Electricity and Gas for the World!

IDT Energy Announces Spin-Off of Genie Energy

IDT Energy is anticipating the creation of a new subsidiary, Genie Energy, which is expected to be executed some time at the end of October, 2011. Before the spin-off of Genie can become reality, the recently filed documents to the SEC, namely the initial registration statement as well as an information statement, must first go into effect.  Anyone wishing to see the documents, which were filed by IDT Energy in late August, are welcome to visit the website of the Securities and Exchange Commission, the agency with which they were filed.

Howard Jonas is the CEO and Chairman of IDT Energy. He explained the need for the creation of Genie Energy in the following statement:

“The spin-off of Genie is one of the key strategic moves we announced last year to enable stockholders to realize the inherent value in IDT’s businesses. The growing global demand for energy coupled with supply disruptions caused by unrest in certain oil producing regions makes the development of oil shale more important than at any other time in our history.”

Claude Pupkin, Genie Energy’s CEO added,

“We believe that, as a separate entity, we will be better able to execute on our development plans for both our IDT Energy retail supply business and our unconventional energy projects. In the last year, IDT Energy has expanded its operations into two new states. Genie Oil and Gas is pursuing an environmentally sustainable approach to develop the vast oil shale resources in the United States and Israel. Both businesses possess tremendous growth potential.”

In recent news for IDT Corporation, they are increasing the size of their board from five to six members and welcoming W. Wesley-Perry as their sixth board member.

Perry is the Mayor of Midland, Texas, where he was elected in November of 2007. He is the president of the Milagros Foundation, a board member of the Abel-Hanger Foundation and a director of the River Foundation.  He has served, for the past year, as the chairman of Genie Energy Corporation, comprised of IDT’s interests in IDT Energy, American Shale Oil, LLC (AMSO) and Israel Energy Initiatives (IEI).

IDT Energy background

IDT Energy is an IDT Corporation Company, which means that IDT Energy has the support and backing of the IDT Corporation. Thus, IDT Energy has the advantage of firm corporate backing, which together with its personal service and attention gives it the edge in a highly competitive market. The IDT Corporation has been a provider of cost-saving consumer products and services for over 20 years – making its affiliated IDT Energy company the ESCO (Energy Service Company) for you.

Public Service Commission Approval

IDT Energy has the approval of the Public Service Commission as well as local utility bodies to provide electric and natural gas services to residential and business customers. This approval means that IDT Energy meets the various criteria required to function as an energy supplier.

What Does This Mean For The Utility Companies?
The local utility company is not effected by one’s choice of IDT Energy (or any other ESCO) for energy supply services. The same level of service is assured by the utilities whether or not they supply the energy.