Genie Energy

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. 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.

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