Retail Supplier Expects "Modest" Rebound In Customer Acquisition During Third Quarter

August 10, 2020

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Reporting by Paul Ring • ring@energychoicematters.com

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In a 10-Q, Genie Energy reported that it expects a "modest" rebound in meter acquisition at its Genie Retail Energy (GRE) segment, which houses its U.S. retail energy suppliers, in the third quarter

As previously reported, GRE meters served at June 30, 2020 decreased to 374,000 from 384,000 at March 31, 2020 and 379,000 a year earlier. The decreases reflect a slower pace of gross meter additions, partially offset by a reduction in monthly customer churn. Gross meters added during 2Q20 totaled 40,000 compared to 69,000 in 1Q20 and 91,000 in 2Q19. COVID-19-related public health restrictions reduced sales activity through certain channels in 2Q20.

In a 10-Q for the quarter ending June 30, 2020, Genie said, "Looking ahead, we expect to see a modest rebound in meter acquisition beginning the third quarter, specially at GRE. Public health restrictions have begun to ease in some of our markets which allow us to resume face-to-face sales and marketing. Any reversal of the easing of restrictions would impact that expected rebound.

More details from Genie's earlier earnings release can be found in our prior story here

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