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Mar 31, 2023
Genie Energy Q1 2023 Earnings Report
Delivered strong bottom line results and efficiently expanded retail customer portfolio.
Key Takeaways
Genie Energy reported a strong first quarter with excellent bottom line results and robust growth in the customer book. Genie Retail Energy benefited from reduced energy market price volatility and achieved significant year-over-year RCE growth. Genie Renewables continued to invest in growth opportunities and broke ground on its first community solar generation project.
Genie Energy had a very strong first quarter.
Genie Retail Energy was well-positioned to benefit from the reduction in energy market price volatility.
Genie Retail Energy achieved significant year-over-year RCE growth of 36%.
Genie Renewables continued to invest in promising growth opportunities.
Genie Energy
Genie Energy
Forward Guidance
Genie Energy expects to generate solid meter growth and sees attractive opportunities to add to its retail customer base. At Genie Solar, the company expects to complete construction on a few operating projects in 2023 while achieving key pre-construction milestones on several others.
Positive Outlook
- Continue to see attractive opportunities to add to our retail customer base entering the second quarter
- Expect to generate solid meter growth
- Aggressively move into growth mode once market volatility subsided
- Expect to complete construction on a few operating projects in 2023
- Achieving key pre-construction milestones on several others.