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Retail Supplier: Impact from Price Spikes, Cold Weather Not Material
Extreme cold and volatile wholesale prices have not had a material impact on Just Energy's earnings, the company said on a Friday earnings call.
Noting the impacts faced by other retail suppliers, particularly those with unhedged variable rate contracts, Rebecca MacDonald, Just Energy Executive Chair, said, "Our situation is different. We offer mainly fixed-rate contracts, with fixed-price supply and are geographically diversified. Therefore, the impact of the price spikes and the prolonged cold period seen to date, they have not been material to our business. This can be seen in this quarter's results."
As first reported Friday, Just Energy recorded base EBITDA from continuing operations $72.2 million for the quarter, up from $55.2 million a year ago (Canadian $). Click here for more details on Just Energy results
"[F]rom a consumer-buying pattern and the receptivity to our product, volatility is a benefit to the company," added Just Energy CEO Ken Hartwick. Customers are more aware of their ability to lock-in a fixed price, and as they start to get higher bills in the mail from their current provider, they are more inclined to switch.
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February 17, 2014
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Copyright 2010-13 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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