Summary not available.
Just Energy Group announced it received resettlement invoices from ERCOT totaling approximately US$48 million related to the February 2021 Weather Event, raising the total financial impact to over US$300 million. The Company disputes these invoices but maintains sufficient liquidity, having paid them as due with approximately C$245 million in cash as of April 19, 2021. CEO Scott Gahn expressed confidence in the Company's ability to grow customer base and market share, leveraging investments in digital sales. Future financial impacts may vary due to ongoing dispute resolutions and potential legislation.
Just Energy Group Inc. announced the appointment of Anthony Horton as Executive Chair amid its ongoing restructuring under the Companies’ Creditors Arrangement Act (CCAA) and U.S. Chapter 15. This appointment aims to guide strategic direction during these processes. Horton brings over 25 years of energy sector experience, previously holding key roles at Energy Future Holdings and TXU Energy. The company also formed a Legislative and Regulatory Affairs Committee to address government actions related to recent extreme weather events impacting its operations.
On March 23, 2021, Just Energy Group announced its commencement of trading on the OTC Pink Market under the ticker symbol JENGQ. The company specializes in retail energy, offering electricity and natural gas commodities along with energy-efficient solutions. Operating in the U.S. and Canada, Just Energy serves both residential and commercial customers and includes brands such as Amigo Energy and Tara Energy. The announcement emphasizes the company's commitment to renewable energy options while also highlighting various risks associated with capital access and market conditions.