Genie Energy Ltd Stock Price, News & Analysis

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.

Genie Energy Ltd. (NYSE: GNE, GNEPRA) will release its fourth quarter and full year 2022 financial and operational results on March 13, 2023, at 7:30 AM Eastern Time. The earnings release will be available via a wire service and on the company's Investors webpage. A conference call with management will follow at 8:30 AM to discuss results and future strategies. Investors can join the call by dialing specified numbers and using access codes. A replay will be available post-call until March 27, 2023, and will also be posted on their website.

Genie Energy Ltd. (NYSE: GNE, GNEPRA) announced that CFO Avi Goldin will present at the Third Annual Winter Wonderland - Best Ideas Investor Conference on February 21, 2023, at 10:30 a.m. ET. Investors can register for the event here. One-on-one meetings are scheduled for February 23 and 24, 2023. Genie Energy specializes in providing retail and renewable energy solutions, supplying electricity and natural gas to residential and small business customers in the U.S. The MicroCap Rodeo conference showcases the top 37 investment ideas, recommended by qualified institutional investors.

Montclair State University has signed a renewable energy agreement with ENGIE Resources LLC lasting through 2025. The deal allows the University to purchase Green-e™ certified Renewable Energy Credits (RECs) from various sustainable projects across the U.S. The RECs are expected to support CO₂ emissions avoidance by over 7,600 metric tons and match 100% of the University’s retail electricity consumption. This initiative aligns with the University's sustainability objectives, enhancing its commitment to operational sustainability. Diversegy, a subsidiary of Genie Energy (NYSE: GNE), serves as the advisor for this agreement.

Genie Energy Ltd. (NYSE: GNE, GNE.PRA) announced it has received a notice to proceed for its first community solar project, a 4-megawatt farm in Upstate New York. This marks a significant step in the company's vertically-integrated solar strategy, with construction expected to start in Q1 2023, pending utility approvals. Additionally, Genie Solar anticipates an NTP for a second 6-megawatt project in early 2023. CEO Michael Stein highlighted the project’s environmental benefits and the economic advantages of community solar, asserting the company is well-positioned to manage all aspects of project development.