Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2022 | Nov. 29, 2022 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Entity File Number | 001-35400 | |
Entity Registrant Name | Just Energy Group Inc. | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address State Or Province | ON | |
Entity Address, Address Line One | 100 King Street West | |
Entity Address, Address Line Two | Suite 2630 | |
Entity Address, City or Town | Toronto | |
Entity Address, Postal Zip Code | M5X 1E1 | |
City Area Code | 905 | |
Local Phone Number | 795-4206 | |
Title of 12(g) Security | Common Stock, No Par Value per Share | |
Trading Symbol | JENGQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,078,637 | |
Entity Central Index Key | 0001538789 | |
Current Fiscal Year End Date | --03-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 182,016 | $ 125,755 |
Restricted cash | 2,395 | 2,736 |
Trade and other receivables, net | 354,992 | 308,941 |
Securitization proceeds receivable from ERCOT | 147,500 | |
Gas in storage | 40,543 | 3,313 |
Derivative instruments | 494,464 | 538,700 |
Income taxes recoverable | 7,925 | 11,774 |
Other current assets | 149,329 | 131,570 |
Total current assets | 1,231,664 | 1,270,289 |
Non-current assets | ||
Property and equipment, net | 4,980 | 6,505 |
Intangible assets, net | 43,960 | 43,815 |
Goodwill | 120,951 | 130,945 |
Derivative instruments | 140,761 | 133,014 |
Deferred income taxes | 351 | 198 |
Other non-current assets | 57,395 | 39,048 |
Total non-current assets | 368,398 | 353,525 |
TOTAL ASSETS | 1,600,062 | 1,623,814 |
Current liabilities | ||
Trade and other payables | 401,569 | 349,923 |
Deferred revenue | 10,270 | 695 |
Income taxes payable | 2,788 | 2,370 |
Derivative instruments | 21,957 | 13,170 |
Current portion of long-term debt | 55,384 | 126,289 |
Total current liabilities | 491,968 | 492,447 |
Liabilities subject to compromise | 852,270 | 845,890 |
Non-current liabilities | ||
Long-term debt | 2 | 130 |
Derivative instruments | 46,778 | 12,916 |
Deferred income taxes | 57,251 | 75,792 |
Other non-current liabilities | 15,438 | 2,438 |
Total non-current liabilities | 119,469 | 91,276 |
TOTAL LIABILITIES | 1,463,707 | 1,429,613 |
Commitments and contingencies | ||
SHAREHOLDERS' EQUITY | ||
Common shares, no par value; unlimited shares authorized at September 30, 2022 and March 31, 2022; 48,078,637 shares issued and outstanding at September 30, 2022; 48,078,637 shares issued and outstanding at March 31, 2022 | 1,168,162 | 1,168,162 |
Contributed deficit | (11,749) | (12,073) |
Accumulated deficit | (1,133,091) | (1,088,119) |
Accumulated other comprehensive income | 113,294 | 126,527 |
Non-controlling interest | (261) | (296) |
TOTAL SHAREHOLDERS' EQUITY | 136,355 | 194,201 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,600,062 | $ 1,623,814 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Mar. 31, 2022 |
Interim Condensed Consolidated Balance Sheets | ||
Common stock par value | $ 0 | $ 0 |
Common stock, shares issued | 48,078,637 | 48,078,637 |
Common stock, shares outstanding | 48,078,637 | 48,078,637 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
NET INCOME (LOSS) | ||||
Revenue | $ 684,968 | $ 559,382 | $ 1,255,554 | $ 1,055,743 |
Cost of goods sold | 956,870 | 494,612 | 1,620,083 | 925,622 |
GROSS MARGIN | (271,902) | 64,770 | (364,529) | 130,121 |
INCOMES (EXPENSES) | ||||
Administrative | (29,934) | (29,816) | (57,421) | (54,460) |
Selling and marketing | (35,243) | (35,538) | (67,715) | (67,874) |
Provision for expected credit loss | (16,756) | (2,945) | (27,206) | (9,018) |
Depreciation and amortization | (3,094) | (3,736) | (6,011) | (7,381) |
Interest expense | (8,921) | (7,754) | (17,409) | (16,584) |
Reorganization costs | (26,951) | (14,746) | (46,082) | (31,232) |
Unrealized gain (loss) on derivative instruments | (289,774) | 233,036 | (67,335) | 469,091 |
Realized gain on derivative instruments | 395,631 | 38,777 | 592,710 | 52,793 |
Realized gain on investment | 22,887 | 22,887 | ||
Other income (expenses), net | 163 | (45) | 395 | (412) |
Income (loss) from operations before income taxes | (286,781) | 264,890 | (60,603) | 487,931 |
Income tax benefit | (81,164) | (191) | (15,600) | (984) |
NET INCOME (LOSS) | (205,617) | 265,081 | (45,003) | 488,915 |
Less: Net income (loss) attributable to non-controlling interest | (19) | 3 | (31) | (49) |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (205,598) | $ 265,078 | $ (44,972) | $ 488,964 |
Earnings (loss) per share | ||||
Basic | $ (4.28) | $ 5.51 | $ (0.94) | $ 10.17 |
Diluted | $ (4.28) | $ 5.42 | $ (0.94) | $ 9.99 |
Weighted average shares outstanding | ||||
Basic | 48,078,637 | 48,078,637 | 48,078,637 | 48,078,637 |
Diluted | 48,919,620 | 48,919,620 | 48,919,620 | 48,919,620 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interim Condensed Consolidated Statements of Comprehensive Income | ||||
NET INCOME (LOSS) | $ (205,617) | $ 265,081 | $ (45,003) | $ 488,915 |
Other comprehensive income (loss), net of income tax: | ||||
Unrealized loss on translation of foreign operations, net of income tax | (15,631) | (2,341) | (13,233) | (2,000) |
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD, NET OF INCOME TAX | (221,248) | 262,740 | (58,236) | 486,915 |
Total comprehensive income (loss) attributable to: | ||||
Less: Net income (loss) attributable to non-controlling interest | (19) | 3 | (31) | (49) |
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS, NET OF INCOME TAX | $ (221,229) | $ 262,737 | $ (58,205) | $ 486,964 |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | ATTRIBUTABLE TO THE SHAREHOLDERS | DIVIDENDS AND DISTRIBUTIONS | ACCUMULATED DEFICIT | ACCUMULATED OTHER COMPREHENSIVE INCOME | Common shares | CONTRIBUTED DEFICIT | NON-CONTROLLING INTEREST | Total |
Shareholders' equity, beginning of period at Mar. 31, 2021 | $ (231,208) | $ 132,797 | $ 1,168,162 | $ (13,558) | $ (312) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) for the period, attributable to shareholders | 488,964 | $ 488,964 | ||||||
Other comprehensive loss | (2,000) | |||||||
Share-based compensation expense | 822 | |||||||
Foreign exchange impact on non-controlling interest | 53 | |||||||
Net loss attributable to non-controlling interest | (49) | 49 | ||||||
Shareholders' equity, end of period at Sep. 30, 2021 | 257,756 | $ (1,535,438) | $ (1,277,682) | 130,797 | 1,168,162 | (12,736) | (308) | 8,233 |
Shareholders' equity, beginning of period at Mar. 31, 2022 | 447,319 | 126,527 | 1,168,162 | (12,073) | (296) | 194,201 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) for the period, attributable to shareholders | (44,972) | (44,972) | ||||||
Other comprehensive loss | (13,233) | |||||||
Share-based compensation expense | 324 | |||||||
Foreign exchange impact on non-controlling interest | 66 | |||||||
Net loss attributable to non-controlling interest | (31) | 31 | ||||||
Shareholders' equity, end of period at Sep. 30, 2022 | 402,347 | (1,535,438) | (1,133,091) | 113,294 | 1,168,162 | (11,749) | (261) | 136,355 |
Shareholders' equity, beginning of period at Jun. 30, 2022 | 1,168,162 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) for the period, attributable to shareholders | (205,598) | |||||||
Net loss attributable to non-controlling interest | 19 | |||||||
Shareholders' equity, end of period at Sep. 30, 2022 | $ 402,347 | $ (1,535,438) | $ (1,133,091) | $ 113,294 | $ 1,168,162 | $ (11,749) | $ (261) | $ 136,355 |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (45,003) | $ 488,915 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,301 | 7,446 |
Share-based compensation expense | 324 | 822 |
Interest expense, non-cash portion | 2,280 | |
Reorganization items (non-cash) | 14,106 | 8,041 |
Unrealized loss (gain) on derivative instruments | 67,335 | (469,091) |
Operating leased asset payments | (1,004) | (1,061) |
Net change in non-cash working capital balances | (54,063) | (1,235) |
Securitization proceeds receivable from ERCOT | 147,500 | |
Liabilities subject to compromise | 14,448 | (11,028) |
Income and deferred income taxes | (14,427) | (2,106) |
Net cash provided by operating activities | 137,797 | 20,703 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (139) | (302) |
Purchase of intangible assets | (6,245) | (3,515) |
Net cash used in investing activities | (6,384) | (3,817) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from (repayment) DIP Facility | (70,000) | 25,000 |
Repayment of Filter Group financing | (963) | (1,274) |
Debt issuance costs | (1,293) | |
Finance leased asset payments | (6) | (33) |
Credit Facility payments | (1,167) | (51,367) |
Net cash used in financing activities | (72,136) | (28,967) |
Effect of foreign currency translation on cash balances | (3,357) | (231) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 55,920 | (12,312) |
Cash and cash equivalents and restricted cash, beginning of period | 128,491 | 172,666 |
Cash and cash equivalents and restricted cash, end of period | 184,411 | 160,354 |
Supplemental cash flow information: | ||
Interest paid | 15,129 | 16,584 |
Income taxes paid | $ (538) | $ 1,148 |
ORGANIZATION
ORGANIZATION | 6 Months Ended |
Sep. 30, 2022 | |
ORGANIZATION | |
ORGANIZATION | 1. Just Energy is a corporation established under the laws of Canada to hold securities of its directly or indirectly owned operating subsidiaries. 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. The Interim Condensed Consolidated Financial Statements were approved by the Board of Directors on November 29, 2022. Companies’ creditors arrangement and Chapter 15 proceedings In February 2021, the State of Texas experienced 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 ERCOT when due, and accordingly, on March 9, 2021, Just Energy applied for and received Court Orders under the CCAA from the Ontario Court and under Chapter 15 in the U.S. from the Houston Court. 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 $125.0 million DIP Facility financing with certain affiliates of PIMCO (refer to Part I, Item 1, “Interim Condensed Consolidated Financial Statements And Notes”, Note 9(a) Long-Term Debt and Financing). The Company also entered into qualifying support agreements with its largest commodity supplier and ISO services provider. The filings and associated 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 September 15, 2021, the Ontario Court approved the Company’s request to establish a claims process to identify and determine claims against the Company and its subsidiaries that are subject to the ongoing Claims Procedure Order. On August 18, 2022, the Ontario Court suspended the Claims Procedure Order with (i) the barring of claims pursuant to the applicable provisions of such order remaining in effect and (ii) the Company’s ability, with the consent of the Monitor, to refer claims for adjudication for the purposes of determining entitlement to proceeds to be distributed in accordance with a transaction completed pursuant to the SISP. As part of item (ii) above, Just Energy continues to review and determine which claims will be allowed, modified or disallowed, which may result in additional liabilities subject to compromise that are not currently reflected in the Interim Condensed Consolidated Financial Statements (refer to Part I, Item 1, “Interim Condensed Consolidated Financial Statements And Notes” Note 15(b) Commitments and Contingencies). Sale and Solicitation Process and Stalking Horse Transaction On August 4, 2022, the Company entered into the Transaction Agreement and the SISP Support Agreement in connection with the SISP to facilitate its exit from the CCAA proceedings as a going concern. On August 18, 2022, the Ontario Court granted an order, among other things, authorizing the Company to conduct the SISP. On October 17, 2022, the Company announced that the transaction (the “Transaction”) contemplated by the Transaction Agreement was the successful bid pursuant to the SISP. On November 3, 2022, the Ontario Court issued an order (the “Reverse Vesting Order”) that approves the Transaction contemplated by the Transaction Agreement. The Just Energy Entities are seeking recognition in the U.S. of the Reverse Vesting Order in their Chapter 15 case in the Houston Court on December 1, 2022. Subject to the satisfaction or waiver of the other conditions to closing, upon the closing of the Transaction, the Purchaser will own all of the outstanding equity of Just Energy (U.S.) Corp., which will be the new parent company of all of the Just Energy Entities (other than those excluded pursuant to the terms of the Transaction Agreement), including the Company, and the Just Energy Entities will continue their business and operations in the ordinary course. All currently outstanding shares, options and other equity of Just Energy will be cancelled or redeemed for no consideration and without any vote or other action of the existing shareholders. Key terms of the Transaction include: ● The purchase price payable pursuant to the Transaction is (i) $184.9 million in cash, plus up to an additional CAD $10 million solely in the event that additional amounts are required to make applicable payments pursuant to the Transaction Agreement ; plus (ii) a credit bid of approximately $230 million plus accrued interest of secured claims assigned to the Purchaser; plus (iii) the assumption of Assumed Liabilities (as defined below), including up to CAD $10 million owing under the Credit Facility (the “ Credit Facility Remaining Debt ”) to remain outstanding under an amended and restated credit agreement. ● Applicable post-filing claims, the Credit Facility Remaining Debt, claims by energy regulators, and certain other liabilities enumerated in the Transaction Agreement (“Assumed Liabilities”) will continue to be liabilities of the Just Energy Entities following consummation of the Transaction . ● Excluded liabilities and excluded assets of the Just Energy Entities will be discharged from the Just Energy Entities pursuant to the Reverse Vesting Order . The consummation of the Transaction is subject to satisfaction or waiver of a number of conditions precedent set forth in the Transaction Agreement including, among other things, receipt of all required regulatory approvals, and the recognition of such Reverse Vesting Order by the Houston Court. The outside date for completion of the Transaction is December 16, 2022, subject to extension in certain circumstances set forth in the Transaction Agreement. Under the Transaction, no amounts will be available for distribution to the Just Energy Entities’ general unsecured creditors, including the holders of Just Energy’s USD $205.9 million Term Loan and the holders of Just Energy’s 7.0% subordinated Notes Indenture due September 15, 2026, unless expressly classified as “Assumed Liabilities” pursuant to the Transaction Agreement. Liabilities that will not be retained, including the Term Loan and the Notes Indenture, will be transferred to newly formed corporations (the “ResidualCos”), along with excluded assets, under the Transaction Agreement. The Company expects that there will not be any recoveries available from the ResidualCos. On November 3, 2022, the Ontario Court extended the stay until January 31, 2023. The stay extension allows the Company to continue to operate in the ordinary course of business while pursuing its proposed restructuring. Common shares On May 19, 2022, the common shares of the Company were transferred from the TSX Venture Exchange to the NEX and are trading under the symbol “JE.H.”. The Company’s common shares continue to trade on the OTC Pink Market under the symbol “JENGQ”. Implementation of the Transaction is subject to the condition that Just Energy, and the other Just Energy Entities, will have ceased to be a reporting issuer under any Canadian or U.S. securities laws, and that no Just Energy Entity will become a reporting issuer under any Canadian or U.S. securities laws as a result of completion of the Transaction. In connection with the completion of the Transaction, the Company intends to: (i) apply for an order from Canadian securities administrators that it will cease to be a reporting issuer under Canadian securities laws immediately prior to the effective date of the Transaction; and (ii) file to suspend its reporting obligations under U.S. securities laws. Additionally, the Company intends to submit an application to delist its common shares from trading on the NEX on or before the closing of the Transaction. The Company’s common shares are also quoted on the OTC Pink Sheets. Concurrent with the delisting from the NEX, the Company expects that the common shares will cease trading on the OTC Pink Market. Weather-event related uplift securitization proceeds On June 16, 2021, HB 4492 became law in Texas. HB 4492 provides a mechanism for recovery of certain Weather Event Costs incurred by various parties, including the Company during the Weather Event through certain securitization structures. On October 13, 2021, the PUCT approved the Final Order authorizing the securitization of certain Weather Event Costs by ERCOT. On December 7, 2021, ERCOT filed its calculation with the PUCT in accordance with the PUCT Final Order implementing HB 4492. The Company received $147.5 million in June 2022. |
OPERATIONS
OPERATIONS | 6 Months Ended |
Sep. 30, 2022 | |
OPERATIONS | |
OPERATIONS | 2. Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions, carbon offset and renewable energy options to customers. Operating in the 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, 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 flexibility 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 has two business segments: the mass markets segment and the commercial segment. The mass markets segment includes customers acquired and served under the Just Energy, Tara Energy, Amigo Energy and Terrapass brands. Marketing of the energy products of this segment is primarily done through digital and retail sales channels. The commercial segment includes customers acquired and served under Hudson Energy, as well as brokerage services managed by Interactive Energy Group. Hudson Energy sales are made through three main channels: brokers, door-to-door commercial independent contractors and inside commercial sales representatives. 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 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. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | 3. (a) Compliance with U.S. GAAP These Interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, ASC 270, Interim Reporting Consolidated Financial Statements include all adjustments that are of a recurring nature and necessary for a fair presentation of the results of interim operations. (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 most recent March 31, 2022 annual audited Consolidated Financial Statements under U.S. GAAP. The interim operating results are not necessarily indicative of the results that may be expected for the full fiscal year ending March 31, 2023, 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. 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 and maintaining liquidity. 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 Balance Sheets 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 most recent March 31, 2022 annual audited Consolidated Financial Statements and notes to the March 31, 2022 annual audited Consolidated Financial Statements with respect to significant accounting judgments, estimates and assumptions. |
TRADE AND OTHER RECEIVABLES, NE
TRADE AND OTHER RECEIVABLES, NET | 6 Months Ended |
Sep. 30, 2022 | |
TRADE AND OTHER RECEIVABLES, NET | |
TRADE AND OTHER RECEIVABLES, NET | 4. (a) Trade and other receivables, net As at September 30, As at March 31, 2022 2022 Trade accounts receivable, net $ 159,224 $ 147,063 Unbilled revenue, net 106,212 82,946 Accrued gas receivable – 1,414 Commodity receivables 89,556 77,518 Total trade and other receivables, net $ 354,992 $ 308,941 (b) Customer credit risk The lifetime ECL 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. The Company accrues an allowance for current ECL based on (i) estimates of uncollectable revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including weather-related events; and (ii) historical collections and delinquencies. Just Energy is exposed to customer credit risk on its operations in Alberta, Texas, Illinois (gas), California 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. 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, excluding the provision for expected credit losses, from the markets where the Company bears customer credit risk was as follows: As at September 30, As at March 31, 2022 2022 Current $ 84,446 $ 57,766 1–30 days 16,651 16,061 31–60 days 7,526 4,470 61–90 days 5,521 1,220 Over 90 days 2,179 5,106 Total trade receivables $ 116,323 $ 84,623 (c) Changes in the provision for expected credit losses related to the balances in the table above were as follows: As at September 30, As at March 31, 2022 2022 Balance, beginning of period $ 14,037 $ 18,578 Provision for expected credit loss 27,206 24,242 Bad debts written off (17,312) (34,504) Recoveries 1,246 5,148 Foreign exchange (278) 573 Balance, end of period $ 24,899 $ 14,037 The unbilled revenue subject to customer credit risk is $98.4 million as at September 30, 2022 (March 31, 2022 – $71.2 million). (d) Securitization proceeds receivable from ERCOT The Company expected to receive the proceeds of $147.5 million from ERCOT the first half of calendar year 2022 and concluded that the threshold for recognizing a receivable was met in December 2021 as the amounts to be received were determinable and ERCOT was directed by its governing body, the PUCT, to take all actions required to effectuate the funding approved in the Final Order. The associated Weather Event Cost Recovery is reflected in cost of goods sold within the Interim Condensed Consolidated Statements of Operations as that is where the initial costs, which are being compensated for, were recorded. The Company received the proceeds of $147.5 million from ERCOT in June 2022. |
OTHER CURRENT AND NON-CURRENT A
OTHER CURRENT AND NON-CURRENT ASSETS | 6 Months Ended |
Sep. 30, 2022 | |
OTHER CURRENT AND NON-CURRENT ASSETS | |
OTHER CURRENT AND NON-CURRENT ASSETS | 5. (a) As at September 30, As at March 31, 2022 2022 Prepaid expenses and deposits $ 48,722 $ 40,347 Customer acquisition costs 41,131 35,680 Green certificates assets 48,454 53,824 Gas delivered in excess of consumption 10,023 793 Inventory 999 926 Total other current assets $ 149,329 $ 131,570 (b) Other non-current assets As at September 30, As at March 31, 2022 2022 Customer acquisition costs $ 36,781 $ 30,273 Other long-term assets 20,614 8,775 Total other non-current assets $ 57,395 $ 39,048 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 6 Months Ended |
Sep. 30, 2022 | |
DERIVATIVE INSTRUMENTS | |
DERIVATIVE INSTRUMENTS | 6. (a) The fair value of derivative 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 RECs, 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 applicable market forward curves and the implied volatility from other market traded options. The following table illustrates unrealized gains (losses) related to Just Energy’s derivative instruments classified as fair value through the Interim Condensed Consolidated Statements of Operations and recorded on the Interim Condensed Consolidated Balance Sheets as derivative instrument assets and derivative instrument liabilities, with their offsetting values recorded in unrealized gain (loss) of derivative instruments on the Interim Condensed Consolidated Statements of Operations: For the three months ended September 30, For the six months ended September 30, 2022 2021 2022 2021 Physical forward contracts and options (i) $ (325,580) $ 106,036 $ (141,030) $ 288,567 Financial swap contracts and options (ii) 31,395 122,891 67,632 177,969 Foreign exchange forward contracts 4,411 473 6,063 1,368 Other derivative options – 3,636 – 1,187 Unrealized gain (loss) on derivative instruments $ (289,774) $ 233,036 $ (67,335) $ 469,091 The following table summarizes certain aspects of the derivative instrument assets and liabilities recorded in the Interim Condensed Consolidated Balance Sheet as at September 30, 2022: Derivative Derivative Derivative Derivative instrument instrument instrument instrument assets assets liabilities liabilities (current) (non-current) (current) (non-current) Physical forward contracts and options (i) $ 296,046 $ 64,142 $ 17,023 $ 43,196 Financial swap contracts and options (ii) 192,558 73,874 4,934 3,577 Foreign exchange forward contracts 3,372 1,421 – – Other derivative options 2,488 1,324 – 5 As at September 30, 2022 $ 494,464 $ 140,761 $ 21,957 $ 46,778 The following tables summarize certain aspects of the derivative instrument assets and liabilities recorded in the Interim Condensed Consolidated Balance Sheet as at March 31, 2022: Derivative Derivative Derivative Derivative instrument instrument instrument instrument assets assets liabilities liabilities (current) (non-current) (current) (non-current) Physical forward contracts and options (i) $ 373,268 $ 81,392 $ 10,195 $ 5,865 Financial swap contracts and options (ii) 161,838 51,161 2,134 6,856 Foreign exchange forward contracts – – 841 195 Other derivative options 3,594 461 – – As at March 31, 2022 $ 538,700 $ 133,014 $ 13,170 $ 12,916 Individual derivative asset and liability transactions are offset and the net amount reported in the Interim Condensed Consolidated Balance Sheets 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. The impact of netting derivative assets and liabilities is presented in the table below: Gross basis amount Netting impact Net basis amount Derivative instrument assets $ 1,069,207 $ (433,982) $ 635,225 Derivative instrument liabilities (506,776) 438,041 (68,735) As at September 30, 2022 $ 562,431 $ 4,059 $ 566,490 Gross basis amount Netting impact Net basis amount Derivative instrument assets $ 910,174 $ (238,460) $ 671,714 Derivative instrument liabilities (265,011) 238,925 (26,085) As at March 31, 2022 $ 645,163 $ 465 $ 645,629 Below is a summary of the derivative instruments classified through the Interim Condensed Consolidated Statement of Operations as at September 30, 2022, to which Just Energy has committed: Total remaining volume Weighted average price Expiry date (i) Physical forward contracts and options Electricity contracts 31,490,189 MWh $50.69 /MWh December 31, 2029 Natural gas contracts 70,403,970 MMBtu $5.33 /MMBtu March 31, 2027 RECs 4,450,234 MWh $11.04 /REC December 31, 2029 Green Gas Certificates (140,000) tonnes $1.39 /tonnes June 1, 2023 Electricity generation capacity contracts 1,209 MWCap $4,027.58 /MWCap May 31, 2026 Ancillary contracts 874,520 MWh $20.41 /MWh December 31, 2025 (ii) Financial swap contracts and options Electricity contracts 24,117,816 MWh $59.88 /MWh December 31, 2026 Natural gas contracts 110,708,400 MMBtu $4.05 /MMBtu December 31, 2027 Ancillary contracts 1,806,946 MWh $20.36 /MWh December 31, 2025 These derivative 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 derivative instruments asset balance recognized in the Interim Condensed Consolidated Financial Statements. Fair value hierarchy of derivatives Level 1 The fair value measurements are classified as Level 1 in the fair value 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 fair value hierarchy. This could include the use of statistical techniques to derive the fair value 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 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 fair value 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 fair value 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 The unobservable inputs could range from $5/MWh or $0.50/MMBtu for power and natural gas respectively. Additional disclosure regarding Level 3 derivative instruments is available below under the heading “Commodity price sensitivity – Level 3 derivative instruments”. 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. The following table illustrates the classification of derivative instrument assets (liabilities) in the fair value hierarchy as at September 30, 2022: Level 1 Level 2 Level 3 Total Physical forward contracts $ – $ – $ 299,969 $ 299,969 Financial swap contracts – 138,268 119,652 257,920 Foreign exchange forward contracts – – 4,794 4,795 Other derivative options – – 3,807 3,807 Total net derivative instrument assets $ – $ 138,268 $ 428,222 $ 566,490 The following table illustrates the classification of derivative instrument assets (liabilities) in the fair value hierarchy as at March 31, 2022: Level 1 Level 2 Level 3 Total Physical forward contracts and options $ – $ – $ 438,600 $ 438,600 Financial swap contracts and options – 124,188 79,821 204,009 Foreign exchange forward contracts – – (1,036) (1,036) Other derivative options – – 4,055 4,055 Total net derivative instrument assets $ – $ 124,188 $ 521,440 $ 645,628 Commodity price sensitivity — Level 3 derivative instruments If the energy prices associated with only Level 3 derivative instruments including natural gas, electricity, and RECs had risen by 10%, assuming that all of the other variables had remained constant, income from operations before income taxes for the three months ended September 30, 2022 would have increased by $361.8 million. On the contrary, if the energy prices associated with only Level 3 derivative instruments including natural gas, electricity, and RECs had fallen by 10%, assuming that all of the other variables had remained constant, income from operations before income taxes for the three months ended September 30, 2022 would have decreased by $361.8 million, primarily as a result of the change in fair value of derivative instruments. The following table illustrates the changes in net fair value of derivative instrument assets (liabilities) classified as Level 3 in the fair value hierarchy for the following periods: As at September 30, As at March 31, 2022 2022 Balance, beginning of period $ 521,440 $ (33,489) Total gains 292,029 349,541 Purchases (157,695) 283,394 Sales 62,491 (71,514) Settlements (290,043) (6,492) Balance, end of period $ 428,222 $ 521,440 (b) As at September 30, 2022 and March 31, 2022, 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 derivative 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 derivative instruments due to changes in foreign exchange rates and exposure as a result of investments in Canadian operations. The performance of the U.S. dollar relative to the Canadian dollar could positively or negatively affect Just Energy’s Interim Condensed Consolidated Statements of Operations, as a significant portion of Just Energy’s income or loss is generated in Canadian dollars and is subject to currency fluctuations upon translation to U.S. dollars. 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. Interest rate risk Just Energy is only exposed to interest rate fluctuations associated with its floating rate Credit Facility. A 1% increase (decrease) in interest rates would have resulted in a decrease (increase) of approximately $0.3 million in income from operations before income taxes in the Interim Condensed Consolidated Statements of Operations for the six months ended September 30, 2022. 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 commodity price risk 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 instruments If all the energy prices associated with derivative instruments including natural gas, electricity and RECs had risen by 10%, assuming that all of the other variables had remained constant, income from operations before income taxes for the three and six months ended September 30, 2022 would have increased by $419.7 million. On the contrary, a fall of 10% in the energy prices associated with derivative instruments including natural gas, electricity and RECs, assuming that all of the other variables had remained constant, income from operations before income taxes for the three and six months ended September 30, 2022 would have decreased by $418.1 million, primarily as a result of the change in fair value of Just Energy’s derivative instruments. (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 September 30, 2022, Just Energy has applied an adjustment factor to determine the fair value of its derivative instruments in the amount of $2.1 million (March 31, 2022 – $2.3 million) to accommodate for its counterparties’ risk of default. As at September 30, 2022, the estimated net counterparty credit risk exposure amounted to $424.2 million (March 31, 2022 – $580.5 million) representing the risk relating to Just Energy’s exposure to derivatives that are in an asset position, of which the Company held collateral (cash and letters of credit) against those positions of $56.9 million (March 31, 2022 – $103.2 million), resulting in a net exposure of $367.3 million (March 31, 2022 – $477.3 million). As at September 30, 2022, the Company recorded $4.9 million (March 31, 2022 - $20.3 million) of cash collateral posted on its Interim Condensed Consolidated Balance Sheets in other current assets. |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 6 Months Ended |
Sep. 30, 2022 | |
TRADE AND OTHER PAYABLES | |
TRADE AND OTHER PAYABLES | 7. As at September 30, As at March 31, 2022 2022 Commodity suppliers' accruals and payables $ 285,356 $ 209,703 Green provisions 50,294 52,478 Sales tax payable 2,536 15,656 Non-commodity trade accruals and accounts payable 57,504 53,872 Accrued gas payable – 818 Other payables 5,879 17,396 Total trade and other payables $ 401,569 $ 349,923 |
LIABILITIES SUBJECT TO COMPROMI
LIABILITIES SUBJECT TO COMPROMISE | 6 Months Ended |
Sep. 30, 2022 | |
LIABILITIES SUBJECT TO COMPROMISE | |
LIABILITIES SUBJECT TO COMPROMISE | 8. LIABILITIES SUBJECT TO COMPROMISE As at September 30, As at March 31, 2022 2022 Commodity suppliers' accruals and payables $ 454,553 $ 438,068 Non-commodity trade accruals and accounts payable 39,897 41,914 Debts and financings 357,820 365,908 Total liabilities subject to compromise $ 852,270 $ 845,890 |
LONG TERM DEBT AND FINANCING
LONG TERM DEBT AND FINANCING | 6 Months Ended |
Sep. 30, 2022 | |
LONG TERM DEBT AND FINANCING | |
LONG TERM DEBT AND FINANCING | 9. As at September 30, As at March 31, 2022 2022 DIP Facility (a) $ 55,000 $ 125,000 Filter Group financing (b) 386 1,419 Total debt 55,386 126,419 Less: Current portion (55,384) (126,289) Total long-term debt $ 2 $ 130 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) $ 55,000 $ – $ – $ – $ 55,000 Filter Group financing (b) 384 2 – – 386 Total principal repayment $ 55,384 $ 2 $ – $ – $ 55,386 The following table details interest expense. Interest is expensed based on the effective interest rate. Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 DIP Facility (a) $ 4,014 $ 3,651 $ 8,065 $ 8,357 Filter Group financing (b) 1 64 29 143 Credit Facility (c) 4,568 4,096 8,695 8,094 Term Loan (d) – – - (54) Note Indenture (e) – – - (1) Collateral cost and other 338 (57) 650 45 Supplier finance and others – – (30) – Total interest expense $ 8,921 $ 7,754 $ 17,409 $ 16,584 (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 $125.0 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 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 13.0% , paid quarterly in arrears. On November 11, 2021, the Company amended the DIP Facility to extend the maturity of the DIP Facility to September 30, 2022. On August 4, 2022, the Company amended the DIP Facility to further extend the maturity of the DIP Facility to the Outside Date as defined in the SISP Support Agreement. The DIP Facility terminates at the earlier of: (a) the Outside Date, (b) the implementation date of the SISP, (c) the lifting of the stay in the CCAA proceedings or (d) the termination of the CCAA proceedings. On September 26, 2022, the Company voluntarily repaid $70 million of principal plus accrued interest of the DIP Facility. The outstanding principal remaining under the DIP Facility as at September 30, 2022 is $55 million. For consideration for making the DIP Facility available, Just Energy paid a 1.0% origination fee, a 1.0% commitment fee on March 9, 2021 and a 1.0% amendment fee on November 16, 2021. (b) Filter Group has a $0.4 million outstanding loan payable to 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 HTC. (c) On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into 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 CAD $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 CAD $125.0 million. As at September 30, 2022, the Company had repaid CAD $86.3 million and had a total of CAD $120.4 million of Letters of Credit outstanding . Certain amounts outstanding under the LC Facility are guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. As at September 30, 2022, the Company had $42.0 million of Letters of Credit outstanding and Letter of Credit capacity of $2.2 million available under the LC Facility. Just Energy’s obligations under the Credit Facility are supported by guarantees of certain subsidiaries 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, excluding primarily Filter Group. Just Energy has also entered into an intercreditor 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. 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 September 30, 2022, the Canadian prime rate was 5.45% and the U.S. prime rate was 6.25%. As a result of the CCAA filing, the Credit Facility is reflected as a liability subject to compromise . (d) As part of the September 2020 Recapitalization, Just Energy issued the Term Loan maturing on March 31, 2024. The Term Loan bears interest at 10.25% . The balance at September 30, 2022 includes an accrual of $12.6 million for interest payable on the Term Loan through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Term Loan. However, any potential actions by the lenders under the Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. The Term Loan is shown as liability subject to compromise . This Term Loan is unsecured and will not receive any amounts under the transaction as described in Note 1. (e) As part of the September 2020 Recapitalization, Just Energy issued the Note Indenture. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to CAD $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at September 30, 2022 includes an accrual of $0.4 million for interest payable on the Note Indenture through March 9, 2021. 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. The Note Indenture is shown as a liability subject to compromise . The Note Indenture is unsecured and will not receive any amounts under the transaction as described in Note 1. |
REPORTABLE BUSINESS SEGMENTS
REPORTABLE BUSINESS SEGMENTS | 6 Months Ended |
Sep. 30, 2022 | |
REPORTABLE BUSINESS SEGMENTS | |
REPORTABLE BUSINESS SEGMENTS | 10. REPORTABLE BUSINESS SEGMENTS Just Energy has two business segments: the mass market segment and the commercial segment. The mass market segment includes customers acquired and served under the Just Energy, Tara Energy, Amigo Energy and Terrapass brands. Marketing of the energy products of this segment is primarily done through digital and retail sales channels. The commercial segment includes customers acquired and served under Hudson Energy, as well as brokerage services managed by Interactive Energy Group. Hudson Energy sales are made through three main channels: brokers, in-person commercial independent contractors and inside commercial sales representatives . 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-U.S. GAAP measures such as base EBITDA, base gross margin and embedded gross margin. 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. The chief operating decision maker does not review the assets and liabilities for the reporting units for decision making purposes. For the three months ended September 30, 2022: Corporate and Mass market Commercial shared services Consolidated Revenue $ 418,031 $ 266,937 $ – $ 684,968 Cost of goods sold 612,385 344,485 – 956,870 Gross margin (194,354) (77,548) – (271,902) Administrative expenses 9,271 2,750 17,913 29,934 Selling and marketing expenses 24,526 10,717 – 35,243 Provision for expected credit loss 15,277 1,479 – 16,756 Depreciation and amortization 2,593 501 – 3,094 Segment loss $ (246,021) $ (92,995) $ (17,913) $ (356,929) Interest expense (8,921) Reorganization costs (26,951) Unrealized loss on derivative instruments (289,774) Realized gain on derivative instruments 395,631 Other expense, net 163 Income tax benefit 81,164 Net loss $ (205,617) For the three months ended September 30, 2021: Corporate and Mass market Commercial shared services Consolidated Revenue $ 318,667 $ 240,715 $ – $ 559,382 Cost of goods sold 269,266 225,346 – 494,612 Gross margin 49,401 15,369 – 64,770 Administrative expenses 8,206 2,983 18,627 29,816 Selling and marketing expenses 23,144 12,394 – 35,538 Provision for expected credit loss 2,843 102 – 2,945 Depreciation and amortization 3,079 657 – 3,736 Segment income (loss) $ 12,129 $ (767) $ (18,627) $ (7,265) Interest expense (7,754) Reorganization costs (14,746) Unrealized gain on derivative instruments 233,036 Realized gain on derivative instruments 38,777 Realized gain on investment 22,887 Other expense, net (45) Income tax benefit 191 Net income $ 265,081 For the six months ended September 30, 2022: Corporate and Mass Market Commercial shared services Consolidated Revenue $ 758,608 $ 496,946 $ – $ 1,255,554 Cost of goods sold 1,021,587 598,496 – 1,620,083 Gross margin (262,979) (101,550) – (364,529) Administrative expenses 17,041 5,469 34,911 57,421 Selling and marketing expenses 46,115 21,600 – 67,715 Provision for expected credit loss 25,601 1,605 – 27,206 Depreciation and amortization 5,011 1,000 – 6,011 Segment loss for the period $ (356,747) $ (131,224) $ (34,911) $ (522,882) Interest expense (17,409) Unrealized loss on derivative instruments (67,335) Realized gain on derivative instruments 592,710 Other income, net 395 Reorganization costs (46,082) Income tax benefit 15,600 Net loss $ (45,003) As at September 30, 2022 Total goodwill $ 120,951 $ – $ – $ 120,951 For the six months ended September 30, 2021: Corporate and Mass Market Commercial shared services Consolidated Revenue $ 575,904 $ 479,839 $ – $ 1,055,743 Cost of goods sold 478,074 447,548 – 925,622 Gross margin 97,830 32,291 – 130,121 Administrative expenses 15,623 5,688 33,149 54,460 Selling and marketing expenses 43,636 24,238 – 67,874 Provision for expected credit loss 8,007 1,011 – 9,018 Depreciation and amortization 6,063 1,318 – 7,381 Segment income (loss) $ 24,501 $ 36 $ (33,149) $ (8,612) Interest expense (16,584) Reorganization costs (31,232) Unrealized gain on derivative instruments 469,091 Realized gain on derivative instruments 52,793 Realized gain on investment 22,887 Other expenses, net (412) Income tax benefit 984 Net income $ 488,915 As at September 30, 2021 Total goodwill $ 129,365 $ – $ – $ 129,365 Revenue from external customers The revenue is based on the location of the customer. Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Canada $ 120,603 $ 101,511 $ 228,626 $ 215,983 United States 564,365 457,871 1,026,928 839,760 Total $ 684,968 $ 559,382 $ 1,255,554 $ 1,055,743 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Sep. 30, 2022 | |
INCOME TAXES | |
INCOME TAXES | 11. Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Current tax expense (benefit) $ 2,126 $ (191) $ 3,015 $ (1,103) Deferred tax expense (benefit) (83,290) – (18,615) 119 Total tax expense (benefit) $ (81,164) $ (191) $ (15,600) $ (984) For the three months ended September 30, 2022, the effective tax rate of 28.4% was higher than the statutory tax rate of 26.5% primarily due to non-deductible expenses, state income taxes, differences in foreign tax rates and changes in valuation allowance. For the six months ended September 30, 2022, the effective tax rate of 25.7% was lower than the statutory tax rate of 26.5% primarily due to changes in foreign tax rates, changes in valuation allowance and offset by non-deductible expenses. In Canada and the US, the deferred tax liability exceeded deferred tax assets available for offset due to the significant unrealized gain on derivative instruments. For the three and six months ended September 30, 2021, the effective tax rate was lower than the statutory tax rate of 26.5% due to the Company maintaining an overall valuation allowance position with the exception of limited deferred tax assets that were benefitted. |
SHAREHOLDERS' CAPITAL
SHAREHOLDERS' CAPITAL | 6 Months Ended |
Sep. 30, 2022 | |
SHAREHOLDERS' CAPITAL | |
SHAREHOLDERS' CAPITAL | 12. Just Energy is authorized to issue an unlimited number of common shares with no par value. Shares outstanding have no preferences, rights or restrictions attached to them. Details of issued and outstanding shareholders’ capital: Three months ended Year ended September 30, 2022 March 31, 2022 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 48,078,637 $ 1,168,162 48,078,637 $ 1,168,162 Share-based awards exercised – – – – Shareholders' capital 48,078,637 $ 1,168,162 48,078,637 $ 1,168,162 |
REORGANIZATION COSTS
REORGANIZATION COSTS | 6 Months Ended |
Sep. 30, 2022 | |
REORGANIZATION COSTS | |
REORGANIZATION COSTS | 13. Reorganization costs represent the amounts incurred related to the filings under the CCAA proceedings and consist of: For the three months ended September 30, For the six months ended September 30, 2022 2021 2022 2021 Professional and advisory costs $ 16,311 $ 8,548 $ 29,914 $ 18,810 KERP 548 2,139 2,061 4,220 Prepetition claims and other costs 1 10,092 4,059 14,107 8,202 Total reorganization costs $ 26,951 $ 14,746 $ 46,082 $ 31,232 1 These represent charges associated with early termination of certain agreements allowed by the CCAA filing, settlement of claims and the acceleration of deferred financing costs and other fees for the long-term debt subject to compromise and certain other related costs. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Sep. 30, 2022 | |
EARNINGS (LOSS) PER SHARE | |
EARNINGS (LOSS) PER SHARE | 14. Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 BASIC EARNINGS (LOSS) PER SHARE Income (loss) for the period available to shareholders $ (205,617) $ 265,081 $ (45,003) $ 488,915 Basic weighted average shares outstanding 48,078,637 48,078,637 48,078,637 48,078,637 Basic earnings (loss) per share from operations available to shareholders (4.28) 5.51 $ (0.94) $ 10.17 Basic earnings (loss) per share available to shareholders $ (4.28) $ 5.51 $ (0.94) $ 10.17 DILUTED EARNINGS (LOSS) PER SHARE Loss for the period available to shareholders $ (205,617) $ 265,081 $ (45,003) $ 488,915 Basic weighted average shares outstanding 48,078,637 48,078,637 48,078,637 48,078,637 Dilutive effect of: Deferred share units 190,983 190,983 190,983 190,983 Options 650,000 650,000 650,000 650,000 Shares outstanding on a diluted basis 48,919,620 48,919,620 48,919,620 48,919,620 Diluted earnings (loss) from operations per share available to shareholders (4.28) 5.42 $ (0.94) $ 9.99 Diluted earnings (loss) per share available to shareholders $ (4.28) $ 5.42 $ (0.94) $ 9.99 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 15. Commitments as at September 30, 2022, for each of the next five years and thereafter are as follows: Less than 1 year 1–3 years 4–5 years More than 5 years Total Trade and other payables $ 401,569 $ – $ – $ – $ 401,569 Commodity suppliers' accruals and payables subject to compromise 454,553 – – – 454,553 Non-commodity trade accruals and accounts payable subject to compromise 39,897 – – – 39,897 Debt 55,384 2 – – 55,386 Debt and financing subject to compromise 357,820 – – – 357,820 Gas, electricity and non-commodity contracts 1,088,586 2,317,197 496,960 70,110 3,972,853 Total $ 2,397,809 $ 2,317,199 $ 496,960 $ 70,110 $ 5,282,078 Under the terms of the Court Orders, any actions against Just Energy to enforce or otherwise effect payment from Just Energy of pre-petition obligations were stayed during the CCAA proceedings. Just Energy has entered into leasing contracts for office buildings and administrative equipment. These leases have a leasing period of between one (a) Surety bonds and letters of credit As at September 30, 2022 Under 1 year 1-3 years 3-5 years Over 5 years Total Surety bonds (i) $ 38,256 $ – $ – $ – $ 38,256 Letters of credit (CAD) (ii) $ 120,407 – – – $ 120,407 (i) Pursuant to separate arrangements with Surety Bond Providers, Just Energy has had surety bonds issued 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. As at September 30, 2022, Just Energy has provided cash collateral or letters of credit for all outstanding surety bonds. (ii) The Company has issued letters of credit in accordance with its credit facility to various counterparties, primarily utilities, state regulatory bodies in the markets it operates in, as well as suppliers. (b) Just Energy and its 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 in connection with the Weather Event. On September 15, 2021, the Ontario Court approved the Company’s request to establish a claims process to identify and determine claims against the Company and its subsidiaries that are subject to the ongoing Claims Procedure Order. On August 4, 2022, Just Energy entered into the Transaction Agreement that is intended to facilitate its exit from the Company’s ongoing insolvency proceedings as a going concern. The Transaction provides that certain secured creditors will receive cash payments and/or equity in exchange for their debt, and existing equityholders’ interests will be cancelled for no consideration. In addition, no amounts will be available for distribution to the Just Energy Entities’ general unsecured creditors. On August 18, 2022, the Ontario Court suspended the Claims Procedure Order with (i) the barring of claims pursuant to the applicable provisions of such order remaining in effect and (ii) the Company’s ability, with the consent of the Monitor, to refer claims for adjudication for the purposes of determining entitlement to proceeds to be distributed in accordance with a transaction completed pursuant to the SISP. In accordance with item (ii) noted above, Just Energy continues to review and determine which claims will be allowed, modified or disallowed which may result in additional liabilities subject to compromise that are not currently reflected in the Interim Condensed Consolidated Financial Statements (Part I, Item 1, “Interim Condensed Consolidated Financial Statements And Notes”). In connection with the previously disclosed class action against Just Energy, Just Energy Corp. and Just Energy Ontario L.P. with Haidar Omarali as named plaintiff (the “Claimant”), pursuant to a settlement made as of October 31, 2022, in accordance with the Claims Procedure Order, the Claimant agreed that, among other things, any class claimants shall only be able to recover proceeds under certain insurance policies described therein, to the extent available, without any additional rights of enforcement or recovery as against the Just Energy Entities or the current and former directors, officers, employees, legal counsel and advisors of the Just Energy Entities (or any of them). 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. On November 12, 2021, Just Energy, along with the Just Energy Parties, initiated the ERCOT Lawsuit against ERCOT and the PUCT in the Houston Court. The ERCOT Lawsuit seeks to recover payments that were made by the Just Energy Parties to ERCOT for certain invoices relating to the Weather Event. On February 2, 2022, the Houston Court dismissed the Lawsuit against the PUCT. On November 8, 2022, the U.S. Court of Appeals for the Fifth Circuit heard an expedited appeal of the dismissal motion filed by ERCOT. To date, no decision has been rendered by the U.S. Court of Appeals for the Fifth Circuit. |
TRADE AND OTHER RECEIVABLES, _2
TRADE AND OTHER RECEIVABLES, NET (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
TRADE AND OTHER RECEIVABLES, NET | |
Summary of trade and other receivables, net | As at September 30, As at March 31, 2022 2022 Trade accounts receivable, net $ 159,224 $ 147,063 Unbilled revenue, net 106,212 82,946 Accrued gas receivable – 1,414 Commodity receivables 89,556 77,518 Total trade and other receivables, net $ 354,992 $ 308,941 |
Schedule of aging of accounts receivable | As at September 30, As at March 31, 2022 2022 Current $ 84,446 $ 57,766 1–30 days 16,651 16,061 31–60 days 7,526 4,470 61–90 days 5,521 1,220 Over 90 days 2,179 5,106 Total trade receivables $ 116,323 $ 84,623 |
Schedule of allowance for doubtful accounts | As at September 30, As at March 31, 2022 2022 Balance, beginning of period $ 14,037 $ 18,578 Provision for expected credit loss 27,206 24,242 Bad debts written off (17,312) (34,504) Recoveries 1,246 5,148 Foreign exchange (278) 573 Balance, end of period $ 24,899 $ 14,037 |
OTHER CURRENT AND NON-CURRENT_2
OTHER CURRENT AND NON-CURRENT ASSETS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
OTHER CURRENT AND NON-CURRENT ASSETS | |
Schedule of other current and non current assets | As at September 30, As at March 31, 2022 2022 Prepaid expenses and deposits $ 48,722 $ 40,347 Customer acquisition costs 41,131 35,680 Green certificates assets 48,454 53,824 Gas delivered in excess of consumption 10,023 793 Inventory 999 926 Total other current assets $ 149,329 $ 131,570 As at September 30, As at March 31, 2022 2022 Customer acquisition costs $ 36,781 $ 30,273 Other long-term assets 20,614 8,775 Total other non-current assets $ 57,395 $ 39,048 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
DERIVATIVE INSTRUMENTS | |
Schedule of gain (loss) derivative instruments | For the three months ended September 30, For the six months ended September 30, 2022 2021 2022 2021 Physical forward contracts and options (i) $ (325,580) $ 106,036 $ (141,030) $ 288,567 Financial swap contracts and options (ii) 31,395 122,891 67,632 177,969 Foreign exchange forward contracts 4,411 473 6,063 1,368 Other derivative options – 3,636 – 1,187 Unrealized gain (loss) on derivative instruments $ (289,774) $ 233,036 $ (67,335) $ 469,091 |
Schedule of derivative instruments, fair value | Derivative Derivative Derivative Derivative instrument instrument instrument instrument assets assets liabilities liabilities (current) (non-current) (current) (non-current) Physical forward contracts and options (i) $ 296,046 $ 64,142 $ 17,023 $ 43,196 Financial swap contracts and options (ii) 192,558 73,874 4,934 3,577 Foreign exchange forward contracts 3,372 1,421 – – Other derivative options 2,488 1,324 – 5 As at September 30, 2022 $ 494,464 $ 140,761 $ 21,957 $ 46,778 Derivative Derivative Derivative Derivative instrument instrument instrument instrument assets assets liabilities liabilities (current) (non-current) (current) (non-current) Physical forward contracts and options (i) $ 373,268 $ 81,392 $ 10,195 $ 5,865 Financial swap contracts and options (ii) 161,838 51,161 2,134 6,856 Foreign exchange forward contracts – – 841 195 Other derivative options 3,594 461 – – As at March 31, 2022 $ 538,700 $ 133,014 $ 13,170 $ 12,916 |
Schedule of impact of netting derivative assets and liabilities | Gross basis amount Netting impact Net basis amount Derivative instrument assets $ 1,069,207 $ (433,982) $ 635,225 Derivative instrument liabilities (506,776) 438,041 (68,735) As at September 30, 2022 $ 562,431 $ 4,059 $ 566,490 Gross basis amount Netting impact Net basis amount Derivative instrument assets $ 910,174 $ (238,460) $ 671,714 Derivative instrument liabilities (265,011) 238,925 (26,085) As at March 31, 2022 $ 645,163 $ 465 $ 645,629 |
Schedule of derivative instruments classified through the Interim Condensed Consolidated Statement of Operations | Total remaining volume Weighted average price Expiry date (i) Physical forward contracts and options Electricity contracts 31,490,189 MWh $50.69 /MWh December 31, 2029 Natural gas contracts 70,403,970 MMBtu $5.33 /MMBtu March 31, 2027 RECs 4,450,234 MWh $11.04 /REC December 31, 2029 Green Gas Certificates (140,000) tonnes $1.39 /tonnes June 1, 2023 Electricity generation capacity contracts 1,209 MWCap $4,027.58 /MWCap May 31, 2026 Ancillary contracts 874,520 MWh $20.41 /MWh December 31, 2025 (ii) Financial swap contracts and options Electricity contracts 24,117,816 MWh $59.88 /MWh December 31, 2026 Natural gas contracts 110,708,400 MMBtu $4.05 /MMBtu December 31, 2027 Ancillary contracts 1,806,946 MWh $20.36 /MWh December 31, 2025 |
Schedule of classification of assets and liabilities in fair value hierarchy | Level 1 Level 2 Level 3 Total Physical forward contracts $ – $ – $ 299,969 $ 299,969 Financial swap contracts – 138,268 119,652 257,920 Foreign exchange forward contracts – – 4,794 4,795 Other derivative options – – 3,807 3,807 Total net derivative instrument assets $ – $ 138,268 $ 428,222 $ 566,490 Level 1 Level 2 Level 3 Total Physical forward contracts and options $ – $ – $ 438,600 $ 438,600 Financial swap contracts and options – 124,188 79,821 204,009 Foreign exchange forward contracts – – (1,036) (1,036) Other derivative options – – 4,055 4,055 Total net derivative instrument assets $ – $ 124,188 $ 521,440 $ 645,628 |
Schedule of changes in net fair value of derivative assets and liabilities classified as Level 3 | As at September 30, As at March 31, 2022 2022 Balance, beginning of period $ 521,440 $ (33,489) Total gains 292,029 349,541 Purchases (157,695) 283,394 Sales 62,491 (71,514) Settlements (290,043) (6,492) Balance, end of period $ 428,222 $ 521,440 |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
TRADE AND OTHER PAYABLES | |
Schedule of Trade and other payables | As at September 30, As at March 31, 2022 2022 Commodity suppliers' accruals and payables $ 285,356 $ 209,703 Green provisions 50,294 52,478 Sales tax payable 2,536 15,656 Non-commodity trade accruals and accounts payable 57,504 53,872 Accrued gas payable – 818 Other payables 5,879 17,396 Total trade and other payables $ 401,569 $ 349,923 |
LIABILITIES SUBJECT TO COMPRO_2
LIABILITIES SUBJECT TO COMPROMISE (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
LIABILITIES SUBJECT TO COMPROMISE | |
Schedule of liabilities subject to compromise | As at September 30, As at March 31, 2022 2022 Commodity suppliers' accruals and payables $ 454,553 $ 438,068 Non-commodity trade accruals and accounts payable 39,897 41,914 Debts and financings 357,820 365,908 Total liabilities subject to compromise $ 852,270 $ 845,890 |
LONG TERM DEBT AND FINANCING (T
LONG TERM DEBT AND FINANCING (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
LONG TERM DEBT AND FINANCING | |
Schedule of long term debt and financing | As at September 30, As at March 31, 2022 2022 DIP Facility (a) $ 55,000 $ 125,000 Filter Group financing (b) 386 1,419 Total debt 55,386 126,419 Less: Current portion (55,384) (126,289) Total long-term debt $ 2 $ 130 |
Schedule of future annual principal payments | Less than More than 1 year 1–3 years 4–5 years 5 years Total DIP Facility (a) $ 55,000 $ – $ – $ – $ 55,000 Filter Group financing (b) 384 2 – – 386 Total principal repayment $ 55,384 $ 2 $ – $ – $ 55,386 |
Schedule of finance costs | Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 DIP Facility (a) $ 4,014 $ 3,651 $ 8,065 $ 8,357 Filter Group financing (b) 1 64 29 143 Credit Facility (c) 4,568 4,096 8,695 8,094 Term Loan (d) – – - (54) Note Indenture (e) – – - (1) Collateral cost and other 338 (57) 650 45 Supplier finance and others – – (30) – Total interest expense $ 8,921 $ 7,754 $ 17,409 $ 16,584 (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 $125.0 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 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 13.0% , paid quarterly in arrears. On November 11, 2021, the Company amended the DIP Facility to extend the maturity of the DIP Facility to September 30, 2022. On August 4, 2022, the Company amended the DIP Facility to further extend the maturity of the DIP Facility to the Outside Date as defined in the SISP Support Agreement. The DIP Facility terminates at the earlier of: (a) the Outside Date, (b) the implementation date of the SISP, (c) the lifting of the stay in the CCAA proceedings or (d) the termination of the CCAA proceedings. On September 26, 2022, the Company voluntarily repaid $70 million of principal plus accrued interest of the DIP Facility. The outstanding principal remaining under the DIP Facility as at September 30, 2022 is $55 million. For consideration for making the DIP Facility available, Just Energy paid a 1.0% origination fee, a 1.0% commitment fee on March 9, 2021 and a 1.0% amendment fee on November 16, 2021. (b) Filter Group has a $0.4 million outstanding loan payable to 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 HTC. (c) On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into 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 CAD $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 CAD $125.0 million. As at September 30, 2022, the Company had repaid CAD $86.3 million and had a total of CAD $120.4 million of Letters of Credit outstanding . Certain amounts outstanding under the LC Facility are guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. As at September 30, 2022, the Company had $42.0 million of Letters of Credit outstanding and Letter of Credit capacity of $2.2 million available under the LC Facility. Just Energy’s obligations under the Credit Facility are supported by guarantees of certain subsidiaries 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, excluding primarily Filter Group. Just Energy has also entered into an intercreditor 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. 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 September 30, 2022, the Canadian prime rate was 5.45% and the U.S. prime rate was 6.25%. As a result of the CCAA filing, the Credit Facility is reflected as a liability subject to compromise . (d) As part of the September 2020 Recapitalization, Just Energy issued the Term Loan maturing on March 31, 2024. The Term Loan bears interest at 10.25% . The balance at September 30, 2022 includes an accrual of $12.6 million for interest payable on the Term Loan through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Term Loan. However, any potential actions by the lenders under the Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. The Term Loan is shown as liability subject to compromise . This Term Loan is unsecured and will not receive any amounts under the transaction as described in Note 1. (e) As part of the September 2020 Recapitalization, Just Energy issued the Note Indenture. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to CAD $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at September 30, 2022 includes an accrual of $0.4 million for interest payable on the Note Indenture through March 9, 2021. 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. The Note Indenture is shown as a liability subject to compromise . The Note Indenture is unsecured and will not receive any amounts under the transaction as described in Note 1. |
REPORTABLE BUSINESS SEGMENTS (T
REPORTABLE BUSINESS SEGMENTS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
REPORTABLE BUSINESS SEGMENTS | |
Schedule of reportable business segments | Corporate and Mass market Commercial shared services Consolidated Revenue $ 418,031 $ 266,937 $ – $ 684,968 Cost of goods sold 612,385 344,485 – 956,870 Gross margin (194,354) (77,548) – (271,902) Administrative expenses 9,271 2,750 17,913 29,934 Selling and marketing expenses 24,526 10,717 – 35,243 Provision for expected credit loss 15,277 1,479 – 16,756 Depreciation and amortization 2,593 501 – 3,094 Segment loss $ (246,021) $ (92,995) $ (17,913) $ (356,929) Interest expense (8,921) Reorganization costs (26,951) Unrealized loss on derivative instruments (289,774) Realized gain on derivative instruments 395,631 Other expense, net 163 Income tax benefit 81,164 Net loss $ (205,617) Corporate and Mass market Commercial shared services Consolidated Revenue $ 318,667 $ 240,715 $ – $ 559,382 Cost of goods sold 269,266 225,346 – 494,612 Gross margin 49,401 15,369 – 64,770 Administrative expenses 8,206 2,983 18,627 29,816 Selling and marketing expenses 23,144 12,394 – 35,538 Provision for expected credit loss 2,843 102 – 2,945 Depreciation and amortization 3,079 657 – 3,736 Segment income (loss) $ 12,129 $ (767) $ (18,627) $ (7,265) Interest expense (7,754) Reorganization costs (14,746) Unrealized gain on derivative instruments 233,036 Realized gain on derivative instruments 38,777 Realized gain on investment 22,887 Other expense, net (45) Income tax benefit 191 Net income $ 265,081 Corporate and Mass Market Commercial shared services Consolidated Revenue $ 758,608 $ 496,946 $ – $ 1,255,554 Cost of goods sold 1,021,587 598,496 – 1,620,083 Gross margin (262,979) (101,550) – (364,529) Administrative expenses 17,041 5,469 34,911 57,421 Selling and marketing expenses 46,115 21,600 – 67,715 Provision for expected credit loss 25,601 1,605 – 27,206 Depreciation and amortization 5,011 1,000 – 6,011 Segment loss for the period $ (356,747) $ (131,224) $ (34,911) $ (522,882) Interest expense (17,409) Unrealized loss on derivative instruments (67,335) Realized gain on derivative instruments 592,710 Other income, net 395 Reorganization costs (46,082) Income tax benefit 15,600 Net loss $ (45,003) As at September 30, 2022 Total goodwill $ 120,951 $ – $ – $ 120,951 Corporate and Mass Market Commercial shared services Consolidated Revenue $ 575,904 $ 479,839 $ – $ 1,055,743 Cost of goods sold 478,074 447,548 – 925,622 Gross margin 97,830 32,291 – 130,121 Administrative expenses 15,623 5,688 33,149 54,460 Selling and marketing expenses 43,636 24,238 – 67,874 Provision for expected credit loss 8,007 1,011 – 9,018 Depreciation and amortization 6,063 1,318 – 7,381 Segment income (loss) $ 24,501 $ 36 $ (33,149) $ (8,612) Interest expense (16,584) Reorganization costs (31,232) Unrealized gain on derivative instruments 469,091 Realized gain on derivative instruments 52,793 Realized gain on investment 22,887 Other expenses, net (412) Income tax benefit 984 Net income $ 488,915 As at September 30, 2021 Total goodwill $ 129,365 $ – $ – $ 129,365 |
Schedule of sales from external customers | Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Canada $ 120,603 $ 101,511 $ 228,626 $ 215,983 United States 564,365 457,871 1,026,928 839,760 Total $ 684,968 $ 559,382 $ 1,255,554 $ 1,055,743 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
INCOME TAXES | |
Schedule of income tax expense | Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 Current tax expense (benefit) $ 2,126 $ (191) $ 3,015 $ (1,103) Deferred tax expense (benefit) (83,290) – (18,615) 119 Total tax expense (benefit) $ (81,164) $ (191) $ (15,600) $ (984) |
SHAREHOLDERS' CAPITAL (Tables)
SHAREHOLDERS' CAPITAL (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
SHAREHOLDERS' CAPITAL | |
Schedule of issued and outstanding shareholders' capital | Three months ended Year ended September 30, 2022 March 31, 2022 Shares Amount Shares Amount Common shares: Issued and outstanding Balance, beginning of period 48,078,637 $ 1,168,162 48,078,637 $ 1,168,162 Share-based awards exercised – – – – Shareholders' capital 48,078,637 $ 1,168,162 48,078,637 $ 1,168,162 |
REORGANIZATION COSTS (Tables)
REORGANIZATION COSTS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
REORGANIZATION COSTS | |
Schedule of reorganization costs | For the three months ended September 30, For the six months ended September 30, 2022 2021 2022 2021 Professional and advisory costs $ 16,311 $ 8,548 $ 29,914 $ 18,810 KERP 548 2,139 2,061 4,220 Prepetition claims and other costs 1 10,092 4,059 14,107 8,202 Total reorganization costs $ 26,951 $ 14,746 $ 46,082 $ 31,232 1 These represent charges associated with early termination of certain agreements allowed by the CCAA filing, settlement of claims and the acceleration of deferred financing costs and other fees for the long-term debt subject to compromise and certain other related costs. |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
EARNINGS (LOSS) PER SHARE | |
Schedule of earnings (loss) per share | Three months ended September 30, Six months ended September 30, 2022 2021 2022 2021 BASIC EARNINGS (LOSS) PER SHARE Income (loss) for the period available to shareholders $ (205,617) $ 265,081 $ (45,003) $ 488,915 Basic weighted average shares outstanding 48,078,637 48,078,637 48,078,637 48,078,637 Basic earnings (loss) per share from operations available to shareholders (4.28) 5.51 $ (0.94) $ 10.17 Basic earnings (loss) per share available to shareholders $ (4.28) $ 5.51 $ (0.94) $ 10.17 DILUTED EARNINGS (LOSS) PER SHARE Loss for the period available to shareholders $ (205,617) $ 265,081 $ (45,003) $ 488,915 Basic weighted average shares outstanding 48,078,637 48,078,637 48,078,637 48,078,637 Dilutive effect of: Deferred share units 190,983 190,983 190,983 190,983 Options 650,000 650,000 650,000 650,000 Shares outstanding on a diluted basis 48,919,620 48,919,620 48,919,620 48,919,620 Diluted earnings (loss) from operations per share available to shareholders (4.28) 5.42 $ (0.94) $ 9.99 Diluted earnings (loss) per share available to shareholders $ (4.28) $ 5.42 $ (0.94) $ 9.99 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of commitments for the next five years and thereafter | Less than 1 year 1–3 years 4–5 years More than 5 years Total Trade and other payables $ 401,569 $ – $ – $ – $ 401,569 Commodity suppliers' accruals and payables subject to compromise 454,553 – – – 454,553 Non-commodity trade accruals and accounts payable subject to compromise 39,897 – – – 39,897 Debt 55,384 2 – – 55,386 Debt and financing subject to compromise 357,820 – – – 357,820 Gas, electricity and non-commodity contracts 1,088,586 2,317,197 496,960 70,110 3,972,853 Total $ 2,397,809 $ 2,317,199 $ 496,960 $ 70,110 $ 5,282,078 |
Schedule of Surety bonds and letters of credit | As at September 30, 2022 Under 1 year 1-3 years 3-5 years Over 5 years Total Surety bonds (i) $ 38,256 $ – $ – $ – $ 38,256 Letters of credit (CAD) (ii) $ 120,407 – – – $ 120,407 (i) Pursuant to separate arrangements with Surety Bond Providers, Just Energy has had surety bonds issued 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. As at September 30, 2022, Just Energy has provided cash collateral or letters of credit for all outstanding surety bonds. (ii) The Company has issued letters of credit in accordance with its credit facility to various counterparties, primarily utilities, state regulatory bodies in the markets it operates in, as well as suppliers. |
ORGANIZATION (Details)
ORGANIZATION (Details) $ in Millions | 1 Months Ended | |||||
Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Aug. 04, 2022 USD ($) | Aug. 04, 2022 CAD ($) | Mar. 31, 2022 USD ($) | Mar. 09, 2021 USD ($) | |
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Amount available for distribution to general unsecured creditors | $ 0 | |||||
Long term debt | 55,386,000 | $ 126,419,000 | ||||
Settled Litigation | Weather Event | ||||||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Cost Recovery | $ 147,500,000 | |||||
Stalking Horse Transaction Agreement | ||||||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Purchase price payable | $ 184,900,000 | |||||
Stalking Horse Transaction, Additional Contingent Purchase Price Payable | $ 10 | |||||
Credit bid | $ 230,000,000 | |||||
Credit Facility | Stalking Horse Transaction | Maximum | ||||||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Credit facility | $ 10 | |||||
Term Loan Claim Holders | ||||||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Long term debt | 205,900,000 | |||||
DIP facility | ||||||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Amount of facility | $ 125,000,000 | |||||
Long term debt | $ 55,000,000 | $ 125,000,000 | ||||
Interest rate | 13% | |||||
7.0% $15M subordinated notes | ||||||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Interest rate | 7% | |||||
CCAA | DIP facility | ||||||
Troubled Debt Restructuring, Debtor, Current Period [Line Items] | ||||||
Amount of facility | $ 125,000,000 |
OPERATIONS (Details)
OPERATIONS (Details) | 6 Months Ended |
Sep. 30, 2022 segment | |
OPERATIONS | |
Fixed price period, maximum | 5 years |
Number of reportable segments | 2 |
TRADE AND OTHER RECEIVABLES, _3
TRADE AND OTHER RECEIVABLES, NET - Components (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
TRADE AND OTHER RECEIVABLES, NET | ||
Trade accounts receivable, net | $ 159,224 | $ 147,063 |
Unbilled revenue, net | 106,212 | 82,946 |
Accrued gas receivable | 1,414 | |
Commodity receivables | 89,556 | 77,518 |
Total trade and other receivables, net | $ 354,992 | $ 308,941 |
TRADE AND OTHER RECEIVABLES, _4
TRADE AND OTHER RECEIVABLES, NET - Aging (Details) - Trade receivables - Markets where the Company bears customer credit risk - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total trade receivables | $ 116,323 | $ 84,623 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total trade receivables | 84,446 | 57,766 |
1-30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total trade receivables | 16,651 | 16,061 |
31-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total trade receivables | 7,526 | 4,470 |
61-90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total trade receivables | 5,521 | 1,220 |
Over 90 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total trade receivables | $ 2,179 | $ 5,106 |
TRADE AND OTHER RECEIVABLES, _5
TRADE AND OTHER RECEIVABLES, NET - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
TRADE AND OTHER RECEIVABLES, NET | ||||||
Balance, beginning of year | $ 14,037 | $ 18,578 | $ 18,578 | |||
Provision for expected credit loss | $ 16,756 | $ 2,945 | 27,206 | $ 9,018 | 24,242 | |
Bad debts written off | (17,312) | (34,504) | ||||
Recoveries | 1,246 | 5,148 | ||||
Foreign exchange | (278) | 573 | ||||
Balance, end of year | 24,899 | 24,899 | 14,037 | |||
Unbilled revenue | 106,212 | 106,212 | 82,946 | |||
Expected proceeds receivable from ERCOT | $ 147,500 | |||||
Proceeds from Accounts Receivable Securitization | $ 147,500 | |||||
Credit risk | ||||||
TRADE AND OTHER RECEIVABLES, NET | ||||||
Unbilled revenue | $ 98,400 | $ 98,400 | $ 71,200 |
OTHER CURRENT AND NON-CURRENT_3
OTHER CURRENT AND NON-CURRENT ASSETS (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Other current assets | ||
Prepaid expenses and deposits | $ 48,722 | $ 40,347 |
Customer acquisition costs | 41,131 | 35,680 |
Green certificates assets | 48,454 | 53,824 |
Gas delivered in excess of consumption | 10,023 | 793 |
Inventory | 999 | 926 |
Total other current assets | 149,329 | 131,570 |
Other non current assets | ||
Customer acquisition costs | 36,781 | 30,273 |
Other long-term assets | 20,614 | 8,775 |
Total other non-current assets | $ 57,395 | $ 39,048 |
DERIVATIVE INSTRUMENTS - Unreal
DERIVATIVE INSTRUMENTS - Unrealized gain loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivative instruments | $ (289,774) | $ 233,036 | $ (67,335) | $ 469,091 |
Physical forward contracts and options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivative instruments | (325,580) | 106,036 | (141,030) | 288,567 |
Financial swap contracts and options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivative instruments | 31,395 | 122,891 | 67,632 | 177,969 |
Foreign exchange forward contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivative instruments | $ 4,411 | 473 | $ 6,063 | 1,368 |
Other derivative options | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Unrealized gain (loss) on derivative instruments | $ 3,636 | $ 1,187 |
DERIVATIVE INSTRUMENTS - Balanc
DERIVATIVE INSTRUMENTS - Balance sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative instrument assets (current) | $ 494,464 | $ 538,700 |
Derivative instrument assets (non-current) | 140,761 | 133,014 |
Derivative instrument liabilities (current) | 21,957 | 13,170 |
Derivative instrument liabilities (non-current) | 46,778 | 12,916 |
Physical forward contracts and options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument assets (current) | 296,046 | 373,268 |
Derivative instrument assets (non-current) | 64,142 | 81,392 |
Derivative instrument liabilities (current) | 17,023 | 10,195 |
Derivative instrument liabilities (non-current) | 43,196 | 5,865 |
Financial swap contracts and options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument assets (current) | 192,558 | 161,838 |
Derivative instrument assets (non-current) | 73,874 | 51,161 |
Derivative instrument liabilities (current) | 4,934 | 2,134 |
Derivative instrument liabilities (non-current) | 3,577 | 6,856 |
Foreign exchange forward contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument assets (current) | 3,372 | |
Derivative instrument assets (non-current) | 1,421 | |
Derivative instrument liabilities (current) | 841 | |
Derivative instrument liabilities (non-current) | 195 | |
Other derivative options | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument assets (current) | 2,488 | 3,594 |
Derivative instrument assets (non-current) | 1,324 | $ 461 |
Derivative instrument liabilities (non-current) | $ 5 |
DERIVATIVE INSTRUMENTS - Impact
DERIVATIVE INSTRUMENTS - Impact (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Derivative instrument assets | ||
Gross basis amount | $ 1,069,207 | $ 910,174 |
Netting impact | (433,982) | (238,460) |
Net basis amount | 635,225 | 671,714 |
Derivative instrument liabilities | ||
Gross basis amount | (506,776) | (265,011) |
Netting impact | 438,041 | 238,925 |
Net basis amount | (68,735) | (26,085) |
Gross basis amount | 562,431 | 645,163 |
Netting impact | 4,059 | 465 |
Net basis amount | $ 566,490 | $ 645,629 |
DERIVATIVE INSTRUMENTS - Contra
DERIVATIVE INSTRUMENTS - Contracts (Details) | 6 Months Ended |
Sep. 30, 2022 USD ($) item $ / t $ / MMBTU $ / t $ / MWh | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Natural Gas Unobservable Input Per Mega Watt Hour | $ / MWh | 5 |
Natural Gas Unobservable Input Per MMBtu | $ / MMBTU | 0.50 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Commodity Curves Extension Term | 5 years |
Maximum | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Basis Curve Extension Term | 15 months |
Minimum | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Basis Curve Extension Term | 12 months |
Natural gas contracts | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Number of Market Observable Curves | item | 3 |
Physical forward contracts and options | Electricity contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 31,490,189 |
Contract price | $ / MWh | 50.69 |
Physical forward contracts and options | Natural gas contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 70,403,970 |
Contract price | $ / MMBTU | 5.33 |
Physical forward contracts and options | RECs | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 4,450,234 |
Contract price | $ / t | 11.04 |
Physical forward contracts and options | Green Gas Certificates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 140,000 |
Contract price | $ / t | 1.39 |
Physical forward contracts and options | Electricity generation capacity contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 1,209 |
Contract price | $ / t | 4,027.58 |
Physical forward contracts and options | Ancillary contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 874,520 |
Contract price | $ / MWh | 20.41 |
Financial swap contracts and options | Electricity contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 24,117,816 |
Contract price | $ / MWh | 59.88 |
Financial swap contracts and options | Natural gas contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 110,708,400 |
Contract price | $ / MMBTU | 4.05 |
Financial swap contracts and options | Ancillary contracts | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Notional units | 1,806,946 |
Contract price | $ / MWh | 20.36 |
DERIVATIVE INSTRUMENTS - Fair V
DERIVATIVE INSTRUMENTS - Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | $ 635,225 | $ 671,714 |
Derivative instrument liabilities | (68,735) | (26,085) |
Total net derivative instrument assets | 566,490 | 645,628 |
Level 2 | ||
Derivative, Fair Value, Net [Abstract] | ||
Total net derivative instrument assets | 138,268 | 124,188 |
Level 3 | ||
Derivative, Fair Value, Net [Abstract] | ||
Total net derivative instrument assets | 428,222 | 521,440 |
Physical forward contracts and options | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 299,969 | 438,600 |
Physical forward contracts and options | Level 3 | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 299,969 | 438,600 |
Financial swap contracts and options | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 257,920 | 204,009 |
Financial swap contracts and options | Level 2 | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 138,268 | 124,188 |
Financial swap contracts and options | Level 3 | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 119,652 | 79,821 |
Foreign exchange forward contracts | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 4,795 | |
Derivative instrument liabilities | (1,036) | |
Foreign exchange forward contracts | Level 3 | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 4,794 | |
Derivative instrument liabilities | (1,036) | |
Other derivative options | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | 3,807 | 4,055 |
Other derivative options | Level 3 | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative instrument assets | $ 3,807 | $ 4,055 |
DERIVATIVE INSTRUMENTS - Sensit
DERIVATIVE INSTRUMENTS - Sensitivity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | |
Concentration Risk [Line Items] | |||
Percentage increase in price | 10% | ||
Percentage decrease in price | 10% | ||
Increase (decrease) in income from increase in price | $ 419,700 | $ 419,700 | |
Increase (decrease) in income from decrease in price | 418,100 | $ 418,100 | |
Level 3 | |||
Concentration Risk [Line Items] | |||
Percentage increase in price | 10% | ||
Percentage decrease in price | 10% | ||
Increase (decrease) in income from increase in price | $ 361,800 | ||
Increase (decrease) in income from decrease in price | 361,800 | ||
Balance, beginning of period | 521,440 | $ (33,489) | |
Total gains | $ 292,029 | $ 349,541 | |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Unrealized Gain (Loss) on Derivatives | Unrealized Gain (Loss) on Derivatives | |
Purchases | $ (157,695) | $ 283,394 | |
Sales | 62,491 | (71,514) | |
Settlements | (290,043) | (6,492) | |
Balance, end of period | $ 428,222 | $ 428,222 | $ 521,440 |
DERIVATIVE INSTRUMENTS - Risks
DERIVATIVE INSTRUMENTS - Risks (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | |
Concentration Risk [Line Items] | |||
Percentage change in interest rates | 1% | ||
Effect on net loss from change in interest rates | $ 0.3 | ||
Percentage increase in price | 10% | ||
Percentage decrease in price | 10% | ||
Increase (decrease) in income from increase in price | $ 419.7 | $ 419.7 | |
Increase (decrease) in income from decrease in price | 418.1 | 418.1 | |
Adjustment factor | 2.1 | 2.1 | $ 2.3 |
Counterparty credit risk exposure | 424.2 | 424.2 | 580.5 |
Cash Collateral from Counterparties | 56.9 | 56.9 | 103.2 |
Counterparty Credit Risk Exposure, Net Amount | 367.3 | 367.3 | 477.3 |
Cash collateral posted | $ 4.9 | $ 4.9 | $ 20.3 |
Maximum | |||
Concentration Risk [Line Items] | |||
Current cash flows, percentage hedged | 100% | ||
Noncurrent cash flows, percentage hedged | 50% | ||
Minimum | |||
Concentration Risk [Line Items] | |||
Current cash flows, percentage hedged | 50% | ||
Noncurrent cash flows, percentage hedged | 0% |
TRADE AND OTHER PAYABLES (Detai
TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
TRADE AND OTHER PAYABLES | ||
Commodity suppliers accruals and payables | $ 285,356 | $ 209,703 |
Green provisions | 50,294 | 52,478 |
Sales tax payable | 2,536 | 15,656 |
Non-commodity trade accruals and accounts payable | 57,504 | 53,872 |
Accrued gas payable | 818 | |
Other payables | 5,879 | 17,396 |
Total trade and other payables | $ 401,569 | $ 349,923 |
LIABILITIES SUBJECT TO COMPRO_3
LIABILITIES SUBJECT TO COMPROMISE (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
LIABILITIES SUBJECT TO COMPROMISE | ||
Commodity suppliers' accruals and payables | $ 454,553 | $ 438,068 |
Non-commodity trade accruals and accounts payable | 39,897 | 41,914 |
Debts and financings | 357,820 | 365,908 |
Total liabilities subject to compromise | $ 852,270 | $ 845,890 |
LONG-TERM DEBT AND FINANCING -
LONG-TERM DEBT AND FINANCING - Components (Details) $ in Thousands, $ in Millions | Sep. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 09, 2021 | Oct. 19, 2020 CAD ($) |
Debt Instrument [Line Items] | ||||
Long term debt | $ 55,386 | $ 126,419 | ||
Less: Current portion | (55,384) | (126,289) | ||
Total long term debt | 2 | 130 | ||
DIP facility | ||||
Debt Instrument [Line Items] | ||||
Long term debt | 55,000 | 125,000 | ||
Interest rate | 13% | |||
Filter Group financing | ||||
Debt Instrument [Line Items] | ||||
Long term debt | $ 386 | $ 1,419 | ||
Credit Facility - subject to compromise | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.25% | |||
Term Loan - subject to compromise | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 10.25% | |||
Note Indenture - subject to compromise | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7% | |||
Face amount | $ 13.2 |
LONG-TERM DEBT AND FINANCING _2
LONG-TERM DEBT AND FINANCING - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Mar. 31, 2022 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Less than 1 year | $ 55,384 | |
1-3 years | 2 | |
Long term debt | 55,386 | $ 126,419 |
DIP facility | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Less than 1 year | 55,000 | |
Long term debt | 55,000 | 125,000 |
Filter Group financing | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Less than 1 year | 384 | |
1-3 years | 2 | |
Long term debt | $ 386 | $ 1,419 |
LONG-TERM DEBT AND FINANCING _3
LONG-TERM DEBT AND FINANCING - Interest expense (Details) $ in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Sep. 26, 2022 USD ($) | Nov. 16, 2021 | Mar. 09, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 CAD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 CAD ($) | Mar. 18, 2021 CAD ($) | Oct. 19, 2020 CAD ($) | |
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ 8,921 | $ 7,754 | $ 17,409 | $ 16,584 | |||||||
Amendment fee percentage | 1% | ||||||||||
Prime Rate [Member] | United States | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 6.25% | 6.25% | 6.25% | ||||||||
Prime Rate [Member] | Canada | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 5.45% | 5.45% | 5.45% | ||||||||
DIP facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ 4,014 | 3,651 | $ 8,065 | 8,357 | |||||||
Interest rate | 13% | ||||||||||
Commitment fee percentage | 1% | ||||||||||
Origination fee percentage | 1% | ||||||||||
Amount of facility | $ 125,000 | ||||||||||
Amount repaid | $ 70,000 | ||||||||||
Letters of credit outstanding | 55,000 | 55,000 | |||||||||
Filter Group financing | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | 1 | 64 | 29 | 143 | |||||||
Credit Facility - subject to compromise | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ 4,568 | 4,096 | $ 8,695 | 8,094 | |||||||
Interest rate | 5.25% | 5.25% | 5.25% | ||||||||
Amount of facility | $ 2,200 | $ 2,200 | |||||||||
Amount repaid | $ 86.3 | ||||||||||
Letters of credit outstanding | $ 42,000 | $ 42,000 | $ 120.4 | ||||||||
Credit Facility - subject to compromise | Prime Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Marginal interest rate | 4.25% | 4.25% | |||||||||
Credit Facility - subject to compromise | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount of facility | $ 46.1 | ||||||||||
Credit Facility - subject to compromise | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount of facility | $ 125 | ||||||||||
7.0% $15M subordinated notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 7% | 7% | 7% | ||||||||
Term Loan - subject to compromise | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | (54) | ||||||||||
Interest rate | 10.25% | 10.25% | 10.25% | ||||||||
Accrued interest | $ 12,600 | $ 12,600 | |||||||||
Collateral cost and other | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ 338 | $ (57) | 650 | 45 | |||||||
Supplier finance and others | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ (30) | ||||||||||
Home Trust Company | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate | 8.99% | 8.99% | 8.99% | ||||||||
Outstanding loan payable | $ 400 | $ 400 | |||||||||
Note Indenture - subject to compromise | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest expense | $ (1) | ||||||||||
Interest rate | 7% | 7% | 7% | ||||||||
Face amount | $ 13.2 | ||||||||||
Accrued interest | $ 400 | $ 400 |
REPORTABLE BUSINESS SEGMENTS -
REPORTABLE BUSINESS SEGMENTS - Classification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) | Mar. 31, 2022 USD ($) | |
Operating segments: | |||||
Number of Reportable Segments | segment | 2 | ||||
Revenue | $ 684,968 | $ 559,382 | $ 1,255,554 | $ 1,055,743 | |
Cost of goods sold | 956,870 | 494,612 | 1,620,083 | 925,622 | |
Gross margin | (271,902) | 64,770 | (364,529) | 130,121 | |
Administrative expenses | 29,934 | 29,816 | 57,421 | 54,460 | |
Selling and marketing expenses | 35,243 | 35,538 | 67,715 | 67,874 | |
Provision for expected credit loss | 16,756 | 2,945 | 27,206 | 9,018 | $ 24,242 |
Depreciation and amortization | 3,094 | 3,736 | 6,011 | 7,381 | |
Segment income (loss) | (356,929) | (7,265) | (522,882) | (8,612) | |
Interest expense | (8,921) | (7,754) | (17,409) | (16,584) | |
Reorganization costs | (26,951) | (14,746) | (46,082) | (31,232) | |
Unrealized gain (loss) on derivative instruments | (289,774) | 233,036 | (67,335) | 469,091 | |
Realized gain on derivative instruments | 395,631 | 38,777 | 592,710 | 52,793 | |
Realized gain on investment | 22,887 | 22,887 | |||
Other income (expenses), net | 163 | (45) | 395 | (412) | |
Income tax benefit | (81,164) | (191) | (15,600) | (984) | |
Net income (loss) | (205,617) | 265,081 | (45,003) | 488,915 | |
Segment Reporting Information | |||||
Total goodwill | 120,951 | 129,365 | 120,951 | 129,365 | $ 130,945 |
Operating segments | Mass markets | |||||
Operating segments: | |||||
Revenue | 418,031 | 318,667 | 758,608 | 575,904 | |
Cost of goods sold | 612,385 | 269,266 | 1,021,587 | 478,074 | |
Gross margin | (194,354) | 49,401 | (262,979) | 97,830 | |
Administrative expenses | 9,271 | 8,206 | 17,041 | 15,623 | |
Selling and marketing expenses | 24,526 | 23,144 | 46,115 | 43,636 | |
Provision for expected credit loss | 15,277 | 2,843 | 25,601 | 8,007 | |
Depreciation and amortization | 2,593 | 3,079 | 5,011 | 6,063 | |
Segment income (loss) | (246,021) | 12,129 | (356,747) | 24,501 | |
Segment Reporting Information | |||||
Total goodwill | 120,951 | 129,365 | 120,951 | 129,365 | |
Operating segments | Commercial | |||||
Operating segments: | |||||
Revenue | 266,937 | 240,715 | 496,946 | 479,839 | |
Cost of goods sold | 344,485 | 225,346 | 598,496 | 447,548 | |
Gross margin | (77,548) | 15,369 | (101,550) | 32,291 | |
Administrative expenses | 2,750 | 2,983 | 5,469 | 5,688 | |
Selling and marketing expenses | 10,717 | 12,394 | 21,600 | 24,238 | |
Provision for expected credit loss | 1,479 | 102 | 1,605 | 1,011 | |
Depreciation and amortization | 501 | 657 | 1,000 | 1,318 | |
Segment income (loss) | (92,995) | (767) | (131,224) | 36 | |
Corporate, non-segment | Corporate and shared services | |||||
Operating segments: | |||||
Administrative expenses | 17,913 | 18,627 | 34,911 | 33,149 | |
Segment income (loss) | $ (17,913) | $ (18,627) | $ (34,911) | $ (33,149) |
REPORTABLE BUSINESS SEGMENTS _2
REPORTABLE BUSINESS SEGMENTS - Revenue from external customer (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REPORTABLE BUSINESS SEGMENTS | ||||
Revenue | $ 684,968 | $ 559,382 | $ 1,255,554 | $ 1,055,743 |
Canada | ||||
REPORTABLE BUSINESS SEGMENTS | ||||
Revenue | 120,603 | 101,511 | 228,626 | 215,983 |
United States | ||||
REPORTABLE BUSINESS SEGMENTS | ||||
Revenue | $ 564,365 | $ 457,871 | $ 1,026,928 | $ 839,760 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense or Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INCOME TAXES | ||||
Current tax expense (benefit) | $ 2,126 | $ (191) | $ 3,015 | $ (1,103) |
Deferred tax expense | (83,290) | (18,615) | 119 | |
Total tax expense (benefit) | $ (81,164) | $ (191) | $ (15,600) | $ (984) |
INCOME TAXES - Narratives (Deta
INCOME TAXES - Narratives (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INCOME TAXES | ||||
Statutory tax rate | 26.50% | 26.50% | 26.50% | 26.50% |
Effective tax rate | 28.40% | 25.70% |
SHAREHOLDERS' CAPITAL (Details)
SHAREHOLDERS' CAPITAL (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||
Shareholders' equity, end of period | $ 136,355 | $ 194,201 |
Common stock par value | $ 0 | $ 0 |
Common shares | ||
Class of Stock [Line Items] | ||
Shareholders' equity, beginning of period | $ 1,168,162 | $ 1,168,162 |
Shares outstanding, beginning of period | 48,078,637 | 48,078,637 |
Share-based awards exercised | $ 0 | $ 0 |
Share-based awards exercised, shares | 0 | 0 |
Shareholders' equity, end of period | $ 1,168,162 | $ 1,168,162 |
Shares outstanding, end of period | 48,078,637 | 48,078,637 |
REORGANIZATION COSTS (Details)
REORGANIZATION COSTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
REORGANIZATION COSTS | ||||
Professional and advisory costs | $ 16,311 | $ 8,548 | $ 29,914 | $ 18,810 |
KERP | 548 | 2,139 | 2,061 | 4,220 |
Prepetition claims and other costs | 10,092 | 4,059 | 14,107 | 8,202 |
Total reorganization costs | $ 26,951 | $ 14,746 | $ 46,082 | $ 31,232 |
EARNINGS (LOSS) PER SHARE (Deta
EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
BASIC EARNINGS (LOSS) PER SHARE | ||||
Income (loss) for the period available to shareholders | $ (205,617) | $ 265,081 | $ (45,003) | $ 488,915 |
Basic weighted average shares outstanding | 48,078,637 | 48,078,637 | 48,078,637 | 48,078,637 |
Basic earnings (loss) per share from operations available to shareholders | $ (4.28) | $ 5.51 | $ (0.94) | $ 10.17 |
Basic earnings (loss) per share available to shareholders | $ (4.28) | $ 5.51 | $ (0.94) | $ 10.17 |
DILUTED EARNINGS (LOSS) PER SHARE | ||||
Shares outstanding on a diluted basis | 48,919,620 | 48,919,620 | 48,919,620 | 48,919,620 |
Diluted earnings (loss) from operations per share available to shareholders | $ (4.28) | $ 5.42 | $ (0.94) | $ 9.99 |
Diluted earnings (loss) per share available to shareholders | $ (4.28) | $ 5.42 | $ (0.94) | $ 9.99 |
Deferred share units | ||||
DILUTED EARNINGS (LOSS) PER SHARE | ||||
Dilutive effect | 190,983 | 190,983 | 190,983 | 190,983 |
Options | ||||
DILUTED EARNINGS (LOSS) PER SHARE | ||||
Dilutive effect | 650,000 | 650,000 | 650,000 | 650,000 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Commitments for next five years (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | $ 2,397,809 |
1 -3 years | 2,317,199 |
4 - 5 years | 496,960 |
More than 5 years | 70,110 |
Total | 5,282,078 |
Trade and other payables | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | 401,569 |
Total | 401,569 |
Commodity suppliers' accruals and payables subject to compromise | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | 454,553 |
Total | 454,553 |
Non-commodity trade accruals and accounts payable subject to compromise | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | 39,897 |
Total | 39,897 |
Debt | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | 55,384 |
1 -3 years | 2 |
Total | 55,386 |
Debts and financing subject to compromise | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | 357,820 |
Total | 357,820 |
Other guarantees (subject to compromise) | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Less than 1 year | 1,088,586 |
1 -3 years | 2,317,197 |
4 - 5 years | 496,960 |
More than 5 years | 70,110 |
Total | $ 3,972,853 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Surety bonds and letters of credit (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Surety bonds | |
Other Commitments [Line Items] | |
Under 1 year | $ 38,256 |
Total | 38,256 |
Letters of credit | |
Other Commitments [Line Items] | |
Under 1 year | 120,407 |
Total | $ 120,407 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Narrative (Details) | Sep. 30, 2022 USD ($) |
Lessee, Lease, Description [Line Items] | |
Amount available for distribution to general unsecured creditors | $ 0 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Period of operating lease | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Period of operating lease | 6 years |