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Genie Energy Entering New State, Sees Customer Growth, "Robust" Margins
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In reporting earnings for the three months ended Sept. 30, 2024 (third quarter), Genie Energy, Ltd. said that its retail supply business, Genie Retail Energy (GRE), is expanding to the California natural gas market.
GRE has begun enrollments of California residential natural gas customers, and expects service to begin to such customers during the fourth quarter
GRE was serving 399,000 meters as of Sept. 30, 2024, up from 362,000 as of June 30, 2024 and 385,000 a year ago
Meter growth resulted from organic sales activity and a large municipal aggregation deal, Genie said
Gross meter additions during the quarter ending Sept. 30, 2024 were 104,000, versus 53,000 during the quarter ending June 30, 2024
Genie sees, "generally
favorable meter acquisition and operating environments across our retail markets."
GRE RCEs were 380,000 as of Sept. 30, 2024, up from 345,000 as of June 30, 2024 and 375,000 a year ago
GRE churn was 5.6% during the three months ended Sept. 30, 2024, versus 4.6% during the three months ended June 30, 2024, and 4.4% in the year-ago quarter. The churn data excludes the impact of aggregation expirations
"Electricity and gas margins remained robust, while slightly milder summer weather contributed to a reduction in per-meter electricity consumption," Genie said
"The
decrease in per-meter consumption in combination with increased sales costs drove comparative, year-over-year decreases in revenue and profitability," Genie said
GRE reported Adjusted EBITDA of $15.5 million for the quarter ending Sept. 30, 2024, down from $22.3 million a year ago
"The decreases reflected a lower level of per meter
electricity consumption, driven by milder weather compared to 3Q23, and an increase in customer acquisition activity and expense, partially offset by a
slight increase in revenue per kWh sold," Genie said
GRE gross profit was $35.8 million for the quarter ending Sept. 30, 2024, versus $40.8 million a year ago
GRE gross margin was 33.8% for the quarter ending Sept. 30, 2024, versus 33.9% a year ago
Genie said that in its Genie Solar business, "we are tightening our focus on the utility scale solar generation market and moving away from commercial and industrial generation
projects."
On a consolidated basis, Genie Energy, Ltd. reported Adjusted EBITDA of $13.6 million for the quarter ending Sept. 30, 2024, versus $18.5 million a year ago
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November 6, 2024
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Copyright 2024 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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