Genie Energy Ltd. Reports Fourth Quarter and Full Year 2017 Results

NEWARK, N.J., March 8, 2018

FINANCIAL AND OPERATIONAL HIGHLIGHTS
(4Q17 results are compared to 4Q16, and full year 2017 results are compared to full year 2016, unless otherwise noted)

• Genie Energy is sharpening it strategic focus on its retail energy provider business after its Afek subsidiary suspended exploratory drilling operations in Northern Israel;
• In December 2017, Genie Energy's retail energy provider joint venture operating in Great Britain initiated customer enrollments under a regulatorily mandated three-month controlled market entry period;
• Genie Retail Energy's (GRE) income from operations increased to $12.2 million from $2.7 million and Adjusted EBITDA* increased to $12.8 million from $3.1 million on improved electric margins and higher levels of electricity and natural gas consumption;
• GRE's full year income from operations was $16.6 million and full year Adjusted EBITDA was $18.8 million.  Both totals include the impact of $10.5 million in legal and regulatory related accruals.  In 2016, GRE's income from operations was $26.5 million and Adjusted EBITDA was $27.3 million;
• Genie Energy's Board of Directors has declared a fourth quarter dividend of $0.075 per share.

COMMENTS OF MICHAEL STEIN, CEO OF GENIE ENERGY

"Genie Energy is strategically refocusing on our core retail energy provider business, which has been consistently profitable and where we see continued strong growth potential.  On a consolidated basis, this will entail a substantial reduction in oil and gas exploration expense going forward as we move closer to a pure play retail energy provider model.

"Genie Retail Energy attained the highest level of quarterly Adjusted EBITDA in the history of our retail business - $12.8 million - highlighted by strong consumption and robust electricity margins.  Full year Adjusted EBITDA was $18.8 million, including the impact of $10.5 million in legal and regulatory related accruals. 

"We are looking forward to building on our momentum in 2018 by executing on our growth strategy including organic meter acquisition, expansion to new geographies and, when opportunities present themselves, strategic acquisitions.  On the international front, we are rolling out service in Great Britain while evaluating additional opportunities."