PR Newswire
NEWARK, N.J., June 30, 2016
NEWARK, N.J., June 30, 2016 /PRNewswire/ -- IDT Energy
announced today that a proposed settlement of claims brought by Pennsylvania Attorney General
Kathleen Kane and Acting Consumer Advocate Tanya McCloskey related to the pricing of electricity
provided to Pennsylvania consumers during the 2014 winter polar vortex has been approved by the
Pennsylvania Public Utility Commission.
The settlement involves the payment of rebates to IDT Energy customers in addition to those previously paid by IDT Energy on a
voluntary basis. The settlement also provides for certain operational changes intended to provide continued protection to
Pennsylvania customers.
"This settlement concludes a complex and lengthy investigation, with no finding of wrongdoing by IDT," said IDT Energy Chief
Executive Officer Michael Stein. "We took extraordinary steps during and after the extreme
and unprecedented 2014 winter Polar Vortex to mitigate the impact of unexpectedly high electricity prices on our customers,
providing more than $4.1 million in rebates, refunds and rate adjustments. This settlement provides
for an additional $2.4 million in rebates to Pennsylvania
customers affected by 2014 higher electricity prices, which were fully accrued when the settlement was initially agreed to. It
also allows us to renew our focus on providing quality energy choice options in the markets we serve."
"IDT learned valuable lessons from the winter of 2014, and by the end of 2014 we implemented new safeguards for customers and
introduced new pricing plans and programs to help protect customers from unexpected electricity price fluctuations in the
future," Stein said. "This settlement acknowledges and reinforces those efforts."
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, GENPRA). For more information, visit www.idtenergy.com.
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SOURCE IDT Energy