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Feb 22, 2021

Just Energy warns on future amid Texas deep freeze

McCreath: Looks like oil is going to hold its own for the foreseeable future

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The brutal winter weather that left millions of Texans without power has taken a significant toll on Just Energy Group Inc.

In a statement released Monday, the retail electricity provider said it is facing a $315-million loss due to the spike in energy prices and warned it could have trouble continuing as a going concern as a result of the loss.

“The financial impact could change as additional information becomes available to the company,” Just Energy said in the release. “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 said it can’t finalize its third-quarter earnings until it reviews the extent of the impact of the frigid weather, which caused electricity prices in Texas to spike to as much as US$9,000 per megawatt hour for much of last week. The firm said it now intends to file its reporting documents on February 26.