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Genie Reports Increase In Retail Energy Customer Count
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In reporting earnings for the fourth quarter and full-year 2024, Genie Energy, Ltd. reported that its retail supply business, Genie Retail Energy (GRE), saw a net increase in its customer count versus September 30, 2024 as well as the year ago
GRE was serving 422,000 meters as of Dec. 31, 2024, up from 399,000 meters as of Sept. 30, 2024 and 361,000 a year ago
The net increase of 23,000 meters (which reflects a comparison of rounded reported totals) from Sept. 30, 2024 to Dec. 31, 2024 compares to a net increase of 37,000 meters from June 30, 2024 to Sept. 30, 2024.
More specifically, Genie said that, during 4Q24, GRE added 23,500 electric and gas
meters net of churn.
Gross meter additions during 4Q24 were 92,000, up from 52,000 in the year-ago quarter
On an RCE basis, GRE was serving 399,000 RCEs as of Dec. 31, 2024, up from 380,000 as of Sept. 30, 2024 and 350,000 a year ago
GRE churn for 4Q24 was 5.3%, versus 5.4% in the year-ago quarter. The churn data excludes expirations of aggregation deals
GRE's income from operations for the fourth quarter of 2024 decreased 15.9% to $12.6
million, from $15.0 million in the year-ago quarter, and 4Q24 Adjusted EBITDA decreased 13.0% to $13.4 million, from $15.4 million in the year-ago quarter, primarily as the result of reduced electricity
margins compared to the year-ago quarter and an increase in customer acquisition expense.
GRE gross margin was 32.4% for 4Q24, versus 33.0% in the year-ago quarter
For the full year 2024, GRE income from operations decreased 21.4% to $56.5 million, from
$71.9 million in 2023, and full year 2024 Adjusted EBITDA decreased 20.4% to $58.4 million, from $73.3 million in 2023, reflecting GRE's reduced gross margins on electricity sales
compared to the prior year and the increased pace of customer acquisitions in 2024 compared to 2023
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March 10, 2025
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Copyright 2025 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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