Just Energy Reports Impairment From Texas Residential Accounts Receivable, Non-Payment; Says Issues Remedied
July 23, 2019 Email This Story Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Just Energy Group Inc. announced today that as part of a previously announced strategic review process, management identified customer enrollment and non-payment issues, primarily in Texas, over the past 12 months.
"As management identified these issues, more robust operational controls were put in place, culminating in numerous improvements being implemented during June and July 2019," the company said
"Due to the identified issues, management is updating its provisioning methodology used to estimate its reserve for trade receivables. Management expects an incremental impairment of the Texas residential accounts receivable of approximately CAD $45 to $50 million as of June 30, 2019," Just Energy said
"The enrolment and non-payment issues have been remediated and management is confident in the business and operational controls currently in place. These issues will not have a continuing effect on future cash flows," said Rebecca MacDonald, Just Energy’s Executive Chair.
MacDonald continued, "The Strategic Review is ongoing."