Exhibit 99.1

Genie Energy Announces Second Quarter Results

Reports record second-quarter gross profit, net income and Adjusted EBITDA¹

Repurchased 639,000 shares of Class B Common Stock and $2 million of Preferred Stock

Announced formation of Sunlight Energy Investments to invest in commercial, community and utility-scale solar projects

Newark, NJ – August 8, 2022: Genie Energy, Ltd. (NYSE: GNE, GNEPRA), a leading retail energy and renewable energy solutions provider, today announced results for its second quarter ended June 30, 2022.

“The drivers of our record first quarter results carried over into the second quarter, leading to very strong profitability metrics despite the second quarter’s traditional weakness in the US,” said Michael Stein, chief executive officer. “Overall, given the continued market uncertainty, we employed a conservative customer acquisition and retention strategy in our US and international retail operations, allowing us to deliver strong profitability. Our international results were impacted by a mark-to-market increase in the value of our hedge book. Finally, we complemented our strong operational performance by returning $8.8 million in capital to shareholders via repurchases of common and preferred stock and payments of our regular quarterly common and preferred stock dividends.”

Second Quarter 2022 Highlights (versus 2Q21 unless otherwise noted)

Select Financial Metrics: 2022 versus 2021 as of 6/30/22*

nm = not measurable/meaningful

Select Business Metrics: 2022 versus 2021 (as of quarters ended on June 30)**

Segment Highlights

GRE

GRE delivered record second quarter levels of gross profit, income from operations and Adjusted EBITDA highlighted by strong margins in its retail book. Electric per meter consumption declined moderately versus the year-ago quarter but remained solidly above pre-COVID levels. As in prior quarters, GRE moderated its customer acquisition efforts to maximize the value of its portfolio given the ongoing market volatility.

Sequentially, RCEs increased slightly to 263,000 while meters served decreased by 6,000 to 280,000 as of June 30, 2022. Average monthly churn increased to 4.4% from 3.8% in the year ago quarter and decreased from 4.5% in the first quarter of 2022.

GRE will continue to monitor the retail energy markets for customer acquisiton opportunities. As volatility either moderates or becomes more palatable to customers, GRE expects to recalibrate its customer acquisition and retention programs to generate growth in the customer book.

GREI

Energy price volatility in Europe resulted in mark-to-market gains in our forward hedge book of $35.8 million. After the quarter close, GREI took initial steps to optimize its forward position. The company has sold its Swedish book of approximately 6,000 meters and is evaluating additional actions for the remaining customers.

Genie Renewables

Genie continued building solar projects for large commercial customers and is on track to continue recognizing additional revenue from its current backlog of projects. The company made strides in the community solar and utility scale solar space as well, and expects to share more about these verticals in Q3. Q2 revenue strength came from the segment’s CityCom Solar business which markets community solar energy solutions.

Balance Sheet and Cash Flow Highlights

On June 30, 2022, Genie Energy reported $239.2 million in total assets, including $67.2 million in cash, restricted cash and marketable equity securities. Liabilities totaled $86.0 million, and working capital (current assets less current liabilities) totaled $125.8 million. Non-current liabilities were $10.7 million.

During the quarter ended June 30, 2022, net cash provided by operating activities was $9.2 million compared to $4.1 million a year ago.

Strategic Update and Commentary on the Balance of 2022

Michael Stein commented, “In light of the continued volatility in energy markets as well as global economic and political uncertainty, we took steps to enhance our position through the sale of our Swedish book of business to another market participant. We are continuing to evaluate ways in which to reduce our obligations in Europe and will provide further updates on our third-quarter earnings call.

“We also recently announced a significant expansion of our solar strategy, transforming Genie into a developer and financier of commercial, community and utility-scale solar projects. To facilitate equity financing, we formed Sunlight Energy Investments with Genie as the general partner. Sunight Energy will seek to participate in projects originated by both Genie and by other solar developers, and will bring in other investors to participate alongside Genie.

“Looking ahead to the remainder of 2022, we anticipate that energy price volatility will continue to impact our domestic retail provider business in the near term. Until we return to a normalized environment, we will focus on maximizing margins and cash flow while moderating our investment in customer acquisition.”

Trended Financial Information:*

nm = not measurable/meaningful

Dividend on Genie Energy Common Stock

Genie Energy’s Board of Directors has declared a dividend of $0.075 per share of Class A and Class B common stock with a record date of August 18, 2022. The dividend will be paid on or about August 26, 2022. The distribution will be treated as an ordinary dividend for income tax purposes.

Earnings Announcement and Supplemental Information

At 8:30 AM Eastern today, Genie Energy’s management will host a conference call to discuss financial and operational results, business outlook, and strategy. The call will begin with management’s remarks followed by Q&A with investors.

To participate in the conference call, dial 1-888-506-0062 (toll-free from the US) or +1-973-528-0011 (international) and provide the following participant access code: 955827.

Approximately three hours after the call, a call replay will be accessible by dialing 1-877-481-4010 (toll-free from the US) or +1-919-882-2331 (international) and providing the replay passcode: 46224. The replay will remain available through August 22, 2022. A recording of the call also will be available for playback on the “Investors” section of the Genie Energy website.

About Genie Energy Ltd.

Genie Energy Ltd., (NYSE: GNE, GNEPRA) is a provider of energy services. The Genie Retail Energy division supplies electricity, including electricity from renewable resources, and natural gas to residential and small business customers in the United States. The Genie Retail Energy International division supplies customers in selected markets in Europe. Genie Renewables comprises Genie Solar Energy, a provider of end-to-end customized solar solutions primarily for commercial customers, Diversegy, a commercial energy consulting business, CityCom Solar, a provider of community solar energy solutions and Genie’s interest in Prism Solar, a supplier of solar panels and solutions. For more information, visit Genie.com.

In this press release, all statements 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, including, but not limited to, those described in our most recent report on SEC Form 10-K (under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. We are under no obligation, and expressly disclaim any obligation, to update the forward-looking statements in this press release, whether as a result of new information, future events or otherwise.

Contact:

Brian Siegel IRC, MBA

Senior Managing Director

Hayden IR

(346) 396-8696

brian@haydenir.com

GENIE ENERGY LTD.

Consolidated Balance Sheets

(in thousands, except per share amounts)

GENIE ENERGY LTD.

Consolidated Statements of Operations

(Unaudited)

GENIE ENERGY LTD.

Consolidated Statements of Cash Flows

(Unaudited)

Reconciliation of Non-GAAP Financial Measure for the Second Quarter 2022

In addition to disclosing financial results that are determined in accordance with generally accepted accounting principles in the United States of America (GAAP), Genie Energy disclosed Adjusted EBITDA on a consolidated basis and for its Genie Retail Energy segment. Adjusted EBITDA is a non-GAAP measure.

Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP.

Genie Energy’s measure of consolidated Adjusted EBITDA starts with net income and adds back interest, taxes, depreciation, amortization, stock-based compensation and impairment of assets and subtracts out equity in the net loss of equity method investees, net. Genie Energy’s measure of segment level Adjusted EBITDA starts with income (loss) from operations, and adds back depreciation, amortization, stock-based compensation and subtracts out impairment of assets and equity in the net loss of equity method investees, net.

Adjusted EBITDA should be considered in addition to, not as a substitute for, or superior to, revenue, gross profit, income from operations, cash flow from operating activities, net income, basic and diluted earnings per share or other measures of liquidity and financial performance prepared in accordance with GAAP. In addition, Genie Energy’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

Management believes that Genie Energy’s measure of Adjusted EBITDA provides useful information to both management and investors by excluding certain expenses that may not be indicative of Genie Energy’s or GRE’s core operating results. Management uses Adjusted EBITDA, among other measures, as a relevant indicator of core operational strengths in its financial and operational decision-making.

Management also uses Adjusted EBITDA to evaluate operating performance in relation to Genie Energy’s competitors. Disclosure of this non-GAAP financial measure may be useful to investors in evaluating performance and allows for greater transparency to the underlying supplemental information used by management in its financial and operational decision-making. In addition, Genie Energy has historically reported Adjusted EBITDA and believes it is commonly used by readers of financial information in assessing performance. Therefore, the inclusion of comparative numbers provides consistency in financial reporting at this time.

Management refers to Adjusted EBITDA as well as the GAAP measures revenue, gross profit, and income (loss) from operations, as well as net income (loss), on a consolidated level to facilitate internal and external comparisons to Genie Energy’s historical operating results, in making operating decisions, for budget and planning purposes, and to form the basis upon which management is compensated.

Although depreciation and amortization are considered operating costs under GAAP, they primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Genie Energy’s operating results exclusive of depreciation and amortization are therefore useful indicators of its current performance.

Stock-based compensation recognized by Genie Energy and other companies may not be comparable because of the various valuation methodologies, subjective assumptions and the variety of types of awards that are permitted under GAAP. Stock-based compensation is excluded from Genie Energy’s calculation of Adjusted EBITDA because management believes this allows investors to make more meaningful comparisons of the operating results of Genie Energy’s core business with the results of other companies. However, stock-based compensation will continue to be a significant expense for Genie Energy for the foreseeable future and an important part of employees’ compensation that impacts their performance.

Impairment of goodwill is a component of (loss) income from operations that is excluded from the calculation of Adjusted EBITDA. The impairment of goodwill is primarily dictated by events and circumstances outside the control of management that trigger an impairment analysis. While there may be similar charges in other periods, the nature and magnitude of these charges can fluctuate markedly and do not reflect the performance of Genie Energy’s continuing operations.

Following are the reconciliations of Adjusted EBITDA on a consolidated basis to its most directly comparable GAAP measure. Adjusted EBITDA is reconciled to net income for Genie Energy on a consolidated basis and for the Genie Retail Energy (GRE) segment.

Non-GAAP Reconciliation - Adjusted EBITDA for Genie Energy Ltd.

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