Here's Why Just Energy Group Stock Dropped Today
Shares in electricity and natural gas retailer Just Energy Group (NYSE: JE) were down 15% as of 1:25 p.m. EST Tuesday. The Canadian company also services 10 U.S. states including Texas, and the energy sector disruption caused by a severe winter storm and freezing temperatures has directly impacted the company.
Just Energy announced today that due to the storm-related disruptions, it will need to delay filing financial statements as well as other required reporting documents that were due Tuesday, Feb. 16. The company also said it had established a trading blackout of company shares for its directors and officers until the required documents are filed.
Just Energy said the spike in demand and rolling blackouts in Texas have caused the company "to have to balance power supply at very high clearing prices" through the Texas independent power system operator, Electric Reliability Council of Texas (ERCOT).
Source Fool.com
