Just Energy Announces ERCOT’s Calculations of Recovery Amounts Under Texas House Bill 4492 of Certain Costs of the Texas Winter Weather Event
December 09 2021 - 8:00AM
Just Energy Group Inc. (“
Just Energy” or the
“
Company”) (TSXV:JE; OTC:JENGQ), announced today
an update of the expected recovery by Just Energy from the Electric
Reliability Council of Texas, Inc. (“
ERCOT”) of
certain costs incurred during the extreme weather event in Texas in
February 2021 (the “
Weather Event”) as previously
disclosed, which is expected to be approximately USD $147.5
million. On December 7, 2021, ERCOT filed its calculation with the
Public Utility Commission of Texas (the “
PUCT”) in
accordance with the PUCT final order implementing Texas House Bill
4492 (“
HB 4492”). ERCOT’s calculations are subject
to a 15-day verification period and accordingly, remain subject to
change.
As previously reported, FTI Consulting Canada
Inc. (the “Monitor”) is overseeing the proceedings
of Just Energy under the Companies’ Creditors Arrangement Act
(Canada) (“CCAA”) as the court-appointed monitor.
Further information regarding the CCAA proceedings is available on
the Monitor’s website
at http://cfcanada.fticonsulting.com/justenergy. Information
regarding the CCAA proceedings can also be obtained by calling the
Monitor’s hotline at 416-649-8127 or 1-844-669-6340 or by email
at justenergy@fticonsulting.com.
About Just Energy Group
Inc.
Just Energy is a retail energy provider
specializing in electricity and natural gas commodities and
bringing energy efficient solutions, carbon offsets 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, 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 the amount of cost recovery
proceeds Just Energy expects to receive from ERCOT under HB 4492.
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 may include, but are not
limited to, risks with respect to the verification of ERCOT’s
calculations under HB 4492; the timing for the Company to receive
any cost recovery proceeds from ERCOT; the ability of the Company
to continue as a going concern; the outcome of proceedings under
the CCAA proceedings and similar legislation in the United States;
the outcome of any potential litigation with respect to the Weather
Event, the outcome of any invoice dispute with ERCOT; the Company’s
discussions with key stakeholders regarding the CCAA proceedings
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; and 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 and on the
U.S. Securities and Exchange Commission’s website at www.sec.gov or
through Just Energy’s website at 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 undertakes no obligation to update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
law.
Neither 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 FURTHER INFORMATION PLEASE
CONTACT: InvestorsMichael
CummingsAlpha IRPhone: (617) 982-0475 JE@alpha-ir.com
MonitorFTI Consulting
Inc.Phone: 416-649-8127 or
1-844-669-6340justenergy@fticonsulting.com
MediaBoyd ErmanLongview
CommunicationsPhone: 416-523-5885berman@longviewcomms.ca
Source: Just Energy Group
Inc.
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