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JE Just Energy

Document And Entity Information

Document And Entity Information3 Months Ended
Jun. 30, 2021
Document Information [Line Items]
Document Type6-K
Document Period End DateJun. 30,
2021
Entity Registrant NameJust Energy Group Inc.
Entity Central Index Key0001538789
Document Fiscal Year Focus2022
Document Fiscal Period FocusQ1
Current Fiscal Year End Date--03-31
Amendment Flagfalse

INTERIM CONDENSED CONSOLIDATED

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
Current assets
Cash and cash equivalents $ 184,271 $ 215,989
Restricted cash3,309 1,139
Trade and other receivables, net365,766 340,201
Gas in storage8,820 2,993
Fair value of derivative financial assets215,769 25,026
Income taxes recoverable10,229 8,238
Other current assets148,826 163,405
Total current assets936,990 756,991
Non-current assets
Investments32,889 32,889
Property and equipment, net16,125 17,827
Intangible assets, net68,147 70,723
Goodwill163,447 163,770
Fair value of derivative financial assets54,986 10,600
Deferred income tax assets3,599 3,744
Other non-current assets35,095 35,262
Total non-current assets374,288 334,815
TOTAL ASSETS1,311,278 1,091,806
Current liabilities
Trade and other payables945,977 921,595
Deferred revenue2,876 1,408
Income taxes payable3,750 4,126
Fair value of derivative financial liabilities9,888 13,977
Provisions7,895 6,786
Current portion of long-term debt622,227 654,180
Total current liabilities1,592,613 1,602,072
Non-current liabilities
Long-term debt959 1,560
Fair value of derivative financial liabilities9,450 61,169
Deferred income tax liabilities2,773 2,749
Other non-current liabilities17,020 19,078
Total non-current liabilities30,202 84,556
TOTAL LIABILITIES1,622,815 1,686,628
SHAREHOLDERS' DEFICIT
Shareholders' capital1,537,863 1,537,863
Contributed deficit(11,024)(11,634)
Accumulated deficit(1,936,366)(2,211,728)
Accumulated other comprehensive income98,381 91,069
Non-controlling interest(391)(392)
TOTAL SHAREHOLDERS' DEFICIT(311,537)(594,822)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 1,311,278 $ 1,091,806

INTERIM CONDENSED CONSOLIDATE_2

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
CONTINUING OPERATIONS
Sales $ 608,672 $ 685,964
Cost of goods sold528,363 416,827
GROSS MARGIN80,309 269,137
INCOMES (EXPENSES)
Administrative(29,770)(39,953)
Selling and marketing(39,672)(46,959)
Other operating expenses(12,474)(19,911)
Finance costs(12,913)(21,853)
Reorganization costs(20,009)
Unrealized gain of derivative instruments and other292,137 77,349
Realized gain (loss) of derivative instruments17,213 (134,446)
Other expenses, net(489)(632)
Profit from continuing operations before income taxes274,332 82,732
Provision for (recovery of) income taxes(967)634
Profit from continuing operations275,299 82,098
DISCONTINUED OPERATIONS
Loss after tax from discontinued operations(2,948)
Profit for the period275,299 79,150
Attributable to:
Shareholders of Just Energy275,362 79,147
Non-controlling interest(63)3
PROFIT FOR THE PERIOD $ 275,299 $ 79,150
Earnings per share from continuing operations
Basic $ 5.73 $ 7.96
Diluted5.637.90
Loss per share from discontinued operations
Basic(0.30)
Diluted(0.30)
Earnings per share available to shareholders
Basic5.737.66
Diluted $ 5.63 $ 7.60

INTERIM CONDENSED CONSOLIDATE_3

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
Statement Table [Table]
PROFIT FOR THE PERIOD $ 275,299 $ 79,150
Other comprehensive profit (loss) to be reclassified to profit or loss in subsequent periods:
Unrealized gain on translation of foreign operations7,312 1,143
Unrealized gain on translation of foreign operations from discontinued operations426
Gain on translation of foreign operations disposed and reclassified to Consolidated statements of Income833
Other comprehensive income, net of tax, exchange differences on translation7,312 2,402
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX282,611 81,552
Total comprehensive income attributable to:
Shareholders of Just Energy282,674 81,549
Non-controlling interest(63)3
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX $ 282,611 $ 81,552

INTERIM CONDENSED CONSOLIDATE_4

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - CAD ($) $ in ThousandsRetained earnings attributable to accumulated earnings (losses)Retained earnings, portion attributable to dividendsRetained earningsAccumulated other comprehensive incomeIssued capitalOrdinary sharesIssued capitalPreference sharesIssued capitalReserve of equity component of convertible instrumentsContributed deficitNon-controlling interestsTotal
Balance, beginning of period at Mar. 31, 2020 $ 140,446 $ (1,950,003) $ 84,651 $ 1,099,864 $ 146,965 $ 13,029 $ (29,826) $ (414)
Statement Line Items [Line Items]
Profit (loss)79,147 3 $ 79,150
Balance, end of period at Jun. 30, 2020219,593 (1,950,026) $ (1,730,433)87,053 1,100,026 146,965 $ 1,246,991 13,029 (29,273)(407)(413,040)
Statement Line Items [Line Items]
Dividends and distributions declared and paid(23)
Other comprehensive income2,402
Share-based units exercised162 (162)
Add: Share-based compensation expense692
Share-based units exercised162 (162)
Non-cash deferred share grant distributions23
Foreign exchange impact on non-controlling interest4
Balance, beginning of period at Mar. 31, 2020140,446 (1,950,003)84,651 1,099,864 146,965 $ 13,029 (29,826)(414)
Balance, end of period at Mar. 31, 2021(261,702)(1,950,026)91,069 1,537,863 $ 0 1,537,863 (11,634)(392)(594,822)
Statement Line Items [Line Items]
Issuance of shares due to Recapitalization438,642
Shares issuance costs1,572
Issuance cost associated with Recapitalization(1,572)
Share-based units exercised929
Share-based units exercised929
Profit (loss)275,362 (63)275,299
Balance, end of period at Jun. 30, 2021 $ 13,660 $ (1,950,026) $ (1,936,366)98,381 1,537,863 $ 1,537,863 (11,024)(391) $ (311,537)
Statement Line Items [Line Items]
Other comprehensive income $ 7,312
Issuance of shares due to Recapitalization $ 0
Add: Share-based compensation expense $ 610
Foreign exchange impact on non-controlling interest $ 64

INTERIM CONDENSED CONSOLIDATE_5

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
OPERATING
Profit from continuing operations before income taxes $ 274,332 $ 82,732
Loss from discontinued operations before income taxes(2,948)
Profit before income taxes274,332 79,784
Items not affecting cash
Amortization and depreciation4,487 7,352
Share-based compensation expense610 692
Financing charges, non-cash portion2,180 5,561
Unrealized gain in fair value of derivative instruments and other(292,137)(77,349)
Net change in working capital balances26,468 (8,641)
Liabilities subject to compromise(15,801)
Adjustment for discontinued operations, net3,920
Income taxes paid(1,453)(670)
Cash inflow (outflow) from operating activities(1,314)10,649
INVESTING
Purchase of property and equipment(71)(16)
Purchase of intangible assets(1,738)(1,670)
Cash outflow from investing activities(1,809)(1,686)
FINANCING
Proceeds from DIP Facility31,425
Repayment of long-term debt(796)(1,651)
Credit facilities withdrawal (Payments)(56,143)9,867
Share swap payout(21,488)
Leased asset payments(720)(1,081)
Cash outflow from financing activities(26,234)(14,353)
Effect of foreign currency translation on cash balances(2,361)(697)
Net cash inflow (outflow)(31,718)(6,087)
Cash and cash equivalents, beginning of period215,989 26,093
Cash and cash equivalents, end of period184,271 20,006
Supplemental cash flow information:
Interest paid $ 10,733 $ 12,934

ORGANIZATION

ORGANIZATION3 Months Ended
Jun. 30, 2021
ORGANIZATION
ORGANIZATION1. ORGANIZATION Just Energy Group Inc. (“Just Energy” or the “Company”) is a corporation established under the laws of Canada to hold securities 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 Interim Condensed Consolidated Financial Statements consist of Just Energy and its subsidiaries and affiliates. The Interim Condensed Consolidated Financial Statements were approved by the Board of Directors on August 13, 2021. In February 2021, the State of Texas experienced extremely cold weather (the “Weather Event”). The Weather Event led to increased electricity demand and sustained high prices from February 13, 2021 through February 20, 2021. As a result of the losses sustained and without sufficient liquidity to pay the corresponding invoices from the Electric Reliability Council of Texas, Inc. (“ERCOT”) when due, and accordingly, on March 9, 2021, Just Energy applied for and received creditor protection under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) from the Ontario Superior Court of Justice (Commercial List) (the “Ontario Court”) and under Chapter 15 (“Chapter 15”) of the Bankruptcy Code in the United States from the Bankruptcy Court of the Southern District of Texas, Houston Division (the “Court Orders”). Protection under the Court Orders allows Just Energy to operate while it restructures its capital structure. As part of the CCAA filing, the Company entered into a USD$125 million Debtor-In-Possession (“DIP Facility”) financing with certain affiliates of Pacific Investment Management Company (“PIMCO). The Company entered into Qualifying Support Agreements with its largest commodity supplier and ISO services provider. The Company entered a Lender Support Agreement with the lenders under its Credit Facility (refer to Note 8(c)). The filings and associated USD$125 million DIP Facility arranged by the Company, enabled Just Energy to continue all operations without interruption throughout the U.S. and Canada and to continue making payments required by ERCOT and satisfy other regulatory obligations. On May 26, 2021, the stay period was extended by the Ontario Court to September 30, 2021. As at June 30, 2021, in connection with the CCAA proceedings, the Company identified the following obligations that are subject to compromise: ​ ​ ​ ​ ​ Amounts in 000's ​ ​ ​ ​ Trade and other payables ​ $ 516,910 Other non-current liabilities ​ 11,730 Current portion of long-term debt ​ 468,586 Total liabilities subject to compromise ​ $ 997,226 ​ The common shares of the Company are listed on the TSX Venture Exchange, under the symbol “JE” and on the OTC Pink Market under the symbol “JENGQ”. On June 16, 2021 Texas House Bill 4492 (“HB 4492”), which provides a mechanism for recovery of certain costs incurred by various parties, including the Company, during the Weather Event through certain securitization structures, became law in Texas. HB 4492 addresses securitization of (i) ancillary service charges above USD HB 4492 provides that ERCOT request that the Public Utility Commission of Texas (the “Commission”) establish financing mechanisms for the payment of the Costs incurred by load-serving entities, including Just Energy. On July 16, 2021, ERCOT filed the request with the commission (PUC Docket No. 52322). The Company continues to evaluate HB 4492. Based on current information, if the Commission approves the financing provided for in HB 4492, Just Energy anticipates that it will recover up to approximately USD million of Costs. The total amount that the Company may recover through the mechanisms authorized in HB 4492 may change materially based on a number of factors, including the details of an established financing order issued by the Commission, additional ERCOT resettlements, the aggregate amount of funds applied for under HB 4492 by participants, the outcome of the dispute resolution process initiated by the Company with ERCOT, and any potential challenges to the Commission’s order or orders. There is no assurance that the Company will be able to recover all of the Costs.

OPERATIONS

OPERATIONS3 Months Ended
Jun. 30, 2021
OPERATIONS
OPERATIONS2. OPERATIONS Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions, carbon offsets and renewable energy options to customers. Operating in the United States (“U.S.”) and Canada, Just Energy serves both 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, Filter Group Inc. (“Filter Group”), Hudson Energy, Interactive Energy Group, Tara Energy and terrapass. Just Energy’s current commodity product offerings include fixed, variable, index and flat rate options. By fixing the price of electricity or natural gas 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. Flat-bill products allow customers to pay a flat rate each month regardless of usage. Just Energy derives its gross margin 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. Just Energy offers green products through terrapass and its JustGreen program. Green products offered through terrapass 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. 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, via power purchase agreements and renewable energy certificates. The JustGreen gas product offers carbon offset credits that allow customers to reduce or eliminate the carbon footprint of their homes or businesses. Through the Filter Group, Just Energy provides subscription-based home water filtration systems to residential customers, including under-counter and whole-home water filtration solutions. Just Energy markets its product offerings through multiple sales channels including digital, retail, door-to-door, brokers and affinity relationships.

FINANCIAL STATEMENT PRESENTATIO

FINANCIAL STATEMENT PRESENTATION3 Months Ended
Jun. 30, 2021
FINANCIAL STATEMENT PRESENTATION
FINANCIAL STATEMENT PRESENTATION3. FINANCIAL STATEMENT PRESENTATION (a) Compliance with IFRS These Interim Financial Statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting Standards (“IFRS”). Accordingly, certain informa­tion and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with IFRS, as issued by the IASB, have been omitted or condensed. (b) Basis of presentation and interim reporting These Interim Condensed Consolidated Financial Statements should be read in conjunction with and follow the same accounting policies and methods of application as those used in the annual audited consolidated financial statements for the fiscal year ended March 31, 2021. The comparative Interim Condensed Consolidated Financial Statements have been corrected from the interim statements previously presented to conform to the presentation of the current Interim Condensed Consolidated Financial Statements. The Interim Condensed Consolidated Financial Statements are presented in Canadian dollars, the functional currency of Just Energy, and all values are rounded to the nearest thousands, except where otherwise indicated. The Interim Financial Statements are prepared on a going concern basis under the historical cost convention, except for certain financial assets and liabilities that are stated at fair value. The interim operating results are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2022, due to seasonal variations resulting in fluctuations in quarterly results. Gas consumption by customers is typically highest in October through March and lowest in April through September. Electricity consumption is typically highest in January through March and July through September and lowest in October through December and April through June. Principles of consolidation The Interim Condensed Consolidated Financial Statements include the accounts of Just Energy and its directly or indirectly owned subsidiaries and affiliates as at June 30, 2021. Subsidiaries and affiliates are consolidated from the date of acquisition and control and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries and affiliates are prepared for the same reporting period as Just Energy using consistent accounting policies. All intercompany balances, sales, expenses and unrealized gains and losses resulting from intercompany transactions are eliminated on consolidation. Going Concern Due to the Weather Event and associated CCAA filing, the Company’s ability to continue as a going concern for the next 12 months is dependent on the Company emerging from CCAA protection, maintain liquidity and complying with DIP Facility covenants. The material uncertainties arising from the CCAA filings cast substantial doubt upon the Company's ability to continue as a going concern and, accordingly the ultimate appropriateness of the use of accounting principles applicable to a going concern. These Interim Condensed Consolidated Financial Statements do not reflect the adjustments to carrying values of assets and liabilities and the reported expenses and Interim Condensed Consolidated Statements of Financial Position classifications that would be necessary if the going concern assumption was deemed inappropriate. These adjustments could be material. There can be no assurance that the Company will be successful in emerging from CCAA as a going concern. (c) Significant accounting judgments, estimates, and assumptions The preparation of the Interim Condensed Consolidated Financial Statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amount of assets, liabilities, income and expenses. The estimates and related assumptions based on previous experience and other factors are 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. There have been no material changes from the disclosures from the Company’s Audited Consolidated Financial Statements and Notes to the Consolidated Financial Statements for the year ended March 31, 2021 with respect to significant accounting judgments, estimates and assumptions. ​

TRADE AND OTHER RECEIVABLES, NE

TRADE AND OTHER RECEIVABLES, NET3 Months Ended
Jun. 30, 2021
TRADE AND OTHER RECEIVABLES, NET
TRADE AND OTHER RECEIVABLES, NET4. TRADE AND OTHER RECEIVABLES, NET (a) Trade and other receivables, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ June 30, 2021 March 31, 2021 Trade account receivables, net ​ $ 160,582 ​ $ 189,250 Unbilled revenue, net ​ 124,389 ​ 103,986 Accrued gas receivable ​ 226 ​ 833 Other ​ 80,569 ​ 46,132 ​ ​ $ 365,766 ​ $ 340,201 ​ (b) Aging of accounts receivable Customer credit risk The lifetime expected credit loss reflects Just Energy’s best estimate of losses on the accounts receivable and unbilled revenue balances. Just Energy determines the lifetime ECL by using historical loss rates and forward-looking factors, if applicable. Just Energy is exposed to customer credit risk on its continuing operations in Alberta, Texas, Illinois (gas), California (gas) and Ohio (electricity). 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 of the above markets. 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 that is recorded in cost of goods sold. Although there is no assurance that the LDCs providing these services will continue to do so in the future, management believes that the risk of the LDCs failing to deliver payment to Just Energy is minimal. The aging of the trade accounts receivable from the markets where the Company bears customer credit risk was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ June 30, 2021 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 74,406 ​ $ 58,737 1–30 days ​ 28,141 ​ 19,415 31–60 days ​ 5,098 ​ 3,794 61–90 days ​ 2,245 ​ 2,144 Over 90 days ​ 9,424 ​ 10,446 ​ ​ $ 119,314 ​ $ 94,536 ​ The unbilled revenue subject to customer credit risk is $115.2 million as at June 30, 2021 (March 31, 2021 - $87.1 million). ​ (c) Allowance for doubtful accounts Changes in the allowance for doubtful accounts related to the balances in the table above were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As at As at ​ ​ June 30, 2021 ​ March 31, 2021 ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 23,363 ​ $ 45,832 Provision for doubtful accounts ​ 7,418 ​ 34,260 Bad debts written off ​ (11,027) ​ (62,529) Foreign exchange ​ 2,306 ​ 5,800 Balance, end of period ​ $ 22,060 ​ $ 23,363 ​

OTHER CURRENT AND NON-CURRENT A

OTHER CURRENT AND NON-CURRENT ASSETS3 Months Ended
Jun. 30, 2021
OTHER CURRENT AND NON-CURRENT ASSETS
OTHER CURRENT AND NON-CURRENT ASSETS5. OTHER CURRENT AND NON-CURRENT ASSETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at (a) Other current assets June 30, 2021 March 31, 2021 ​ Prepaid expenses and deposits ​ $ 66,050 ​ $ 52,216 ​ Customer acquisition costs ​ 43,617 ​ 45,681 ​ Green certificates assets ​ 35,570 ​ 61,467 ​ Gas delivered in excess of consumption ​ 1,644 ​ 649 ​ Inventory ​ 1,945 ​ 3,392 ​ ​ ​ $ 148,826 ​ $ 163,405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at (b) Other non-current assets June 30, 2021 March 31, 2021 ​ Customer acquisition costs ​ $ 27,086 ​ $ 27,318 ​ Other long-term assets ​ 8,009 ​ 7,944 ​ ​ ​ $ 35,095 ​ $ 35,262 ​

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS3 Months Ended
Jun. 30, 2021
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS6. 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 offsets and renewable energy certificates ("RECs"), 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 developed internally based on third-party market data. These curves can be volatile, thus leading to volatility in the mark to market with no immediate impact to cash flows. Gas options and green power options have been valued using the Black option pricing model using the applicable market forward curves and the implied volatility from other market traded options. Management periodically uses non-exchange-traded swap agreements based on cooling degree days (“CDDs”) and heating degree days (“HDDs”) measured in its utility service territories to reduce the impact of weather volatility on Just Energy’s electricity and natural gas volumes, commonly referred to as “weather derivatives”. The fair value of these swaps on a given measurement station indicated in the derivative contract is determined by calculating the difference between the agreed strike and expected variable observed at the same station. The following table illustrates unrealized gains (losses) related to Just Energy’s derivative financial instruments classified as fair value through profit or loss and recorded on the Interim Condensed 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 unrealized gain (loss) in fair value of derivative instruments and other on the Interim Condensed Consolidated Statements of Income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ​ For the three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 Physical forward contracts and options (i) ​ $ 225,307 ​ $ 48,380 Financial swap contracts and options (ii) ​ 66,394 ​ 28,121 Foreign exchange forward contracts ​ 1,105 ​ (6,051) 6.5% convertible bond conversion feature ​ – ​ 12,218 Unrealized foreign exchange on Term Loan ​ ​ 4,147 ​ ​ – Weather derivatives (iii) ​ (1,704) ​ (2,381) Other derivative options ​ (3,112) ​ (2,938) Unrealized gain of derivative instruments and other ​ $ 292,137 ​ $ 77,349 ​ The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the Interim Condensed Consolidated Statements of Financial Position as at June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Financial ​ Financial ​ Financial ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 155,295 ​ $ 40,198 ​ $ 6,062 ​ $ 8,414 Financial swap contracts and options (ii) ​ 55,702 ​ 14,715 ​ 2,004 ​ 1,031 Foreign exchange forward contracts ​ 834 ​ – ​ – ​ – Weather derivatives (iii) ​ 1,883 ​ – ​ 1,721 ​ – Other derivative options ​ 2,055 ​ 73 ​ 101 ​ 5 As at June 30, 2021 ​ $ 215,769 ​ $ 54,986 ​ $ 9,888 ​ $ 9,450 ​ The following table summarizes certain aspects of the fair value of derivative financial assets and liabilities recorded in the Consolidated Statements of Financial Position as at March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Financial ​ Financial ​ Financial ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 12,513 ​ $ 6,713 ​ $ 10,157 ​ $ 56,122 Financial swap contracts and options (ii) ​ 6,942 ​ 2,634 ​ 3,548 ​ 5,047 Foreign exchange forward contracts ​ – ​ – ​ 272 ​ – Weather derivatives (iii) ​ 1,911 ​ – ​ – ​ – Other derivative options ​ 3,660 ​ 1,253 ​ – ​ – As at March 31, 2021 ​ $ 25,026 ​ $ 10,600 ​ $ 13,977 ​ $ 61,169 ​ Individual derivative asset and liability transactions are offset, and the net amount reported in the Interim Condensed 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. Individual derivative transactions are typically offset at the legal entity and counterparty level. Below is a summary of the financial instruments classified through profit or loss as at June 30, 2021, to which Just Energy has committed: (i) Physical forward contracts and options consist of: ● Electricity contracts with a total remaining volume of 28,121,312 MWh, a weighted average price of $44.94 /MWh and expiry dates up to December 31, 2029. ● Natural gas contracts with a total remaining volume of 65,297,406 GJs, a weighted average price of $3.69 /GJ and expiry dates up to October 31, 2025. ● RECs with a total remaining volume of 2,041,751 MWh, a weighted average price of $45.09 /REC and expiry dates up to December 31, 2029. ● Green gas certificates with a total remaining volume of 500,000 tonnes, a weighted average price of $3.92 /tonne and expiry dates up to December 31, 2021. ● Electricity generation capacity contracts with a total remaining volume of 2,579 MWCap, a weighted average price of $4,700.15 /MWCap and expiry dates up to December 31, 2023. ● Ancillary contracts with a total remaining volume of 658,300 MWh, a weighted average price of $16.93 /MWh and expiry dates up to December 31, 2022. (ii) Financial swap contracts and options consist of: ● Electricity contracts with a total remaining volume of 17,672,286 MWh, a weighted average price of $49.62 /MWh and expiry dates up to December 31, 2024. ● Natural gas contracts with a total remaining volume of 93,174,950 GJs, a weighted average price of $3.26 /GJ and expiry dates up to October 31, 2025. (iii) Weather derivatives consist of: ● HDD natural gas swaps with price strikes to be set on futures index and temperature strikes from 1,813 F to 4,985 F HDD and an expiry date of March 31, 2022. ● HDD natural gas swaps with price strikes to be set on futures index and temperature strikes from 3,439 C to 4,985 F HDD and an expiry date of March 31, 2023. ● CDD Puts with temperature strikes from 656 F to 3399 F CDD and an expiry date of October 31, 2021. ● Temperature Contingent Power Call Options with price strikes at various temperature strikes and an expiry date of October 31, 2021. ● Temperature and Power Price Contingent Call Option with an expiry date of August 31, 2021. 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 Interim Condensed Consolidated Financial Statements. Fair value (“FV”) hierarchy of derivatives Level 1 The fair value measurements are classified as Level 1 in the FV hierarchy if the fair value is determined using quoted unadjusted market prices. Currently there are no derivatives carried in this level. Level 2 Fair value measurements that require observable inputs other than quoted prices in Level 1, either directly or indirectly, are classified as Level 2 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 2, 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 2. Level 3 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 3 in the FV hierarchy. For the electricity 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 12 to 15 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 3. Weather derivatives are non-exchange-traded financial instruments used as part of a risk management strategy to mitigate the impact adverse weather conditions have on gross margin. The fair values of the derivatives are determined using an internally developed model that relies upon both observable inputs and significant unobservable inputs. Accordingly, the fair values of these derivatives are classified as Level 3. Market and contractual inputs to these models vary by contract type and would typically include notional amounts, reference weather stations, strike prices, temperature strike values, terms to expiration, historical weather data and historical commodity prices. The historical weather data and commodity prices were utilized to value the expected payouts with respect to weather derivatives and, as a result, are the most significant assumptions contributing to the determination of fair value estimates, and changes in these inputs can result in a significantly higher or lower fair value measurement. 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. 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 June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Derivative financial assets $ – ​ $ 37,472 ​ $ 233,283 ​ $ 270,755 Derivative financial liabilities ​ – ​ – ​ ​ (19,338) ​ ​ (19,338) Total net derivative financial assets ​ $ – ​ $ 37,472 ​ $ 213,945 ​ $ 251,417 ​ The following table illustrates the classification of derivative financial assets (liabilities) in the FV hierarchy as at March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Derivative financial assets $ – ​ $ 682 ​ $ 34,944 ​ $ 35,626 Derivative financial liabilities ​ – ​ – ​ (75,146) ​ (75,146) Total net derivative financial liabilities ​ $ – ​ $ 682 ​ $ (40,202) ​ $ (39,520) ​ Commodity price sensitivity – Level 3 derivative financial instruments If the energy prices associated with only Level 3 derivative financial instruments including natural gas, electricity, and RECs had risen ( fallen Key assumptions used when determining the significant unobservable inputs for all commodity supply contracts included in Level 3 of the FV hierarchy consist of up to 5% price extrapolation to calculate monthly prices that extend beyond the market observable 12- to 15-month forward curve. The following table illustrates the changes in net fair value of financial assets (liabilities) classified as Level 3 in the FV hierarchy for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ June 30, 2021 March 31, 2021 Balance, beginning of period ​ $ (40,202) ​ $ (85,885) Total gains (losses) ​ 210,743 ​ (2,900) Purchases ​ 60,844 ​ (4,059) Sales ​ (9,290) ​ (1,670) Settlements ​ (8,150) ​ 54,312 Balance, end of period ​ $ 213,945 ​ $ (40,202) ​ (b) Classification of non-derivative financial assets and liabilities As at June 30, 2021 and March 31, 2021, the carrying value of cash and cash equivalents, restricted cash, trade and other receivables, and trade and other payables approximates their fair value due to their short-term nature. The risks associated with Just Energy’s financial instruments are as follows: (i) 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. operations. The performance of the Canadian dollar relative to the U.S. dollars could positively or negatively affect Just Energy’s Interim Condensed Consolidated Statements of Income, as a significant portion of Just Energy’s profit or loss 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., Just Energy expects to have a greater exposure to foreign currency fluctuations in the future than in prior years. Just Energy has a policy to economically hedge between 50% and 100% of forecasted cross-border cash flows that are expected to occur within the next 12 months and between 0% and 50% of certain forecasted cross border cash flows that are expected to occur within the following 13 to 24 months. The level of economic hedging is dependent on the source of the cash flows 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 5% stronger or weaker higher lower 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 debt exposes the Company to material interest rate risks but has set out parameters to actively manage this risk within its risk management policy. A 1% increase ( decrease ) in interest rates would have resulted in an increase ( decrease ) of approximately $0.7 million in profit from continuing operations before income taxes in the Interim Condensed Consolidated Statements of Income for the three months ended June 30, 2021 (June 30, 2020 – $0.6 million ). 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. 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 and RECs had risen ( fallen (ii) Just Energy purchases the majority of the gas and electricity delivered to its customers through long-term contracts entered into with various suppliers. Just Energy has an exposure to supplier risk as the ability to continue to deliver gas and electricity to its customers is reliant upon the ongoing operations of these suppliers and their ability to fulfill their contractual obligations. (iii) 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 Risk Committee of the Board of Directors of Just Energy. The risk department and Risk Committee of the Board of Directors 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 June 30, 2021, Just Energy has applied an adjustment factor to determine the fair value of its financial instruments in the amount of $0.5 million (March 31, 2021 – $1.1 million) to accommodate for its counterparties’ risk of default. As at June 30, 2021, the estimated net counterparty credit risk exposure amounted to $258.4 million (March 31, 2021 – $35.6 million), representing the risk relating to Just Energy’s exposure to derivatives that are in an asset position.

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES3 Months Ended
Jun. 30, 2021
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES7. TRADE AND OTHER PAYABLES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ June 30, 2021 March 31, 2021 Commodity suppliers' accruals and payables (a) ​ $ 772,618 ​ $ 712,144 Green provisions and repurchase obligations ​ 53,921 ​ 77,882 Sales tax payable ​ 27,035 ​ 27,684 Non-commodity trade accruals and accounts payable (b) ​ 62,752 ​ 80,573 Current portion of payable to former joint venture partner (c) ​ 13,829 ​ 11,467 Accrued gas payable ​ 354 ​ 544 Other payables ​ 15,468 ​ 11,301 ​ ​ $ 945,977 ​ $ 921,595 (a) Includes $491.7 million (March 31, 2021 – $507.3 million) that is subject to compromise depending on the outcome of the CCAA proceedings. (b) Includes $11.7 million (March 31, 2021 – $12.9 million) that is subject to compromise depending on the outcome of the CCAA proceedings. (c) The amount due to the former joint venture partner is subject to compromise depending on the outcome of the CCAA proceedings.

LONG-TERM DEBT AND FINANCING

LONG-TERM DEBT AND FINANCING3 Months Ended
Jun. 30, 2021
LONG-TERM DEBT AND FINANCING
LONG-TERM DEBT AND FINANCING8. LONG-TERM DEBT AND FINANCING ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ ​ June 30, 2021 ​ March 31, 2021 DIP Facility (a) ​ $ 154,925 ​ $ 126,735 Less: Debt issue costs (a) ​ (4,147) ​ (6,312) Filter Group financing (b) ​ 3,822 ​ 4,617 Credit facility - subject to compromise (c) ​ 171,046 ​ 227,189 Term loan - subject to compromise (d) ​ 283,986 ​ 289,904 Note Indenture - subject to compromise (e) ​ 13,554 ​ 13,607 ​ ​ 623,186 ​ ​ 655,740 Less: Current portion ​ (622,227) ​ (654,180) ​ ​ $ 959 ​ $ 1,560 ​ Future annual minimum principal repayments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ More than ​ ​ ​ ​ 1 year 1–3 years 4–5 years 5 years Total DIP Facility (a) ​ $ 154,925 ​ $ – ​ $ – ​ $ – ​ $ 154,925 Less: Debt issue costs (a) ​ ​ (4,147) ​ ​ – ​ ​ – ​ ​ – ​ ​ (4,147) Filter Group financing (b) ​ 2,863 ​ ​ 959 ​ ​ – ​ ​ – ​ ​ 3,822 Credit facility - subject to compromise (c) ​ 171,046 ​ ​ – ​ ​ – ​ ​ – ​ ​ 171,046 Term Loan - subject to compromise (d) ​ 283,986 ​ ​ – ​ ​ – ​ ​ – ​ ​ 283,986 Note Indenture - subject to compromise (e) ​ ​ 13,554 ​ ​ – ​ ​ – ​ ​ – ​ ​ 13,554 ​ ​ $ 622,227 ​ $ 959 ​ $ – ​ $ – ​ $ 623,186 ​ The following table details the finance costs for the period ended June 30. Interest is expensed based on the effective interest rate. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ​ For the three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 DIP Facility (a) ​ $ 7,100 ​ $ – Filter Group financing (b) ​ 96 ​ ​ 206 Credit facility (c) ​ ​ 5,717 ​ ​ 5,135 8.75% term loan (f) ​ – ​ ​ 9,264 6.75% $100M convertible debentures (g) ​ – ​ ​ 2,408 6.75% $160M convertible debentures (h) ​ – ​ ​ 3,496 6.5% convertible bonds (i) ​ ​ – ​ ​ 275 Supplier finance and others ​ – ​ ​ 1,069 ​ ​ $ 12,913 ​ $ 21,853 ​ (a) As discussed in Note 1, Just Energy filed and received the Court Order under the CCAA on March 9, 2021. In conjunction with the CCAA filing, the Company entered into the DIP Facility for USD $125 million. Just Energy Ontario L.P., Just Energy Group Inc. and Just Energy (U.S.) Corp. are the borrowers under the DIP Facility and are supported by guarantees of certain subsidiaries and affiliates and secured by a super-priority charge against and attaching to the property that secures the obligations arising under the Credit Facility, created by the Court Order. The DIP Facility has an interest rate of 13% , paid quarterly in arrears. The DIP Facility terminates at the earlier of: (a) December 31, 2021, (b) the implementation date of the CCAA plan, (c) the lifting of the stay in the CCAA proceedings or (d) the termination of the CCAA proceedings. For consideration for making the DIP Facility available, Just Energy paid a 1% origination fee and a 1% commitment fee. (b) Filter Group has a $3.8 million outstanding loan payable to Home Trust Company (“HTC”). The loan is a result of factoring receivables to finance the cost of rental equipment that matures no later than October 2023 with HTC and bears interest at 8.99% per annum. Principal and interest are payable monthly. Filter Group did not file under the CCAA and accordingly, the stay does not apply to Filter Group and any amounts outstanding under the loan payable to Home Trust Company. (c) On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into an Accommodation and Support Agreement (the “Lender Support Agreement”) with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and $125 million. As at June 30, 2021, the Company had repaid $62.0 million and had a total of $98.8 million of letters of Credit outstanding. Certain amounts outstanding under the letter of Credit Facility (“LC Facility”) are guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. Just Energy’s obligations under the Credit Facility are supported by guarantees of certain subsidiaries and affiliates and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries and affiliates excluding, primarily the Filter Group. Just Energy has also entered into an inter-creditor agreement in which certain commodity and hedge providers are also secured by the same collateral. As a result of the CCAA filing, the borrowers are in default under the Credit Facility. However, any potential actions by the lenders have been stayed pursuant to the Court Order. As at June 30, 2021, the Company had The outstanding Advances are all Prime rate advances at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 4.25% and letters of credit are at a rate of 5.25%. As at June 30, 2021, the Canadian prime rate was 2.45% and the U.S. prime rate was 3.25%. As a result of the CCAA filing, the Credit Facility has been reclassified to short-term reflecting the potential acceleration of the debt allowed under the Credit Facility. (d) As part of the September 2020 Recapitalization, Just Energy issued a USD $205.9 million principal note (the “10.25% Term Loan”) maturing on March 31, 2024. The note bears interest at 10.25% . The balance at June 30, 2021 includes an accrual of $13.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the 10.25% Term Loan. However, any potential actions by the lenders under the 10.25% Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the 10.25% Term Loan has been classified as current. (e) As part of the September 2020 Recapitalization, Just Energy issued $15 million principal amount of 7.0% subordinated notes (“Note Indenture”) to holders of the subordinated convertible debentures, which has a six-year maturity. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at June 30, 2021 includes an accrual of $0.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the Note Indenture’s Trust Indenture agreement. However, any potential actions by the lenders under the Note Indenture have been stayed pursuant to the Court Order and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the Note Indenture has been classified as current. (f) As part of the September 2020 Recapitalization, the 8.75% loan was exchanged for its pro-rata share of the Term Loan and 786,982 common shares. At the time of the September 2020 Recapitalization, the 8.75% loan had USD $207.0 million outstanding plus accrued interest. (g) As part of the September 2020 Recapitalization, the 6.75% $100 M convertible debentures were exchanged for 3,592,069 common shares along with its pro-rata share of the Note Indenture and the payment of accrued interest. (h) As part of the September 2020 Recapitalization, the 6.75% $160 M convertible debentures were exchanged for 5,747,310 common shares along with its pro-rata share of the Note Indenture and the payment of accrued interest. (i) As part of the September 2020 Recapitalization, the 6.5% convertible bonds were exchanged for its pro-rata share of the Term Loan and 35,737 common shares. At the time of the September 2020 Recapitalization, $9.2 million of the 6.5% convertible bonds were outstanding plus accrued interest .

REPORTABLE BUSINESS SEGMENTS

REPORTABLE BUSINESS SEGMENTS3 Months Ended
Jun. 30, 2021
REPORTABLE BUSINESS SEGMENTS
REPORTABLE BUSINESS SEGMENTS9. REPORTABLE BUSINESS SEGMENTS Just Energy’s reportable segments are the Mass Market (formerly called Consumer) and the Commercial segments. The chief operating decision maker monitors the operational results of the Mass Market and Commercial segments for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on certain non-IFRS measures such as Base EBITDA, Base gross margin and Embedded gross margin as defined in the Company’s Management Discussion and Analysis. Transactions between segments are in the normal course of operations and are recorded at the exchange amount. Corporate and shared services report the costs related to management oversight of the business units, public reporting and filings, corporate governance and other shared services functions such as Human Resources, Finance and Information Technology. For the period ended June 30, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass Market ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ $ 314,987 ​ $ 293,685 ​ $ – ​ $ 608,672 Cost of goods sold ​ 255,498 ​ ​ 272,865 ​ ​ – ​ ​ 528,363 Gross margin ​ 59,489 ​ ​ 20,820 ​ ​ – ​ ​ 80,309 Depreciation and amortization ​ 3,640 ​ ​ 806 ​ ​ – ​ ​ 4,446 Administrative expenses ​ 9,153 ​ ​ 3,339 ​ ​ 17,278 ​ ​ 29,770 Selling and marketing expenses ​ 25,132 ​ ​ 14,540 ​ ​ – ​ ​ 39,672 Other operating expenses ​ 7,038 ​ ​ 990 ​ ​ – ​ ​ 8,028 Segment profit (loss) ​ $ 14,526 ​ $ 1,145 ​ $ (17,278) ​ $ (1,607) Finance costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,913) Unrealized gain on derivative instruments and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 292,137 Realized gain on derivative instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,213 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (489) Reorganization costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (20,009) Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 967 Profit from continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 275,299 Profit for the period ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 275,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 1,774 ​ $ 35 ​ $ – ​ $ 1,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 163,447 ​ $ – ​ $ – ​ $ 163,447 ​ For the three months ended June 30, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass Market ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ $ 390,664 ​ $ 295,300 ​ $ – ​ $ 685,964 Cost of goods sold ​ 204,309 ​ 212,518 ​ – ​ 416,827 Gross margin ​ 186,355 ​ 82,782 ​ – ​ 269,137 Depreciation and amortization ​ 6,365 ​ 914 ​ – ​ 7,279 Administrative expenses ​ 8,461 ​ 5,835 ​ 25,657 ​ 39,953 Selling and marketing expenses ​ 27,556 ​ 19,403 ​ – ​ 46,959 Other operating expenses ​ 9,115 ​ 3,517 ​ – ​ 12,632 Segment profit (loss) ​ $ 134,858 ​ $ 53,113 ​ $ (25,657) ​ $ 162,314 Finance costs ​ ​ ​ ​ (21,853) Unrealized gain on derivative instruments and other ​ ​ ​ ​ 77,349 Realized loss of derivative instruments ​ ​ ​ ​ (134,446) Other income, net ​ ​ ​ ​ (632) Provision for income taxes ​ ​ ​ ​ (634) Profit from continuing operations ​ ​ ​ ​ $ 82,098 Loss from discontinued operations ​ ​ ​ ​ (2,948) Profit for the period ​ ​ ​ ​ 79,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 1,521 ​ $ 165 ​ $ – ​ $ 1,686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 170,854 ​ $ 98,748 ​ $ – ​ $ 269,602 ​ Sales from external customers Sales based on the location of the customer. ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ​ For the three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 Canada ​ $ 140,478 ​ $ 104,454 United States ​ 468,194 ​ ​ 581,510 Total ​ $ 608,672 ​ $ 685,964 ​ Non-current assets Non-current assets by geographic segment consist of goodwill, property and equipment and intangible assets and are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2021 As at March 31, 2021 Canada ​ $ 178,245 ​ $ 178,802 United States ​ 69,474 ​ 73,518 Total ​ $ 247,719 ​ $ 252,320 ​

INCOME TAXES

INCOME TAXES3 Months Ended
Jun. 30, 2021
INCOME TAXES
INCOME TAXES10. INCOME TAXES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ Three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 Current income tax expense ​ $ (1,112) ​ $ 873 Deferred income tax recovery ​ 145 ​ ​ (239) Provision for (recovery of) income taxes ​ $ (967) ​ $ 634 ​

SHAREHOLDERS' CAPITAL

SHAREHOLDERS' CAPITAL3 Months Ended
Jun. 30, 2021
SHAREHOLDERS' CAPITAL
SHAREHOLDERS' CAPITAL11. SHAREHOLDERS’ CAPITAL Just Energy is authorized to issue an unlimited number of common shares with no par value and up to 50,000,000 preferred shares. The common shares outstanding have no preferences, rights or restrictions attached to them and there are no preferred shares outstanding. (a) Details of issued and outstanding shareholders’ capital are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Year ended ​ ​ June 30, 2021 ​ March 31, 2021 ​ ​ Shares Amount ​ Shares ​ Amount Common shares: ​ ​ Issued and outstanding ​ ​ Balance, beginning of period 48,078,637 ​ $ 1,537,863 ​ 4,594,371 ​ $ 1,099,864 Share-based awards exercised – ​ ​ – ​ 91,854 ​ ​ 929 Issuance of shares due to Recapitalization – ​ ​ – ​ 43,392,412 ​ ​ 438,642 Issuance cost – ​ ​ – ​ – ​ ​ (1,572) Balance, end of period 48,078,637 ​ $ 1,537,863 ​ 48,078,637 ​ $ 1,537,863 Preferred shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Issued and outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period – ​ $ – ​ 4,662,165 ​ $ 146,965 Exchanged to common shares – ​ ​ – ​ (4,662,165) ​ ​ (146,965) Shareholders' capital 48,078,637 ​ $ 1,537,863 ​ 48,078,637 ​ $ 1,537,863 ​ The above table reflects the impacts of the September 2020 Recapitalization including the extinguished convertible , the settlement of the preferred shares and the issuance of new common shares. The common shares have been adjusted retrospectively to reflect the 33:1 share consolidation as part of the September 2020 Recapitalization. (b) Dividends For the quarter ended June 30, 2021, dividends of $nil (2020 - $nil) per common share were declared by Just Energy. Distributions in the three months ended June 30, 2021 amounted to $nil (2020 - $23). No dividends per preferred shares were declared during the three months ended June 30, 2020.

OTHER EXPENSES

OTHER EXPENSES3 Months Ended
Jun. 30, 2021
OTHER EXPENSES
OTHER EXPENSES12. OTHER EXPENSES (a) Other operating expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ June 30, 2021 June 30, 2020 Amortization of intangible assets ​ $ 3,644 ​ $ 4,592 Depreciation of property and equipment ​ 802 ​ ​ 2,687 Bad debt expense ​ 7,418 ​ ​ 11,940 Share-based compensation ​ 610 ​ ​ 692 ​ ​ $ 12,474 ​ $ 19,911 ​ (b) Employee expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended ​ ​ June 30, 2021 ​ June 30, 2020 Wages, salaries and commissions ​ $ 38,738 ​ $ 36,219 Benefits ​ 5,111 ​ ​ 6,488 ​ ​ $ 43,849 ​ $ 42,707 ​ Employee expenses of $14.7 million and $29.1 million are included in administrative expense and selling and marketing expenses, respectively, for the three months ended June 30, 2021. Compared to $15.2 million and $27.5 million, respectively, for the three months ended June 30, 2020.

REORGANIZATION COSTS

REORGANIZATION COSTS3 Months Ended
Jun. 30, 2021
REORGANIZATION COSTS
REORGANIZATION COSTS13. REORGANIZATION COSTS ​ Reorganization costs represent the amounts incurred related to the filings under the CCAA and Chapter 15 under the U.S. Bankruptcy Code proceedings and consist of: ​ ​ ​ ​ ​ ​ Three months ended ​ ​ June 30, 2021 Professional and advisory costs ​ $ 12,546 Key employee retention plan ​ 2,536 Prepetition claims and other costs ​ 4,927 ​ ​ $ 20,009 ​

EARNINGS PER SHARE

EARNINGS PER SHARE3 Months Ended
Jun. 30, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE14. EARNINGS PER SHARE ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended ​ ​ June 30, 2021 ​ June 30, 2020 BASIC EARNINGS PER SHARE ​ ​ ​ Profit from continuing operations available to shareholders ​ $ 275,299 ​ $ 82,098 ​ Dividend to preferred shareholders, net of tax ​ – ​ 3,319 ​ Profit for the period available to shareholders ​ ​ 275,299 ​ ​ 78,779 ​ Basic weighted average shares outstanding 1 ​ 48,078,637 ​ 9,895,058 ​ Basic earnings per share from continuing operations available to shareholders ​ $ 5.73 ​ $ 7.96 ​ Basic earnings per share available to shareholders ​ $ 5.73 ​ $ 7.66 ​ ​ ​ ​ ​ ​ ​ ​ ​ DILUTED EARNINGS PER SHARE ​ ​ ​ ​ ​ Profit from continuing operations available to shareholders ​ $ 275,299 ​ $ 78,779 ​ Adjusted profit for the period available to shareholders ​ $ 275,299 ​ $ 78,779 ​ Basic weighted average shares outstanding ​ 48,078,637 ​ 9,895,058 ​ Dilutive effect of: ​ ​ ​ ​ ​ Restricted share and performance bonus grants ​ – ​ 67,351 ​ Deferred share grants ​ – ​ 6,157 ​ Deferred share units ​ ​ 190,983 ​ ​ – ​ Options ​ 650,000 ​ – ​ Shares outstanding on a diluted basis ​ 48,919,620 ​ 9,968,566 ​ Diluted earnings from continuing operations per share available to shareholders ​ $ 5.63 ​ $ 7.90 ​ Diluted earnings per share available to shareholders ​ $ 5.63 ​ $ 7.60 ​ ​ 1 The shares have been adjusted to reflect the share consolidation due to the September 2020 Recapitalization.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES3 Months Ended
Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES15. COMMITMENTS AND CONTINGENCIES Commitments for each of the next five years and thereafter are as follows: As at June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 year 1–3 years 4–5 years More than 5 years Total Gas, electricity and non-commodity contracts ​ $ 1,252,345 ​ $ 1,247,531 ​ $ 238,030 ​ $ 65,231 ​ $ 2,803,137 ​ (a) Surety bonds and letters of credit Pursuant to separate arrangements with several bond agencies, Just Energy has issued surety bonds to various counterparties including states, regulatory bodies, utilities and various other surety bond holders in return for a fee and/or meeting certain collateral posting requirements. Such surety bond postings are required in order to operate in certain states or markets. Total surety bonds issued as at June 30, 2021 amounted to $45.4 million (March 31, 2021 – $46.3 million) and are backed by letters of credit or cash collateral. As at June 30, 2021, Just Energy had total letters of credit outstanding in the amount of $153.2 million (Note 8(c)). (b) Legal proceedings Just Energy’s subsidiaries are party to a number of legal proceedings. Other than as set out below, Just Energy believes that each proceeding constitutes legal matters that are incidental to the business conducted by Just Energy and that the ultimate disposition of the proceedings will not have a material adverse effect on its consolidated earnings, cash flows or financial position. On March 9, 2021, Just Energy filed for and received creditor protection pursuant to the Court Order under the CCAA and similar protection under Chapter 15 of the Bankruptcy Code in the United States in connection with the Weather Event. In May 2015, Kia Kordestani, a former door-to-door independent contractor sales representative for Just Energy Corp., filed a lawsuit against Just Energy Corp., Just Energy Ontario L.P. and the Company (collectively referred to as “Just Energy”) in the Superior Court of Justice, Ontario, claiming status as an employee and seeking benefits and protections of the Employment Standards Act, 2000, such as minimum wage, overtime pay, and vacation and public holiday pay on his own behalf and similarly situated door-to-door sales representatives who sold in Ontario. On Just Energy’s request, Mr. Kordestani was removed as a plaintiff but replaced with Haidar Omarali, also a former door-to-door sales representative. On July 27, 2016, the Court granted Omarali’s request for certification, but refused to certify Omarali’s request for damages on an aggregate basis and refused to certify Omarali’s request for punitive damages. Omarali’s motion for summary judgment was dismissed in its entirety on June 21, 2019. The matter was set for trial in November 2021. However, pursuant to the CCAA proceedings, these proceedings have been stayed. Just Energy denies the allegations and will vigorously defend against these claims, if they proceed. On July 23, 2019, Just Energy announced that, as part of its Strategic Review process, management identified customer enrolment and non-payment issues, primarily in Texas. In response to this announcement, and in some cases in response to this and other subsequent related announcements, putative class action lawsuits were filed in the United States District Court for the Southern District of New York, in the United States District Court for the Southern District of Texas and in the Ontario Court, on behalf of investors that purchased Just Energy Group Inc. securities during various periods, ranging from November 9, 2017 through August 19, 2019. The U.S. lawsuits have been consolidated in the United States District Court for the Southern District of Texas with one lead plaintiff and the Ontario lawsuits have been consolidated with one lead plaintiff. The U.S. lawsuit seeks damages allegedly arising from violations of the United States Securities Exchange Act. The Ontario lawsuit seeks damages allegedly arising from violations of Canadian securities legislation and of common law. The Ontario lawsuit was subsequently amended to, among other things, extend the period to July 7, 2020. On September 2, 2020, pursuant to Just Energy’s plan of arrangement, the Superior Court of Justice (Ontario) ordered that all existing equity class action claimants shall be irrevocably and forever limited solely to recovery from the proceeds of the insurance policies payable on behalf of Just Energy or its directors and officers in respect of any such existing equity class action claims, and such existing equity class action claimants shall have no right to, and shall not, directly or indirectly, make any claim or seek any recoveries from any of the released parties or any of their respective current or former officers and directors in respect of any existing equity class action claims, other than enforcing their rights to be paid by the applicable insurer(s) from the proceeds of the applicable insurance policies. Pursuant to the CCAA proceedings, these proceedings have been stayed. Just Energy denies the allegations and will vigorously defend against these claims if they proceed.

ORGANIZATION (Tables)

ORGANIZATION (Tables)3 Months Ended
Jun. 30, 2021
ORGANIZATION
Summary of obligations that are subject to compromiseAs at June 30, 2021, in connection with the CCAA proceedings, the Company identified the following obligations that are subject to compromise: ​ ​ ​ ​ ​ Amounts in 000's ​ ​ ​ ​ Trade and other payables ​ $ 516,910 Other non-current liabilities ​ 11,730 Current portion of long-term debt ​ 468,586 Total liabilities subject to compromise ​ $ 997,226

TRADE AND OTHER RECEIVABLES, _2

TRADE AND OTHER RECEIVABLES, NET (Tables)3 Months Ended
Jun. 30, 2021
TRADE AND OTHER RECEIVABLES, NET
Schedule of the components of trade and other receivables​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ June 30, 2021 March 31, 2021 Trade account receivables, net ​ $ 160,582 ​ $ 189,250 Unbilled revenue, net ​ 124,389 ​ 103,986 Accrued gas receivable ​ 226 ​ 833 Other ​ 80,569 ​ 46,132 ​ ​ $ 365,766 ​ $ 340,201
Schedule of aging of the trade accounts receivable​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ June 30, 2021 March 31, 2021 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 74,406 ​ $ 58,737 1–30 days ​ 28,141 ​ 19,415 31–60 days ​ 5,098 ​ 3,794 61–90 days ​ 2,245 ​ 2,144 Over 90 days ​ 9,424 ​ 10,446 ​ ​ $ 119,314 ​ $ 94,536
Schedule of changes in the allowance for doubtful accounts​ ​ ​ ​ ​ ​ ​ ​ ​ As at As at ​ ​ June 30, 2021 ​ March 31, 2021 ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 23,363 ​ $ 45,832 Provision for doubtful accounts ​ 7,418 ​ 34,260 Bad debts written off ​ (11,027) ​ (62,529) Foreign exchange ​ 2,306 ​ 5,800 Balance, end of period ​ $ 22,060 ​ $ 23,363

OTHER CURRENT AND NON-CURRENT_2

OTHER CURRENT AND NON-CURRENT ASSETS (Tables)3 Months Ended
Jun. 30, 2021
OTHER CURRENT AND NON-CURRENT ASSETS
Schedule of the components of other current and non-current assets​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at (a) Other current assets June 30, 2021 March 31, 2021 ​ Prepaid expenses and deposits ​ $ 66,050 ​ $ 52,216 ​ Customer acquisition costs ​ 43,617 ​ 45,681 ​ Green certificates assets ​ 35,570 ​ 61,467 ​ Gas delivered in excess of consumption ​ 1,644 ​ 649 ​ Inventory ​ 1,945 ​ 3,392 ​ ​ ​ $ 148,826 ​ $ 163,405 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at (b) Other non-current assets June 30, 2021 March 31, 2021 ​ Customer acquisition costs ​ $ 27,086 ​ $ 27,318 ​ Other long-term assets ​ 8,009 ​ 7,944 ​ ​ ​ $ 35,095 ​ $ 35,262

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)3 Months Ended
Jun. 30, 2021
FINANCIAL INSTRUMENTS
Schedule of unrealized gain (loss) of derivative instruments and other​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ​ For the three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 Physical forward contracts and options (i) ​ $ 225,307 ​ $ 48,380 Financial swap contracts and options (ii) ​ 66,394 ​ 28,121 Foreign exchange forward contracts ​ 1,105 ​ (6,051) 6.5% convertible bond conversion feature ​ – ​ 12,218 Unrealized foreign exchange on Term Loan ​ ​ 4,147 ​ ​ – Weather derivatives (iii) ​ (1,704) ​ (2,381) Other derivative options ​ (3,112) ​ (2,938) Unrealized gain of derivative instruments and other ​ $ 292,137 ​ $ 77,349
Schedule of fair value of derivative financial assets and liabilities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Financial ​ Financial ​ Financial ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 155,295 ​ $ 40,198 ​ $ 6,062 ​ $ 8,414 Financial swap contracts and options (ii) ​ 55,702 ​ 14,715 ​ 2,004 ​ 1,031 Foreign exchange forward contracts ​ 834 ​ – ​ – ​ – Weather derivatives (iii) ​ 1,883 ​ – ​ 1,721 ​ – Other derivative options ​ 2,055 ​ 73 ​ 101 ​ 5 As at June 30, 2021 ​ $ 215,769 ​ $ 54,986 ​ $ 9,888 ​ $ 9,450 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial ​ Financial ​ Financial ​ Financial ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 12,513 ​ $ 6,713 ​ $ 10,157 ​ $ 56,122 Financial swap contracts and options (ii) ​ 6,942 ​ 2,634 ​ 3,548 ​ 5,047 Foreign exchange forward contracts ​ – ​ – ​ 272 ​ – Weather derivatives (iii) ​ 1,911 ​ – ​ – ​ – Other derivative options ​ 3,660 ​ 1,253 ​ – ​ – As at March 31, 2021 ​ $ 25,026 ​ $ 10,600 ​ $ 13,977 ​ $ 61,169
Schedule of classification of derivative financial assets (liabilities) in the fair value hierarchy​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Derivative financial assets $ – ​ $ 37,472 ​ $ 233,283 ​ $ 270,755 Derivative financial liabilities ​ – ​ – ​ ​ (19,338) ​ ​ (19,338) Total net derivative financial assets ​ $ – ​ $ 37,472 ​ $ 213,945 ​ $ 251,417 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Derivative financial assets $ – ​ $ 682 ​ $ 34,944 ​ $ 35,626 Derivative financial liabilities ​ – ​ – ​ (75,146) ​ (75,146) Total net derivative financial liabilities ​ $ – ​ $ 682 ​ $ (40,202) ​ $ (39,520)
Schedule of changes in net fair value of financial assets (liabilities)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Year ended ​ June 30, 2021 March 31, 2021 Balance, beginning of period ​ $ (40,202) ​ $ (85,885) Total gains (losses) ​ 210,743 ​ (2,900) Purchases ​ 60,844 ​ (4,059) Sales ​ (9,290) ​ (1,670) Settlements ​ (8,150) ​ 54,312 Balance, end of period ​ $ 213,945 ​ $ (40,202)

TRADE AND OTHER PAYABLES (Table

TRADE AND OTHER PAYABLES (Tables)3 Months Ended
Jun. 30, 2021
TRADE AND OTHER PAYABLES
Schedule of detailed information about trade and other payables​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ June 30, 2021 March 31, 2021 Commodity suppliers' accruals and payables (a) ​ $ 772,618 ​ $ 712,144 Green provisions and repurchase obligations ​ 53,921 ​ 77,882 Sales tax payable ​ 27,035 ​ 27,684 Non-commodity trade accruals and accounts payable (b) ​ 62,752 ​ 80,573 Current portion of payable to former joint venture partner (c) ​ 13,829 ​ 11,467 Accrued gas payable ​ 354 ​ 544 Other payables ​ 15,468 ​ 11,301 ​ ​ $ 945,977 ​ $ 921,595 (a) Includes $491.7 million (March 31, 2021 – $507.3 million) that is subject to compromise depending on the outcome of the CCAA proceedings. (b) Includes $11.7 million (March 31, 2021 – $12.9 million) that is subject to compromise depending on the outcome of the CCAA proceedings. (c) The amount due to the former joint venture partner is subject to compromise depending on the outcome of the CCAA proceedings.

LONG-TERM DEBT AND FINANCING (T

LONG-TERM DEBT AND FINANCING (Tables)3 Months Ended
Jun. 30, 2021
LONG-TERM DEBT AND FINANCING
Schedule of detailed information about borrowings​ ​ ​ ​ ​ ​ ​ ​ ​ As at ​ As at ​ ​ June 30, 2021 ​ March 31, 2021 DIP Facility (a) ​ $ 154,925 ​ $ 126,735 Less: Debt issue costs (a) ​ (4,147) ​ (6,312) Filter Group financing (b) ​ 3,822 ​ 4,617 Credit facility - subject to compromise (c) ​ 171,046 ​ 227,189 Term loan - subject to compromise (d) ​ 283,986 ​ 289,904 Note Indenture - subject to compromise (e) ​ 13,554 ​ 13,607 ​ ​ 623,186 ​ ​ 655,740 Less: Current portion ​ (622,227) ​ (654,180) ​ ​ $ 959 ​ $ 1,560
Schedule of future annual minimum principal repayments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ More than ​ ​ ​ ​ 1 year 1–3 years 4–5 years 5 years Total DIP Facility (a) ​ $ 154,925 ​ $ – ​ $ – ​ $ – ​ $ 154,925 Less: Debt issue costs (a) ​ ​ (4,147) ​ ​ – ​ ​ – ​ ​ – ​ ​ (4,147) Filter Group financing (b) ​ 2,863 ​ ​ 959 ​ ​ – ​ ​ – ​ ​ 3,822 Credit facility - subject to compromise (c) ​ 171,046 ​ ​ – ​ ​ – ​ ​ – ​ ​ 171,046 Term Loan - subject to compromise (d) ​ 283,986 ​ ​ – ​ ​ – ​ ​ – ​ ​ 283,986 Note Indenture - subject to compromise (e) ​ ​ 13,554 ​ ​ – ​ ​ – ​ ​ – ​ ​ 13,554 ​ ​ $ 622,227 ​ $ 959 ​ $ – ​ $ – ​ $ 623,186
Schedule of of finance cost​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ​ For the three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 DIP Facility (a) ​ $ 7,100 ​ $ – Filter Group financing (b) ​ 96 ​ ​ 206 Credit facility (c) ​ ​ 5,717 ​ ​ 5,135 8.75% term loan (f) ​ – ​ ​ 9,264 6.75% $100M convertible debentures (g) ​ – ​ ​ 2,408 6.75% $160M convertible debentures (h) ​ – ​ ​ 3,496 6.5% convertible bonds (i) ​ ​ – ​ ​ 275 Supplier finance and others ​ – ​ ​ 1,069 ​ ​ $ 12,913 ​ $ 21,853

REPORTABLE BUSINESS SEGMENTS (T

REPORTABLE BUSINESS SEGMENTS (Tables)3 Months Ended
Jun. 30, 2021
REPORTABLE BUSINESS SEGMENTS
Disclosure of operating segments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass Market ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ $ 314,987 ​ $ 293,685 ​ $ – ​ $ 608,672 Cost of goods sold ​ 255,498 ​ ​ 272,865 ​ ​ – ​ ​ 528,363 Gross margin ​ 59,489 ​ ​ 20,820 ​ ​ – ​ ​ 80,309 Depreciation and amortization ​ 3,640 ​ ​ 806 ​ ​ – ​ ​ 4,446 Administrative expenses ​ 9,153 ​ ​ 3,339 ​ ​ 17,278 ​ ​ 29,770 Selling and marketing expenses ​ 25,132 ​ ​ 14,540 ​ ​ – ​ ​ 39,672 Other operating expenses ​ 7,038 ​ ​ 990 ​ ​ – ​ ​ 8,028 Segment profit (loss) ​ $ 14,526 ​ $ 1,145 ​ $ (17,278) ​ $ (1,607) Finance costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (12,913) Unrealized gain on derivative instruments and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 292,137 Realized gain on derivative instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17,213 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (489) Reorganization costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (20,009) Provision for income taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 967 Profit from continuing operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 275,299 Profit for the period ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 275,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 1,774 ​ $ 35 ​ $ – ​ $ 1,809 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 163,447 ​ $ – ​ $ – ​ $ 163,447 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass Market ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ $ 390,664 ​ $ 295,300 ​ $ – ​ $ 685,964 Cost of goods sold ​ 204,309 ​ 212,518 ​ – ​ 416,827 Gross margin ​ 186,355 ​ 82,782 ​ – ​ 269,137 Depreciation and amortization ​ 6,365 ​ 914 ​ – ​ 7,279 Administrative expenses ​ 8,461 ​ 5,835 ​ 25,657 ​ 39,953 Selling and marketing expenses ​ 27,556 ​ 19,403 ​ – ​ 46,959 Other operating expenses ​ 9,115 ​ 3,517 ​ – ​ 12,632 Segment profit (loss) ​ $ 134,858 ​ $ 53,113 ​ $ (25,657) ​ $ 162,314 Finance costs ​ ​ ​ ​ (21,853) Unrealized gain on derivative instruments and other ​ ​ ​ ​ 77,349 Realized loss of derivative instruments ​ ​ ​ ​ (134,446) Other income, net ​ ​ ​ ​ (632) Provision for income taxes ​ ​ ​ ​ (634) Profit from continuing operations ​ ​ ​ ​ $ 82,098 Loss from discontinued operations ​ ​ ​ ​ (2,948) Profit for the period ​ ​ ​ ​ 79,150 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 1,521 ​ $ 165 ​ $ – ​ $ 1,686 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 170,854 ​ $ 98,748 ​ $ – ​ $ 269,602
Disclosure of geographical areas​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ​ For the three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 Canada ​ $ 140,478 ​ $ 104,454 United States ​ 468,194 ​ ​ 581,510 Total ​ $ 608,672 ​ $ 685,964 ​ ​ ​ ​ ​ ​ ​ ​ ​ As at June 30, 2021 As at March 31, 2021 Canada ​ $ 178,245 ​ $ 178,802 United States ​ 69,474 ​ 73,518 Total ​ $ 247,719 ​ $ 252,320

INCOME TAXES (Tables)

INCOME TAXES (Tables)3 Months Ended
Jun. 30, 2021
INCOME TAXES
Disclosure of income tax, deferred tax movements​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ​ Three months ​ ​ ended ​ ended ​ June 30, 2021 June 30, 2020 Current income tax expense ​ $ (1,112) ​ $ 873 Deferred income tax recovery ​ 145 ​ ​ (239) Provision for (recovery of) income taxes ​ $ (967) ​ $ 634

SHAREHOLDERS' CAPITAL (Tables)

SHAREHOLDERS' CAPITAL (Tables)3 Months Ended
Jun. 30, 2021
SHAREHOLDERS' CAPITAL
Schedule of issued and outstanding shareholders' capital​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Year ended ​ ​ June 30, 2021 ​ March 31, 2021 ​ ​ Shares Amount ​ Shares ​ Amount Common shares: ​ ​ Issued and outstanding ​ ​ Balance, beginning of period 48,078,637 ​ $ 1,537,863 ​ 4,594,371 ​ $ 1,099,864 Share-based awards exercised – ​ ​ – ​ 91,854 ​ ​ 929 Issuance of shares due to Recapitalization – ​ ​ – ​ 43,392,412 ​ ​ 438,642 Issuance cost – ​ ​ – ​ – ​ ​ (1,572) Balance, end of period 48,078,637 ​ $ 1,537,863 ​ 48,078,637 ​ $ 1,537,863 Preferred shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Issued and outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period – ​ $ – ​ 4,662,165 ​ $ 146,965 Exchanged to common shares – ​ ​ – ​ (4,662,165) ​ ​ (146,965) Shareholders' capital 48,078,637 ​ $ 1,537,863 ​ 48,078,637 ​ $ 1,537,863

OTHER EXPENSES (Tables)

OTHER EXPENSES (Tables)3 Months Ended
Jun. 30, 2021
OTHER EXPENSES
Schedule of other operating expenses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Three months ended ​ June 30, 2021 June 30, 2020 Amortization of intangible assets ​ $ 3,644 ​ $ 4,592 Depreciation of property and equipment ​ 802 ​ ​ 2,687 Bad debt expense ​ 7,418 ​ ​ 11,940 Share-based compensation ​ 610 ​ ​ 692 ​ ​ $ 12,474 ​ $ 19,911
Schedule of employee expenses​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended ​ ​ June 30, 2021 ​ June 30, 2020 Wages, salaries and commissions ​ $ 38,738 ​ $ 36,219 Benefits ​ 5,111 ​ ​ 6,488 ​ ​ $ 43,849 ​ $ 42,707

REORGANIZATION COSTS (Tables)

REORGANIZATION COSTS (Tables)3 Months Ended
Jun. 30, 2021
REORGANIZATION COSTS
Schedule of reorganization costs​ ​ ​ ​ ​ ​ Three months ended ​ ​ June 30, 2021 Professional and advisory costs ​ $ 12,546 Key employee retention plan ​ 2,536 Prepetition claims and other costs ​ 4,927 ​ ​ $ 20,009

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)3 Months Ended
Jun. 30, 2021
EARNINGS PER SHARE
Schedule of loss per share​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Three months ended ​ ​ June 30, 2021 ​ June 30, 2020 BASIC EARNINGS PER SHARE ​ ​ ​ Profit from continuing operations available to shareholders ​ $ 275,299 ​ $ 82,098 ​ Dividend to preferred shareholders, net of tax ​ – ​ 3,319 ​ Profit for the period available to shareholders ​ ​ 275,299 ​ ​ 78,779 ​ Basic weighted average shares outstanding 1 ​ 48,078,637 ​ 9,895,058 ​ Basic earnings per share from continuing operations available to shareholders ​ $ 5.73 ​ $ 7.96 ​ Basic earnings per share available to shareholders ​ $ 5.73 ​ $ 7.66 ​ ​ ​ ​ ​ ​ ​ ​ ​ DILUTED EARNINGS PER SHARE ​ ​ ​ ​ ​ Profit from continuing operations available to shareholders ​ $ 275,299 ​ $ 78,779 ​ Adjusted profit for the period available to shareholders ​ $ 275,299 ​ $ 78,779 ​ Basic weighted average shares outstanding ​ 48,078,637 ​ 9,895,058 ​ Dilutive effect of: ​ ​ ​ ​ ​ Restricted share and performance bonus grants ​ – ​ 67,351 ​ Deferred share grants ​ – ​ 6,157 ​ Deferred share units ​ ​ 190,983 ​ ​ – ​ Options ​ 650,000 ​ – ​ Shares outstanding on a diluted basis ​ 48,919,620 ​ 9,968,566 ​ Diluted earnings from continuing operations per share available to shareholders ​ $ 5.63 ​ $ 7.90 ​ Diluted earnings per share available to shareholders ​ $ 5.63 ​ $ 7.60 ​

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)3 Months Ended
Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES
Schedule of Commitments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 year 1–3 years 4–5 years More than 5 years Total Gas, electricity and non-commodity contracts ​ $ 1,252,345 ​ $ 1,247,531 ​ $ 238,030 ​ $ 65,231 ​ $ 2,803,137

ORGANIZATION (Details)

ORGANIZATION (Details) $ in MillionsJun. 16, 2021USD ($)$ / hJun. 30, 2021USD ($)
Increased electricity demand real time market price | $ / h9,000
Debtor-In-Possession financing $ 125
ERCOT | HB 4492 Financing
Recovering cost $ 100

ORGANIZATION - Summary of oblig

ORGANIZATION - Summary of obligations that are subject to potential compromise (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
Other non-current liabilities $ 17,020 $ 19,078
Current portion of long term debt622,227 $ 654,180
CCAA proceedings
Trade and other payables516,910
Other non-current liabilities11,730
Current portion of long term debt468,586
Total liabilities subject to compromise $ 997,226

OPERATIONS (Details)

OPERATIONS (Details)3 Months Ended
Jun. 30, 2021
Fixed-price or price protected
Operations:
Term in contract with customerP5Y

TRADE AND OTHER RECEIVABLES, _3

TRADE AND OTHER RECEIVABLES, NET (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
TRADE AND OTHER RECEIVABLES, NET
Trade accounts receivable, net $ 160,582 $ 189,250
Accrued gas receivables226 833
Unbilled revenue124,389 103,986
Other80,569 46,132
Trade and other current receivables $ 365,766 $ 340,201

TRADE AND OTHER RECEIVABLES, _4

TRADE AND OTHER RECEIVABLES, NET - Aging (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
Aging of trade receivable:
Trade and other current receivables $ 365,766 $ 340,201
Unbilled revenue124,389 103,986
Credit risk
Aging of trade receivable:
Trade and other current receivables119,314 94,536
Unbilled revenue115,200 87,100
Credit risk | Current
Aging of trade receivable:
Trade and other current receivables74,406 58,737
Credit risk | 1-30 days
Aging of trade receivable:
Trade and other current receivables28,141 19,415
Credit risk | 31-60 days
Aging of trade receivable:
Trade and other current receivables5,098 3,794
Credit risk | 61-90 days
Aging of trade receivable:
Trade and other current receivables2,245 2,144
Credit risk | Over 90 days
Aging of trade receivable:
Trade and other current receivables $ 9,424 $ 10,446

TRADE AND OTHER RECEIVABLES, _5

TRADE AND OTHER RECEIVABLES, NET - Allowance (Details) - CAD ($) $ in Thousands3 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021
TRADE AND OTHER RECEIVABLES, NET
Balance, beginning of period $ 23,363 $ 45,832
Provision for doubtful accounts7,418 34,260
Bad debts written off(11,027)(62,529)
Foreign exchange2,306 5,800
Balance, end of period $ 22,060 $ 23,363

OTHER CURRENT AND NON-CURRENT_3

OTHER CURRENT AND NON-CURRENT ASSETS - Current (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
OTHER CURRENT AND NON-CURRENT ASSETS
Prepaid expenses and deposits $ 66,050 $ 52,216
Customer acquisition costs43,617 45,681
Green certificates assets35,570 61,467
Gas delivered in excess of consumption1,644 649
Inventory1,945 3,392
Other current assets $ 148,826 $ 163,405

OTHER CURRENT AND NON-CURRENT_4

OTHER CURRENT AND NON-CURRENT ASSETS - Noncurrent (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
OTHER CURRENT AND NON-CURRENT ASSETS
Customer acquisition costs $ 27,086 $ 27,318
Other long-term assets8,009 7,944
Other non-current assets $ 35,095 $ 35,262

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Classified as fair value through profit or loss - Classified as fair value - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss $ 292,137 $ 77,349
Forward contract
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss225,307 48,380
Swap contract
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss66,394 28,121
Foreign exchange forward contracts
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss1,105 (6,051)
6.5% convertible bond conversion feature
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss12,218
Unrealized foreign exchange on Term
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss4,147
Weather derivatives
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss(1,704)(2,381)
Other derivative options
Financial Instruments:
Unrealized gain (loss), including fx, classified as fair value through profit or loss $ (3,112) $ (2,938)

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
Financial Instruments:
Financial assets, current $ 215,769 $ 25,026
Financial assets, non-current54,986 10,600
Financial liabilities, current9,888 13,977
Financial liabilities, non-current9,450 61,169
Classified as fair value
Financial Instruments:
Financial assets, current215,769 25,026
Financial assets, non-current54,986 10,600
Financial liabilities, current9,888 13,977
Financial liabilities, non-current9,450 61,169
Classified as fair value | Forward contract
Financial Instruments:
Financial assets, current155,295 12,513
Financial assets, non-current40,198 6,713
Financial liabilities, current6,062 10,157
Financial liabilities, non-current8,414 56,122
Classified as fair value | Swap contract
Financial Instruments:
Financial assets, current55,702 6,942
Financial assets, non-current14,715 2,634
Financial liabilities, current2,004 3,548
Financial liabilities, non-current1,031 5,047
Classified as fair value | Foreign exchange forward contracts
Financial Instruments:
Financial assets, current834
Financial liabilities, current272
Classified as fair value | Weather derivatives
Financial Instruments:
Financial assets, current1,883 1,911
Financial liabilities, current1,721
Classified as fair value | Other derivative options
Financial Instruments:
Financial assets, current2,055 3,660
Financial assets, non-current73 $ 1,253
Financial liabilities, current101
Financial liabilities, non-current $ 5

FINANCIAL INSTRUMENTS - Hedges

FINANCIAL INSTRUMENTS - Hedges (Details)Jun. 30, 2021MWitemtTcfMWhmJ
Forward contract | 7 - 10 years
Hedging:
Nominal amount of hedging instrument28,121,312
Price of hedging instrument44.94
Forward contract | Natural gas | 4-5 years
Hedging:
Nominal amount of hedging instrument | mJ65,297,406
Price of hedging instrument | mJ3.69
Forward contract | Renewable energy certificates | 7 - 10 years
Hedging:
Nominal amount of hedging instrument2,041,751
Price of hedging instrument45.09
Forward contract | Green Gas Certificates | Not later than one year
Hedging:
Nominal amount of hedging instrument | t500,000
Price of hedging instrument | t3.92
Forward contract | Capacity contracts | 4-5 years
Hedging:
Nominal amount of hedging instrument | MW2,579
Price of hedging instrument | MW4,700.15
Forward contract | Ancillary contract | Not later than one year
Hedging:
Nominal amount of hedging instrument658,300
Price of hedging instrument16.93
Swap contract | 4-5 years
Hedging:
Nominal amount of hedging instrument17,672,286
Price of hedging instrument49.62
Swap contract | Natural gas | 4-5 years
Hedging:
Nominal amount of hedging instrument | Tcf93,174,950
Price of hedging instrument | Tcf3.26
Weather derivatives | Heating degree days | Strike | Later than one year | Bottom of range
Hedging:
Nominal amount of hedging instrument | item1,813
Weather derivatives | Heating degree days | Strike | Later than one year | Top of range
Hedging:
Nominal amount of hedging instrument | item4,985
Weather derivatives | Heating degree days | Strike | 3-4 years | Bottom of range
Hedging:
Nominal amount of hedging instrument | item3,439
Weather derivatives | Heating degree days | Strike | 3-4 years | Top of range
Hedging:
Nominal amount of hedging instrument | item4,985
Weather derivatives | Cooling Degree Days | Strike | Not later than one year | Bottom of range
Hedging:
Nominal amount of hedging instrument | item656
Weather derivatives | Cooling Degree Days | Strike | Not later than one year | Top of range
Hedging:
Nominal amount of hedging instrument | item3,399

FINANCIAL INSTRUMENTS - Classif

FINANCIAL INSTRUMENTS - Classification in FV hierarchy (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
Classification of derivative financial assets (liabilities):
Derivative financial assets $ 270,755 $ 35,626
Derivative financial liabilities(19,338)(75,146)
Total net derivative financial assets (liabilities)251,417 (39,520)
Level 2 of fair value hierarchy
Classification of derivative financial assets (liabilities):
Derivative financial assets37,472 682
Total net derivative financial assets (liabilities)37,472 682
Level 3 of fair value hierarchy
Classification of derivative financial assets (liabilities):
Derivative financial assets233,283 34,944
Derivative financial liabilities(19,338)(75,146)
Total net derivative financial assets (liabilities) $ 213,945 $ (40,202)

FINANCIAL INSTRUMENTS - Sensiti

FINANCIAL INSTRUMENTS - Sensitivity (Details) - CAD ($) $ in Millions3 Months Ended
Jun. 30, 2021Jun. 30, 2020Mar. 31, 2021
Bottom of range
Disclosure of sensitivity:
Basis curve12 months
Top of range
Disclosure of sensitivity:
Basis curve15 months
Level 3 of fair value hierarchy
Disclosure of sensitivity:
Percentage of extrapolation5.00%
Cash flow hedges | Not later than one year | Bottom of range
Disclosure of sensitivity:
Hedge (as percent of cross border cash flow)50.00%
Cash flow hedges | Not later than one year | Top of range
Disclosure of sensitivity:
Hedge (as percent of cross border cash flow)100.00%
Cash flow hedges | Later than one year and not later than two years | Bottom of range
Disclosure of sensitivity:
Hedge (as percent of cross border cash flow)0.00%
Cash flow hedges | Later than one year and not later than two years | Top of range
Disclosure of sensitivity:
Hedge (as percent of cross border cash flow)50.00%
Commodity price risk
Disclosure of sensitivity:
Increase (decrease) due to increase, liabilities, impact on profit or loss before tax $ 171.1
Increase (decrease), due to decrease, liabilities, impact on profit or loss before tax $ 165.5
Commodity price risk | Level 3 of fair value hierarchy
Disclosure of sensitivity:
Percentage of increase, liabilities10.00%
Increase (decrease) due to increase, liabilities, impact on profit or loss before tax $ 163.3
Percentage of decrease, liabilities10.00%10.00%
Increase (decrease), due to decrease, liabilities, impact on profit or loss before tax $ 158.2
Currency risk
Disclosure of sensitivity:
Percentage of increase, liabilities5.00%
Percentage of decrease, liabilities5.00%
Increase (decrease), due to decrease, recognized in profit or loss after tax $ 17.3
Increase (decrease) due to increase, liabilities, impact on profit or loss after tax3.9
Increase in risk variable, impact on other comprehensive loss9.8
Decrease in risk variable, impact on other comprehensive loss $ 9.6
Interest rate risk
Disclosure of sensitivity:
Percentage of increase, liabilities1.00%
Increase (decrease) due to increase, liabilities, impact on profit or loss before tax $ 0.7 $ 0.6
Percentage of decrease, liabilities1.00%
Increase (decrease), due to decrease, liabilities, impact on profit or loss before tax $ 1.1 $ 0.6
Credit risk
Disclosure of sensitivity:
Financial assets, at fair value0.5 $ 1.1
Counter party credit risk $ 258.4 $ 35.6

FINANCIAL INSTRUMENTS - Reconci

FINANCIAL INSTRUMENTS - Reconciliation of Level 3 Assets (Liabilities) (Details) - Level 3 of fair value hierarchy - CAD ($) $ in Thousands3 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021
Financial Instruments:
Balance, beginning of period $ 40,202 $ (85,885)
Total gains (losses)210,743 (2,900)
Purchases60,844 (4,059)
Sales(9,290)(1,670)
Settlements(8,150)54,312
Balance, end of period $ (213,945) $ 40,202

TRADE AND OTHER PAYABLES - Sche

TRADE AND OTHER PAYABLES - Schedule of Payables (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
TRADE AND OTHER PAYABLES
Commodity suppliers' accruals and payables (a) $ 772,618 $ 712,144
Green provisions and repurchase obligations53,921 77,882
Sales tax payable27,035 27,684
Non-commodity trade accruals and accounts payable (b)62,752 80,573
Current portion of payable to former joint venture partner (c)13,829 11,467
Accrued gas payable354 544
Other payables15,468 11,301
Trade and other current payables $ 945,977 $ 921,595

TRADE AND OTHER PAYABLES - Addi

TRADE AND OTHER PAYABLES - Additional information (Details) - CAD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021
Disclosure of detailed information about borrowings [line items]
Commodity suppliers' accruals and payables (a) $ 772,618 $ 712,144
Non-commodity trade accruals and accounts payable (b)62,752 80,573
Companies' Creditors Arrangement Act
Disclosure of detailed information about borrowings [line items]
Commodity suppliers' accruals and payables (a)491,700 507,300
Non-commodity trade accruals and accounts payable (b) $ 11,700 $ 12,900

LONG-TERM DEBT AND FINANCING (D

LONG-TERM DEBT AND FINANCING (Details) - CAD ($) $ in Thousands3 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2020
Borrowings:
Debt $ 623,186 $ 655,740
Less: Current portion(622,227)(654,180)
Total non-current portion of non-current borrowings959 1,560
DIP Facility
Borrowings:
Debt[1]154,925 126,735
Less: Debt issue costs (a)[1](4,147)(6,312)
Filter Group financing
Borrowings:
Debt[2]3,822 4,617
Credit facility
Borrowings:
Debt[3]171,046 227,189
7% $15M subordinated notes
Borrowings:
Debt[4] $ 13,554 13,607
Interest rate7.00%
Term loan
Borrowings:
Debt[5] $ 283,986 $ 289,904
Unsecured term loan
Borrowings:
Debt $ 207,000
Interest rate8.75%8.75%
6.75% $100M convertible debentures
Borrowings:
Notional amount $ 100,000 $ 100,000
Interest rate6.75%6.75%
6.75% $160M convertible debentures
Borrowings:
Notional amount $ 160,000 $ 160,000
Interest rate6.75%6.75%
6.5% convertible bonds
Borrowings:
Debt $ 9,200
Interest rate6.50%6.50%
[1]For the three months
[2]Filter Group has a $3.8 million outstanding loan payable to Home Trust Company (“HTC”). The loan is a result of factoring receivables to finance the cost of rental equipment that matures no later than October 2023 with HTC and bears interest at 8.99% per annum. Principal and interest are payable monthly. Filter Group did not file under the CCAA and accordingly, the stay does not apply to Filter Group and any amounts outstanding under the loan payable to Home Trust Company.
[3]On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into an Accommodation and Support Agreement (the “Lender Support Agreement”) with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and $125 million. As at June 30, 2021, the Company had repaid $62.0 million and had a total of $98.8 million of letters of Credit outstanding.
[4]As part of the September 2020 Recapitalization, Just Energy issued $15 million principal amount of 7.0% subordinated notes (“Note Indenture”) to holders of the subordinated convertible debentures, which has a six-year maturity. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at June 30, 2021 includes an accrual of $0.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the Note Indenture’s Trust Indenture agreement. However, any potential actions by the lenders under the Note Indenture have been stayed pursuant to the Court Order and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the Note Indenture has been classified as current.
[5]As part of the September 2020 Recapitalization, Just Energy issued a USD $205.9 million principal note (the “10.25% Term Loan”) maturing on March 31, 2024. The note bears interest at 10.25% . The balance at June 30, 2021 includes an accrual of $13.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the 10.25% Term Loan. However, any potential actions by the lenders under the 10.25% Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the 10.25% Term Loan has been classified as current.

LONG-TERM DEBT AND FINANCING -

LONG-TERM DEBT AND FINANCING - Repayments (Details) $ in ThousandsJun. 30, 2021CAD ($)
Borrowings:
Future annual minimum repayments $ 623,186
DIP Facility
Borrowings:
Future annual minimum repayments154,925 [1]
Less: Debt issue costs (a)(4,147)[1]
Filter Group financing
Borrowings:
Future annual minimum repayments3,822 [2]
Credit facility
Borrowings:
Future annual minimum repayments171,046 [3]
7% $15M subordinated notes
Borrowings:
Future annual minimum repayments13,554 [4]
Term loan
Borrowings:
Future annual minimum repayments283,986 [5]
Not later than one year
Borrowings:
Future annual minimum repayments622,227
Not later than one year | DIP Facility
Borrowings:
Future annual minimum repayments154,925 [1]
Less: Debt issue costs (a)(4,147)[1]
Not later than one year | Filter Group financing
Borrowings:
Future annual minimum repayments2,863 [2]
Not later than one year | Credit facility
Borrowings:
Future annual minimum repayments171,046 [3]
Not later than one year | 7% $15M subordinated notes
Borrowings:
Future annual minimum repayments13,554 [4]
Not later than one year | Term loan
Borrowings:
Future annual minimum repayments283,986 [5]
1-3 years
Borrowings:
Future annual minimum repayments959
1-3 years | Filter Group financing
Borrowings:
Future annual minimum repayments $ 959 [2]
[1]For the three months
[2]Filter Group has a $3.8 million outstanding loan payable to Home Trust Company (“HTC”). The loan is a result of factoring receivables to finance the cost of rental equipment that matures no later than October 2023 with HTC and bears interest at 8.99% per annum. Principal and interest are payable monthly. Filter Group did not file under the CCAA and accordingly, the stay does not apply to Filter Group and any amounts outstanding under the loan payable to Home Trust Company.
[3]On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into an Accommodation and Support Agreement (the “Lender Support Agreement”) with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and $125 million. As at June 30, 2021, the Company had repaid $62.0 million and had a total of $98.8 million of letters of Credit outstanding.
[4]As part of the September 2020 Recapitalization, Just Energy issued $15 million principal amount of 7.0% subordinated notes (“Note Indenture”) to holders of the subordinated convertible debentures, which has a six-year maturity. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at June 30, 2021 includes an accrual of $0.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the Note Indenture’s Trust Indenture agreement. However, any potential actions by the lenders under the Note Indenture have been stayed pursuant to the Court Order and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the Note Indenture has been classified as current.
[5]As part of the September 2020 Recapitalization, Just Energy issued a USD $205.9 million principal note (the “10.25% Term Loan”) maturing on March 31, 2024. The note bears interest at 10.25% . The balance at June 30, 2021 includes an accrual of $13.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the 10.25% Term Loan. However, any potential actions by the lenders under the 10.25% Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the 10.25% Term Loan has been classified as current.

LONG-TERM DEBT AND FINANCING _2

LONG-TERM DEBT AND FINANCING - Finance costs (Details) - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
Borrowings:
Finance costs $ 12,913 $ 21,853
DIP Facility
Borrowings:
Finance costs[1]7,100
Filter Group financing
Borrowings:
Finance costs[2]96 206
Credit facility
Borrowings:
Finance costs[3]5,717 5,135
Term loan
Borrowings:
Finance costs[4]9,264
6.75% $100M convertible debentures
Borrowings:
Finance costs[5]2,408
Face amount100,000 100,000
6.75% $160M convertible debentures
Borrowings:
Finance costs[6]3,496
Face amount $ 160,000 160,000
6.5% convertible bonds
Borrowings:
Finance costs[7]275
Supplier finance and others
Borrowings:
Finance costs $ 1,069
[1]For the three months
[2]Filter Group has a $3.8 million outstanding loan payable to Home Trust Company (“HTC”). The loan is a result of factoring receivables to finance the cost of rental equipment that matures no later than October 2023 with HTC and bears interest at 8.99% per annum. Principal and interest are payable monthly. Filter Group did not file under the CCAA and accordingly, the stay does not apply to Filter Group and any amounts outstanding under the loan payable to Home Trust Company.
[3]On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into an Accommodation and Support Agreement (the “Lender Support Agreement”) with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and $125 million. As at June 30, 2021, the Company had repaid $62.0 million and had a total of $98.8 million of letters of Credit outstanding.
[4]As part of the September 2020 Recapitalization, the 8.75% loan was exchanged for its pro-rata share of the Term Loan and 786,982 common shares. At the time of the September 2020 Recapitalization, the 8.75% loan had USD $207.0 million outstanding plus accrued interest.
[5]As part of the September 2020 Recapitalization, the 6.75% $100 M convertible debentures were exchanged for 3,592,069 common shares along with its pro-rata share of the Note Indenture and the payment of accrued interest.
[6]As part of the September 2020 Recapitalization, the 6.75% $160 M convertible debentures were exchanged for 5,747,310 common shares along with its pro-rata share of the Note Indenture and the payment of accrued interest.
[7]As part of the September 2020 Recapitalization, the 6.5% convertible bonds were exchanged for its pro-rata share of the Term Loan and 35,737 common shares. At the time of the September 2020 Recapitalization, $9.2 million of the 6.5% convertible bonds were outstanding plus accrued interest .

LONG-TERM DEBT AND FINANCING _3

LONG-TERM DEBT AND FINANCING - Additional information (Details) - CAD ($) $ in ThousandsMar. 18, 2021Jun. 30, 2021Jun. 30, 2020Mar. 31, 2021Mar. 09, 2021Oct. 19, 2020
Disclosure of detailed information about borrowings [line items]
Total borrowings $ 623,186 $ 655,740
Origination Fee Percentage1.00%
Commitment Fee Percentage1.00%
Repayments of borrowings classified as financing activities.796 $ 1,651
Home Trust Company [Member]
Disclosure of detailed information about borrowings [line items]
Total borrowings $ 3,800
Interest rate8.99%
Companies' Creditors Arrangement Act
Disclosure of detailed information about borrowings [line items]
Notional amount $ 125,000
Interest rate13.00%
Credit facility
Disclosure of detailed information about borrowings [line items]
Total borrowings[1] $ 171,046 227,189
Available capacity under Letter of Credit2,900
Borrowings, letters of credit $ 54,400
Credit facility | Prime Rate
Disclosure of detailed information about borrowings [line items]
Basis rate4.25%
Credit facility | Libor
Disclosure of detailed information about borrowings [line items]
Basis rate5.25%
Credit facility | Canadian bank prime rate
Disclosure of detailed information about borrowings [line items]
Basis rate2.45%
Credit facility | US Prime Rate
Disclosure of detailed information about borrowings [line items]
Basis rate3.25%
Lender Support Agreement [Member]
Disclosure of detailed information about borrowings [line items]
Limited Amount Of Letter Of Credit $ 46,100
Repayments of borrowings classified as financing activities. $ 125,000 $ 62,000
Borrowings, letters of credit98,800
7% $15M subordinated notes
Disclosure of detailed information about borrowings [line items]
Total borrowings[2] $ 13,554 13,607
Interest rate7.00%
Debt Instrument Principal Amounts $ 15,000 $ 0
Subordinated convertible debentures, Term6 years
Debt Instrument Annual Interest Rate7.00%
Consideration for tender offer $ 13,200
Accruals classified as current400
10.25 % term loan
Disclosure of detailed information about borrowings [line items]
Total borrowings $ 205,900
Interest rate10.25%
Accruals classified as current $ 13,400
Term loan
Disclosure of detailed information about borrowings [line items]
Total borrowings[3]283,986 $ 289,904
Unsecured term loan
Disclosure of detailed information about borrowings [line items]
Total borrowings $ 207,000
Interest rate8.75%8.75%
Borrowings, conversion of convertible instruments, shares issued (in shares)786,982
6.75% $100M convertible debentures
Disclosure of detailed information about borrowings [line items]
Notional amount $ 100,000 $ 100,000
Interest rate6.75%6.75%
Borrowings, conversion of convertible instruments, shares issued (in shares)3,592,069
6.75% $160M convertible debentures
Disclosure of detailed information about borrowings [line items]
Notional amount $ 160,000 $ 160,000
Interest rate6.75%6.75%
Borrowings, conversion of convertible instruments, shares issued (in shares)5,747,310
6.5% convertible bonds
Disclosure of detailed information about borrowings [line items]
Total borrowings $ 9,200
Interest rate6.50%6.50%
Borrowings, conversion of convertible instruments, shares issued (in shares)35,737
[1]On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into an Accommodation and Support Agreement (the “Lender Support Agreement”) with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and $125 million. As at June 30, 2021, the Company had repaid $62.0 million and had a total of $98.8 million of letters of Credit outstanding.
[2]As part of the September 2020 Recapitalization, Just Energy issued $15 million principal amount of 7.0% subordinated notes (“Note Indenture”) to holders of the subordinated convertible debentures, which has a six-year maturity. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at June 30, 2021 includes an accrual of $0.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the Note Indenture’s Trust Indenture agreement. However, any potential actions by the lenders under the Note Indenture have been stayed pursuant to the Court Order and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the Note Indenture has been classified as current.
[3]As part of the September 2020 Recapitalization, Just Energy issued a USD $205.9 million principal note (the “10.25% Term Loan”) maturing on March 31, 2024. The note bears interest at 10.25% . The balance at June 30, 2021 includes an accrual of $13.4 million for interest payable on the notes. As a result of the CCAA filing, the Company is in default under the 10.25% Term Loan. However, any potential actions by the lenders under the 10.25% Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. Given this acceleration option, the 10.25% Term Loan has been classified as current.

REPORTABLE BUSINESS SEGMENTS -

REPORTABLE BUSINESS SEGMENTS - (Details) - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020Mar. 31, 2021
Operating segments:
Sales $ 608,672 $ 685,964
Cost of goods sold528,363 416,827
Gross margin80,309 269,137
Depreciation and amortization4,446 7,279
Administrative expenses29,770 39,953
Selling and marketing expenses39,672 46,959
Other operating expenses8,028 12,632
Segment profit (loss)(1,607)162,314
Finance costs(12,913)(21,853)
Unrealized gain (loss) on derivative instruments and other292,137 77,349
Realized gain (loss) of derivative instruments17,213 (134,446)
Other expenses, net(489)(632)
Reorganization costs(20,009)
Provision for income taxes967 (634)
Profit from continuing operations275,299 82,098
Loss from discontinued operations(2,948)
Profit for the period275,299 79,150
Capital expenditures1,809 1,686
Total goodwill163,447 269,602 $ 163,770
Operating segments | Consumer
Operating segments:
Sales314,987 390,664
Cost of goods sold255,498 204,309
Gross margin59,489 186,355
Depreciation and amortization3,640 6,365
Administrative expenses9,153 8,461
Selling and marketing expenses25,132 27,556
Other operating expenses7,038 9,115
Segment profit (loss)14,526 134,858
Capital expenditures1,774 1,521
Total goodwill163,447 170,854
Operating segments | Commercial
Operating segments:
Sales293,685 295,300
Cost of goods sold272,865 212,518
Gross margin20,820 82,782
Depreciation and amortization806 914
Administrative expenses3,339 5,835
Selling and marketing expenses14,540 19,403
Other operating expenses990 3,517
Segment profit (loss)1,145 53,113
Capital expenditures35 165
Total goodwill98,748
Elimination of intersegment amounts
Operating segments:
Administrative expenses(17,278)(25,657)
Segment profit (loss) $ 17,278 $ (25,657)

REPORTABLE BUSINESS SEGMENTS _2

REPORTABLE BUSINESS SEGMENTS - Geographical Disclosure (Details) - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020Mar. 31, 2021
Operating segments:
Sales $ 608,672 $ 685,964
Non-current assets247,719 $ 252,320
Canada
Operating segments:
Sales140,478 104,454
Non-current assets178,245 178,802
United States
Operating segments:
Sales468,194 $ 581,510
Non-current assets $ 69,474 $ 73,518

INCOME TAXES - Components of Ta

INCOME TAXES - Components of Tax Expenses (Details) - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
INCOME TAXES
Current income tax expense $ (1,112) $ 873
Deferred income tax recovery145 (239)
Provision for (recovery of) income taxes $ (967) $ 634

SHAREHOLDERS' CAPITAL (Details)

SHAREHOLDERS' CAPITAL (Details) - CAD ($) $ / shares in Units, $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
Disclosure of classes of share capital [line items]
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in CAD per share) $ 0 $ 0
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners $ 23
Preference shares
Disclosure of classes of share capital [line items]
Par value per share (in CAD per share) $ 0
Number of shares authorised (in shares)50,000,000
Number of shares outstanding0
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in CAD per share) $ 0
Ordinary shares
Disclosure of classes of share capital [line items]
Number of shares issued and fully paid (in shares)0

SHAREHOLDERS' CAPITAL - Classes

SHAREHOLDERS' CAPITAL - Classes of share capital (Details) - CAD ($) $ in Thousands3 Months Ended12 Months Ended
Jun. 30, 2021Jun. 30, 2020Mar. 31, 2021
Disclosure of classes of share capital [line items]
Balance, beginning of period $ (594,822)
Share-based units exercised $ (162)
Balance, end of period $ (311,537)(413,040) $ (594,822)
Issued capital
Disclosure of classes of share capital [line items]
Balance, beginning of period (in shares)48,078,637
Balance, beginning of period $ 1,537,863
Balance, end of period (in shares)48,078,637 48,078,637
Balance, end of period $ 1,537,863 $ 1,246,991 $ 1,537,863
Ordinary shares | Issued capital
Disclosure of classes of share capital [line items]
Balance, beginning of period (in shares)48,078,637 4,594,371 4,594,371
Balance, beginning of period $ 1,537,863 $ 1,099,864 $ 1,099,864
Share-based awards exercised (in shares)91,854
Share-based units exercised162 $ 929
Issuance of shares due to recapitalization (in shares)0 43,392,412
Issuance of shares due to Recapitalization $ 0 $ 438,642
Issuance cost $ (1,572)
Balance, end of period (in shares)48,078,637 48,078,637
Balance, end of period $ 1,537,863 $ 1,100,026 $ 1,537,863
Preference shares | Issued capital
Disclosure of classes of share capital [line items]
Balance, beginning of period (in shares)0 4,662,165 4,662,165
Balance, beginning of period $ 0 $ 146,965 $ 146,965
Exchanged to common shares (in shares)0 (4,662,165)
Exchanged to common shares $ 0 $ (146,965)
Balance, end of period (in shares)0
Balance, end of period $ 146,965 $ 0

OTHER EXPENSES - Other operatin

OTHER EXPENSES - Other operating expenses (Details) - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
OTHER EXPENSES
Amortization of intangible assets $ 3,644 $ 4,592
Depreciation of property and equipment802 2,687
Bad debt expense7,418 11,940
Share-based compensation610 692
Other operating expenses $ 12,474 $ 19,911

OTHER EXPENSES - Employee expen

OTHER EXPENSES - Employee expenses (Details) - CAD ($) $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
OTHER EXPENSES
Wages, salaries and commissions $ 38,738 $ 36,219
Benefits5,111 6,488
Employee benefits expense $ 43,849 $ 42,707

OTHER EXPENSES (Details)

OTHER EXPENSES (Details) - CAD ($) $ in Millions3 Months Ended
Jun. 30, 2021Jun. 30, 2020
OTHER EXPENSES
Employee expense, included in administrative expenses $ 14.7 $ 15.2
Employee expense included in selling and marketing expenses $ 29.1 $ 27.5

REORGANIZATION COSTS (Details)

REORGANIZATION COSTS (Details) $ in Thousands3 Months Ended
Jun. 30, 2021CAD ($)
REORGANIZATION COSTS
Professional and advisory costs $ 12,546
Key employee retention plan2,536
Prepetition claims and other costs4,927
Reorganization costs $ 20,009

EARNINGS PER SHARE - Earnings (

EARNINGS PER SHARE - Earnings (Details) - CAD ($) $ / shares in Units, $ in Thousands3 Months Ended
Jun. 30, 2021Jun. 30, 2020
BASIC EARNINGS PER SHARE
Profit from continuing operations available to shareholders $ 275,299 $ 82,098
Dividend to preferred shareholders, net of tax3,319
Profit for the period available to shareholders $ 275,299 $ 78,779
Basic weighted average shares outstanding (in shares)[1]48,078,637 9,895,058
Basic earnings per share from continuing operations available to shareholders (in CAD per share) $ 5.73 $ 7.96
Basic earnings per share available to shareholders (in CAD per share) $ 5.73 $ 7.66
DILUTED EARNINGS PER SHARE
Profit from continuing operations available to shareholders $ 275,299 $ 78,779
Adjusted profit for the period available to shareholders $ 275,299 $ 78,779
Basic weighted average shares outstanding (in shares)[1]48,078,637 9,895,058
Restricted share and performance bonus grants (in shares)67,351
Deferred share grants (in shares)6,157
Dilutive effect, options650,000
Shares outstanding on a diluted basis (in shares)48,919,620 9,968,566
Diluted earnings from continuing operations per shareavailable to shareholders (in CAD per share) $ 5.63 $ 7.90
Diluted earnings per share available to shareholders (in CAD per share) $ 5.63 $ 7.60
Deferred Share Units
DILUTED EARNINGS PER SHARE
Dilutive effect, convertible instruments190,983
[1]The shares have been adjusted to reflect the share consolidation due to the September 2020 Recapitalization.

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - CAD ($) $ in MillionsJun. 30, 2021Mar. 31, 2021
DIP
Commitments and Contingencies:
Financial effect $ 45.4 $ 46.3
Letters of credit
Commitments and Contingencies:
Borrowings, letters of credit $ 153.2

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Commitments (Details) $ in ThousandsJun. 30, 2021CAD ($)
Disclosure of contingent liabilities [line items]
Gas, electricity and non-commodity contracts $ 2,803,137
Not later than one year
Disclosure of contingent liabilities [line items]
Gas, electricity and non-commodity contracts1,252,345
1-3 years
Disclosure of contingent liabilities [line items]
Gas, electricity and non-commodity contracts1,247,531
4-5 years
Disclosure of contingent liabilities [line items]
Gas, electricity and non-commodity contracts238,030
More than 5 years
Disclosure of contingent liabilities [line items]
Gas, electricity and non-commodity contracts $ 65,231