Just Energy Group Inc Annual Shareholders Meeting

Jun 27, 2017 AM CEST
JE.TO - Just Energy Group Inc
Just Energy Group Inc Annual Shareholders Meeting
Jun 27, 2017 / 02:00PM GMT 

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Corporate Participants
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   *  Deborah Merrill
      Just Energy Group Inc. - Co-CEO, Co-President and Director
   *  Jonah T. Davids
      Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary
   *  Patrick McCullough
      Just Energy Group Inc. - CFO
   *  Ubavka Rebecca MacDonald
      Just Energy Group Inc. - Co-Founder and Executive Chair

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Presentation
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 Ubavka Rebecca MacDonald,  Just Energy Group Inc. - Co-Founder and Executive Chair   [1]
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 Well, I'm going to let the people settle down and then we can start. Anyway, good morning, everybody. I think all of you know my name, I'm Rebecca MacDonald, Execute Chair of this company, and welcome to our Annual General Meeting. On the podium today beside me will be beautiful Deb Merrill, our co-President and co-CEO; with Jay Lewis, another -- the other half of co-President, co-CEO; and Pat McCullough, our CFO. I will ask Jonah to go through formalities of the meeting and go through the voting result. And after that, I will have few remarks along Deb, and then we will open up for questions for some of you that might have questions that you've not seen us, and I see some faces that I saw last year. So thank you very much for coming.

 So Jonah, can you please walk us through?

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [2]
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 Thank you, Rebecca. Good morning. The formal matters to be dealt with are as follows: to receive the consolidated financial statements of Just Energy and the auditor's report for the year ended March 31, 2017; to appoint Ernst & Young LLP as auditors of Just Energy and authorize the directors of the corporation to fix the remuneration to be paid to the auditors; to elect, on an individual basis, the Directors of Just Energy; and to consider, and if acceptable, to pass in a nonbinding advisory capacity, a resolution to approve Just Energy's approach to executive compensation, that is a say on pay vote, as outlined in the information circular.

 I now call the meeting to order. Mr. Frank Kailik and Ms. Heather, Rose, both of Computershare Investor Services Inc., the registrar and transfer agent of the corporation, will act as scrutineers. I have sworn declarations from an officer of Computershare that a notice of the meeting proxy circular, proxy forms and annual report were mailed on May 31, 2017, to all registered shareholders of the corporation. These declarations constitute certification of sufficient notice in bylaw -- in the bylaws of the corporation and applicable securities laws and rules and will be kept with the records of the meeting.

 Business may be transacted at this meeting if 2 or more individuals are present in person, either holding personally or representing as proxies not less than 25% of the aggregate number of common shares outstanding. I now have the scrutineers' report, and there are 3 persons present at the meeting holding or representing by proxy an aggregate of 95,656,129 shares, being 65.07% of the outstanding common shares. Accordingly, there is a quorum of shareholders present at the meeting.

 Notice of the Meeting having been served and a quorum being present, I declare that the meeting is duly constituted for the transaction of business.

 Before proceeding with the formal business of the meeting, I would like to comment on the voting procedure. Each shareholder is entitled to one vote per share. I'm advised by the scrutineers that the total number of votes attached to the common shares represented by proxy exceed the number of votes required to approve each of the items of business. And accordingly, unless a ballot is demanded on any resolution, we will conduct the votes by show of hands.

 I now place before the meeting the consolidated financial statements of the corporation for the period ended March 31, 2017, together with the auditor's report. As earlier certified, a copy of the annual report was mailed to all shareholders who have requested to receive copies pursuant to the procedures under applicable securities laws. Copies are available at the front. If you have any questions on the financial statements, I would ask that you defer them until the formal item of business are concluded.

 The next item of business is the election of directors of the corporation. The meeting is now open for nominations. Could a shareholder propose the nomination of those persons set out in the information circular?

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 Unidentified Shareholder,    [3]
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 (inaudible)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [4]
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 Seconded by?

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 Unidentified Shareholder,    [5]
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 (inaudible)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [6]
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 Are there any further nominations? As there are no further nominations, I declare the nominations closed. You have heard the nominations. All those in favor please raise your right hand.

 (Voting)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [7]
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 Opposed?

 (Voting)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [8]
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 So carried. I declare John Brussa, Scott Gahn, Clark Hollands, James Lewis, Rebecca MacDonald, Deborah Merrill, Brett Perlman, Dallas Ross and William F. Weld as Directors of Just Energy, to hold office until next annual meeting or until their successors are duly elected or appointed.

 The next item of business is the appointment of auditors. Could a motion be put forward in this connection?

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 Unidentified Participant,    [9]
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 I move that the firm of Ernst & Young chartered accountants (inaudible) auditors of the corporation to hold office until the next annual meeting or until their successors are appointed and the directors of Just Energy be authorized to fix (inaudible).

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [10]
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 Thank you. Any discussion on the motion? All in favor, please signify by raising your hand.

 (Voting)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [11]
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 Any contrary?

 (Voting)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [12]
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 Carried. The next item of business is for ordinary shareholders to approve an ordinary resolution to the corporation's approach to executive compensation. In order to be passed, this ordinary resolution must be approved by a majority of votes cast by shareholders. Could a shareholder propose the approval of the resolution as set out on Page 8 of the proxy circular?

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 Unidentified Shareholder,    [13]
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 I move this resolution.

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [14]
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 Thank you. Seconded by?

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 Unidentified Shareholder,    [15]
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 (inaudible)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [16]
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 Any discussion on the motion? All in favor, please signify by raising your hand.

 (Voting)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [17]
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 Any contrary?

 (Voting)

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [18]
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 Carried. The formal agenda of the annual meeting is completed, and I now call for the termination of the Just Energy Group annual meeting.

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 Unidentified Participant,    [19]
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 (inaudible) the meeting be terminated.

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 Jonah T. Davids,  Just Energy Group Inc. - Executive VP, General Counsel & Corporate Secretary   [20]
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 We'll terminate. Over to you, Rebecca.

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 Ubavka Rebecca MacDonald,  Just Energy Group Inc. - Co-Founder and Executive Chair   [21]
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 Well. Thank you very much, Jonah. We are very excited that we have a -- our new board elected. And before I make a few remarks, I would -- I'd really like to single out every single one of our directors. So when I call your name, if you would get up, in case somebody doesn't know who you are.

 So we'll start with John Brussa, Chairman of a law firm, Burnet, Duckworth & Palmer in Calgary.

 Scott Gahn, he's a long-time energy executive, and he was, at one point of his life CEO of Just Energy, and currently, he's the President of Gulf Coast Security Services in Houston.

 Mr. Clark Hollands, a chartered accountant and a former tax partner at KPMG. Currently Mr. Hollands advises and assist various businesses and charitable organizations.

 James Lewis, our co-CEO; and co-President Deborah Merrill.

 Brett Perlman. He served as a Commissioner of Public Utility Commission of Texas in '99 to 2003. He's currently the President of Vector Consulting and a fellow in the advanced leadership program at Harvard University.

 Mr. Dallas Ross, our newest board member, just elected. Currently a general partner and founder of Kinetic Capital Partners in Vancouver BC. Formerly a Managing Director of investment banking with ScotiaMcLeod.

 And last but not least, Governor Weld, our Lead Director and former Governor of State of Massachusetts. I will say, probably the most popular Governor that they ever had. You like hearing that. And currently he's a partner at the law firm of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo.

 And last but not least, thank you very much for electing me, Rebecca MacDonald, for another term -- for another year.

 You can see at our logo. We are celebrating the 20th anniversary. And the management, especially for me, as one of the founders of this business, the only one still standing, it's an emotional year. It's a reflective year for us, and we have been celebrating through all our offices through the year. And I think, hopefully, celebrations will be ending by September because we're all getting a little tired of barbecues. But we do have a video that we would like to play for you before my remarks that has been created by our creative marketing group in order to celebrate the 20th anniversary of Just Energy.

 (presentation)

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 Ubavka Rebecca MacDonald,  Just Energy Group Inc. - Co-Founder and Executive Chair   [22]
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 So we wanted to get a flavor of our celebration -- ongoing celebration. So as I said, you know, I have been very reflective on the last 20 years. But before I go down memory lane, I would like to acknowledge, even though he's not here, George Sladoje, was our board member that has to retire due to age. Unfortunately, we all get older. And we do have in the room a wonderful, wonderful individual that is leaving us, not because we want Ryan Barrington to leave, but because he was asked by Mr. Pattison to move to another project. And we will miss you very much, you were amazing director and our door will always be open whenever you're in Toronto.

 So 20 years is a long time, it's a short time. In the energy business, it's a very long time. If you realistically look how many companies do you have today that were in play 20 years ago in the retail sector, Direct Energy, and that's about it. So as you saw in the video, every business goes through ups and downs, and God knows we had our ups and God knows we had our downs. And we, as a management team, decided long time ago that we are going to play a long game. This is not -- even though, obviously, we are public company, we have to report quarters, we have to have a long vision of the business and base our decisions on that long vision.

 I did speak about the management change that was drastic. It seems to me 10 years ago, but it was really 3 years ago, because of what has been accomplished. And I'd like to single out those 3 individuals sitting on the podium. When Deb and Jay took over as co-CEOs, a reminder, our EBITDA was $168 million, and our debt-to-EBITDA ratio was close to 7x. We were very unhealthy financially. Then we were smart enough to wait for the right CFO, Pat McCullough. It took us a while to find him. And this management team sat on a very clear plan of what they wanted to execute. And I do -- I would like you to be reminded of what they have been able to do in the last 3 years. We exited, obviously, this year with $224.5 million EBITDA with less than 2x debt-to-EBITDA ratio. When you see the numbers from 3 years ago till today, not many companies or management teams would have been able to deliver of what we promised them to the market, and we only delivered because the strength of these 3 individuals. So I do want to thank you very much for the excellent job you have done, and that is as much as thank you that you'll get from me. Now we have to really deliver in the future, and we have a very clear vision of where we want to be in 2020. I will leave that to Deb. But the whole idea of trusted adviser that was born and is transforming this company of who we are to our customers and how do we serve the market that we operate in has been born a while back, but it was much harder to execute than it sounded. And normally the good things are hard to execute and we're not afraid of it.

 So a lot of ups and downs in the last 20 years. But I can honestly tell you, being very reflective, and I'm saying this knowing all the management teams we had in the past, we have a foundation right now that over the next 20 years, and I won't be around, but over the next 20 years, we are so well positioned to expand geographically -- which we have done already in the past year in Germany and Ireland, we have talked about expansion that's coming up in Japan. But to expand our product offerings, to expand the overall relationship with the customer which will create higher overall margin for that customer. So maybe we will not get the margin just on a pure commodity that we used to get, but the combined margin will be greater. And that is what -- gist about trusted adviser future will be.

 So I will stop on this note, let Deb say a few words. And then we will open up for any questions anybody might have for any of us. And if we go through all the questions, we'll finish with the meeting. So Deb, please.

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 Deborah Merrill,  Just Energy Group Inc. - Co-CEO, Co-President and Director   [23]
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 Thank you, Rebecca. So world domination is the only thing we have to accomplish. So it's -- Rebecca likes to set the bar high usually for us, which we like. So it -- it definitely challenges us. But we want to thank you for your comments. I know you've been through a lot in 20 years, and it feels like -- you're right, it feels like 10 years ago we took over, but it has only been 3. But Jay and I had started -- of the 20 years that Just Energy has been around, Jay and I have been part of it for 10, which is crazy. If you think about it, it's almost 10 years ago, almost exactly. In May we were acquired by Energy Savings Group. And I can tell you, in that time period we've seen this company evolve tremendously. And I think that part of that is because the technology's evolved, the industry's evolved. But I also think it's part -- a lot of it has to do with our willingness to embrace what's happening and embrace change. And that really, I believe, is one of the fundamental cultural values that we have as a company that will bring us to the next level and to continue to be able to deliver that sustainable growth.

 So Jay and I are very proud to be co-CEOs, and that is a relatively unusual circumstance but we're relatively unusual as well. So probably it matches us for our personality. But we've been working together for over 20 years. So Jay and I have been in the retail energy industry for over 20 years working together. So it's a long time to work with an individual and we haven't killed each other yet. So it's a good sign. But as I reflect back to 2000, when we were both working on highly structured transactions, 10-year deals, large industrial players, and we were trying to find ways to do energy efficiency, there are these big projects, big spends, and I look at what we're able to deliver today, and for a couple of hundred bucks in a consumer's home with a smart thermostat and a flat bill, I think it's incredible in that short period of time that we were really be able to deliver that stuff and how the evolution has happened. So as Rebecca said before, looking backward doesn't get us very far. So we have to look forward.

 And as we look forward, she mentioned earlier, we've laid out a very clear strategic vision for our company. We want to be the trusted adviser for customers. We want to deliver comfort, convenience and control -- my button's not working. Oh it's there. Sorry. I'm looking at this one. It's not working. So in delivering comfort, convenience and control for your home and your businesses. And what that really means is, the trusted adviser strategy wasn't born from, "Hey, we want everybody to like us." It was born from the idea that, the consumer today, as long -- if they trust you, if they go to you for advice, if they go to you for solutions, then that customer will be around for a long time. That customer will not churn. That customer will be here longer. We'll have longer-term, more stable growth opportunities as we were able to execute on this strategy. And that to us is why it's so important to deliver this. And as we look at the most important thing for us to deliver, the trusted adviser strategy, we kind of look at 6 key areas that I want to walk you through, because it gives you a flavor as to where we're spending our time, energy and resources to be able to actually achieve this vision.

 The first is, we have to optimize our sales channels. This is something that the 20-year -- look back, we were a single sales channel, single market, single commodity. And as we look at our company today, we've got multiple sales channels and growing. We hired a new Chief Sales Officer last year -- a little over a year ago, and we've -- he very quickly set out adding new sales channels. One of the most exciting ones that we've talked about on a couple of our earnings calls is our retail sales channel. We are currently in about (technical difficulty) so we're testing products

 (technical difficulty)

 in the Canadian Tire -- when you walk into Canadian Tire, which -- I've never actually been in Canadian Tire, but maybe I will soon. There you walk in and you'll see a Just Energy person there with Just Energy's logo. And it is a couple of things, one, we're branding ourselves with Canadian Tire and some of these major, big, great brands. And as you walk in, you start to associate us with those brands. That's the first thing. The second thing is, when you walk into a store, you are in a buying mode. So you're not sitting in your kitchen table when a phone rings or somebody knocks on your door, you're actually in the mode of buying something. So -- and we know that, that will deliver a better customer experience. So we want to continue to optimize those channels. It's not about creating -- saying it's all retail, it's all this and all that, it's about making sure we've got multiple channels that can really deliver our products, show the value that we're bringing to customers, but also deliver that long-term sustainable growth.

 We are also expanding our footprint. Rebecca touched on this as well. So we are -- we expanded to Germany earlier this year, and we expanded to -- we got our license in Ireland and Japan, which we will expand to in this fiscal year. So -- and I've gotten a lot of questions over the last several quarters around, "Why would you expand internationally. You haven't fully penetrated North America. Why spend the time, the money, the resources to go overseas?" And a couple of things. One is, we live in -- this industry has a lot of ebbs and flows, whether it's underlying commodity prices, it's technology, it's regulation. And we want to ensure that we've got a wide enough footprint that if, for some reason, our value and the money that we're spending to get customers is better served somewhere else for a better return, we want to make sure that we have our footprint in all of those areas where we can really maximize that value. So if for some reason in the Northeast, like New York, gets to be less attractive due to regulatory issues, we can focus more time, energy, resources in the U.K. which is seeing higher returns. And really showing that tremendous growth. So that's really the reason for that.

 So next. Then the third thing is value-added products and services. As -- we've talked a lot about bundling, the bundling strategy. This is really -- for us, it's about bringing value-added products and services together to deliver the best customer experience possible. And that is something that -- it's a lot of art to that and it's understanding the consumer, it's understanding what the consumers want. So being able to pull the high-margin, low-CapEx, value-added products into our portfolio, either through partnership or through acquisition, that really helps us. As Rebecca said, we can make money on commodity and money on value-added products on services and maybe something else. And by the time, one plus one plus one, we're able to increase our margins tremendously. So that's the idea with the value-added products and services. We've got -- we did -- a few weeks ago, we closed on a small LED retrofit company in Ontario which is focused on that small business, small to medium-sized business, LED retrofitting for businesses. And this is something that we can demonstrate savings, bundle that out with commodity. We can -- financing partners that will finance it and install it. So this is a really interesting and really exciting way for us to differentiate our products away from that commoditized commercial business.

 We also talked about Skydrop as well. So as we look at our -- the kind of ecosystem in the home, it's -- the utilities aren't that interesting for customers to think about. Gas, power and water, we're always -- we love talking about it. They really don't care. But -- so as we look at our opportunities for growth, the Skydrop smart sprinkler system was the first water product that we added into our commodity product, which is about seeing weather forecast, knowing if it rains and not sprinkling and not watering your lawn. And that sounds very simple. But I can tell you, my water bill in Houston in the summertime is ridiculous. So it's really been something that's a very quick fix and very easy for us to be able to add in. And it really delivers that customer experience in value-added products.

 So next, we are focused a lot on our -- enhancing our commodity product. We are born from that commodity industry. We've always been a gas and power provider. And we've actually, over the years, did a very good job, in the last few years, delivering innovative products around commodity. We talked about our unlimited plan, our flat-bill, that we rolled out a few years ago, which is the first of its kind and we really started to see some traction with that. So we want to continue looking at ways that we can deliver commodity products that are more innovative and more valuable for customers as well.

 Finally, M&A. This is something we couldn't talk about a couple of years ago. As Rebecca said, when Jay and I came in, we said there is zero chance for looking at any mergers and acquisitions. We have to fix our balance sheet. We got to get the company on the right footing and really make sure that we were prudent in how we run this business. Well, I'm happy to say that Pat and I have done so many investor meetings where we talked about balance sheet restructuring and restructuring, and I finally said, "Okay, we're done. We're done with the balance sheet restructuring. We can now focus on the fun things, which is growth." So all of our time, energy, resources are being spent to grow this business at this point, and M&A is a part of it. So as we look at opportunities in North America, we can potentially look at small retailers, we can look at value-added products and services. For instance, the LED business we just bought as well as some international potential startups that will help us expand our footprint more rapidly.

 And finally, last but not least, customer experience. This is something relatively new for our industry to speak of. Customer experience hasn't been at the, I would say, epicenter of the utility industry. That's probably the understatement of the year. So this is something that we -- we fundamentally believe that our ability to deliver an excellent customer experience, as Pat said in the video, before he called her (inaudible) . But yes, as Pat said in the video, it's about being world-class customer -- delivering world-class customer experience. This is what all of us live and breathe every day. And that's something that we're changing the culture of our business. We're changing -- our employees who've been around for a long time can tell you that we are adamantly -- want to understand the customer journey from beginning to end. We measure our performance on this based on net promoter score. So it's a very simple question. How likely are you to recommend our products and services to others? If it's 9 or 10, then you are. If anything else, then you're not. So we're very adamant about measuring that, improving that, finding where that we're falling down in the customer experience. So in -- it's not just the customer service, it's from the point-of-sale, whether interacting at the door or on the phone or online or in a store, all the way through the service and the experience all the way through, we want to make sure we're best-in-class.

 So that to us is really what the benefit, and where we'll -- we're going to win the game. Where we are, as I said before, keenly focused on our strategic vision. We believe that we've got the best team, we've got a great vision, we're in a place now where we can really put the foot on the gas pedal at this point. We're able to really start investing and focusing on growth through sales channels, through M&A, through value-added products and services. And we know that that's going to propel us for the next 20 years for a long-term sustainable growth.

 And with that, I will open up for questions.

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Questions and Answers
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 Unidentified Participant,    [1]
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 I'm from [Paul Berlin] from Burlington. On Page 26 of the annual report -- I'm sorry, Page 56. Obviously, the debt-to-equity ratio is really very high, at about 100%. I hope that you will not get hurt on rates if they were to turn and go up with -- more than expected. That's my one comment. Why are trade and other payables -- that looks like a high number to me at $486 million. Explain that number to me.

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 Patrick McCullough,  Just Energy Group Inc. - CFO   [2]
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 Yes. So -- it's working? There it goes. So I appreciate the question, Paul. The first comment, I think the Just Energy balance sheet's very interesting to look at. The largest asset that we have, and really makes us creditworthy with wholesale suppliers and lenders, is an off-balance sheet asset, which is our customer contracts. So what you're not seeing as you look at the balance sheet and you do debt-to-equity ratios and things like that is the ultimate value that the company relies on, which is the future cash flows coming from those customer contracts. We try our best to make the investor community, our creditors well aware of that value by reporting embedded gross margin, which is a non-GAAP figure. But that fundamentally is something we're thinking about. How do we extract the real book value per se of that off-balance sheet asset? And can we show a normalized balance sheet, which has both the assets associated with our customer contracts and the liabilities associated with our supplier contracts. The corresponding receivables, to answer your payables question, is about $650 million roughly. It's been running between $600 million and $700 million. Every contract that we execute is a cost plus design margin. So every single contract we sign is in the money. It is profitable. Some contracts in the residual book have upfront commission. So it takes a couple of quarters to get to a breakeven from a gross margin or an accretive cash perspective. But those liabilities are fairly well sized given the overwhelming revenue and bottom line profit that comes through those. That help?

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 Unidentified Participant,    [3]
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 Yes. Okay. One other question. I lived all my life in Ontario. Obviously, this name isn't in front of me. Are you -- you're [tweaking] pieces that Enbridge and OPG doesn't have. Is that what you're doing in -- or are you competing directly with them or are you in smaller places they're not? Or -- how do you fit into Ontario directly?

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 Deborah Merrill,  Just Energy Group Inc. - Co-CEO, Co-President and Director   [4]
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 Well -- you're on.

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 Unidentified Participant,    [5]
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 It's coming through.

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 Ubavka Rebecca MacDonald,  Just Energy Group Inc. - Co-Founder and Executive Chair   [6]
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 Okay. Well it's standard question that we will get at almost every presentation when we are doing it for the first time. What happened with the deregulation, there was -- when the government deregulated the industry in October with the Halloween accord in 1986, they separated transmission from molecules. And what the head government said to Ontario and different provinces in Canada, Utility people laid down the pipes, and they share it with -- all the customers. Now those customers have a right to buy their commodity, their molecules from whoever they want to. They still have to be delivered through the pipeline of the local utilities. So over the years, utilities did, in Ontario, set up wholly-owned subs. They tried to compete against us. And they had to be totally arm-length companies, but that did not work out very well because -- not to bash the utilities, they have their place in the world. But they have never been used to going out and getting the customers and genuinely selling the customer on a value proposition. So they backed away and they are getting regulated rate of return given to them by Ontario Energy Board on a yearly basis for their transmission. So we are not really in a competition with them. But regulation in different provinces over the years have -- has changed. At one time Ontario electricity market opened up, then they shut it down. So it can get very choppy and very schizophrenic. But I hope that explains our relationship with the utility, because every contract that we sign with a customer, we enter into the contract with an utility, so they will do the transmission for us because we don't have a transmission line, but we take a commodity piece or any other piece that we sell to that customer.

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 Unidentified Participant,    [7]
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 Okay. So what like -- how does anybody in North York say, "I want Just Energy. I don't want Enbridge." How does he do that?

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 Ubavka Rebecca MacDonald,  Just Energy Group Inc. - Co-Founder and Executive Chair   [8]
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 They just -- well, it's all -- look, this market, Ontario market, has been deregulated longest in the world, longer than any other jurisdiction in the world. It opened up in '86. And government says, "I'm not a big fan of government spending. And they overspend it where they shouldn't spend it." They deregulated the market without any market education. To this day, I don't think that it is as informed as, for example, Texas market that opened up much later. That's on government. So you don't know unless you look at your bill and see what are my options. And you can go on our website and check your options of who else can supply with the commodity. Thank you for the question.

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 Deborah Merrill,  Just Energy Group Inc. - Co-CEO, Co-President and Director   [9]
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 Any other questions from the audience? Are there any questions on the webcast? No?

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 Ubavka Rebecca MacDonald,  Just Energy Group Inc. - Co-Founder and Executive Chair   [10]
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 If there are no other questions, we will close the meeting. I would like to close it with optimism. Very, very excited of what's happening within the company. We, obviously, look forward reporting on our results. As we publicly stated, we are going to pause this year a little bit and use excess cash flow for growth. That will be reflective next year on the EBITDA side. A lot of exciting news, and we will be reporting our first quarter on, I think, August 9. So we look forward to your participation during the first quarter report. But we love the hot weather down south, and we would like some heat here to (inaudible) . We can't control the weather. It's the guy up there. But management is optimistic. We have a plan to execute till 2020. And I think, all our focus is on generating returns to our shareholder. I can tell you, we wake up in the morning and we go to bed at night thinking about that. All of us are aligned with the outside shareholders, and that's why I really believe we make a very good strong management team. It is lots of us here. And you will think that there is a lot of room for disagreement. Yes, it can be sometimes in the board room a Game of Thrones, but at the end of the day, no one dies. We all come out. And I have never enjoyed working with a team more than I have enjoyed working in the last 3 years with this team. And this is the team that will deliver results by 2020. I would say, obviously, you're going to see what we will be doing first quarter. But excited and embracing the whole new world over the next 20 years to see you same time or around the same time next year. Thank you for your support, and continued support. And again, I do want to thank one more time to our board. It's an incredible board. You guys are very supportive and very inquisitive. You can be a difficult board for us at the time, because you quiz a lot, but we welcome that. And we really look forward working with you for the next 12 months, and we'll see what happens next year. So thank you very much. And everybody can go on with their merry way and try to make some money. Okay, thank you, bye-bye.




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