Document And Entity Information	12 Months Ended
Document And Entity Information	Mar. 31, 2018 shares
Document Information [Line Items]
Entity Registrant Name	Just Energy Group Inc.
Entity Central Index Key	0001538789
Trading Symbol	je
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)	148,394,152
Document Type	40-F
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
Current assets
Cash and cash equivalents	$ 48,861	$ 57,376
Short-term investments		26,255
Restricted cash	3,515	3,620
Trade and other receivables	395,730	369,491
Unbilled revenues	301,577	218,413
Gas in storage	11,812	12,350
Prepaid expenses, deposits and other current assets	109,697	114,555
Fair value of derivative financial assets	218,769	11,656
Corporate tax recoverable	5,617	2,986
	1,095,578	816,702
Non-current assets
Investments	36,314	15,561
Property, plant and equipment	18,893	21,682
Intangible assets	401,926	357,987
Other non-current assets	19,987
Fair value of derivative financial assets	64,662	3,010
Deferred tax asset	9,449	23,013
	551,231	421,253
TOTAL ASSETS	1,646,809	1,237,955
Current liabilities
Trade and other payables	616,434	499,169
Deferred revenue	41,684	17,546
Income taxes payable	7,304	13,913
Fair value of derivative financial liabilities	86,288	168,793
Provisions	4,714	8,215
Current portion of long-term debt	121,451
	877,875	707,636
Non-current liabilities
	422,053	498,088
Deferred lease inducements	773	1,088
Fair value of derivative financial liabilities	51,871	178,724
Other non-current liabilities	56,576
Deferred tax liability	6,918	1,745
	538,191	679,645
TOTAL LIABILITIES	1,416,066	1,387,281
SHAREHOLDERS' EQUITY (DEFICIENCY)
Shareholders’ capital	1,215,826	1,198,439
Equity component of convertible debentures	13,029	13,508
Contributed surplus (deficit)	(22,693)	58,266
Deficit	(1,066,931)	(1,489,900)
Accumulated other comprehensive income	91,934	70,361
Non-controlling interest	(422)
TOTAL SHAREHOLDERS' EQUITY (DEFICIENCY)	230,743	(149,326)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,646,809	$ 1,237,955

Consolidated Statements of Income - CAD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - CAD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017
OPERATIONS
Sales	$ 3,626,570	$ 3,757,054
Cost of sales	2,985,643	3,061,083
GROSS MARGIN	640,927	695,971
EXPENSES
Administrative	194,699	168,433
Selling and marketing	233,040	226,308
Other operating expenses	95,498	84,637
	523,237	479,378
Operating profit before the following	117,690	216,593
Finance costs	(55,972)	(78,077)
Change in fair value of derivative instruments and other	474,356	374,791
Other income	3,174	807
Profit before income taxes	539,248	514,114
Provision for income taxes	20,674	43,231
PROFIT FOR THE YEAR	518,574	470,883
Attributable to:
Shareholders of Just Energy	509,276	446,412
Non-controlling interest	9,298	24,471
PROFIT FOR THE YEAR	$ 518,574	$ 470,883
Earnings per share available to shareholders
Basic (in CAD per share)	$ 3.41	$ 3.02
Diluted (in CAD per share)	$ 2.62	$ 2.42

Consolidated Statements of Comprehensive Income - CAD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement Line Items [Line Items]
PROFIT FOR THE YEAR	$ 518,574	$ 470,883
Other comprehensive income to be reclassified to profit or loss in subsequent years:
Unrealized gain on translation of foreign operations	3,710	575
Unrealized gain on revaluation of investments - net of tax	17,863
	21,573	575
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX	540,147	471,458
Total comprehensive income attributable to:
Shareholders of Just Energy	530,849	446,987
Non-controlling interest	9,298	24,471
TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX	$ 540,147	$ 471,458

Consolidated Statements of Changes In Shareholders' Equity (Deficiency) - CAD ($) $ in Thousands	Retained earnings attributable to accumulated losses [member]	Retained earnings, portion attributable to dividends [member]	Retained earnings [member]	Accumulated other comprehensive income [member]	Issued capital [member] Ordinary shares [member]	Issued capital [member] Preference shares [member]	Issued capital [member]	Reserve of equity component of convertible instruments [member]	Share premium [member]	Non-controlling interests [member]	Ordinary shares [member]	Preference shares [member]	Total
Balance at Mar. 31, 2016	$ (186,841)	$ (1,672,720)		$ 69,786	$ 1,069,434			$ 25,795	$ 43,459		$ 1,069,434
Statement Line Items [Line Items]
PROFIT FOR THE YEAR	446,412									24,471			$ 470,883
Balance at Mar. 31, 2017	259,571	(1,749,471)	$ (1,489,900)	70,361	1,070,076	128,363	$ 1,198,439	13,508	58,266		1,070,076	128,363	(149,326)
Statement Line Items [Line Items]
Dividends declared and paid		(76,751)
Other comprehensive income				575
Share-based units exercised					7,191				(7,191)		7,191
Acquisition of subsidiary
Repurchase and cancellation of shares					(6,549)						(6,549)
Shares issued						132,973						132,973
Shares issuance costs						(4,610)						(4,610)
Add:Issuance of convertible debentures								5,899
Less: Redemption of convertible debentures								(18,186)	18,328				12,776
Add: Share-based compensation expense									6,076
Non-cash deferred share grant distributions									40
Less: Purchase of non-controlling interest
Share-based compensation adjustment									(2,446)
Distributions to non-controlling shareholders										(24,471)
Foreign exchange impact on non-controlling interest
PROFIT FOR THE YEAR	509,276									9,298			518,574
Balance at Mar. 31, 2018	$ 768,847	(1,835,778)	$ (1,066,931)	91,934	1,079,055	136,771	$ 1,215,826	13,029	(22,693)	(422)	1,079,055	136,771	230,743
Statement Line Items [Line Items]
Dividends declared and paid		$ (86,307)
Other comprehensive income				$ 21,573
Share-based units exercised					11,954				(11,954)		11,954
Acquisition of subsidiary					8,966						8,966
Repurchase and cancellation of shares					$ (11,941)						$ (11,941)
Shares issued						9,260						9,260
Shares issuance costs						$ (852)						$ (852)
Add:Issuance of convertible debentures								7,130
Less: Redemption of convertible debentures								$ (7,609)	7,126				$ 22,407
Add: Share-based compensation expense									18,353
Non-cash deferred share grant distributions									45
Less: Purchase of non-controlling interest									(89,010)
Share-based compensation adjustment									$ (5,519)
Distributions to non-controlling shareholders										(9,603)
Foreign exchange impact on non-controlling interest										$ (117)

Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING
Profit before income taxes	$ (539,248)	$ (514,114)
Items not affecting cash
Amortization of intangible assets	16,699	15,941
Depreciation of property, plant and equipment	4,115	6,579
Amortization included in cost of sales	3,116	2,974
Share-based compensation	18,353	6,076
Financing charges, non-cash portion	14,547	23,198
Other	(369)	(363)
Change in fair value of investments	1,289
Change in fair value of derivative instruments and other	(474,356)	(374,791)
Adjustment required to reflect net cash receipts from gas sales	(2,876)	(681)
Net change in non-cash working capital balances	(36,425)	(22,756)
Income taxes paid	(21,319)	(19,840)
Cash inflow from operating activities	62,022	150,451
INVESTING
Purchase of property, plant and equipment	(4,838)	(8,315)
Purchase of intangible assets	(30,938)	(18,074)
Acquisition of businesses	(10,832)	(3,994)
Short-term investments	25,532	(26,255)
Investments in businesses		(5,394)
Decrease in restricted cash		3,875
Cash outflow from investing activities	(21,076)	(58,157)
FINANCING
Dividends paid	(86,261)	(76,710)
Repayment of long-term debt	(100,000)	(401,261)
Issuance of long-term debt	100,000	160,000
Debt issuance costs	(4,115)	(7,592)
Credit facilities withdrawal	53,857	68,258
Issuance of preferred shares	9,260	132,973
Preferred shares issuance costs	(2,114)	(5,422)
Shares repurchase	(11,941)	(6,549)
Distributions to non-controlling interest	(9,603)	(24,471)
Cash outflow from financing activities	(50,917)	(160,774)
Effect of foreign currency translation on cash balances	1,456	(1,740)
Net cash outflow	(8,515)	(70,220)
Cash and cash equivalents, beginning of year	57,376	127,596
Cash and cash equivalents, end of year	48,861	57,376
Supplemental cash flow information:
Interest paid	$ 38,551	$ 53,343

Note 1 - Organization

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of general information about financial statements [text block]

ORGANIZATION

Just Energy Group Inc. (“JEGI”, “Just Energy” or the “Company”) is a corporation established under the laws of Canada to hold securities and to distribute the income of its directly or indirectly owned operating subsidiaries and affiliates. The registered office of Just Energy is First Canadian Place,

100

King Street West, Toronto, Ontario, Canada. The consolidated financial statements consist of Just Energy and its subsidiaries and affiliates. The consolidated financial statements were approved by the Board of Directors on

May 16, 2018.

Note 2 - Operations

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Nature of operations [text block]

2.	OPERATIONS

Just Energy is a leading retail energy provider specializing in electricity and natural gas commodities, energy efficiency solutions and renewable energy options. With offices located across the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Germany, Ireland and Japan, Just Energy serves residential and commercial customers, providing homes and businesses with a broad range of energy solutions that deliver comfort, convenience and control. Just Energy is the parent company of Amigo Energy, Green Star Energy, Hudson Energy, Interactive Energy Group, EdgePower Inc., Just Energy Advanced Solutions, Tara Energy, terrapass and EdgePower Inc.

By fixing the price of natural gas or electricity under its fixed-price or price-protected program contracts for a period of up to

five

years, Just Energy’s customers offset their exposure to changes in the price of these essential commodities. Variable rate products allow customers to maintain competitive rates while retaining the ability to lock into a fixed price at their discretion. Just Energy derives its margin or gross profit from the difference between the price at which it is able to sell the commodities to its customers and the related price at which it purchases the associated volumes from its suppliers.

In addition, Just Energy markets smart thermostats, offering the thermostats as a standalone unit or bundled with certain commodity products. The smart thermostats are manufactured and distributed by ecobee Inc. (“ecobee”), a company in which Just Energy holds a

8.5%

fully diluted equity interest. Just Energy also offers green products through its JustGreen program. The JustGreen electricity product offers customers the option of having all or a portion of their electricity sourced from renewable green sources such as wind, solar, hydropower or biomass. The JustGreen gas product offers carbon offset credits that allow customers to reduce or eliminate the carbon footprint of their homes or businesses. Additional green products allow customers to offset their carbon footprint without buying energy commodity products and can be offered in all states and provinces without being dependent on energy deregulation.

Just Energy markets its product offerings through a number of sales channels including door-to-door marketing, broker, retail and affinity relationships, and online marketing. Prior to

August 1, 2017,

the online marketing of gas and electricity contracts was primarily conducted through Just Ventures LLC and Just Ventures L.P. (collectively, “Just Ventures”), a joint venture in which Just Energy held a

50%

equity interest. This exclusive relationship ended on

July 31, 2017.

See Note

for further information.

Note 3 - Financial Statement Preparation

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of basis of preparation of financial statements [text block]

FINANCIAL STATEMENT PREPARATION

(a)

Statement of compliance with IFRS

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these consolidated financial statements were based on IFRS issued and outstanding as at

March 31, 2018.

The consolidated financial statements are presented in Canadian dollars, the functional currency of Just Energy, and all values are rounded to the nearest thousand, except where indicated. The Company’s consolidated financial statements are prepared on the historical cost basis of accounting, except as disclosed in the accounting policies set out below.

(b)

Principles of consolidation

The consolidated financial statements include the accounts of Just Energy and its directly or indirectly owned subsidiaries as at

March 31, 2018.

Subsidiaries are consolidated from the date of acquisition and control, and continue to be consolidated until the date that such control ceases. Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect these returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as Just Energy, using consistent accounting policies. All intercompany balances, income, expenses, and unrealized gains and losses resulting from intercompany transactions are eliminated on consolidation.

Note 4 - Significant Accounting Policies

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of significant accounting policies [text block]

SIGNIFICANT ACCOUNTING POLICIES

Cash and cash equivalents and restricted cash

All highly liquid temporary cash investments with an original maturity of

three

months or less when purchased are considered to be cash equivalents. For the purpose of the consolidated statements of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts.

Restricted cash includes cash and cash equivalents, where the availability of funds is restricted by debt arrangements or held in escrow as part of prior acquisition agreements.

Short-term investments

Short-term investments include investments in equities and fixed income producing securities and are held for trading.

Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue

Accrued gas receivable is stated at fair value and results when customers consume more gas than has been delivered by Just Energy to local distribution companies (“LDCs”). Accrued gas payable represents the obligation to the LDCs with respect to gas consumed by customers in excess of that delivered to the LDCs.

Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue.

Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than what was delivered, resulting in the recognition of unbilled revenues/accrued gas payable; however, in the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption/deferred revenue.

These adjustments are applicable solely to the Ontario, Manitoba, Quebec, Saskatchewan and Michigan gas markets.

Gas in storage

Gas in storage represents the gas delivered to the LDCs in Illinois, Indiana, New York, Ohio, Georgia, Maryland, California and Alberta. The balance will fluctuate as gas is injected into or withdrawn from storage.

Gas in storage is valued at the lower of cost and net realizable value, with cost being determined on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business.

Property, plant and equipment

Property, plant and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary and/or the present value of all dismantling and removal costs. Where major components of property, plant and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied with the item can be reliably measured. When significant parts of property, plant and equipment are required to be replaced at intervals, Just Energy recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in the consolidated statements of income as a general and administrative expense when incurred. Depreciation is provided over the estimated useful lives of the assets as follows:

Asset category	Depreciation method	Rate/useful life
Furniture and fixtures	Declining balance	20%
Office equipment	Declining balance	20%
Computer equipment	Declining balance	30%
Leasehold improvements	Straight-line	Term of lease
Thermostats (in years)	Straight-line	5

An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when

future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the consolidated statements of income.

The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate.

Business combinations

All identifiable assets acquired and liabilities assumed are measured at the acquisition date at fair value. The Company records all identifiable intangible assets including identifiable assets that had

not

been recognized by the acquiree before the business combination. Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets acquired and liabilities assumed is recorded as goodwill. During the measurement period (which is within

one

year from the acquisition date), Just Energy

may

adjust the amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Adjustments related to facts and circumstances that did

not

exist at the consolidated balance sheet date are taken to the income statement. The Company records acquisition-related costs as expenses in the periods in which the costs are incurred with the exception of certain costs relating to registering and issuing debt and equity securities which

may

be recorded in equity. Non-controlling interests are recognized at their proportionate share of the fair value of identifiable assets and liabilities, unless otherwise indicated.

Goodwill

Goodwill is initially measured at cost, which is the excess of the cost of the business combination over Just Energy’s share in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities. Any negative difference is recognized directly in the consolidated statements of income.

After initial recognition, goodwill is measured at cost, less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments.

Intangible assets

Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Intangible assets acquired in a business combination are recorded at fair value on the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. The useful lives of intangible assets are assessed as either finite or indefinite.

Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset

may

be impaired. The amortization method and amortization period of an intangible asset with a finite useful life are reviewed at least once annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense related to intangible assets with finite lives is recognized in the consolidated statements of income in the expense category associated with the function of the intangible assets.

Intangible assets consist of gas customer contracts, electricity customer contracts, sales network, brand and goodwill, acquired through business combinations and asset purchases, as well as software, commodity billing and settlement systems and information technology system development.

Internally generated intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management.

The brand and goodwill are considered to have indefinite useful lives and are

not

amortized, but rather tested annually for impairment. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in the consolidated statements of income when the asset is derecognized.

Intangible asset category	Amortization method	Rate/useful life
Customer contracts	Straight-line	Term of contract
Contract relationships	Straight-line	Term of contract
Commodity billing and settlement system (in years)	Straight-line	5
Sales network and affinity relationships (in years)	Straight-line	5	-	8
Information technology system development (in years)	Straight-line	3	-	5
Software (in years)	Straight-line	1
Technology (in years)	Straight-line	15

Impairment of non-financial assets

Just Energy assesses whether there is an indication that an asset

may

be impaired at each reporting date. If such an indication exists or when annual testing for an asset is required, Just Energy estimates the asset's recoverable amount. The recoverable amounts of goodwill and intangible assets with an indefinite useful life are estimated at least annually. The recoverable amount is the higher of an asset's or cash-generating unit's (“CGU”) fair value less costs to sell and its value-in-use. Value-in-use is determined by discounting estimated future pre-tax cash flows using a pre-tax discount rate that reflects the current market assessment of the time value of money and the specific risks of the asset. In determining fair value less costs to sell, an appropriate valuation model has to be used. The recoverable amount of assets that do

not

generate independent cash flows is determined based on the CGU to which the asset belongs.

An impairment loss is recognized in the consolidated statements of income if an asset's carrying amount or that of the CGU to which it is allocated is higher than its recoverable amount. Impairment losses of CGUs are

first

charged against the value of assets in proportion to their carrying amount.

In the consolidated statements of income, an impairment loss is recognized in the expense category associated with the function of the impaired asset.

For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognized impairment losses

may

longer exist or

may

have decreased. If such indication exists, Just Energy estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does

not

exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of amortization, had

impairment loss been recognized for the asset in prior years. Such a reversal is recognized in the consolidated statements of income.

Goodwill is tested for impairment annually and when circumstances indicate that the carrying value

may

be impaired. Impairment is determined for goodwill by assessing the recoverable amount of each segment to which the goodwill relates. Where the recoverable amount of the segment is less than its carrying amount, an impairment loss is recognized. Impairment losses relating to goodwill cannot be reversed in future periods.

Leases

The determination of whether an arrangement is or contains a lease is based on the substance of the arrangement at the inception date and whether fulfillment of the arrangement is dependent on the use of a specific asset or assets, or the arrangement conveys a right to use the asset.

Just Energy as a lessee

Operating lease payments are recognized as an expense in the consolidated statements of income on a straight-line basis over the lease term.

Just Energy as a lessor

Leases where Just Energy does

not

transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income.

Financial instruments

Financial assets and liabilities

Just Energy classifies its financial assets as either (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) other financial assets, or iv) available for sale, and its financial liabilities as either (i) financial liabilities at fair value through profit or loss or (ii) other financial liabilities. Appropriate classification of financial assets and liabilities is determined at the time of initial recognition or when reclassified in the consolidated statements of financial position.

Financial instruments are recognized on the trade date, which is the date on which Just Energy commits to purchase or sell the asset.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss include financial assets held-for-trading and financial assets designated upon initial recognition as at fair value through profit or loss. Financial assets are classified as fair value through profit or loss if they are acquired for the purpose of selling or repurchasing in the near term. This category includes derivative financial instruments entered into that are

not

designated as hedging instruments in hedge relationships as defined by IAS

39,

Financial Instruments: Recognition and Measurement (“IAS

39”

)

. Included in this class are primarily physical delivered energy contracts, for which the own-use exemption could

not

be applied, financially settled energy contracts and foreign currency forward contracts.

An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note

15.

Related realized and unrealized gains and losses are included in the consolidated statements of income.

Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are

not

quoted in an active market. Assets in this category include receivables. Loans and receivables are initially recognized at fair value net of transaction costs. They are subsequently measured at amortized cost using the effective interest rate method less any impairment. The effective interest amortization is included in finance costs in the consolidated statements of income.

Financial assets classified as available for sale

Available for sale financial assets are held at fair value with gains and losses included in other comprehensive income. Just Energy uses this classification for assets that are

not

derivatives and are

not

held for trading purposes or otherwise designated at fair value through profit or loss, or at amortized cost.

Derecognition

A financial asset is derecognized when the rights to receive cash flows from the asset have expired or when Just Energy has transferred its rights to receive cash flows from the asset.

Impairment of financial assets

Just Energy assesses whether there is objective evidence that a financial asset is impaired at each reporting date. A financial asset is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of

one

or more events that have occurred after the initial recognition of the asset (an incurred “loss event”) and that loss event has an impact on the estimated future cash flows that can be reliably estimated.

For financial assets carried at amortized cost, Just Energy

first

assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are

not

individually significant. If Just Energy determines that

objective evidence of impairment exists for an individually assessed financial asset, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are

not

included in a collective assessment of impairment.

If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows. The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate.

The carrying amount of the asset is reduced through the use of an allowance account and the amount of the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount and is accrued using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. The interest income is recorded as part of other income in the consolidated statements of income.

Loans and receivables, together with the associated allowance, are written off when there is

realistic prospect of future recovery. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to other operating costs in the consolidated statements of income.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held-for-trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held-for-trading if they are acquired for the purpose of selling in the near term. This category includes derivative financial instruments entered into by Just Energy that are

not

designated as hedging instruments in hedge relationships as defined by IAS

39.

Included in this class are primarily physically delivered energy contracts, for which the own-use exemption could

not

be applied, financially settled energy contracts and foreign currency forward contracts.

Gains or losses on liabilities held-for-trading are recognized in the consolidated statements of income.

Other financial liabilities

Other financial liabilities are measured at amortized cost using the effective interest rate method. Financial liabilities include long-term debt issued and are initially measured at fair value. Fair value, is the consideration received, net of transaction costs incurred, trade and other payables and bank indebtedness. Transaction costs related to the long-term debt instruments are included in the value of the instruments and amortized using the effective interest rate method. The effective interest expense is included in finance costs in the consolidated statements of income.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of income.

Derivative instruments

Just Energy enters into fixed-term contracts with customers to provide electricity and gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of gas and electricity. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of power and natural gas. These contracts are treated as derivatives as they do

not

meet the own-use criteria under IAS

32.

The primary factors affecting the fair value of derivative instruments at any point in time are the volume of open derivative positions and the changes of commodity market prices. Prices for power and natural gas are volatile, which can result in material changes in the fair value measurements reported in Just Energy’s consolidated financial statements in the future.

Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are

not

closely related to those of the host contract and the host contract is

not

carried as held-for-trading or designated as fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss.

All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivatives are carried in the consolidated statements of financial position as other financial assets when the fair value is positive and as other financial liabilities when the fair value is negative. Just Energy does

not

utilize hedge accounting; therefore, changes in the fair value of these derivatives are recorded directly to the consolidated statements of income and are included within change in fair value of derivative instruments and other.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

Fair value of financial instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without any deduction for transaction costs.

For financial instruments

not

traded in an active market, the fair value is determined using appropriate valuation techniques that are recognized by market participants. Such techniques

may

include using recent arm’s-length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis, or other valuation models. An analysis of fair values of financial instruments and further details as to how they are measured are provided in Note

15.

Revenue recognition

Revenue is recognized when significant risks and rewards of ownership are transferred to the customer. In the case of gas and electricity, transfer of risks and rewards is upon consumption of the commodity. Just Energy recognizes revenue from thermostat leases, based on rental rates over the term commencing from the installation date.

Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes.

The Company assumes credit risk for all customers in Alberta, Illinois, Texas, Michigan, California, Georgia, Delaware, Ohio, the U.K. and for certain large-volume customers in British Columbia. In these markets, the Company ensures that credit review processes are in place prior to the commodity flowing to the customer.

Foreign currency translation

Functional and presentation currency

Items included in the consolidated financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). For U.S. based subsidiaries, this is U.S. dollars (“USD”), for subsidiaries based in the U.K. it is British pounds (“GBP”), and for subsidiaries based in Germany and Ireland it is Euros (“EUR”). The consolidated financial statements are presented in Canadian dollars, which is the parent Company’s presentation and functional currency.

Transactions

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income.

Translation of foreign operations

The results and consolidated financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

	•	assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; and

•

income and expenses for each consolidated statement of income are translated at the exchange rates prevailing at the dates of the transactions.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, are recorded in other comprehensive income (“OCI”).

When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the consolidated statements of income as part of the gain or loss on sale.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

Earnings per share amounts

The computation of earnings per share is based on the weighted average number of shares outstanding during the year. Diluted earnings per share are computed in a similar way to basic earnings per share except that the weighted average number of shares outstanding is increased to include additional shares assuming the exercise of stock options, restricted share grants (“RSGs”), performance bonus incentive grants (“PBGs”), deferred share grants (“DSGs”) and convertible debentures, if dilutive.

Share-based compensation plans

Equity-based compensation liability

Share-based compensation are equity-settled transactions. The cost of share-based compensation is measured by reference to the fair value at the date on which it was granted. Awards are valued at the grant date and are

not

adjusted for changes in the prices of the underlying shares and other measurement assumptions. The cost of equity-settled transactions is recognized, together with the corresponding increase in equity, over the period in which the performance or service conditions are fulfilled, ending on the date on which the relevant grantee becomes fully entitled to the award. The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting period reflects the extent to which the vesting period has expired and Just Energy’s best estimate of the number of the shares that will ultimately vest. The expense or credit recognized for a period represents the movement in cumulative expense recognized as at the beginning and end of that period.

When options, RSGs, PBGs and DSGs are exercised or exchanged, the amounts previously credited to contributed surplus are reversed and credited to shareholders' capital.

Employee future benefits

In Canada, Just Energy offers a long-term wealth accumulation plan (the "Plan") for all permanent full-time and permanent part-time employees (working more than

hours per week). The Plan consists of

two

components, a Deferred Profit Sharing Plan ("DPSP") and an Employee Profit Sharing Plan ("EPSP"). For participants of the DPSP, Just Energy contributes an amount equal to a maximum of

per annum of an employee's base earnings. For the EPSP, Just Energy contributes an amount up to a maximum of

per annum of an employee's base earnings towards the purchase of shares of Just Energy, on a matching

one

-for-

one

basis.

For U.S. employees, Just Energy has established a long-term savings plan (the "Plan") for all permanent full-time and part-time employees (working more than

hours per week) of its subsidiaries. The Plan consists of

two

components, a

401

(k) and an Employee Unit Purchase Plan ("EUPP"). For participants who are enrolled only in the EUPP, Just Energy contributes an amount up to a maximum of

per annum of an employee's base earnings towards the purchase of Just Energy shares, on a matching

one

-for-

one

basis. For participants who are enrolled only in the

401

(k), Just Energy contributes an amount up to a maximum of

per annum of an employee's base earnings, on a matching

one

-for-

one

basis. In the event an employee participates in both the EUPP and

401

(k), the maximum Just Energy will contribute is

total, comprising of

to the EUPP and

to the

401

(k).

Participation in the plans in Canada or the U.S. is voluntary. For the

401

(k), there is a

two

-year vesting period beginning from the date of hire, and for the EUPP, there is a

six

-month vesting period from the employee's enrollment date in the plan.

Obligations for contributions to the Plan are recognized as an expense in the consolidated statements of income when the employee makes a contribution.

Income taxes

Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where Just Energy operates and generates taxable income.

Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and

not

in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations where applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Just Energy follows the liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the estimated tax consequences attributable to the temporary differences between the carrying value of the assets and liabilities in the consolidated financial statements and their respective tax bases.

Deferred tax liabilities are recognized for all taxable temporary differences except:

•

where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is

not

a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

•

in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled by the parent and it is probable that the temporary differences will

not

reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, the carryforward of unused tax credits and any unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, can be utilized except:

	•	where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

•

in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is

longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax relating to items recognized in cumulative translation adjustment or equity is recognized in cumulative translation adjustment or equity and

not

in profit or loss.

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

Provisions

Provisions are recognized when Just Energy has a present obligation, legal or constructive, as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where Just Energy expects some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the consolidated statements of income, net of any reimbursement. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability.

Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of income.

Selling and marketing expenses

Commissions and various other costs related to obtaining and renewing customer contracts are charged to income in the period incurred except as disclosed below:

Commissions related to obtaining and renewing Commercial customer contracts are paid in

one

of the following ways: all or partially up front or as a residual payment over the term of the contract. If the commission is paid all or partially up front, it is recorded as prepaid expenses and expensed in selling and marketing expenses over the term for which the associated revenue is earned. If the commission is paid as a residual payment, the amount is expensed as earned.

In addition, commissions related to leasing thermostats are capitalized as part of the cost of the equipment.

Green provision and certificates

Just Energy is a retailer of green energy and records a provision to its regulators as green energy sales are recognized. A corresponding cost is included in cost of sales. Just Energy measures its provision based on the extent of green certificates that it holds or has committed to purchase and has recorded this obligation net of its green certificates. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Green certificates are purchased by Just Energy to settle its obligation with the regulators.

Non-current assets held-for-sale and discontinued operations

Just Energy classifies non-current assets and disposal groups as held-for-sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held-for-sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held-for-sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within

one

year from the date of classification. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the consolidated statements of income. Property, plant and equipment and intangible assets are

not

depreciated or amortized once classified as held-for-sale.

Note 5 - Significant Accounting Judgments, Estimates and Assumptions

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of accounting judgements and estimates [text block]

5.	SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the consolidated financial statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, income, expenses and the disclosure of contingent liabilities. The estimates and related assumptions are based on previous experience and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about carrying values of assets and liabilities that are

not

readily apparent from other sources.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised. Judgments made by management in the application of IFRS that have a significant impact on the consolidated financial statements relate to the following:

Business combinations

In accounting for business combinations, judgment is required in estimating the acquisition date fair values of the identifiable assets acquired (including intangible assets) and liabilities assumed (including contingent liabilities). The necessary measurements are based on information available on the acquisition date and expectations and assumptions that have been deemed reasonable by management. During the measurement period (which is within

one

year from the acquisition date), Just Energy

may

adjust the amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Refer to Note

for further details.

Impairment of non-financial assets

Just Energy’s impairment test is based on fair value less cost to sell calculations that use EBITDA multiple model. The EBITDA is derived from actual figures and the EBITDA-multiple is sourced from external sources of information.

Deferred taxes

Significant management judgment is required to determine the amount of deferred tax assets and liabilities that can be recognized, based upon the likely timing and the level of future taxable income realized, including the usage of tax-planning strategies.

Useful life of key property, plant and equipment and intangible assets

The amortization method and useful lives reflect the pattern in which management expects the assets’ future economic benefits to be consumed by Just Energy.

Provisions for litigation

Significant management judgment is required to determine the amount of provisions to record a liability relating to litigation.

Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost in the consolidated statements of income. Refer to Note

for further information.

Trade receivables

Just Energy reviews its individually significant receivables at each reporting date to assess whether an impairment loss should be recorded in the consolidated statements of income. In particular, judgment by management is required in the estimation of the amount and timing of future cash flows when determining the allowance for doubtful accounts. In estimating these cash flows, Just Energy makes judgments about the borrower’s financial situation and the fair value of collateral. These estimates are based on assumptions about a number of factors and actual results

may

differ, resulting in future changes to the allowance.

Fair value of financial instruments

Where the fair values of financial assets and financial liabilities recorded in the consolidated statements of financial position cannot be derived from active markets, they are determined using valuation techniques including discounted cash flow models or transacted/quoted prices of identical assets that are

not

active. The inputs to these models are taken from observable markets where possible, but where this is

not

feasible, a degree of judgment is required in establishing fair values. The judgment includes consideration of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. Refer to Note

for further details about the assumptions as well as a sensitivity analysis.

Subsidiaries

Subsidiaries that are

not

wholly owned by Just Energy require judgment determining the amount of control that Just Energy has over that entity and the appropriate accounting treatments. In these consolidated financial statements, management has determined that Just Energy controlled Just Ventures until

July 31, 2017

and, therefore, has treated the

50%

that is

not

owned by Just Energy as a non-controlling interest until

July 31, 2017.

Refer to Note

for further details on change in control during fiscal

2018.

Just Energy also owns

95%

of the issued and outstanding shares of db swdirekt GmbH (“SWDirekt”), and

51%

of the issued and outstanding shares of db swpro GmbH (“SWPro”), and, therefore, has treated the

and

49%

that is

not

owned by Just Energy as a non-controlling interest.

Note 6 - Accounting Standards Issued But Not Yet Effective

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of changes in accounting policies, accounting estimates and errors [text block]

6.	ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE

The standards and interpretations that are issued, but

not

yet effective, up to the date of issuance of the consolidated financial statements are disclosed below. Just Energy intends to adopt these standards, if applicable, when they become effective.

IFRS

Financial Instruments

(“IFRS

9”

was issued by the IASB on

July 24, 2014,

and will replace IAS

39.

IFRS

uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS

39.

The approach in IFRS

is based on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics of the financial assets. Two measurement categories continue to exist to account for financial liabilities in IFRS

fair value through profit or loss (“FVTPL”) and amortized cost. Financial liabilities held-for-trading are measured at FVTPL, and all other financial liabilities are measured at amortized cost unless the fair value option is applied. The treatment of embedded derivatives under the new standard is consistent with IAS

and is only applied to financial liabilities. IFRS

uses a new expected loss impairment model and also uses a new model for hedge accounting aligning the accounting treatment with risk management activities. The measurement of impairment of financial assets is based on an expected credit loss model. It is

longer necessary for a triggering event to have occurred before credit losses are recognized. IFRS

is effective for annual periods beginning on or after

January 1, 2018.

As part of the implementation of IFRS

the Company has established a transition team to implement the accounting system, process and internal control changes that result from the new standard. The new impairment and classification and measurement requirements will be applied by adjusting the Company’s consolidated financial statements on

April 1, 2018,

the date of initial application, with

restatement of comparative period financial information.

The transition team has assessed the impact of IFRS

on the consolidated financial statements and has determined that the adoption of IFRS

will enhance disclosure requirements and is expected to increase the deficit as at

April 1, 2018,

primarily due to the increases in the expected lifetime credit losses for its contract assets, as well as trade and other receivables. Contract assets such as unbilled revenues are required to be tested for impairment under IFRS

As a result, the increase to the expected lifetime credit losses is expected to be approximately

$11.0

million to

$14.0

million, net of taxes. The investment in Ecobee will be classified as fair value through profit or loss, instead of as available-for-sale. Further gains and losses related to the investment in Ecobee will go through the statement of income instead of other comprehensive income. The Company will continue to revise, refine and validate the impairment models and related process controls leading up to the

June 30, 2018

reporting.

IFRS

15,

Revenue from Contracts with Customers

(“IFRS

15”

was jointly issued by the IASB and the Financial Accounting Standards Board, effective for annual reporting periods beginning on or after

January 1, 2018,

with early adoption permitted. IFRS

outlined a single comprehensive model to account for revenue arising from contracts with customers and will replace the majority of existing IFRS requirements on revenue recognition including IAS

18,

Revenue

. The core principle of IFRS

is to recognize revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The standard provides a single, principles-based

five

-step model that will apply to revenue earned from a contract with a customer, regardless of the type of revenue transaction or industry. The standard will also provide guidance on the recognition and measurement of gains and losses on the sale of some non-financial assets that are

not

an output of the entity’s ordinary activities. The standard also specifies that direct incremental costs of obtaining and fulfilling a contract that are expected to be recovered should be capitalized and amortized over the expected contract term. Disclosure requirements will increase including disaggregation of total revenue, information about performance obligations, changes in contract asset and liability account balances between periods and key judgments and estimates made. Just Energy will be implementing IFRS

using the modified retrospective approach where IFRS

will be applied to

2019

results beginning

April 1, 2018

without restating comparative periods.

Management has appointed an IFRS

transition team to assess the financial statement impact of IFRS

15.

The transition team has assessed the impact of IFRS

on the consolidated financial statements and its revenue recognition policies and has determined that the capitalization of direct incremental costs paid on all active contracts existing as at

March 31, 2018

will result in an increase in the opening retained earnings in the range of

$18.0

million to

$22.0

million, net of taxes. The standard specifies that an entity recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods or services. Depending on whether certain criteria are met, revenue is recognized either over time, in a manner that depicts the entity’s performance, or at a point in time, when control is transferred to the customer. The transition team also assessed Just Energy’s revenue streams and underlying contracts with customers. The majority of revenues within the scope of IFRS

are earned through the sale of gas and electricity and other value added products. We have

not

identified any significant differences in the timing or amount of recognition of revenue as a result of IFRS

15,

and therefore the changes to revenue earned on customer contracts is

not

expected to be significant. Additional disclosure however will be required on the disaggregation of revenue. The transition team is currently assessing how revenues will be disaggregated to meet the new disclosure requirement. Transition adjustments will be disclosed in the

2019

interim condensed financial statements.

Amendments to IFRS

Share-based Payment

(“IFRS

2”

clarify how to account for certain types of share-based payment transactions. IFRS

stipulates new conditions on the accounting for

three

main areas: the effects of vesting conditions on the measurement of a cash-settled share-based payment transaction; the classification of a share-based payment transaction with net settlement features for withholding tax obligations; and the accounting of a modification to the terms and conditions of a share-based payment that changes the transaction from cash-settled to equity-settled. IFRS

is applied prospectively; retroactive application is only permitted if the application can be performed without using hindsight. Requirements to apply IFRS

are effective for annual periods beginning on or after

January 1, 2018.

Management has appointed an IFRS

transition team to assess the financial statement impact of IFRS

The transition team will implement the accounting system, process and internal control changes that result from the new standard.

IFRS

16,

Leases

(“IFRS

16”

was issued by the IASB in

January 2016.

This guidance brings most leases onto the balance sheet for lessees under a single model, eliminating the distinction between operating and finance leases. Lessor accounting remains largely unchanged and the distinction between operating and finance leases is retained. Furthermore, per the standard, a lessee recognizes a right-of-use asset and a lease liability. The right-of-use asset is treated similarly to other non-financial assets and depreciated accordingly, and the liability accrues interest. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease. Lessees are permitted to make an accounting policy election, by class of underlying asset, to apply a method like IAS

17’s

operating lease accounting and

not

recognize lease assets and lease liabilities for leases with a lease term of

months or less, and on a lease-by-lease basis, to apply a method similar to current operating lease accounting to leases for which the underlying asset is of low value. IFRS

supersedes IAS

17,

Leases

and its related Interpretations, and is effective for periods beginning on or after

January 1, 2019,

with earlier adoption permitted if IFRS

has also been applied. Just Energy has

not

yet assessed the impact of this standard.

Note 11 - Investments

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of investments other than investments accounted for using equity method [text block]

11.

INVESTMENTS

(a)

August 10, 2012,

Just Energy, through a subsidiary, acquired an interest in ecobee, a private company that designs, manufactures and distributes smart thermostats, for an amount of

$6.4

million. During the fiscal year

2017,

Just Energy further increased its investment in the company by

$5.4

million. The Company markets these smart thermostats in all its core markets, bundling the thermostats with commodity and home service products. As at

March 31, 2018,

Just Energy owns approximately

8.5%

of ecobee. Previously, this investment was measured at cost as fair value could

not

be measured reliably. This investment is measured at fair value and is classified as available-for-sale. The fair value of the investment has been determined directly from transacted/quoted prices of identical assets that are

not

active (Level

measurement). During the year ended

March 31, 2018,

the fair value of the investment increased by

$20.6

million (

2017

$nil

(b)

Just Energy has an instrument that is convertible upon the option of the holder into an equity investment in Energy Earth, a private company that offers products related to the conservation of natural resources. This investment is designated as fair value through profit or loss. The fair value of the investment has been determined by reference to direct inputs other than quoted prices that are observable for the asset (Level

measurement). During the year ended

March 31, 2018,

the fair value of the investment increased by

$1.3

million (

2017

$nil

) to

$3.9

million (

2017

$nil

Note 12 - Property, Plant and Equipment

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of property, plant and equipment [text block]

12.	PROPERTY, PLANT AND EQUIPMENT

As at

March 31, 2018

	Computer equipment			Furniture and fixtures			Office equipment			Thermo-stats			Leasehold improvements			Total
Cost:
Opening balance - April 1, 2017	$	18,672		$	6,774		$	14,947		$	13,471		$	4,517		$	58,381
Additions		3,561			147			352			387			391			4,838
Retirements		-			-			-			(517	)		-			(517	)
Exchange differences		(60	)		(60	)		(90	)		(103	)		(14	)		(327	)
Ending balance, March 31, 2018		22,173			6,861			15,209			13,238			4,894			62,375

Accumulated depreciation:
Opening balance - April 1, 2017		(11,600	)		(4,776	)		(10,095	)		(7,713	)		(2,515	)		(36,699	)
Depreciation charge to cost of sales		-			-			-			(3,116	)		-			(3,116	)
Depreciation charge for the year		(2,431	)		(262	)		(745	)		-			(677	)		(4,115	)
Retirements		-			-			-			208			-			208
Exchange differences		47			43			64			66			20			240
Ending balance, March 31, 2018		(13,984	)		(4,995	)		(10,776	)		(10,555	)		(3,172	)		(43,482	)
Net book value, March 31, 2018	$	8,189		$	1,866		$	4,433		$	2,683		$	1,722		$	18,893

As at

March 31, 2017

	Computer equipment			Furniture and fixtures			Vehicles			Office equipment			Thermostats			Leasehold improvements			Total
Cost:
Opening balance - April 1, 2016	$	19,494		$	7,300		$	6		$	23,157		$	12,792		$	8,913		$	71,662
Additions		3,651			788			-			1,142			1,213			1,521			8,315
Retirements		(4,531	)		(1,493	)		(6	)		(9,649	)		(594	)		(6,046	)		(22,319	)
Exchange differences		58			179			-			297			60			129			723
Ending balance, March 31, 2017		18,672			6,774			-			14,947			13,471			4,517			58,381

Accumulated depreciation:
Opening balance - April 1, 2016		(11,968	)		(5,544	)		(6	)		(16,314	)		(4,985	)		(7,800	)		(46,617	)
Depreciation charge to cost of sales		-			-			-			-			(2,974	)		-			(2,974	)
Depreciation charge for the year		(2,426	)		(409	)		-			(3,183	)		-			(561	)		(6,579	)
Retirements		4,531			1,493			6			9,649			281			6,046			22,006
Exchange differences		(1,737	)		(316	)		-			(247	)		(35	)		(200	)		(2,535	)
Ending balance, March 31, 2017		(11,600	)		(4,776	)		-			(10,095	)		(7,713	)		(2,515	)		(36,699	)

Net book value, March 31, 2017	$	7,072		$	1,998		$			$	4,852		$	5,758		$	2,002		$	21,682

Note 13 - Intangible Assets

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of intangible assets [text block]

13.

INTANGIBLE ASSETS

As at

March 31, 2018

	Goodwill			Brand			Technology 1			Customer relationships			Sales networks and affinity relationships			Other		Total
Cost:
Opening balance - April 1, 2017	$	289,201		$	31,154		$	48,525		$	-		$	53,595		$	-	$	422,475
Acquisition of a subsidiary		14,699			-			1,409			17,387			-			347		33,842
Additions		-			-			30,938			-			-			-		30,938
Exchange differences		(3,227	)		(949	)		(471	)		640			(1,632	)		148		(5,491	)
Ending balance, March 31, 2018		300,673			30,205			80,401			18,027			51,963			495		481,764

Accumulated amortization:
Opening balance - April 1, 2017		-			-			(27,641	)		-			(36,847	)		-		(64,488	)
Amortization charge for the year		-			-			(8,924	)		(1,309	)		(6,466	)		-		(16,699	)
Exchange differences		-			-			256			-			1,093			-		1,349
Ending balance, March 31, 2018		-			-			(36,309	)		(1,309	)		(42,220	)		-		(79,838	)
Net book value, March 31, 2018	$	300,673		$	30,205		$	44,092		$	16,718		$	9,743		$	495	$	401,926

Technology includes work in progress IT projects of

$19.8

million.

As at

March 31, 2017

	Gas contracts			Electricity contracts			Goodwill		Brand		Technology			Sales network and affinity relationships			Total
Cost:
Opening balance - April 1, 2016	$	122,010		$	320,185		$	280,513	$	30,423	$	83,876		$	160,243		$	997,250
Retirements		(123,204	)		(331,335	)		-		-		(55,296	)		(111,578	)		(621,413	)
Acquisition of a subsidiary		-			-			6,020		-		-			-			6,020
Additions		-			-			-		-		18,074			-			18,074
Exchange differences		1,194			11,150			2,668		731		1,871			4,930			22,544
Ending balance, March 31, 2017		-			-			289,201		31,154		48,525			53,595			422,475

Accumulated amortization:
Opening balance - April 1, 2016		(122,010	)		(320,185	)		-		-		(71,837	)		(137,345	)		(651,377	)
Retirements		123,204			331,335			-		-		55,296			111,578			621,413
Amortization charge for the year		-			-			-		-		(9,329	)		(6,612	)		(15,941	)
Exchange differences		(1,194	)		(11,150	)		-		-		(1,771	)		(4,468	)		(18,583	)
Ending balance, March 31, 2017		-			-			-		-		(27,641	)		(36,847	)		(64,488	)
Net book value, March 31, 2017	$	-		$	-		$	289,201	$	31,154	$	20,884		$	16,748		$	357,987

The capitalized internally developed costs relate to the development of new customer billing and analysis software solutions for the different energy markets of Just Energy. All research costs and development costs

not

eligible for capitalization have been expensed and are recognized in administrative expenses.

Note 15 - Financial Instruments

12 Months Ended

Mar. 31, 2018

Statement Line Items [Line Items]

Disclosure of financial instruments [text block]

15.

FINANCIAL INSTRUMENTS

(a)

Fair value of derivative financial instruments and other

The fair value of financial instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Management has estimated the value of financial swaps, physical forwards and option contracts for electricity, natural gas, carbon and renewable energy certificates, and generation and transmission capacity contracts using a discounted cash flow method, which employs market forward curves that are either directly sourced from

third

parties or are developed internally based on

third

-party market data. These curves can be volatile, thus leading to volatility in the mark to market with

immediate impact to cash flows. Gas options have been valued using the Black option value model using the applicable market forward curves and the implied volatility from other market traded options.

The following table illustrates gains (losses) related to Just Energy’s derivative financial instruments classified as fair value through profit or loss and recorded on the consolidated statements of financial position as fair value of derivative financial assets and fair value of derivative financial liabilities, with their offsetting values recorded in change in fair value of derivative instruments and other on the consolidated statements of income.

	For the			For the
	year ended			year ended
	March 31, 2018			March 31, 2017
Change in fair value of derivative instruments and other

Physical forward contracts and options (i)	$	400,583		$	215,935
Financial swap contracts and options (ii)		59,710			144,288
Foreign exchange forward contracts		(1,842	)		(1,756	)
Share swap		(4,484	)		(98	)
6.5% convertible bond conversion feature		7,764			14,261
Unrealized foreign exchange on 6.5% convertible bond		6,101			(4,309	)
Other derivative options		6,524			6,470
Change in fair value of derivative instruments and other	$	474,356		$	374,791

The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the consolidated statement of financial position as at

March 31, 2018:

	Financial assets (current)		Financial assets (non-current)		Financial liabilities (current)		Financial liabilities (non-current)

Physical forward contracts and options (i)	$	198,891	$	60,550	$	32,451	$	29,003
Financial swap contracts and options (ii)		8,133		1,342		34,369		22,117
Foreign exchange forward contracts		-		-		1,068		505
Share swap		-		-		18,400		-
6.5% convertible bond conversion feature		-		-		-		246
Other derivative options		11,745		2,770		-		-
As at March 31, 2018	$	218,769	$	64,662	$	86,288	$	51,871

The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recordedi n the consolidated statement of financial position as at

March 31, 2017:

	Financial assets (current)		Financial assets (non-current)		Financial liabilities (current)		Financial liabilities (non-current)

Physical forward contracts and options	$	982	$	983	$	89,472	$	124,173
Financial swap contracts and options		3,207		2,027		65,362		46,246
Foreign exchange forward contracts		565		-		-		295
Share swap		-		-		13,916		-
6.5% convertible bond conversion feature		-		-		-		8,010
Other derivative options		6,902		-		43		-
As at March 31, 2017	$	11,656	$	3,010	$	168,793	$	178,724

Below is a summary of the financial instruments classified through profit or loss as at

March 31, 2018,

to which Just Energy has committed:

(i) Physical forward contracts and options consist of:

•

Electricity contracts with a total remaining volume of

32,522,439

MWh, a weighted average price of

$42.50/MWh

and expiry dates up to

December 31, 2027.

•

Natural gas contracts with a total remaining volume of

86,541,853

GJs, a weighted average price of

$3.72/GJ

and expiry dates up to

October 31, 2023.

•

Renewable energy certificates (“RECs”) and emission-reduction credit contracts with a total remaining volume of

3,662,766

MWh and

422,550

tonnes, respectively, a weighted average price of

$27.84/REC

and

$2.50/tonne,

respectively, and expiry dates up to

December 31, 2028

and

December 31, 2021.

•

Electricity generation capacity contracts with a total remaining volume of

5,410

MWCap, a weighted average price of

$6,912.86/MWCap

and expiry dates up to

October 31, 2022.

•

Ancillary contracts with a total remaining volume of

933,679

MWh, a weighted average price of

$19.45/MWh

and expiry dates up to

December 31, 2020.

(ii) Financial swap contracts and options consist of:

•

Electricity contracts with a total remaining volume of

15,724,012

MWh, an average price of

$49.41/MWh

and expiry dates up to

July 23, 2023.

•

Natural gas contracts with a total remaining volume of

117,006,333

GJs, an average price of

$3.54/GJ

and expiry dates up to

December 31, 2022.

•

Electricity generation capacity contracts with a total remaining volume of

273

MWCap, a weighted average price of

$4,146.69/MWCap

and expiry dates up to

October 31, 2020.

•

Ancillary contracts with a total remaining volume of

962,506

MWh, a weighted average price of

$13.76/MWh

and expiry dates up to

December 31, 2019.

These derivative financial instruments create a credit risk for Just Energy since they have been transacted with a limited number of counterparties. Should any counterparty be unable to fulfill its obligations under the contracts, Just Energy

may

not

be able to realize the financial assets’ balance recognized in the consolidated financial statements.

Share swap agreement

Just Energy has entered into a share swap agreement to manage the consolidated statement of income volatility associated with the Company’s restricted share grant and deferred share grant plans. The value, on inception, of the

2,500,000

shares under this share swap agreement was approximately

$33,803.

Net monthly settlements received under the share swap agreement are recorded in other income. Just Energy records the fair value of the share swap agreement in the non-current derivative financial liabilities on the consolidated statements of financial position. Changes in the fair value of the share swap agreement are recorded through the consolidated statements of income as a change in fair value of derivative instruments and other.

Fair value (“FV”) hierarchy derivatives

Level

The fair value measurements are classified as Level

in the FV hierarchy if the fair value is determined using quoted unadjusted market prices.

Level

Fair value measurements that require observable inputs other than quoted prices in Level

either directly or indirectly, are classified as Level

in the FV hierarchy. This could include the use of statistical techniques to derive the FV curve from observable market prices. However, in order to be classified under Level

significant inputs must be directly or indirectly observable in the market. Just Energy values its New York Mercantile Exchange (“NYMEX”) financial gas fixed-for-floating swaps under Level

Level

Fair value measurements that require unobservable market data or use statistical techniques to derive forward curves from observable market data and unobservable inputs are classified as Level

in the FV hierarchy. For the supply contracts, Just Energy uses quoted market prices as per available market forward data and applies a price-shaping profile to calculate the monthly prices from annual strips and hourly prices from block strips for the purposes of mark-to-market calculations. The profile is based on historical settlements with counterparties or with the system operator and is considered an unobservable input for the purposes of establishing the level in the FV hierarchy. For the natural gas supply contracts, Just Energy uses

three

different market observable curves: (i) Commodity (predominately NYMEX), (ii) Basis and (iii) Foreign exchange. NYMEX curves extend for over

five

years (thereby covering the length of Just Energy’s contracts); however, most basis curves extend only

months into the future. In order to calculate basis curves for the remaining years, Just Energy uses extrapolation, which leads natural gas supply contracts to be classified under Level

For the share swap, Just Energy uses a forward interest rate curve along with a volume weighted average share price.

Just Energy’s accounting policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were

transfers into or out of Level

Level

or Level

during the years ended

March 31, 2018

2017.

Fair value measurement input sensitivity

The main cause of changes in the fair value of derivative instruments is changes in the forward curve prices used for the fair value calculations. Just Energy provides a sensitivity analysis of these forward curves under the “Market risk” section of this note. Other inputs, including volatility and correlations, are driven off historical settlements.

The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at

March 31, 2018:

	Level 1		Level 2			Level 3			Total
Derivative financial assets	$	-	$	-		$	283,431		$	283,431
Derivative financial liabilities		-		(21,092	)		(117,067	)		(138,159	)
Total net derivative assets (liabilities)	$	-	$	(21,092	)	$	166,364		$	145,272

The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at

March 31, 2017:

	Level 1		Level 2			Level 3			Total
Derivative financial assets	$	-	$	-		$	14,666		$	14,666
Derivative financial liabilities		-		(17,741	)		(329,776	)		(347,517	)
Total net derivative liabilities	$	-	$	(17,741	)	$	(315,110	)	$	(332,851	)

Key assumptions used when determining the significant unobservable inputs included in Level

of the FV hierarchy consist of up to

price extrapolation to calculate monthly prices that extend beyond the market observable

- to

-month forward curve.

The following table illustrates the changes in net fair value of financial assets (liabilities) classified as Level

in the FV hierarchy for the following periods:

	Year ended			Year ended
	March 31, 2018			March 31, 2017
Balance, beginning of year	$	(315,110	)	$	(638,231	)
Total gains (losses)		105,709			(42,084	)
Purchases		207,531			(30,265	)
Sales		(64,464	)		2,084
Settlements		232,698			393,386
Balance, end of year	$	166,364		$	(315,110	)

(b)

Classification of non-derivative financial assets and liabilities

As at

March 31, 2018

and

March 31, 2017,

the carrying value of cash and cash equivalents, short-term investments, restricted cash, current trade and other receivables, unbilled revenues and trade and other payables approximates their fair value due to their short-term nature.

Long-term debt recorded at amortized cost has a fair value as at

March 31, 2018

$570.1

million (

2017

$542.0

million) and the interest payable on outstanding amounts is at rates that vary with Bankers’ Acceptances, LIBOR, Canadian bank prime rate or U.S. prime rate, with the exceptions of

6.75%

$100M

convertible debentures,

6.75%

$160M

convertible debentures,

6.5%

convertible bonds and

5.75%

convertible debentures which are fair valued based on market value. The

6.75%

$100M

convertible debentures,

6.75%

convertible debentures,

6.5%

convertible bonds and

5.75%

convertible debentures are classified as Level

in the FV hierarchy.

Investments in equity instruments are recorded at fair value as at

March 31, 2018

$36.3

million and are measured based on Level

of the fair value hierarchy. Level

inputs for non-derivative financial assets include quoted prices for similar assets in active markets, quoted prices for identical or similar assets that are

not

active.

The fair values of both the investment in ecobee and Energy Earth has been derived from transacted/quoted prices of identical assets that are

not

active.

adjustments were made in valuing the investment in ecobee or Energy Earth based on unobservable inputs that would be significant to the entire measurement and require the fair value measurement to be categorized within Level

of the fair value hierarchy.

The following table illustrates the classification of investments in the FV hierarchy as at

March 31, 2018:

	Level 1		Level 2		Level 3		Total
Investment in ecobee	$	-	$	32,446	$	-	$	32,446
Investment in Energy Earth		-		3,900		-		3,900
Total investments	$	-	$	36,314	$	-	$	36,314

The risks associated with Just Energy’s financial instruments are as follows:

(i)

Market risk

Market risk is the potential loss that

may

be incurred as a result of changes in the market or fair value of a particular instrument or commodity. Components of market risk to which Just Energy is exposed are discussed below.

Foreign currency risk

Foreign currency risk is created by fluctuations in the fair value or cash flows of financial instruments due to changes in foreign exchange rates and exposure as a result of investments in U.S. and international operations.

The performance of the Canadian dollar relative to the U.S. dollar could positively or negatively affect Just Energy’s income, as a portion of Just Energy’s income is generated in U.S. dollars and is subject to currency fluctuations upon translation to Canadian dollars. Due to its growing operations in the U.S. and Europe, Just Energy expects to have a greater exposure to foreign currency fluctuations in the future than in prior years. Just Energy has economically hedged between

50%

and

90%

of forecasted cross border cash flows that are expected to occur within the next

months and between

and

50%

of certain forecasted cross border cash flows that are expected to occur within the next

months. The level of economic hedging is dependent on the source of the cash flow and the time remaining until the cash repatriation occurs.

Just Energy

may,

from time to time, experience losses resulting from fluctuations in the values of its foreign currency transactions, which could adversely affect its operating results. Translation risk is

not

hedged.

With respect to translation exposure, if the Canadian dollar had been

stronger or weaker against the U.S. dollar for the year ended

March 31, 2018,

assuming that all the other variables had remained constant, profit for the year would have been

$15.0

million lower/higher and other comprehensive income would have been

$37.8

million lower/higher.

Interest rate risk

Just Energy is only exposed to interest rate fluctuations associated with its floating rate credit facility. Just Energy’s current exposure to interest rates does

not

economically warrant the use of derivative instruments. Just Energy’s exposure to interest rate risk is relatively immaterial and temporary in nature. Just Energy does

not

currently believe that its long-term debt exposes the Company to material interest rate risks but has set out parameters to actively manage this risk within its Risk Management Policy.

increase (decrease) in interest rates would have resulted in a decrease (increase) of approximately

$758

in profit before income taxes for the year ended

March 31, 2018 (

2017

–

$332

Commodity price risk

Just Energy is exposed to market risks associated with commodity prices and market volatility where estimated customer requirements do

not

match actual customer requirements. Management actively monitors these positions on a daily basis in accordance with its Risk Management Policy. This policy sets out a variety of limits, most importantly thresholds for open positions in the gas and electricity portfolios which also feed a value at risk limit. Should any of the limits be exceeded, they are closed expeditiously or express approval to continue to hold is obtained. Just Energy’s exposure to market risk is affected by a number of factors, including accuracy of estimation of customer commodity requirements, commodity prices, volatility and liquidity of markets. Just Energy enters into derivative instruments in order to manage exposures to changes in commodity prices. The derivative instruments that are used are designed to fix the price of supply for estimated customer commodity demand and thereby fix margins such that shareholder dividends can be appropriately established. Derivative instruments are generally transacted over the counter. The inability or failure of Just Energy to manage and monitor the above market risks could have a material adverse effect on the operations and cash flows of Just Energy. Just Energy mitigates the exposure to variances in customer requirements that are driven by changes in expected weather conditions through active management of the underlying portfolio, which involves, but is

not

limited to, the purchase of options including weather derivatives. Just Energy’s ability to mitigate weather effects is limited by the degree to which weather conditions deviate from normal.

Commodity price sensitivity – all derivative financial instruments

If all the energy prices associated with derivative financial instruments including natural gas, electricity, verified emission-reduction credits and renewable energy certificates had risen (fallen) by

10%,

assuming that all of the other variables had remained constant, profit before income taxes for the year ended

March 31, 2018

would have increased (decreased) by

$228,721

(

$227,245

), primarily as a result of the change in fair value of Just Energy’s derivative financial instruments.

Commodity price sensitivity – Level

derivative financial instruments

If the energy prices associated with only Level

derivative financial instruments including natural gas, electricity, verified emission-reduction credits and renewable energy certificates had risen (fallen) by

10%,

assuming that all of the other variables had remained constant, profit before income taxes for the year ended

March 31, 2018

would have increased (decreased) by

$232,801

(

$231,393

), primarily as a result of the change in fair value of Just Energy’s derivative financial instruments.

(ii) Credit risk

Credit risk is the risk that

one

party to a financial instrument fails to discharge an obligation and causes financial loss to another party. Just Energy is exposed to credit risk in

two

specific areas: customer credit risk and counterparty credit risk.

Customer credit risk

In Alberta, Texas, Illinois, British Columbia, California, Michigan, Delaware, Ohio, Georgia and the U.K., Just Energy has customer credit risk and, therefore, credit review processes have been implemented to perform credit evaluations of customers and manage customer default. If a significant number of customers were to default on their payments, it could have a material adverse effect on the operations and cash flows of Just Energy. Management factors default from credit risk in its margin expectations for all the above markets.

The aging of the accounts receivable from the above markets was as follows:

	March 31, 2018		March 31, 2017

Current	$	113,786	$	96,510
1– 30 days		44,374		30,672
31–60 days		21,241		12,806
61–90 days		12,686		8,358
Over 90 days		69,207		47,059
	$	261,294	$	195,405

Changes in the allowance for doubtful accounts related to the balances in the table above were as follows:

	March 31, 2018			March 31, 2017

Balance, beginning of year	$	49,431		$	58,789
Provision for doubtful accounts		56,300			56,041
Bad debts written off		(41,802	)		(64,262	)
Foreign exchange		(3,808	)		(1,137	)
Balance, end of year	$	60,121		$	49,431

In the remaining markets, the LDCs provide collection services and assume the risk of any bad debts owing from Just Energy’s customers for a fee. Management believes that the risk of the LDCs failing to deliver payment to Just Energy is minimal. There is

assurance that the LDCs providing these services will continue to do so in the future.

Counterparty credit risk

Counterparty credit risk represents the loss that Just Energy would incur if a counterparty fails to perform under its contractual obligations. This risk would manifest itself in Just Energy replacing contracted supply at prevailing market rates, thus impacting the related customer margin. Counterparty limits are established within the Risk Management Policy. Any exceptions to these limits require approval from the Board of Directors of Just Energy. The Risk Department and Risk Committee monitor current and potential credit exposure to individual counterparties and also monitor overall aggregate counterparty exposure. However, the failure of a counterparty to meet its contractual obligations could have a material adverse effect on the operations and cash flows of Just Energy.

As at

March 31, 2018,

the estimated counterparty credit risk exposure amounted to

$283,431

(

2017

$14,666

), representing the risk relating to Just Energy’s exposure to derivatives that are in an asset position.

(iii) Liquidity risk

Liquidity risk is the potential inability to meet financial obligations as they fall due. Just Energy manages this risk by monitoring detailed weekly cash flow forecasts covering a rolling

six

-week period, monthly cash forecasts for the next

months, and quarterly forecasts for the following

two

-year period to ensure adequate and efficient use of cash resources and credit facilities.

The following are the contractual maturities, excluding interest payments, reflecting undiscounted disbursements of Just Energy’s financial liabilities:

As at

March 31, 2018:

	Carrying		Contractual		Less than						More than
	amount		cash flows		1 year		1-3 years		4-5 years		5 years
Trade and other payables	$	616,434	$	616,434	$	616,434	$	-	$	-	$	-
Long-term debt 1		543,504		575,525		122,115		193,410		260,000		-
Gas, electricity and non-commodity contracts		138,159		3,171,037		1,867,389		1,202,949		69,658		31,041
	$	1,298,097	$	4,362,996	$	2,605,938	$	1,396,359	$	329,658	$	31,041

As at

March 31, 2017:

Carrying

Contractual

Less than

More than

amount

cash flows

1 year

1-3 years

4-5 years

5 years

Trade and other payables

499,169