JE - JE STOCK NEWS

Just Energy Group Inc. (TSX:JE; NYSE:JE) has filed for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) and Chapter 15 of the Bankruptcy Code following significant financial strains due to an unprecedented winter storm in Texas. The company secured a US$125 million Debtor in Possession (DIP) financing to maintain operations without interruption. This move aims to facilitate the restructuring of financial obligations while ensuring compliance with regulatory demands, including payments to ERCOT. Customer bills will remain unaffected during this process.

Just Energy Group Inc. (TSX:JE; NYSE:JE) has filed a petition with the Public Utility Commission of Texas (PUC) regarding ERCOT's invoicing procedures following the severe winter weather event from February 14-19, 2021. The company seeks to suspend invoicing and request a waiver on certain ERCOT Protocols while it disputes high electricity charges and ancillary service costs incurred during the extreme cold. Just Energy emphasizes the impact of the $9,000/MWh System Wide Offer Cap and the need for an investigation into these charges amid ongoing concerns from market participants.

Just Energy Group reported its third quarter results for fiscal 2021, noting significant impacts from the Texas extreme cold weather event. The Company estimates potential losses between CAD $50 million and CAD $315 million due to elevated electricity prices and increased service costs. Despite this, Base EBITDA increased 47% to $55.8 million, driven by lower bad debt and expenses. However, the Base gross margin declined 8% to $131.6 million, reflecting a smaller customer base. The Company has withdrawn guidance on Base EBITDA and unlevered free cash flow for fiscal 2021 as it navigates these challenges.

Just Energy Group (TSX:JE; NYSE:JE) announced that residential customers under its brands, including Amigo Energy and Tara Energy, will not face electricity rate increases on their February bills despite recent extreme weather conditions. Customers with fixed-rate plans have their rates locked in, while variable-rate customers will also see no increase. The company assures its commitment to customer wellbeing during this challenging time and has established dedicated resources for assistance. Just Energy operates in the U.S. and Canada, providing energy solutions and services.

Just Energy Group (TSX:JE; NYSE:JE) has announced delays in filing its interim financial statements due to the impact of extreme cold temperatures in Texas, referred to as the Weather Event. The Company estimates potential losses of approximately USD $250 million, attributing challenges in determining customer usage as a key factor. This situation threatens its liquidity and operational viability. A management cease trade order has been implemented while directors and officers adhere to a trading blackout until the necessary reports are filed, expected around February 26, 2021.

Just Energy Group Inc. (TSX:JE; NYSE:JE) announced it will miss the February 16, 2021 deadline for filing its unaudited interim financial statements due to extreme cold weather in Texas. This weather event has led to increased power demand and rolling blackouts, impacting the company's financial assessment. Just Energy is seeking a management cease trade order for additional time to file the necessary documents. They will withdraw previously provided guidance for Base EBITDA and unlevered free cash flow for Fiscal 2021 due to uncertainties from the weather event.

Terrapass, a carbon offset specialist and part of Just Energy Group (TSX:JE; NYSE: JE), has launched enhancements to its website aimed at facilitating carbon footprint reduction for consumers and businesses. The updates include two new products: the Carbon Balanced Living Plan and Carbon Balanced Business Plan, tailored for individuals and businesses. Terrapass empowers users with tools to track and offset carbon emissions while promoting renewable energy projects. Notable recent collaborations include a partnership with Talking Rain to offset over 28,000 metric tons of carbon.

Just Energy Group Inc. will release its third quarter operating results for fiscal 2021 on February 15, 2021. A conference call hosted by CEO Scott Gahn and CFO Michael Carter will occur on February 16, 2021, at 10:00 a.m. ET to discuss these results. Participants can join via phone or through a live webcast. Just Energy specializes in electricity and natural gas commodities, offering energy-efficient and renewable solutions to residential and commercial customers across the U.S. and Canada.