Actualités Just Energy Group
Just Energy Group Inc (TSX:JE)(NYSE:JE) saw its share price get cut in half last week after the company announced that it was restructuring and it has received creditor protection in the U.S. under chapter 15 bankruptcy laws. The winter storms …
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Just Energy (TSX:JE)(NYSE:JE) attempts to mitigate exposure to weather variations through active management of the company's electricity and gas portfolio. The post GO GREEN: Buy Canada’s Best Renewable Energy Stock appeared first on The Motley Fool Canada .
Credit Crisis Spreads As Largest Texas Power Coop Files For Bankruptcy The Arctic blast and severe winter storms that pounded Texas weeks ago have claimed another victim as the credit crisis widens. Texas's largest power cooperative filed for bankruptcy protection in federal court in Houston Monday, citing a $1.8 billion bill from the state's grid operator, ERCOT, according to Reuters . According to court documents, Brazos Electric Power Cooperative, the largest generation and transmission co-op in the Lone Star State, filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The company said it could not pay a $1.8 billion bill from ERCOT stemming from a severe cold snap last month. Brazos and other utility companies who have committed to providing power to the grid were unable to during the mid-February crisis that left up to 4 million customers without power . This meant utilities had to purchase replacement power at extremely high rates, and some of these extra costs were passed on to customers.
Investors should stay clear of the Just Energy stock and Transat stock. Even at rock-bottom prices, the dire situation of both companies could lead to a permanent disaster. The post 2 High-Risk TSX Stocks You Should Avoid Like the Plague appeared first on The Motley Fool Canada .
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Texas Grid Operator Warns Of Defaults As Credit Crisis Develops The Texas energy crisis has morphed from a power grid failure to a humanitarian emergency to a credit crisis as billions of dollars in power bills come due. According to FT , electricity retailers, municipal utilities, and power generation companies were purchasing wholesale energy during the crisis when rates surged to a cap of $9,000 a megawatt-hour last week, owe a whopping $50 billion. ERCOT, the state's grid operator, warns that some market participants have yet to post collateral to cover some of the bills as defaults begin. Kenan Ogelman, ERCOT's vice-president of commercial operations, said market participants who buy power from them have to post collateral as a down payment on energy purchases. He said some entities have "failed to deliver it." "Defaults are possible, and some have already happened," Ogelman warned. Due to surging energy prices last week and the week before, collateral requirements jumped for power buyers.
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Electricity and gas provider Just Energy warned that the financial impact of the Texas winter storms could force it out of business.
The First Texas-Freeze Casualty: Just Energy Implodes, Issues Going Concern Warning Just Energy Group Inc.'s shares crashed more than 21% in the premarket after the company released a statement about steep losses incurred during the winter storms that swept across Texas last week. Just Energy hit a record low ($4.05) in premarket trading since it went public in 2002… and peaked above $600 in 2007 . The retail energy provider specializing in electricity and natural gas commodities, renewable energy options, and carbon offset said it faces a $250 million (approximately CAD 315 million) due to Texas's latest "weather event." "The sustained high prices from February 13, 2021 through February 19, 2021, during which real-time market prices were artificially set at USD $9,000/MWh for much of the week, it is likely that the Weather Event has resulted in a substantial negative financial impact to the Company." Based on current information available to the company as of the time of this press release, the company estimates that the financial impact of the Weather Event on the company could be a loss of approximately USD $250 million (approximately CAD $315 million), but the financial impact could change as additional information becomes available to the company," Just Energy stated.
Just Energy Group shares plunged lower Monday after the retail energy provider warned that the extreme weather events in Texas, which lifted wholesale power prices to as high as $9,000 per kilowatt hour, could affect the group's ability to continue as a going concern.
Natural gas utility Just Energy said on Monday it expects to post a loss of about $250 million and warned on its ability to continue as a going concern as it reels from the impact of winter storms… | February 22, 2021
Just Energy Group Inc. (JE.TO) (TSE:JE) (NYSE:JE) is scheduled to be releasing its earnings data after the market closes on Monday, February 15th. Just Energy Group Inc. (JE.TO) (TSE:JE) (NYSE:JE) last issued its quarterly earnings data on Wednesday, November 11th. The company reported C($0.91) earnings per share for the quarter. The firm had revenue of […]
McDonald's is teaming up with Just Eat to offer Black Friday 2020 savings to customers ordering online this week
A Buffalo, New York, federal judge on Thursday tossed a putative class action lawsuit against a U.S. unit of Canadian electricity retailer Just Energy Group Inc, finding that it had not broken its contract with New York customers by charging "exorbitant rates" as the plaintiff…
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