(Bloomberg) -- Canadian retail energy provider Just Energy Group Inc. is the latest company to emerge as a big loser from the recent Texas energy crisis, revealing that it lost about $250 million and it may have trouble continuing as a going concern.
The company said Monday in a statement it can’t finalize its fourth-quarter earnings statement while it reviews the impact of last week’s freezing weather in the U.S.
Just Energy fell 23% in premarket trading to $4.44 as of 8:26 a.m. in New York.
“The financial impact could change as additional information becomes available,” it said in the statement. “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.”
Extreme gyrations in regional U.S. gas and electricity prices during the cold weather in Texas have caught out other companies. Atmos Energy Corp., one of the largest independent suppliers of gas in the U.S., revealed Friday it’s looking to raise cash after committing to spend as much as $3.5 billion to secure fuel during the freeze.
(Updates with premarket trading in third paragraph)
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