Michael Stein Named CEO of Genie Retail Energy, Inc.

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Genie Includes IDT Energy, Retail Supplier of Electricity and Natural Gas to Retail Customers

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Genie Energy, Ltd. (NYSE:GNE) announced that Michael Stein has been appointed CEO of its wholly-owned subsidiary, Genie Retail Energy, Inc. Genie Retail Energy includes IDT Energy, one of the largest independent suppliers of electricity and natural gas to residential customers in the Eastern US. It also includes other growing retail energy, home supply services, and energy broker businesses. Former CEO Geoff Rochwarger has been tapped to lead Genie Energy’s oil and gas exploratory drilling operations in Israel.

“We are very pleased that Michael Stein has agreed to serve as CEO of Genie Retail. Michael is an entrepreneurial leader with the energy and vision to build on Geoff Rochwarger’s work and continue to fulfill the tremendous potential of our retail energy supply businesses,” said Genie Energy Chairman and CEO Howard Jonas.

“Our company is all about providing choice to consumers of natural gas and electricity,” said Stein. “We offer a variety of fixed and variable rate supply options, and complement these with valuable home services and other incentives, to provide our customers with a more extensive whole-home offering than the competition.”

“Given our superior value proposition in the marketplace, our savvy management team, and our very strong balance sheet, we are well positioned to expand our customer base and drive future growth,” Stein added.         

Previously, Stein served as Genie’s executive vice president of operations after a stint as Senior Vice President of Operations. Before joining Genie Energy, Stein was the senior vice president of business development at IDT Telecom. He is a graduate of Yeshiva University.

ABOUT GENIE RETAIL ENERGY, INC.
Genie Retail Energy, Inc. (GRE) is a subsidiary of Genie Energy, Ltd. (NYSE:GNE). Genie Retail conducts business in deregulated retail energy markets, operating retail energy providers (REPs), network marketing and energy brokerage companies, including IDT Energy, Inc., one of the largest independent REPs in the US. The REPs procure electricity and natural gas from the wholesale commodities markets and resell those commodities to residential, commercial and industrial customers. GRE also offers an array of added-value services including home warranty, personal electronics protection, home security and identity theft protection plans.

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 primarily in the Eastern United States. GOGAS is an oil and gas exploration company with exploration and demonstration projects located in Israel, Mongolia and Colorado. For more information, visit http://www.genie.com.

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