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Update: Retail Energy Supplier Details Coronavirus Risk in 10-K
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Genie Energy Ltd. has filed its 10-K for the year ending December 31, 2019
In the 10-K, Genie Energy includes a new item under "risk factors" related to the coronavirus
The inclusion of the new risk factor, discussed on a recent earnings call, had been exclusively first reported by EnergyChoiceMatters.com, but the 10-K had not yet been filed at that time
The 10-K lists as a risk factor, "Public health threats could have an adverse effect on the Company's operations and financial results"
Under such risk factor, the 10-K states, "In December 2019, a new Coronavirus, now known as CONVID-19 [sic], which has proved to be highly contagious, emerged in Wuhan, China. We are actively monitoring the recent coronavirus outbreak and its potential impact on operations. Although our operations are mainly in the United States, we have assets outside of the United States. Due to both known and unknown risks, including quarantines, closures and other restrictions resulting from the outbreak, our operations may be adversely impacted. While we do not expect that the outbreak will have material adverse effect on our business at this time, we are unable to accurately predict the impact that coronavirus will have due to various uncertainties, including the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and actions that may be taken by governmental authorities. For all these reasons we may incur expenses or delays relating to such events outside of our control, which could have a material adverse impact on our business."
As previously reported, during the earnings call executives had cited a potential slow-down in door-to-door sales as a potential risk from the coronavirus
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March 17, 2020
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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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