DYNAMIC LEADER SPEARHEADS RAPID GROWTH OF RETAIL ENERGY PROVIDER
Geoffrey Rochwarger, CEO of IDT Energy, Inc., has come a long way since his telecommunications industry days. But if anyone could make a successful transition to the energy sector – and make it look almost easy – it’s no surprise that a product of telecom deregulation is standing among the largest retail energy suppliers in the country.
Known for his perseverance, dedication and principled, lead-by-example style, Rochwarger evolved from executive vice president of IDT Telecom, a wholesale carrier telecommunications business, to chairman and CEO of IDT Energy in just nine years. Along the way he founded and led new-business incubator IDT Capital, a division of IDT Corporation (the former parent of IDT Energy and IDT Telecom).
Today IDT Energy, which Rochwarger incubated and launched in 2004, is one of the largest Retail Energy Providers, or REPs, serving residential and small-business customers in New York, New Jersey and Pennsylvania, with a rapidly growing customer base in Maryland.
According to Rochwarger, the catalyst for IDT Energy and its innovative business model was deregulation. “We identified the emerging independent energy services industry as a high-potential business opportunity for IDT Corp. to build on our experience helping consumers to benefit from telecommunications deregulation.”
Consumers in the states served by IDT Energy have the right to choose an independent electricity and natural gas supplier. However, the local utility does continue to deliver that electric and natural gas supply via the utility’s wires and pipelines. The company continues to look for additional opportunities in other newly deregulated states and prefers to operate in markets where “the utility has fully embraced deregulation with a suite of REP-friendly programs that fit our business model,” Rochwarger says.
Simple Goal. Straightforward Business Model.
IDT Energy, which serves approximately 500,000 meters, has focused on reducing its customers’ annual energy expenses. The company’s business model is equally straightforward. “As energy prices rise and fall, we scour the wholesale markets seeking the best rates,” Rochwarger says. “The savings we generate are passed along to customers in the form of competitive rates, special offers and promotions. We do this all while giving our shareholders a good return on their investment.”
The company works in cooperation with local utilities. The utility still reads the customer meters, bills for service, provides emergency support and responds to service calls and emergencies. IDT Energy offers risk-free program trials and flexible, market-based rate plans with no contracts, no up-front deposits, no sign-up or early-termination fees, and no cancellation penalties. Plus, IDT Energy maintains its own extra level of customer care, with agents based right here in the USA.
“Consumers in deregulated markets aren’t required to choose an independent supplier, but they may be missing out on real savings opportunities,” adds Rochwarger. “The prospect of savings is good for those who shop intelligently and remain flexible in order to take advantage of electric and natural gas cycles with a market-based rate supplier like IDT Energy.”
550 Broad Street | Newark, NJ 07102
855-649-7283 | www.idtenergy.com