Retail Supplier’s Polar Vortex Rebates Now Total $4.7 Million
August 07,2014
IDT Energy reported this morning in an earnings announcement that its "polar vortex" related rebates to customers now total approximately $4.7 million
As of March 31, 2014, IDT Energy had provided $3.5 million in rebates
Geoff Rochwarger, CEO of IDT Energy, stated, “During the second quarter, we made great progress in recovering from the ‘polar vortex’ that made this past winter so challenging for our customers, for our Company, and for the entire retail energy industry. In addition to absorbing much of the winter’s extraordinary wholesale energy cost increases ourselves, we rebated a total of $4.7 million to customers to help reduce the impact of these price spikes on our customers. Customer churn, though still high, has peaked and is heading down toward a normalized range. Looking ahead, we are working hard to return to meter and RCE growth later this year.”