IDT Energy, Inc

About IDT Energy, Inc

IDT Energy, Inc. is a retail electricity and natural gas supplier founded in 2004 as a brand of IDT Corporation. It is now a wholly owned subsidiary within Genie Retail Energy, a division of Genie Energy Ltd. (NYSE: GNE). IDT Energy serves residential and small-business customers in deregulated markets across New York, New Jersey, Pennsylvania, Maryland, Ohio, Illinois, and Washington D.C., operating alongside Genie sibling brands Residents Energy and Town Square Energy.

Ownership timeline

Documented corporate events. Each entry links to a primary source.

1. November 2004
   IDT Corporation launches IDT Energy as a retail energy provider in New York State, its first enrollment of residential electricity customers. [source]
2. August 20, 2009
   IDT Corporation reorganizes its retail energy (IDT Energy) and oil-shale interests into an internal division named Genie Energy. [source]
3. October 28, 2011
   IDT Corporation distributes Genie Energy Ltd. shares to IDT stockholders, completing the tax-free spinoff. Genie Energy Ltd. (NYSE: GNE) becomes an independent public company; IDT Energy, Inc. becomes a wholly owned subsidiary via Genie Retail Energy. [source]

Track record

Documented regulatory actions, litigation outcomes, and major corporate events. Each entry is sourced. Pending matters and unresolved allegations are not listed.

• regulatory
  June 30, 2016

  Pennsylvania Public Utility Commission approved a final settlement under which IDT Energy agreed to pay $6.577 million in refunds to customers billed on variable-rate plans during the January–March 2014 Polar Vortex period (including $4.1 million previously issued voluntarily), plus a $25,000 civil penalty to the PA General Fund and $75,000 to utility hardship funds, resolving a complaint brought by the Pennsylvania Attorney General and Acting Consumer Advocate alleging deceptive marketing and billing practices. [source]

• regulatory
  June 6, 2018

  New Jersey Attorney General and Division of Consumer Affairs entered a consent order with IDT Energy requiring payment of $1,364,497 — comprising $1,225,722 in consumer restitution, $100,000 in civil penalties, and $38,775 in attorneys' fees — to resolve allegations of unfair and deceptive marketing practices during the 2014 Polar Vortex, including charging variable-rate customers far above prevailing utility rates and unauthorized switching. [source]

• regulatory
  November 19, 2018

  Illinois Attorney General Lisa Madigan announced a consent decree with IDT Energy requiring $3 million in refunds to more than 176,000 current and former customers plus a two-year ban on marketing in Illinois. The AG's complaint alleged IDT disproportionately targeted African-American residents in ComEd territory using deceptive door-to-door and telemarketing tactics, misrepresenting IDT's affiliation with ComEd and falsely promising savings over utility rates. [source]

Rate history

IDT Energy, Inc's lowest fixed and variable rates over time, broken out by territory.