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Just Energy Group announced that Generac Holdings will acquire all outstanding shares of ecobee for up to USD $770 million, with an initial cash payment of USD $200 million and USD $450 million in Generac stock. The deal is subject to court approval under the Companies’ Creditors Arrangement Act. Just Energy expects to receive around CAD $61 million from the sale, including cash and stock, with the potential to earn an additional CAD $10 million based on performance targets. The acquisition is anticipated to close in Q4 2021, pending regulatory and customary closing conditions.
On October 18, 2021, Just Energy Group Inc. (TSXV:JE; OTC:JENGQ) confirmed that its management is unaware of any significant operational changes that might explain recent market activities. The Company is currently under the supervision of FTI Consulting Canada as part of the Companies’ Creditors Arrangement Act (CCAA) proceedings. Just Energy is a provider of electricity and natural gas, offering energy-efficient solutions and renewable options to customers in the U.S. and Canada.
Just Energy Group announced a stay extension under the Companies’ Creditors Arrangement Act (CCAA) until December 17, 2021, allowing it to continue operations while restructuring. The Ontario Superior Court of Justice approved a claims process to handle claims against the company. CEO Scott Gahn emphasized a focus on growth and collaboration with stakeholders to finalize a restructuring plan. FTI Consulting is overseeing the CCAA proceedings. Key risks include financial impacts from Texas' Weather Event and ongoing COVID-19 uncertainties. Detailed information is available on the Monitor’s website.
Terrapass, a leader in carbon offset solutions and part of Just Energy Group, has introduced Terrapass Coin (TPSC), a digital asset functioning as an ERC-20 token on Ethereum. Each TPSC corresponds to one metric ton of carbon offsets purchased through designated Terrapass products. Customers gain control over their carbon offsets, receiving TPSCs quarterly, which can be held, traded, or used for offsetting their carbon footprint. This innovation aims to enhance consumer engagement in sustainability and drive investment in carbon reduction efforts.
Just Energy Group Inc. (OTC:JENGQ) reported Q1 FY 2022 results, revealing a 43% decrease in Base EBITDA to $23 million and a 27% drop in Base gross margin to $99.6 million. Despite a 11% decline in sales to $608.7 million, the company added 81,000 mass market RCEs, a growth from 66,000 in the previous quarter. Overall, total liquidity rose 229% to $184.3 million, though the company faces significant liabilities of $997.2 million under CCAA proceedings.
Just Energy Group Inc. (OTC: JENGQ), a retail energy provider, has been awarded the title of Best Electricity Company in Houston by the Houston Chronicle. This recognition comes after a community choice awards initiative aimed at identifying local favorites across various business categories. Just Energy, which has served the Houston community for over 20 years, expressed gratitude for the honor and emphasized its commitment to customer satisfaction and exceptional service.
Just Energy Group announced its fourth quarter and fiscal year 2021 results, ending March 31, 2021. The company faced significant challenges due to a severe weather event in Texas, leading to creditor protection under CCAA and Chapter 15. Base EBITDA fell 28% to $53.8 million, while gross margin decreased by 28% to $130.7 million. Total liquidity improved to $247.5 million, bolstered by a USD $125 million DIP Facility. Despite these setbacks, Just Energy aims to restructure while maintaining customer commitments and exploring recovery options under House Bill 4492.
Just Energy Group (OTC: JENGQ) announced the enactment of Texas House Bill 4492 on June 16, 2021. This bill allows recovery of costs incurred during the February 2021 extreme weather event. Just Energy may apply for recovery of approximately US $100 million related to additional charges and defaults in the ERCOT market. The final recovery amount is uncertain and subject to various factors, including potential disputes and regulatory decisions.
Just Energy Group Inc. (OTC: JENGQ) announced that its common shares will be delisted from the Toronto Stock Exchange (TSX) on June 3, 2021, and will begin trading on the TSX Venture Exchange (TSXV) under the ticker symbol 'JE' on June 4, 2021. The company specializes in electricity and natural gas commodities, offering energy-efficient and renewable energy solutions to customers in the U.S. and Canada. This move comes amid ongoing challenges, including proceedings under the Companies’ Creditors Arrangement Act and financial impacts from recent events.
Just Energy Group Inc. (OTC: JENGQ) announced an extension of its stay period under the Companies’ Creditors Arrangement Act (CCAA) to September 30, 2021. This extension is intended to facilitate business growth and stakeholder engagement during the restructuring process. The company has received conditional approval to list its common shares on the TSX Venture Exchange, with trading expected to start in early June. Just Energy is also dealing with financial impacts related to the February weather event in Texas and is exploring various options to resolve related invoices from the Energy Reliability Council of Texas.
