Retail energy and renewable energy solutions provider Genie Energy of Newark experienced its strongest quarter in the company’s history.
First-quarter earnings for the period ending March 31 were $14.4 million, with revenue of $105.3 million in the period and year-over-year residential customer equivalent growth of 36%.
Michael Stein, CEO of Genie Energy, said, “We had a very strong first quarter, delivering excellent bottom line results and efficiently expanding our retail customer portfolio.”
According to the earnings, Genie Retail Energy was well-positioned to benefit from the reduction in energy market price volatility this quarter, while its renewables business continued to invest in growth opportunities during the quarter.
GREW added new projects to its development pipeline while building out its platform to drive and support additional expansion. In April, the firm even broke ground on its first community solar generation project, which it expects to complete this year.
Stein added: “We continue to see attractive opportunities to add to our retail customer base entering the second quarter and expect to generate solid meter growth. Our plan has been to aggressively move into growth mode once market volatility subsided, and these initial results are very encouraging.
“At Genie Solar, we expect to complete construction on a few operating projects in 2023 while achieving key preconstruction milestones on several others. In addition, we have a large pipeline of projects in negotiation, in due diligence and under review, and expect to increase both the number of projects and aggregate MW in the pipeline throughout the balance of this year.”