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Just Energy

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About Just Energy

Just Energy seeks a more just outcome for its customers, when it comes to energy prices. The natural gas and electricity marketer serves more than 1.9 million residential and commercial customers and offers natural gas and electricity services in Canada and a more than a dozen US states under long-term fixed-price, price-protected, or variable-priced – more... contracts. By fixing the price of natural gas or electricity under long-term contracts for up to five years, Just Energy allows its customers offset exposure to price changes. It also offers green energy options (allowing customers to select a portion of their power from wind and hydro sources) through its JustGreen program.

The company's main business is marketing natural gas and electricity services to residential and commercial customers, under long-term fixed-price, price-protected, or variable-priced contracts. Just Energy also rents high-efficiency and tankless water heaters and a range of other HVAC products. Through National Home Services, Just Energy sells and rents high efficiency and tankless water heaters, air conditioners and furnaces to customers in Ontario. Its Terra Grain Fuels unit produces and sells wheat-based ethanol, while its Hudson Solar subsidiary has a solar project development platform in New Jersey.

The company operates in Canada (Alberta, British Columbia, Manitoba, Ontario, Quebec, and Saskatchewan) and in the US (California, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, and Texas).

It has expanded its services to higher-return commerical customers. By the end of Fiscal 2012, commercial customers accounted for 49% of its customer base. The commercial customer base grew to 1,901,000 in fiscal 2012, a 43% increase over the previous year. The growth was strongest in the US power market, led by Texas and New Jersey. The push took the US contribution to Just Energy's total revenues from 27% in 2010 to 41% in 2012.

Just Energy reported a 6% drop in 2012 overall revenues as the result of a reduction in the average price it charged to its customers, caused by increased competition, lower commodity prices, customer attrition, and lower prices charged to new customers. However, net income plummeted from C$352,940 in 2011 to a net loss of C$126,643 in 2012, primarily as the result of a jump in finance costs and a major change in the fair value of its derivatives instruments.

Just Energy has boosted its market share and geographic presence by acquisitions. In 2011 the company acquired Texas-based retail electricity business, Fulcrum Retail Holdings. In 2010 it bought Hudson Energy Services, a marketer of natural gas and electricity serving 680,000 customers in four US states. A year earlier it acquired Universal Energy Group, adding 480,000 customers in Canada.

In order to allow for better financial returns following a change in tax laws regarding trusts, Just Energy converted from an income trust to a corporation in 2011. – less

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