Able Energy Announces Record 1st Quarter Revenues.

Business Editors

ROCKAWAY, N.J.--(BUSINESS WIRE)--May 21, 2001

Able Energy, Inc. ("Able") today announced record sales performance for the quarter ending March 31, 2001. Able reported sales of $12.6 million, an increase of 13.7% over the previous record 1st quarter of 2000 of $11.1 million.

The primary factors contributing to this sales increase include: increased sales as a result of a larger customer base, colder winter weather, and an increase in the price of products sold by the Company.

The company had a net profit of $465,661 for the three months ended March 31, 2001 excluding investment in its start-up venture, PriceEnergy.com, Inc. The Company's consolidated net income for the three months ended March 31, 2001 was $176,687, a decrease of $534,534 compared to $711,221 for the previous year. The decrease was the result of investment in PriceEnergy.com, Inc., additional marketing for Able Energy, and a short term increase in operating expenses resulting from the consolidation into a single customer care center and corporate headquarters.

Timothy G. Harrington, CEO and Chairman of the Board for Able Energy commented, "The results for this past quarter demonstrate that our concentration on growth and market expansion, via our traditional business lines, along with our exciting new subsidiary, PriceEnergy, are paying off. We have strengthened our infrastructure by adding greater management depth and merged our human resources into our new centralized customer care and corporate headquarters in Rockaway, New Jersey. Since we have now operationally positioned the Company to accommodate significant new growth, we will currently be concentrating our efforts on maximizing the use of new facilities and implementing further operational expense reductions to enhance our future profitability."

Able is a holding company for five operating subsidiaries that are engaged in the retail sales, distribution, and provision of services to customers using home heating oil, fuel oil, and propane gas. In addition, Able provides complete HVAC sales, installation, maintenance, and repair. Able's common stock is traded on the Nasdaq SmallCap Market under the Symbol "ABLE" and on the Boston Stock Exchange under the Symbol "AEI".

This press release contains certain forward-looking statements, including those regarding Able Energy, Inc. and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future performance. All statements contained herein are based upon information available to Able's management as of the date hereof, and actual results may vary based upon future events, both within and without Able management's control.