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For investors and companies that spent years ignoring climate risks, the storm that buried much of Texas in frost and snow earlier this month is sending a wake-up call that’s reverberating even in Canada.
In recent years, at least three Canadian utilities had spied opportunities for predictable cash flows in the loosely regulated Texas electricity market, but they failed to foresee the climate-related risk.
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One of those companies, Mississauga-based Just Energy Group, a retail utility providing power from natural gas and renewable energy sources, told investors this week that it is now teetering on insolvency after incurring an estimated $315 million in losses as a result of the Texas storm. Analysts who pegged the company’s liquidity at $138 million, said