TORONTO, December 9, 2021 (GLOBE NEWSWIRE) – Just Energy Group Inc. (“Just energy“or the”Society“) (TSXV: JE; OTC: JENGQ), today announced an update on Just Energy’s expected takeover of the Electric Reliability Council of Texas, Inc. (“ERCOT“) certain costs incurred during the extreme weather event in Texas in February 2021 (the”Meteorological event“) as previously disclosed, which is expected to be approximately US $ 147.5 million. On December 7, 2021, ERCOT filed its calculation with the Public Utility Commission of Texas (the”PUCT“) pursuant to the PUCT Final Order implementing Texas House Bill 4492 (“HB 4492“). ERCOT calculations are subject to a 15-day verification period and therefore remain subject to change.
As previously noted, FTI Consulting Canada Inc. (the “To watch“) supervises the work of Just Energy within the framework of Companies’ Creditors Arrangement Act (Canada) (“LACC”) As court appointed supervisor. Further information regarding the CCAA proceedings is available on the Monitor’s website at http://cfcanada.fticonsulting.com/justenergy. Information regarding CCAA proceedings may also be obtained by calling the Monitor’s hotline at 416-649-8127 or 1-844-669-6340 or by emailing [email protected]
About Just Energy Group Inc.
Just Energy is a retail energy supplier specializing in electricity and natural gas, providing energy efficient solutions, carbon offsets and renewable energy options to customers. Currently present in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group, Hudson Energy, Interactive Energy Group, Tara Energy and terrapass. Visit https://investors.justenergy.com to learn more.
This press release may contain forward-looking statements, including with respect to the amount of cost recovery proceeds that Just Energy expects to receive from ERCOT under HB 4492. These statements are based on current expectations which involve several risks and uncertainties that could cause actual results to differ from those anticipated. These risks may include, but are not limited to, risks associated with verifying ERCOT calculations under HB 4492; when the Company will receive any cost recovery proceeds from ERCOT; the Company’s ability to continue operating; the outcome of proceedings under the CCAA and similar legislation in the United States; the outcome of any potential dispute regarding the Weather Event; the outcome of any dispute over the invoice with ERCOT; the Company’s discussions with key stakeholders regarding the CCAA proceedings and the outcome thereof; the impact of the evolution of the COVID-19 pandemic on the Company’s activities, operations and sales; dependence on suppliers; uncertainties relating to the spread, severity and ultimate duration of COVID-19 and the related negative effects on the economies and financial markets of the countries in which the Company operates; the Company’s ability 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 requirements; general economic, business and market conditions; management’s ability to execute its business plan; customer consumption levels of natural gas and electricity; extreme weather conditions; client additions and renewals rate; customer credit risk; customer attrition rate; fluctuations in the prices of natural gas and electricity; interest and exchange rates; actions taken by government authorities, including regulation of energy marketing; tax increases and changes in government regulations and incentive programs; changes in regulatory regimes; the results of litigation and decisions of regulatory authorities; competetion; and dependence on certain suppliers. Additional information on these and other factors that could affect the business or financial results of Just Energy is included in Just Energy’s annual information form and other reports filed with Canadian securities regulators that may be viewed on the SEDAR website at www.sedar.com and on the US Securities and Exchange Commission website at www.sec.gov or through the Just Energy website at ‘address www.investors.justenergy.com.
Any forward-looking statement made by Just Energy in this press release speaks only as of the date on which it is made. Just Energy assumes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FOR MORE INFORMATION, PLEASE CONTACT:
Telephone: (617) 982-0475
FTI Consulting Inc.
Telephone: 416-649-8127 or 1-844-669-6340
Source: Just Energy Group Inc.