May 22, 2014
Summer is just around the corner, but the stress of summer's high electric bills is already here. IDT Energy, an independent retail electricity provider serving consumers in Pennsylvania, has the solution to summer's planned electricity supply rate hikes. The Company is introducing IDT Energy® SmartBudget to give consumers price certainty and protect them from the higher electricity rates typical of the summer months.
'As predicted, many of Pennsylvania's electric utilities, including Duquesne, Met-Ed and Penelec, have announced plans to impose monster electric rate increases as high as 25% on their customers,' said IDT Energy's CEO, Geoff Rochwarger. 'Now consumers can fight back! The IDT Energy® SmartBudget rate program gives consumers peace of mind, protecting them from electric rate spikes and market volatility with a guaranteed per kilowatt hour rate for a full 12 months, regardless of any changes in the weather. Even better, IDT Energy will not charge any early termination fees on the IDT Energy® SmartBudget electricity rate program.'
PPL utility customers will get the benefit of a guaranteed rate of 8.99 cents per kilowatt hour (kWh) versus the utility's recently announced 9.036 cents per kWh.
An IDT Energy® SmartBudget guaranteed rate plan is also anticipated for consumers served in West Penn Power territory, where this utility announced a 51% rate hike to go into effect on 6/1/2014.
'The wholesale electric supply market failed everyone this winter,' added Mr. Rochwarger. 'The 'Polar Vortex' propelled the wholesale price of electricity to unprecedented levels. IDT Energy did what was right for our customers this winter. We gave back over $3.5 million in good-will refunds and credits with no strings attached, even though it meant we would operate at a loss.'
'Now, utilities are doing exactly what we said they would - raising their retail electric supply rates across their entire customer base. In contrast we are delivering on our promise to offer new supply choices that will help consumers better manage their monthly expenses and budgets. The bottom line is that we have listened to our customers and will offer them more choices tailored to their preferences, AND have made good on our promise to deliver iron-clad protection from this summer's expected price increases,' Mr. Rochwarger concluded.
About IDT Energy
IDT Energy is one of the largest independent retail energy providers (REP) supplying natural gas and electricity to residential and small business customers in the Northeastern United States. IDT Energy is a subsidiary of Genie Energy Ltd (NYSE:GNE). For more information, visit www.idtenergy.com or Like us on Facebook at www.facebook.com/IDT.Energy.
In this press release, all statements that are not purely about historical facts, including, but not limited to, those in which we use the words 'believe,' 'anticipate,' 'expect,' 'plan,' 'intend,' 'estimate, 'target' and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors, including, but not limited to, those described in Genie Energy's most recent report on SEC Form 10-K (under the headings 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations'), which may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. These factors include, but are not limited to, the following: potential declines in prices for our products and services; our ability to return to profitability and improve our cash flow; impact of government regulation; effectiveness of our marketing and distribution efforts; and general economic conditions. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.
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