Parent Of U.S. Retail Energy Supplier Acquires Book Of Customers In European Retail Market

Genie Energy Ltd. announced that its Helsinki-based renewable electricity supply subsidiary, Lumo Energia Oyj (Lumo), has expanded its customer base by approximately 20% after acquiring meters from Energia 247, a Finnish competitive energy provider that has exited the business.

Through the agreement with Energia 247, Lumo has begun serving approximately 11,000 electricity meters of Energia 247's former customers.

Lumo is supplying the new customers with electricity generated entirely from renewable resources -- wind, solar and hydroelectric.

Otto Savast, Lumo's CEO, stated, "Every Energia 247 customer will retain the terms and conditions they previously enjoyed, and each will receive a 40 [sic] gift card from our partner, the Ruokaboksi food delivery service, as our delicious welcoming gift."

"We are leveraging our strong financial position and commodity risk management capabilities to expand our green energy supply business in Scandinavia," said Michael Stein, CEO of Genie Energy. "Recent volatility in the region's wholesale electricity market is forcing consolidation in the retail supply industry. Lumo is well-positioned to serve the customers of Energia 247 and potentially other competitive suppliers challenged by the current market conditions."