Genie Energy slumps on suspension of spin-off of European energy unit
15/10/2021 15:58
** Shares in multiline utilities co GNE.N dives as much as
8.39% at $6, hitting lowest level since two months
** Co said on Thursday it has suspended the planned public
offering and spin-off of its European retail energy supply
business, Oriel Energy, citing volatility in UK's energy markets
** The turbulence in the United Kingdom's wholesale energy
markets in recent weeks, combined with the UK's price cap system
has significantly impacted the ability of independent energy
suppliers, including co's Orbit Energy, to operate-GNE CEO
Michael Stein
** Co's Orbit Energy subsidiary served ~119,000 meters in
the UK at June 30, including both electricity and natural gas
customers-GNE
** Stock down ~16% YTD, as of last close
(Reporting by Rithika Krishna in Bengaluru)
((Rithika.Krishna@thomsonreuters.com;))