Just Energy Files Petition with the Public Utility Commission of Texas for Relief from ERCOT Settlements Related to the Texas...
03 Março 2021 - 12:44PM
Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE;
NYSE:JE), a retail energy provider specializing in electricity and
natural gas commodities and bringing energy efficient solutions and
renewable energy options to customers and carbon offsets, announced
today that it has filed a petition with the Public Utility
Commission (the “Commission”) requesting an order that the Electric
Reliability Council of Texas (“ERCOT”) deviate from the deadlines
and timing in its Protocols and Market Guides related to
settlements, collateral obligations, and invoice payments and
suspend the execution or issuance of invoices or settlements for
intervals during the dates of February 14, 2021 through February
19, 2021, until issues related to the catastrophic winter event of
February 2021 raised by executive and legislative branches of the
Texas authorities are investigated, addressed, and resolved.
Alternatively, Just Energy requested that the Commission grant a
waiver of certain ERCOT Protocols to allow Just Energy to delay
payment of certain invoices related to the Weather Event (as
defined below) while exercising its rights under the ERCOT
Protocols to dispute the invoiced payment amounts.
As previously announced by the Company, the
extreme cold weather experienced in the State of Texas commencing
on or about February 13, 2021 continuing through February 19, 2021
(the “Weather Event”) resulted in the Company having to balance its
power supply through ERCOT at artificially mandated high
electricity prices and significantly increased ancillary service
costs. Just Energy has initiated the dispute process with ERCOT
regarding certain charges being invoiced, including the application
of the $9,000/ MWh System Wide Offer Cap to any time period after
the ERCOT grid ceased shedding load at 1:05 a.m. on February 18,
2021, as applying the System Wide Offer Cap after that time
contravened the Commission’s February 15th and February 16th
orders. In addition, as the recent comments of the Independent
Market Monitor of ERCOT have made clear, the Company has concerns,
as do other market participants, regarding how ancillary services
charges were calculated and assessed during the Weather Event and
is disputing certain ancillary services charges. The requested
order and waiver do not require that the Commission make a
determination as to whether Just Energy should be relieved of its
payment obligations, as Just Energy intends to address these
disputes with ERCOT through the dispute resolution procedures set
out in the ERCOT Nodal Protocols.
Just Energy’s petition can be located at
https://www.puc.texas.gov/.
About Just Energy Group
Inc.
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 obtaining an order or waiver
from the Commission respecting the ERCOT protocols and market
guides related to settlements, collateral obligations and invoice
payments and obtaining relief to delay payment of certain ERCOT
settlement invoices. 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
financial impact of the Weather Event on the Company, the potential
for government or regulatory action or litigation, the quantum of
the financial loss to the Company from the Weather Event and its
impact on the Company’s liquidity; the Company’s ability to
continue as a going concern; the Company’s discussions with key
stakeholders regarding the Weather Event and the outcome thereof;
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; 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.
Just Energy (NYSE:JE)
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