Just Energy Reports Higher Amount Due To ERCOT From Winter Weather Event Due To Resettlement Invoices
April 21, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Just Energy Group Inc. ("Just Energy" or the "Company") announced today that the Company has received resettlement invoices from the Electricity Reliability Council of Texas ("ERCOT") for the week of February 15, 2021 in connection with the Texas extreme weather event in February (the “Weather Event”) totaling approximately an additional US$48 million, substantially related to unexpected increases with respect to unaccounted for energy (UFE), as determined by ERCOT.
The resettlement invoices bring the total financial impact to the Company of the Weather Event to over US$300 million.
Just Energy had previously reported its charges from ERCOT related to the weather event as totaling over US$250 million
"While the Company is disputing the invoices associated with the Weather Event, including the resettlement invoices, it has sufficient liquidity and has paid the invoices as they have come due, in accordance with ERCOT’s requirements," Just Energy said
"As of April 19, 2021, the Company had approximately C$245 million of cash," Just Energy said
"The total financial impact of the Weather Event to the Company may change due to additional ERCOT resettlements, potential legislation, the outcome of the dispute resolution process initiated by the Company with ERCOT and potential litigation challenges," Just Energy said
"While Just Energy continues to work through the ERCOT processes, the Company has been effectively serving and enrolling customers across North America." said Scott Gahn, Just Energy’s President and Chief Executive Officer. "We are encouraged by our ability to successfully pursue opportunities for mass market customer growth over the past few months. As certain markets reopen and the recovery accelerates, we remain confident in our ability to capture critical market share and reap the benefits from the investments made in our digital sales channel and the return of our retail channel in key markets."