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Energy

Just Energy hopes to recover $100 mln from February freeze costs under Texas bill

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The company logo for Just Energy Group Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S. REUTERS/Brendan McDermid

June 18 (Reuters) - Just Energy Group Inc (JE.V) said on Friday it expects to recover about $100 million in costs related to a winter storm in February, if the Texas utility commission approves a relief bill financing signed by the state governor.

Texas Governor Greg Abbott on Wednesday signed a House bill providing a mechanism for recovery of certain costs incurred by various parties during the extreme weather event, which sent electricity prices soaring and utilities scrambling to meet a surge in heating demand.

Total electricity charges jumped by about $47 billion during the storm that also knocked out nearly half of the state's power plants.

The Ontario-based electricity and gas provider in March had filed for creditor protection in Canada and the United States, citing massive costs from the cold snap. (https://reut.rs/3q94WVa)

Reporting by Sahil Shaw in Bengaluru; Editing by Ramakrishnan M.

Our Standards: The Thomson Reuters Trust Principles.

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