org/publications/reports/SecureFuelsReport2010.pdf

|url-status = dead

|archive-date = April 27, 2011

|pages = 14–15

|edition = 4th

|access-date = October 6, 2011

}}

The lease comprised a tract of {{convert|160|acre}}, and was granted for an initial term of 10 years with the possibility of up to a 5-year extension upon proof of diligent progress toward commercial production.

{{Cite report

|first=Anthony | last = Andrews

|publisher=Congressional Research Service

|title=Developments in Oil Shale

|date=2008

|url= http://www.fas.org/sgp/crs/misc/RL34748.pdf

|pages=18–19

|access-date=October 6, 2011

|id = CRS RL34748}}

AMSO's tech team was headed by Dr. Alan Burnham, a scientist at Lawrence Livermore National Laboratory.

{{cite web

| work = Bloomberg Businessweek

| title = Alan K. Burnham Ph.D. Executive Profile

| url= http://investing.businessweek.com/businessweek/research/stocks/private/person.asp?personId=104552336&privcapId=40273707&previousCapId=91031&previousTitle=NEWS%20CORP-CL%20A

| access-date=October 31, 2011}}{{dead link|date=April 2023|bot=medic}}{{cbignore|bot=medic}}

AMSO's proposed technology was called CCR (Conduction, Convection, Reflux).

Israel Energy Initiatives (IEI) was founded in 2008 to develop oil shale in Israel. In July 2011, the company received a one-year extension of a three-year license to explore oil shale resources on {{convert|238|km2}} in Israel's Shefela region.[http://www.faqs.org/sec-filings/111011/IDT-CORP_10-K/#tx239371_12 10-k], IDT Corp, October 11, 2011 In September 2014, a government planning committee rejected a building permit for the project. The committee decision essentially killed the project, as IEI did not pursue any means of appeal.

{{cite news

| newspaper = The Jerusalem Post

| first = Sharon | last = Udasin

| title = Jerusalem District Committee rejects Shefla basin oil shale pilot project

| url= http://www.jpost.com/Israel-News/Jlem-District-Ctee-rejects-Shefla-basin-oil-shale-pilot-project-374265

| date = 2014-09-02

| access-date=2015-02-12}}

By the time of the committee ruling most of the staff of IEI, including Chief Scientist Harold Vinegar, had moved to work at the sister company, Afek.

IEI planned to use In-Situ Conversion Process technology for its pilot project, following the format a 1995 trial by Royal Dutch Shell. Shell subsequently shut down its work on developing the technology.

Israel's major environmental organizations, including the Jewish National Fund, the Society for the Protection of Nature in Israel, Greenpeace, and the Israel Union for Environmental Defense protested against the IEI license. Environmental concerns include the potential for contaminating Israel's Shfela aquifer, which runs underneath the Shfela oil shale formation, for destroying a rural region of Israel that currently promotes eco-tourism, and for reversing Israel's efforts to reduce greenhouse gas emissions. Residents of the local community of Adullam and their supporters led the campaign to stop the IEI work, citing both the environmental damage and the questionable economic value of the project.

{{Cite web

| title = Oil & Wine Don't Mix: Over 1,000 Israelis Protest Oil Shale In Adullam

| first = Tafline | last = Laylin

| date = 2010-12-08

| url=http://www.greenprophet.com/2010/12/oil-shale-protest

| access-date = 2011-10-18}}

• Energy Triangle

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Category:Companies listed on the New York Stock Exchange

Category:Oil companies of the United States

Category:Oil shale companies of the United States

Category:Companies based in Newark, New Jersey

Category:TotalEnergies