Just Energy Sees Accelerated Churn from Polar Vortex

Just Energy saw churn accelerate as a result of the polar vortex, and saw a reduction in its mass market energy supply customer base.

Specifically, Just Energy was serving 1.979 million mass market energy supply RCEs as of March 31, 2014, versus 1.994 million as of December 31, 2013, and 1.989 million a year ago.

The net loss of 15,000 mass market energy supply RCEs compares to a net gain of 17,000 RCEs from September 30, 2013 to December 31, 2013.

Total Just Energy commodity supply RCEs increased, however, from commercial growth.

Just Energy's commercial energy supply RCEs were 2.431 million as of March 31, 2014, versus 2.366 million as of December 31, 2013, and 2.233 million a year ago.

Total Just Energy supply RCEs were 4.410 million as of March 31, 2014, versus 4.360 million as of December 31, 2013, and 4.222 million a year ago.

Just Energy said that the shock of the winter bills for its variable rate customers and its focus on profitability led to a rise in attrition to 15% for the year, up from 12% a year earlier.

Total Just Energy smart thermostat customers as of March 31, 2014 were 28,000. Of the smart-thermostat installations as of March 31, 2014, 64% were bundled with energy or furnace contracts and the remaining 36% were sold as stand-alone units.