Just Energy Group Inc. Announces Substantial Financial Impact of Texas Weather Event and Delay in Filing its Third Quarter Fi...
22 Fevereiro 2021 - 9:54AM
Just Energy Group Inc. (TSX:JE; NYSE:JE) (“
Just
Energy” or the “
Company”), a retail
energy provider specializing in electricity and natural gas
commodities, renewable energy options and carbon offsets, updated
its previous announcement that management is continuing to assess
the impact of the extreme cold temperatures throughout the State of
Texas (the “
Weather Event”) on the Company, and
cannot finalize its unaudited interim condensed consolidated
financial statements for the three and nine months ended December
31, 2020, its management discussion and analysis on the Interim
Financial Statements, and the CEO and CFO certificates in respect
of the Interim Financial Statement (collectively the
“
Reporting Documents”) until its review and
understanding of the Weather Event and its impact on the Company’s
financial condition can be reasonably estimated. Accordingly, it
now intends to file the Reporting Documents on or about February
26, 2021.
The financial impact of the Weather Event is not
currently known due to challenges the Company is experiencing in
obtaining accurate information regarding customers’ usage from the
applicable utilities. However, unless there is corrective action by
the Texas government, because of, among other things, the sustained
high prices from February 13, 2021 through February 19, 2021,
during which real time market prices were artificially set at USD
$9,000/MWh for much of the week, it is likely that the Weather
Event has resulted in a substantial negative financial impact to
the Company. Based on current information available to the Company
as of the time of this press release, the Company estimates that
the financial impact of the Weather Event on the Company could be a
loss of approximately USD $250 million (approximately CAD $315
million), but the financial impact could change as additional
information becomes available to the Company. Accordingly, the
financial impact of the Weather Event on the Company once known,
could be materially adverse to the Company’s liquidity and its
ability to continue as a going concern. The Company is in
discussions with its key stakeholders regarding the impact of the
Weather Event and will provide an update as appropriate.
Further to the Company’s application to the
Ontario Securities Commission, its principal regulator, the Company
has received a management cease trade order in accordance with
National Policy 12-203 - Management Cease Trade Orders (“NP
12-203”).
The Company has established a blackout on
trading of the Company’s securities by directors and officers and
intends to continue the blackout until such time as the Reporting
Documents have been filed.
The Company confirms that it intends to satisfy
the provisions of the alternative information guidelines found in
Sections 9 and 10 of NP 12-203 for so long as it is delayed in
filing the Reporting Documents.
ABOUT JUST ENERGY
Just Energy is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions and renewable energy options to
customers. Currently operating in the United States and Canada,
Just Energy serves residential and commercial customers. Just
Energy is the parent company of Amigo Energy, Filter Group Inc.,
Hudson Energy, Interactive Energy Group, Tara Energy, and
terrapass. Visit https://investors.justenergy.com/ to learn
more.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking
statements, including with respect to the duration and financial
impact of the Weather Event on the Company, the potential for
government corrective action, the quantum of the financial loss to
the Company from the Weather Event and its impact on the Company’s
liquidity and its ability to continue as a going concern, the
Company’s discussions with key stakeholders regarding the Weather
Event and the outcome thereof, and the timing by which the Company
will file the Reporting Documents. These statements are based on
current expectations that involve several risks and uncertainties
which could cause actual results to differ from those anticipated.
These risks include, but are not limited to, risks with respect to
the impact of the Weather Event in the State of Texas commencing on
or about February 13, 2021 and any intervention and/or corrective
action by the Texas Government; the impact of the evolving COVID-19
pandemic on the Company’s business, operations and sales; reliance
on suppliers; uncertainties relating to the ultimate spread,
severity and duration of COVID-19 and related adverse effects on
the economies and financial markets of countries in which the
Company operates; the ability of the Company to successfully
implement its business continuity plans with respect to the
COVID-19 pandemic; the Company’s ability to access sufficient
capital to provide liquidity to manage its cash flow requirements;
general economic, business and market conditions; the ability of
management to execute its business plan; levels of customer natural
gas and electricity consumption; extreme weather conditions; rates
of customer additions and renewals; customer credit risk; rates of
customer attrition; fluctuations in natural gas and electricity
prices; interest and exchange rates; actions taken by governmental
authorities including energy marketing regulation; increases in
taxes and changes in government regulations and incentive programs;
changes in regulatory regimes; results of litigation and decisions
by regulatory authorities; competition; and dependence on certain
suppliers. Additional information on these and other factors that
could affect Just Energy’s operations or financial results are
included in Just Energy’s annual information form and other reports
on file with Canadian securities regulatory authorities which can
be accessed through the SEDAR website at www.sedar.com on the
U.S. Securities and Exchange Commission’s website at
www.sec.gov or through Just Energy’s website at
www.justenergygroup.com.
Neither the Toronto Stock Exchange nor the New
York Stock Exchange has approved nor disapproved of the information
contained herein.
FOR FURTHER INFORMATION PLEASE
CONTACT:Michael CarterChief Financial OfficerJust
Energymcarter@justenergy.com
or
InvestorsMichael CummingsAlpha
IRPhone: (617) 982-0475 JE@alpha-ir.com
MediaBoyd ErmanLongview
CommunicationsPhone: 416-523-5885berman@longviewcomms.ca
Source: Just Energy Group Inc.
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