Newspaper article The Canadian Press

Utility Firm Just Energy Cuts 200 Positions, Predicts $9M in Severance Costs

Newspaper article The Canadian Press

Utility Firm Just Energy Cuts 200 Positions, Predicts $9M in Severance Costs

Article excerpt

Utility firm Just Energy cuts 200 positions

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TORONTO - Just Energy Group Inc. says it is eliminating 200 jobs in a move that will save $40 million in annual costs in its upcoming financial year.

The company, which sells electricity and natural gas and provides other services to consumers in Canada, the United Kingdom and the United States, says it will incur about $9 million in severance costs in the fourth quarter of its 2019 financial year, which ends March 31.

In a regulatory filing in May last year, Just Energy reported employing a total of 1,576 people.

The company left in place its guidance for its 2019 financial year's base earnings before interest, taxation, depreciation and amortization of between $200 million and $220 million. …

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