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Just Energy forecasts $250mn loss from frigid weather, flags going concern doubts

  • An arctic air mass that spread into an area unused to such low temperatures killed at least two dozen people in Texas and knocked out power to more than 4 million at its peak.
  • The company said the extreme weather condition would hit its liquidity and that it was in talks with its key stakeholders.
Updated 22 Feb 2021

Electricity and gas provider Just Energy on Monday forecast a $250 million loss from the impact of winter storms sweeping across Texas and warned on its ability to continue as a going concern.

An arctic air mass that spread into an area unused to such low temperatures killed at least two dozen people in Texas and knocked out power to more than 4 million at its peak. It also hit natural gas and electric generation, cutting supplies needed to run the plants along the US Gulf Coast.

Governor Greg Abbott said on Sunday, Texas utility regulators will temporarily ban power companies from billing customers or disconnecting them for non-payment, after the deadly winter storm that caused widespread blackouts.

The company said the extreme weather condition would hit its liquidity and that it was in talks with its key stakeholders.

Just Energy, which has operations in the United States and Canada, intends to file its third-quarter results on or about Feb. 26 and said it had imposed a blackout on trading of the company's securities by directors and officers until then.