Genie Energy Ltd. is an American energy company headquartered in Newark, New Jersey. It is a holding company comprising Genie Retail Energy, a retail energy provider in the United States, and Genie Oil and Gas, which is pursuing a conventional oil project in the Israeli-annexed Golan Heights.
Genie was part of IDT Corporation but was spun off on October 31, 2011, at which point Class B common stock of Genie Energy Ltd. began trading on the NYSE under the ticker symbol "GNE".
Genie's founder, chairman, controlling shareholder and CEO is Howard Jonas. Avi Goldin serves as the company's CFO, Michael Stein is the company's COO and Geoffrey Rochwarger serves as Vice Chairman. The president of its Israeli subsidiary is Effie Eitam. Genie Energy's Strategic advisory board is composed of: Dick Cheney (former vice president of the United States), Rupert Murdoch (media mogul and chairman of News Corp), James Woolsey (former CIA director), Larry Summers (former head of the US Treasury), Bill Richardson, former Governor of New Mexico, an ex-ambassador to the United Nations and United States Energy Secretary., Michael Steinhardt, Jacob Rothschild,., and Mary Landrieu. Former United States Senator from Louisiana.
In 2013, IDT Energy, Inc., a subsidiary of Genie Energy, acquired both Dallas-based Diversegy, LLC a commercial energy advisory and its network marketing channel, Epiq Energy. They are now wholly owned subsidiaries of Genie Energy Ltd.
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Genie Retail Energy
Genie Retail Energy (GRE) is an operating division of Genie Energy holding Genie Energy's deregulated energy provider, or retail energy provider (REP), businesses. GRE purchases 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, Maryland and Washington, DC Commercial natural gas supply customers are also served in the state of Florida. Like other REP's, GRE competes against incumbent electric and gas utilities as well as over 100 other REPs. GRE offers a variety of product offerings including green energy from renewable resources, fixed rate plans, and variable rate plans that allow its customers to change supplier at any time. In November 2016, Genie Energy acquired Retail Energy Holdings, LLC. (REH), and added REH's brand, Town Square Energy, and meters to Gene Retail Energy's portfolio. In August 2017, Genie Energy announced a joint venture to enter the retail energy market and begin customer acquisition in the United Kingdom. Also in August 2017, Genie Retail Energy acquired Mirabito Natural Gas, a Ft. Lauderdale, Florida-based natural gas supplier to commercial customers.
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Genie Oil and Gas
Genie Oil and Gas (GOGAS) is exploring for conventional oil in the Golan Heights through its Afek Oil and Gas subsidiary. GOGAS previously 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 is owned by Genie Energy while Jacob Rothschild, Michael Steinhardt and Rupert Murdoch among others hold minority interests.
Afek Oil and Gas
In February 2013, Israeli authorities awarded Afek Oil and Gas an exclusive 36-month petroleum exploration license to a 153-square-mile (400 km2) plot in the Golan Heights, which the UN recognizes to be Syrian territory. Afek subsequently conducted above-ground geophysical tests and based on its preliminary analysis, has applied for a ten well exploratory drilling program. South of Katzrin in the southern Golan Heights in 2015, Afek discovered a substantial amount of oil and natural gas reserves. 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.; and most recently Ness 10 north of the Sheikh-Ali Fault. As of August 2017, Afek was continuing drilling operations at Ness 10 in an effort to determine whether its license area contained resources that could sustain commercially production.
Human rights groups have said the drilling violates international law as Golan Heights is an occupied territory.
American Shale Oil
American Shale Oil (AMSO) was a joint venture between Genie Energy and Total S.A.. Genie announced in May 2016 that the partners were closing the venture. and its pilot plant facilities located outside of Rifle, CO., 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. The lease comprised a tract of 160 acres (65 ha), 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. AMSO's tech team was headed by Dr. Alan Burnham, a scientist at Lawrence Livermore National Laboratory. AMSO's proposed technology was called CCR (Conduction, Convection, Reflux).. .
Israel Energy Initiatives
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 238 square kilometres (92 sq mi) in Israel's Shefela region. 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. 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.
See also
- Energy Triangle
Notes
References
External links
- Genie Energy official website
- Genie Oil & Gas official website
- AMSO official website
- Afek official website (English)
- IEI official website (Hebrew)
- IEI official website (English)
- IDT Energy official website
- IDT Corp official website
- Save Adullam website
- Israel Union for Environmental Defense
- Diversegy LLC website
Source of article : Wikipedia
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