Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of February 2020

Commission File Number: 001-35400

Just Energy Group Inc.
(Translation of registrant's name into English)

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. 

On February 10, 2020, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

(c) Exhibit 99.1. Press release dated February 10, 2020


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 Just Energy Group Inc.
Date: February 10, 2020By: /s/ Jim Brown        
 Name:Jim Brown
 Title:Chief Financial Officer


Just Energy Reports Fiscal Third Quarter 2020 Results

Previously Announced Strategic Review Remains Active and is Progressing; Decision Anticipated 
No Later Than June 30, 2020
Base EBITDA from Continuing Operations of $38.0 million
Company Revises Fiscal Year 2020 Guidance

TORONTO, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE; NYSE:JE), announced results for its third quarter fiscal 2020 with lower gross margin and Base EBITDA from continuing operations in the current quarter largely driven by a reduction in sales, as a result of the Company’s focus on strengthening the quality of its customer base. The impact of a reduction in the Company’s residential customer base was partly offset by cost containment activities and improved collection performance.

“Over the past several months, we have focused intently on attracting higher quality customers and reducing bad debts,” said Just Energy’s President and Chief Executive Officer, R. Scott Gahn. “As a result of these efforts, our bad debt expense is trending positively and we have now turned our attention to driving measured and profitable sales growth. The enhancement of our customer base and our revised enrollment processes have negatively impacted our results in the near term; however, we remain confident that these efforts will result in a stronger organization that can deliver greater sales optimization and drive improved profitability.”

Key Developments:

(compared to third quarter fiscal 2019, unless otherwise stated)

Financial highlights
For the three months ended December 31
(thousands of dollars, except where indicated and per share amounts)
     % increase    
   Fiscal 2020    (decrease)   Fiscal 2019 
Sales$658,521  (10)% $734,205 
Gross margin 142,484  (13)%  164,461 
Administrative expenses 39,616  (5)%  41,921 
Selling and marketing expenses 51,270  (1)%  51,706 
Restructuring costs -  (100)%  2,746 
Finance costs 28,178  24%  22,762 
Profit from continuing operations 29,336  (31)%  42,571 
Profit (loss) from discontinued operations 6,293  NMF3  (90,156)
Profit (loss) for the period1 35,629  NMF3  (47,585)
Earnings per share from continuing operations available to shareholders - basic 0.18     0.27 
Earnings per share from continuing operations available to shareholders - diluted 0.16     0.25 
Dividends/distributions -  (100)%  21,434 
Base EBITDA from continuing operations2 37,950  (34)%  57,105 
Base Funds from continuing operations2 5,722  NMF3  (3,270)
Payout ratio on Base Funds from continuing operations2 0%    755%

Profit (loss) includes the impact of unrealized gains (losses), which represents the mark to market of future commodity supply acquired to cover future customer demand as well as weather hedge contracts as part of the risk management practice. The supply has been sold to customers at fixed prices, minimizing any realizable impact of mark to market gains and losses.
2 See “Non-IFRS financial measures” in Q3 fiscal 2020’s Management’s Discussion and Analysis.
3 Not a meaningful figure.


Just Energy continues to focus on enhancing its customer base by adding new, high-quality customers and providing a variety of energy management solutions to its customer base to drive customer loyalty and improved profitability.

The impact of cost cutting initiatives implemented to date is evident in the third quarter results and Just Energy expects this progress to continue as additional changes are made. The Company is on pace to realize approximately $60 million in administrative, selling and capital cost savings in fiscal year 2020 and will continue to review its operations for additional ways to improve efficiencies and lower its cost structure.

The recent sale of non-core operations and exiting of lower potential markets demonstrates Just Energy’s commitment to focus on its higher margin North American operations. The sale of the U.K. and Ireland operations is now complete, as is the sale of the Company’s Georgia assets, and Just Energy continues to actively market its remaining non-core operations.

The previously announced strategic review has provided valuable insights into how best to unlock additional value from the business through a comprehensive review of capital expenditures, streamlining the organization and further refinement of the geographic footprint via disposition of non-core businesses. In addition to identifying cost saving actions and refinement of the Company’s geographic footprint, the Company has been active in discussions with respect to strategic transaction opportunities. While no decisions related to any strategic alternative have been reached at this time, the strategic review process is advancing down a path consistent with the Board’s goal of an outcome that is in the best interests of Just Energy and its stakeholders.  Just Energy anticipates announcing a decision on the strategic review by June 30, 2020.  In the interim, the Company does not intend to comment further with respect to the strategic review unless and until it determines that additional disclosure is appropriate in the circumstances and in accordance with the requirements of applicable securities laws. The Company cautions that there is no assurance that a transaction will result from the strategic review.

As a result of lower than expected Base EBITDA and free cash flow in the third quarter of fiscal 2020 and lower fiscal year to date customer additions, management revised its full year fiscal 2020 Base EBITDA guidance from continuing operations to between $150 million to $170 million, from $180 million to $200 million, and decreased fiscal year 2020 free cash flow guidance to between $0 million to $20 million, from $50 million to $70 million. Free cash flow is defined as cash flow from operating activities minus cash flow from investing activities.

Embedded Gross Margin          
Management’s estimate of the future embedded gross margin is as follows:
(millions of dollars)             

  As at  As at Dec. 31 vs.  As at 2019 vs.
 Dec. 31,Sept. 30, Sept. 30,Dec. 31,  2018
 20192019 variance2018 variance
Commodity embedded gross margin$1,804.8 $1,852.5 (3)% $  2,072.0 (13)%
VAPS embedded gross margin 35.0  39.5 (11)%  46.0 (24)%
Total embedded gross margin$1,839.8 $1,892.0 (3)% $ 2,118.0 (13)%
Customer Summary   
 As atAs at 
 Dec. 31,Dec. 31,% increase
Total customer count1,159,0001,364,000(15)%

Annual Gross Margin per RCE

   Q3 Fiscal Number of  Q3 Fiscal Number of
  2020 RCEs 2019 RCEs
Consumer customers added or renewed $273 126,000 $344 170,000
Consumer customers lost  307 122,000  291 129,000
Commercial customers added or renewed1  65 114,000  77 157,000
Commercial customers lost  78 70,000  68 97,000
1Annual gross margin per RCE excludes margins from Interactive Energy Group and large Commercial and Industrial customers.
Commodity RCE Summary    
 Oct. 1,  Failed toDec. 31,% increaseDec. 31,% increase
Total Consumer RCEs1,272,00055,000(72,000)(16,000)1,239,000(3)%1,476,000(16)%
Total Commercial RCEs2,228,000165,000(61,000)(56,000)2,276,0002%2,225,0002%
Total RCEs3,500,000220,000(133,000)(72,000)3,515,0003,701,000(5)%

Balance Sheet & Liquidity

Earnings Call

The Company will host a conference call and live webcast with R. Scott Gahn, Just Energy’s Chief Executive Officer, and Jim Brown, Chief Financial Officer, to review the fiscal third quarter results beginning at 2:00 p.m. Eastern Time on Feb. 10, 2020.

Just Energy Conference Call and Webcast

Those who wish to participate in the conference call may do so by dialing 1-877-501-3160 in the U.S. and Canada. International callers may join the call by dialing 1-786-815-8442. The Conference ID# is 7594987. The call will also be webcast live over the internet at the following link:


A webcasted replay for the call will also be archived on the JE investor relations website a few hours after the event.

About Just Energy Group Inc.

Just Energy is a consumer company focused on essential needs, including electricity and natural gas commodities; health and well-being, such as water quality and filtration devices; and utility conservation, bringing energy efficient solutions and renewable energy options to consumers. Currently operating in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, EdgePower Inc., Filter Group Inc., Hudson Energy, Interactive Energy Group, Just Energy Advanced Solutions, Tara Energy, and TerraPass.

Visit https://investors.justenergy.com/ to learn more. Also, find us on Facebook and follow us on Twitter.

This press release may contain forward-looking statements and information, including statements and information regarding, guidance for Base EBITDA and free cash flow for the fiscal year ending March 31, 2020; the Company’s ability to improve its business by boosting efficiency and lowering costs; the success of the Company’s cost reductions and optimization efforts; the ability of the Company to reduce selling, marketing and general and administrative expenses and the quantum of such reductions and the impact thereof on the Company’s current fiscal year; the Company’s ability to identify further opportunities to improve its cost structure; discussions with lenders, the timing and results of the strategic review process, including achieving an outcome that is in the best interest of the Company and its stakeholders; the Company’s transition from a purely RCE driven focus; improvement in the Company’s expected credit loss experience; the Company’s ability to attract and retain strong-fit customers and the impact thereof on the achievement by the Company of greater profitability; the impact of the actions and remediation efforts taken or implemented by the Company in remediating the material weaknesses in the Company’s internal controls over financial reporting. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, the Company’s ability to access sufficient capital to provide liquidity to manage its cash flow requirements, general economic, business and market conditions, the ability of management to execute its business plan, levels of customer natural gas and electricity consumption, extreme weather conditions, rates of customer additions and renewals, customer credit risk, rates of customer attrition, fluctuations in natural gas and electricity prices, interest and exchange rates, actions taken by governmental authorities including energy marketing regulation, increases in taxes and changes in government regulations and incentive programs, changes in regulatory regimes, results of litigation and decisions by regulatory authorities, competition, the performance of acquired companies and dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy’s operations, financial results or dividend levels are included in Just Energy’s annual information form and other reports on file with Canadian securities regulatory authorities which can be accessed through the SEDAR website at www.sedar.com on the U.S. Securities and Exchange Commission’s website at www.sec.gov or through Just Energy’s website at www.justenergygroup.com.

Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved nor disapproved of the information contained herein.


The financial measure such as “EBITDA”, “Base EBITDA”, “FFO”, “Base FFO”, “Base FFO Payout Ratio”, “free cash flow” and “Embedded Gross Margin” do not have a standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and may not be comparable to similar measures presented by other companies. This financial measure should not be considered as an alternative to, or more meaningful than, net income (loss), cash flow from operating activities and other measures of financial performance as determined in accordance with IFRS, but the Company believes that these measures are useful in providing relative operational profitability of the Company’s business. Please refer to “Key Terms” in the Just Energy Fiscal 2019 Annual Report’s management’s discussion and analysis for the Company’s definition of “EBITDA” and other non-IFRS measures.

Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved nor disapproved of the information contained herein.

Jim Brown
Chief Financial Officer
Just Energy


Michael Cummings
Alpha IR
Phone: (617) 982-0475

Boyd Erman
Longview Communications
Phone: 416-523-5885