HomeNovember 30, 2022
Retail Supplier Acquires Customer Portfolio Across Seven States
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Genie Energy Ltd. announced today that it has acquired a portfolio of residential and small commercial customer contracts from Mega Energy.
The portfolio of acquired customers is located in seven states in the Northeast and Midwest, all within Genie's current geographic footprint of deregulated retail markets. The book includes approximately 11,000 residential and commercial customer meters.
"Market conditions are producing attractive opportunities for portfolio expansion in some of our retail supply markets," said Michael Stein, Genie Energy's CEO. "Our strong balance sheet, with significant cash reserves, positions us to compete for additional books of business at favorable prices. We will continue to look for customer acquisition opportunities as specific markets become more conducive to growth."
"The Company expects the acquired portfolio to be immediately accretive," Genie said
Terms of the deal were not disclosed.
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