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 2021

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 February 26, 2021, 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 26, 2021


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 26, 2021By: /s/ Jonah T. Davids        
 Name:Jonah T. Davids
 Title:EVP, General Counsel and Corporate Secretary


Just Energy Reports Fiscal Third Quarter 2021 Results

Continues to Assess Impact of the Texas Extreme Cold Weather Event

TORONTO, Feb. 26, 2021 (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 and bringing energy efficient solutions and renewable energy options to customers and carbon offsets, announced its third quarter results for fiscal year 2021 and updated its previous announcement advising that management is continuing to assess the impact of the extreme cold weather experienced in the State of Texas commencing on or about February 13, 2021 continuing through February 19, 2021 (the “Weather Event”).

The Weather Event resulted in the Company having to balance its power supply through the Electric Reliability Council of Texas (ERCOT) at artificially mandated high electricity prices and significantly increased ancillary service costs as described in the Company’s Management Discussion and Analysis filed today.  As at February 22, 2021, the Company reviewed the available information regarding the Company’s customer load for the Weather Event and estimated that the Company may have incurred a loss of CAD $315 million (approximately USD $250 million).  This week, the Company received initial settlement statements from ERCOT, which are subject to resettlements, that may be material, showing lower customer load. The initial statements from ERCOT, without any resettlement, would result in significantly lowering the Company’s exposure to approximately CAD $50 million (approximately USD $40 million).  Given the material differences between the load information, the Company continues to investigate the differences in load information. Under normal ERCOT protocols resettlements occur 55 days after the operating day. However, ERCOT has indicated that it may resettle earlier.  The total financial impact may materially change due to ERCOT final settlement data as it becomes available, any government or regulatory actions or potential litigation with respect thereto, failure of other parties to pay amounts owing to ERCOT and the impact of customer credit losses.

“Regardless of uncertainty created by the Weather Event, our customers of Just Energy, Amigo Energy, Hudson Energy and Tara Energy can be certain that we are committed to doing all we can to be there for them in this extraordinary time. If you have a residential or small business fixed rate plan, our customers can rest assured that your fixed energy rate is locked in for the duration of your contracted term. Variable rate (month-to-month) residential customers will not see their rates impacted by the high settlement prices of the Weather Event,” said Scott Gahn, Just Energy’s President and Chief Executive Officer. Mr. Gahn added, “We are also focused on supporting our partners and dedicated employees through this extraordinary event.”

Third Quarter Developments

Fiscal Third Quarter Financial Highlights:  
As of December 31, 2020   
$ in thousands, except customer dataFiscal 2021Fiscal 2020Change
Sales$540,067 $658,521 -18%
Base gross margin1$131,608 $142,484 -8%
Base EBITDA2$55,785 $37,950 47%
Unlevered free cash flow (Year to date)$27,813 $49,892 -44%
Total liquidity$91,200 $56,960 60%
Total net consumer (RCE) additions (18,000) (33,000)NMF3
Total net commercial (RCE) additions (105,000) 48,000 NMF3

1 “Base gross margin” represents gross margin adjusted to include the effect of applying IFRS Interpretation Committee Agenda Decision 11, Physical Settlement of Contracts to Buy or Sell a Non-Financial Item, for realized gains (losses) on derivative instruments and other. Base gross margin is a key measure used by management to assess performance and allocate resources. Management believes that these realized gains (losses) on derivative instruments reflect the long-term financial performance of Just Energy and thus has included them in the Base gross margin calculation.
2See “Non-IFRS financial measures”
3 Not a meaningful figure.

Expense Detail:
($ thousands)Fiscal 2021Fiscal 2020Change
Administrative expenses1$30,408$39,616-23%
Selling commission expenses$30,485$36,698-17%
Selling non-commission and marketing expense$11,784$14,572-19%
Bad debt expense$3,358$19,996-83%
1 Includes $1.6 million and $4.2 million of Strategic Review costs for the third quarter of fiscal 2021 and 2020, respectively.
Consumer Segment Performance   
Consumer Operating Highlights:
 Fiscal 2021Fiscal 2020Change
Consumer gross margin on added/renewed$303/RCE$273/RCE11%
Embedded gross margin1 ($ millions)$1,023$1,271-20%
Total gross (RCE) additions42,00055,000-24%
Attrition (trailing 12 months)23%25%-8%
Renewals (trailing 12 months)80%72%11%
1See “Non-IFRS financial measures”    

Consumer RCE Summary:

CONSUMER10/1/2020AdditionsAttritionFailed to
Total Consumer RCEs1,105,00042,000-44,000-16,0001,087,000-2%1,239,000-12%

Commercial Segment Performance

Commercial Operating Highlights:
 Fiscal 2021Fiscal 2020Change
Commercial gross margin on added/renewed$70/RCE$65/RCE8%
Embedded gross margin1($ millions)$360
Total gross commercial (RCE) additions41,000
Attrition (trailing 12 months)11%9%22%
Renewals (trailing 12 months)49%54%-9%

1See “Non-IFRS financial measures

Commercial RCE Summary:

COMMERCIAL10/1/2020AdditionsAttritionFailed to
Total Commercial RCEs1,981,00041,000-73,000-73,0001,876,000-5%2,276,000-18%


As previously announced, the Company is withdrawing its Base EBITDA and unlevered free cash flow guidance for fiscal 2021 and is continuing to assess the financial impact of the Weather Event. 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 between $50 million and $315 million. The total financial impact may materially change due to ERCOT final settlement data as it becomes available, any government or regulatory actions or potential litigation with respect thereto, failure of other parties to pay amounts owing to ERCOT and impacts of customer credit losses. The estimated substantial losses could be materially adverse to the Company’s liquidity and its ability to continue as a going concern. The Company is in discussions with its key stakeholders regarding the impact of the Weather Event and will provide an update as appropriate.

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 financial impact of the Weather Event on the Company, the potential for government or regulatory action or litigation, the quantum of the financial loss to the Company from the Weather Event and its impact on the Company’s liquidity, the Company’s ability to continue as a going concern, the Company’s discussions with key stakeholders regarding the Weather Event and the outcome thereof, 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 www.justenergygroup.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. 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 Q3 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.

Supplemental Tables:

Financial and operating highlights
For the three months ended December 31.   
(thousands of dollars, except where indicated and per share amounts)
 Fiscal 2021 Change Fiscal 2020
Sales$540,067  (18)% $658,521 
Base gross margin1 131,608  (8)%  142,484 
Administrative expenses2 30,408  (23)%  39,616 
Selling commission expenses 30,485  (17)%  36,698 
Selling non-commission and marketing expense 11,784  (19)%  14,572 
Bad debt expense 3,358  (83)%  19,996 
Finance costs 17,677  (37)%  28,178 
Profit (loss) from continuing operations (52,327) NMF3   20,601 
Base EBITDA1 55,785  47%  37,950 
Total gross consumer (RCE) additions 42,000  (24)%  55,000 
Total gross commercial (RCE) additions 41,000  (75)%  165,000 
Total net consumer (RCE) additions (18,000) NMF3   (33,000)
Total net commercial (RCE) additions (105,000) NMF3   48,000 

See “Non-IFRS financial measures” on page 6 of the MD&A.
2 Includes $1.6 million and $4.2 million of Strategic Review costs for the third 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

(thousands of dollars)

  As at  As at  As at
 12/31/2020  3/31/2020 12/31/2019
Cash$66,635 $26,093 $17,988
Trade and other receivables, net 344,080  403,907  404,124
Total fair value of derivative financial assets 49,267  65,145  121,363
Other current assets 143,145  203,270  140,923
Total assets 1,069,042  1,215,833  1,294,205
Trade payables and other$472,763 $685,665 $523,650
Total fair value of derivative financial liabilities 246,495  189,706  199,731
Total long-term debt 518,768  782,003  774,600
Total liabilities 1,284,778  1,711,121  1,559,955

Summary of Cash Flows     
For the nine months ended December 31.     
(thousands of dollars)     
 Fiscal 2021
  Fiscal 2020 
Operating activities$(11,030) $8,135 
Investing activities (3,353)  (17,065)
Financing activities, excluding dividends 61,820   42,570 
Effect of foreign currency translation (6,895)  (244)
Increase in cash before dividends 40,542   33,396 
Dividends (cash payments) -   (25,335)
Increase (decrease) in cash 40,542   8,061 
Cash and cash equivalents – beginning of period 26,093   9,927 
Cash and cash equivalents – end of period$66,635  $17,988