Genie Energy (GNE) Announces $20 Million Buyback of Class B Common Stock

Genie Energy Ltd., (NYSE: GNE) today announced that its Board of Directors has authorized the repurchase of up to $20 million of its Class B common stock.

“Genie Energy has a strong balance sheet with ample resources to exploit exciting growth opportunities at both its retail energy business and unconventional fuels initiatives,” said Genie Energy’s Chairman, Howard Jonas.

“Results from the first quarter fiscal 2012 confirmed the cash generation power of our retail energy business, and Genie’s Board concluded that, with the cash on hand and the strength of the retail energy business, a moderate quarterly dividend was appropriate. In addition, the Board provided the Company with the flexibility to repurchase stock as warranted by the Company’s position and market conditions,” Mr. Jonas added.

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