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 November 2020

Commission File Number: 001-35400

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

100 King Street West, Suite 2630
Toronto, Ontario M5X 1E1

(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 November 11, 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 November 11, 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: November 11, 2020By: /s/ Jim Brown        
 Name:Jim Brown
 Title:Chief Financial Officer


Just Energy Reports Fiscal Second Quarter 2021 Results

Base EBITDA from continuing operations of $33 million for the fiscal second quarter 2021
Increasing Base EBITDA guidance range to between $145 million and $165 million for fiscal year 2021 
Completed Recapitalization provides strong foundation to drive profitable growth

TORONTO, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Just Energy Group Inc. (“Just Energy” or the “Company”) (TSX:JE; NYSE:JE), a retail energy provider specializing in electricity and natural gas commodities, renewable energy options and carbon offsets, announced its second quarter results for fiscal year 2021.

“The second fiscal quarter was hallmarked by several important milestones including reestablishing the Company as a financially stable, more nimble and competitive retail energy provider” said Just Energy’s President and Chief Executive Officer, Scott Gahn. “We believe the successful closing of our Recapitalization plan, the reconstitution of the Board of Directors and appointment of new leadership were mission critical and position us to better meet our customers’ needs and ultimately deliver value to our stakeholders.”

“Our Q2 sales improved, with our total new RCE additions increasing from forty-six thousand in Q1 to eighty-six thousand for the second quarter of fiscal 2021.  The increase was driven by our focus on building our digital sales capabilities while our direct sales channels continue to be inhibited by the COVID-19 pandemic, resulting in a decline in our net RCE additions for the quarter.  In spite of the challenges, we continue to concentrate on ensuring every action we take is in pursuit of profitable growth and we are confident in our ability to achieve that goal.”

Mr. Gahn concluded, “While the timing and pace of any potential recovery is difficult to predict during the pandemic, which continues to constrain our direct selling activity, we are experiencing increasing momentum in digital sales activity and gaining more confidence in our outlook for fiscal year 2021 financial results. As a result, we are tracking to the upper end of our original Base EBITDA guidance and have increased our guidance for Base EBITDA to a range of $145 million to $165 million for fiscal year 2021.”

Key developments:

Financial and operating highlights
For the three months ended September 30.
(thousands of dollars, except where indicated and per share amounts)
    % increase
 Fiscal 2021 (decrease)
 Fiscal 2020
Sales$649,602  (15)%   768,440 
Cost of goods sold 428,891  (49)%   843,788 
Gross margin 220,711  NMF3   (75,348)
Realized gain (loss) of derivative instruments and other (82,438) (136)3   230,732 
Base gross margin1 138,273  (11)%   155,384 
Administrative expenses2 43,957  6%   41,466 
Selling commission expenses 34,894  4%   33,499 
Selling non-commission and marketing expense 13,017  (37)%   20,780 
Bad Debt Expense 11,662  (61%)   29,570 
Restructuring costs 7,118  NMF3   - 
Finance costs 29,744  5%   28,451 
Profit (loss) from continuing operations (50,156) NMF3   89,349 
Loss from discontinued operations (1,210) (88)%   (9,809)
Profit (loss) for the period4 (51,366) NMF3   79,540 
Earnings (loss) per share from continuing operations available to shareholders – basic (4.37)     9.05 
Earnings (loss) per share from continuing operations available to shareholders – diluted (4.37)     8.97 
Base EBITDA from continuing operations1 32,774  (33)%   49,069 
Embedded gross margin1 1,520,800  (20)%   1,892,000 
Total RCEs 3,086,000  (12)%   3,500,000 
Total gross customer (RCE) additions 86,000  (49)%   168,000 
Total net customer (RCE) additions (97,000) 49%   (65,000)

1 See “Non-IFRS financial measures” on page 6 of the MD&A.
2 Includes $0.3 million and $3.6 million of Strategic Review costs for the second quarter of fiscal 2021 and 2020, respectively.
3 Not a meaningful figure.
4 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 entered into as part of the Company’s risk management practice. The supply has been sold to customers at fixed prices, minimizing any realizable impact of mark to market gains and losses.

Balance sheet, unlevered cash flow and liquidity


Total customer count

 As at
Sept. 30, 2020
As at
March 31, 2020
Sept. 30 vs.
March 31
As at
Sept 30, 2019
Sept. 2020 vs.
Sept. 2019
Total customer count1,014,0001,107,000(8)%1,197,132(15)%

 Annual Gross Margin Per RCE

   Q2 Fiscal Number of  Q2 Fiscal Number of
  2021 RCEs 2020 RCEs
Consumer customers added or renewed $355 32,000 $314 161,000
Commercial customers added or renewed1  89 33,000  87 110,000
1 Annual Gross margin per RCE excludes margins from Interactive Energy Group and large Commercial and Industrial customers.

Total RCE Summary

 July 1,  Failed toSept. 30,% increaseSept. 30,%
Total Consumer RCEs1,145,00034,000(48,000)(26,000)1,105,000(3)%1,272,000(13)%
Total Commercial RCEs2,038,00052,000(62,000)(47,000)1,981,000(3)%2,228,000(11)%
Total RCEs3,183,00086,000(110,000)(73,000)3,086,000(3)%3,500,000(12)%




The completion of the Recapitalization positions Just Energy to continue executing on its core objectives. Moving forward, we remain focused on our core North American retail energy operations and driving towards profitable growth to create value for our stakeholders.

To drive profitable growth, Just Energy is committed to continue controlling costs, building off the success achieved during fiscal year 2020. Further, the Company remains committed to improving the quality of its customer base by utilizing data to better understand its customers, pursuing operational excellence, improving its customer experience and through dedication to financial discipline.

Despite the uncertainty associated with COVID-19 and the impact it has on sales, the Company is narrowing and increasing its previous guidance range of between $130 million and $160 million of Base EBITDA to a new expected range of $145 million to $165 million for fiscal year 2021. This guidance includes the impact of a one-time $6 million legal provision. The Company also expects to be at the upper end of its original unlevered free cash flow guidance and is narrowing the guidance to between $80 million and $100 million in fiscal year 2021, subject to management’s decision to further reduce extended supplier payables.

Earnings Call

The Company will host a conference call and live webcast with Scott Gahn, Just Energy’s Chief Executive Officer, and Michael Carter, Chief Financial Officer, to review the fiscal second quarter results beginning at 10:00 a.m. Eastern Time on Thursday, November 12th, 2020.

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 number is 8259158.  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 Just Energy investor relations website a few hours after the event.

About Just Energy Group Inc.

Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions and renewable energy options to customers. Currently operating in the United States and Canada, Just Energy serves residential and commercial customers. Just Energy is the parent company of Amigo Energy, Filter Group Inc., Hudson Energy, Interactive Energy Group, Tara Energy, and TerraPass. Visit https://investors.justenergy.com/ to learn more.


This press release may contain forward-looking statements. These statements are based on current expectations that involve several risks and uncertainties which could cause actual results to differ from those anticipated. These risks include, but are not limited to, risks with respect to the recapitalization transaction resulting in a financially stronger Company; the impact of the evolving COVID-19 pandemic on the Company’s business, operations and sales; reliance on suppliers; uncertainties relating to the ultimate spread, severity and duration of COVID-19 and related adverse effects on the economies and financial markets of countries in which the Company operates; the ability of the Company to successfully implement its business continuity plans with respect to the COVID-19 pandemic; 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; dependence on certain suppliers. Additional information on these and other factors that could affect Just Energy’s operations or financial results 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 investors.justenergy.com/.


The financial measures such as “EBITDA”, “Base EBITDA, “Base gross margin”, “Free cash flow” “Unlevered 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. These financial measures 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 Q2 Fiscal 2021’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.

Michael Carter
Chief Financial Officer
Just Energy


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

Boyd Erman
Longview Communications
Phone: 416-523-5885

Source: Just Energy Group Inc.