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Just Energy Group Inc. Fiscal 2019 Earnings, Price Target Update

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Just Energy (JE, JE.PR.U, JE.DB.C.D) is primarily a retailer of natural gas and electricity to residential and commercial customers through fixed and variable priced contract arrangements. These contracts comprise about 95% of their business with the balance from adding new products. Just Energy also provides energy management solutions to both Consumer and Commercial customers in the form of value-added products and services which include, LED retrofit lighting and HVAC controls, enterprise monitoring and water filtration.

Total customers as of Mar-31-2019 were 4.1M comprised of 2M consumer accounts and 2.1M commercial accounts. Consumer accounts contribute 55% of revenues with the balance from commercial accounts. Consumer accounts are sold through door to door marketing and affinity channels. Contracts are typically 5 years, flat or variable rate and can be bundled with smart thermostats made by Ecobee of which Just Energy owns 8%. Electricity contracts comprise 75% of customers, 23% are for natural gas contracts with the balance from new product lines. Approximately 75% of revenues are from the US, 15% from Canada and 10% are in the UK. Their fiscal year runs from April 1 to March 31.

They expanded into the UK in Jul-2012. Operations are located in Ontario, Manitoba, Qu├ębec, British Columbia, Alberta and Saskatchewan, Illinois, New York, Indiana, Michigan, Ohio, New Jersey, California, Maryland, Pennsylvania, Massachusetts, Georgia, Texas, Delaware and Florida. By fixing the price of natural gas or electricity under fixed-price or price-protected program contracts for a period of up to five years, customers are able to offset exposure to changes. Variable rate products allow customers to maintain competitive rates while retaining the ability to lock into a fixed price at their discretion.

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