Update: U.S. Retail Supplier Taps Retail Market Entry Specialists For New U.K. JV

Genie Energy Ltd formally announced a joint venture with Energy Global Company (EGC) to offer electricity and natural gas service to residential and small business customers in the United Kingdom's (UK's) deregulated retail energy market.

The creation of the JV was previously reported by EnergyChoiceMatters.com

The JV provides Genie Energy with an accelerated path to the UK's market, the company said. The JV launch will be led by EGC's principals -- Timothy Szakacs and Tom Gilpin.

Both Szakacs and Gilpin are veterans of the Australian retail energy market. Gilpin also led the creation of Entrust Energy in the U.S.

"Tim Szakacs and Tom Gilpin have launched multiple energy start-ups and bring substantial global expertise to the JV. With their leadership and Genie Energy's longstanding history in energy supply, we are well positioned to hit the ground running," said Michael Stein, Chief Operating Officer of Genie Energy.

"The addressable electricity and natural gas market in the UK is large, with approximately 50 million customers, and very dynamic. This is a very exciting opportunity for Genie Energy," Stein added

Customer acquisition in the UK could begin as early as the fourth quarter of this year.