NEWARK, N.J., June 12, 2017 /PRNewswire/ -- IDT Energy,
Inc., announced today that it has launched indirect energy procurement and advisory services for commercial and industrial
customers. IDT Energy is the largest competitive independent retail energy provider (REP) in the portfolio of Genie Energy
Ltd., a New York Stock Exchange listed company whose REPs serve over 418,000 residential and small commercial meters.
This new offering leverages Genie Energy's procurement expertise and robust portfolio of services to offer commercial and
industrial clients, and the energy brokers who serve them, high-end energy advisory expertise. The new offering is
available throughout IDTE's service footprint, which includes utility territories in Illinois,
Maryland, New Jersey, New
York, Ohio, Pennsylvania and Washington, DC.
"Founded in 2004, IDT Energy has grown phenomenally since its inception," said Michael Stein,
CEO of Genie Energy's retail business. "We have proven our ability to operate efficiently and profitably on a significant scale
and in a wide variety of market conditions, and today have over 1.8 million megawatt hours in our residential and small
commercial customer base. We are delighted to leverage our expertise and operational capabilities to provide energy brokers
with commodity procurement and hedging for their commercial customers -- all managed in-house and backed by the significant
financial resources of our parent company, Genie Energy Ltd."
IDT Energy offers commercial customers and energy brokers a host of established back-office business systems, transparent
processes, competitive matrix and custom pricing options, attentive customer and broker support, and additional energy-related
service offerings. A robust Pricing Portal is available for immediate pricing in select markets.
"IDT Energy's comprehensive service offering provides an excellent value in the commercial and industrial marketplace,"
commented Stein. "Coupled with an experienced management team spanning all facets of the energy industry and a strong balance
sheet, we are excited to put our expertise to work for commercial and industrial customers."
For more information about IDT Energy commercial energy offerings, contact us at (973) 438-3825 or partnersupport@idtenergy.com.
Forward Looking Statements:
All statements above that are not purely about historical facts, including, but not limited to, those in which we use
the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements
represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed
or implied by these statements due to numerous important factors. Genie Energy Ltd.'s filings with the SEC provide detailed
information on such statements and risks, and should be consulted along with this release. To the extent permitted under
applicable law, Genie Energy Ltd., assumes no obligation to update any forward-looking statements.
ABOUT GENIE ENERGY LTD.:
Genie Energy Ltd. (NYSE: GNE, GNEPRA) is comprised of two operating divisions, Genie Retail Energy (GRE) and Genie Oil
and Gas (GOGAS). GRE operates retail energy providers and brokerage and marketing services. GRE's retail energy
providers market electricity and natural gas to residential and small business customers in deregulated markets in the United States, and offers energy procurement and advisory services to commercial and industrial
customers nationwide. GOGAS is a global oil and gas exploration company operating an exploratory program in Northern
Israel. For more information, visit www.genie.com.
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SOURCE Genie Energy Ltd.