Why Just Energy Stock Dropped 30% Today

Shares of Canadian electricity and natural gas retailer Just Energy Group (NYSE: JE) are continuing to be impacted by the severe winter storm in Texas and related power grid breakdown. As of 11:25 a.m. EST, shares of Just Energy were down 30% compared to Friday's close.

Last week, the company said it would delay filing its financial statements due to unknown impacts from the Texas weather event. Just Energy services 10 U.S. states including Texas. The company said in a statement last week that the Texas situation "may result in a positive or negative financial impact to the company, which could be substantial."

Today, a new statement confirmed the likelihood that the situation "has resulted in a substantial negative financial impact."

Source Fool.com