Pennsylvania PUC Approves Settlement of Claims Regarding IDT Energy 2014 Polar Vortex Pricing

NEWARK, N.J., June 30, 2016

The settlement involves the payment of rebates to IDT Energy customers in addition to those previously paid by IDT Energy on a voluntary basis.  The settlement also provides for certain operational changes intended to provide continued protection to Pennsylvania customers.

"This settlement concludes a complex and lengthy investigation, with no finding of wrongdoing by IDT," said IDT Energy Chief Executive Officer Michael Stein.  "We took extraordinary steps during and after the extreme and unprecedented 2014 winter Polar Vortex to mitigate the impact of unexpectedly high electricity prices on our customers, providing more than $4.1 million in rebates, refunds and rate adjustments. This settlement provides for an additional $2.4 million in rebates to Pennsylvania customers affected by 2014 higher electricity prices, which were fully accrued when the settlement was initially agreed to. It also allows us to renew our focus on providing quality energy choice options in the markets we serve."

"IDT learned valuable lessons from the winter of 2014, and by the end of 2014 we implemented new safeguards for customers and introduced new pricing plans and programs to help protect customers from unexpected electricity price fluctuations in the future," Stein said.  "This settlement acknowledges and reinforces those efforts."

About IDT Energy:
IDT Energy is one of the largest independent retail energy providers (REP) supplying natural gas and electricity to residential and small business customers in the Northeastern United States.  IDT Energy is a subsidiary of Genie Energy Ltd (NYSE: GNE, GENPRA).  For more information, visit www.idtenergy.com.

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