Genie Energy is a retail energy provider (REP) that buys electricity and natural gas on wholesale markets and resells them to residential and small business customers in deregulated U.S. energy markets. This core business, Genie Retail Energy (GRE), accounts for roughly 95% of consolidated revenue. GRE operates under several brand names — including IDT Energy, Residents Energy, and Town Square Energy — across 19 states and Washington, D.C., concentrated in the Eastern and Midwestern U.S. and Texas. GRE's profitability is driven by the spread between wholesale commodity costs and retail prices charged to customers. GRE sells both variable-rate and fixed-rate products, with fixed-rate contracts carrying more commodity price risk since GRE cannot pass through cost increases. GRE hedges the vast majority of its expected supply through forward contracts, but unhedged exposure remains during extreme weather events. GRE acquires customers through door-to-door sales, telemarketing, digital marketing, and municipal aggregation contracts, and customer churn of 4%–7% per month means continuous re-acquisition is a core operational requirement. GRE owns no generation or transmission assets, so capex is minimal. The remaining ~5% of revenue comes from Genie Renewables (GREW), which includes Diversegy, an energy brokerage for commercial customers; Genie Solar, which develops small utility-scale and community solar projects; and CityCom Solar, a customer acquisition business for community solar. Genie carries a strong balance sheet with minimal debt and returns capital via a quarterly dividend and share repurchases.