Just Energy (JENGQ) 10-K 5 Aug 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2022	Aug. 05, 2022	Sep. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity File Number	001-35400
Entity Registrant Name	Just Energy Group Inc.
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	00-0000000
Entity Address State Or Province	ON
Entity Address, Address Line One	100 King Street West
Entity Address, Adress Line Two	Suite 2630
Entity Address, City or Town	Toronto
Entity Address, Postal Zip Code	M5X 1E1
City Area Code	905
Local Phone Number	795-4206
Title of 12(g) Security	Common Stock, No Par Value per Share
Trading Symbol	JENGQ
Security Exchange Name	NONE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 38,462,910
Entity Common Stock, Shares Outstanding		48,078,637
Entity Central Index Key	0001538789
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst and Young LLP
Auditor Location	Toronto, Canada
Auditor Firm ID	1263

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Current assets
Cash and cash equivalents	$ 125,755	$ 171,761
Restricted cash	2,736	905
Trade and other receivables, net	308,941	270,538
Securitization proceeds receivable from ERCOT	147,500
Gas in storage	3,313	2,379
Derivative instruments	538,700	18,382
Income taxes recoverable	11,774	6,551
Other current assets	131,570	129,944
Total current assets	1,270,289	600,460
Non-current assets
Investments		26,154
Property and equipment, net	6,505	14,177
Intangible assets, net	43,815	56,240
Goodwill	130,945	130,235
Derivative instruments	133,014	8,429
Deferred income taxes	198	2,977
Other non-current assets	39,048	28,042
Total non-current assets	353,525	266,254
TOTAL ASSETS	1,623,814	866,714
Current liabilities
Trade and other payables	349,923	310,114
Deferred revenue	695	1,119
Income taxes payable	2,370	3,281
Derivative instruments	13,170	11,115
Provisions		5,396
Current portion of long-term debt	126,289	103,215
Total current liabilities	492,447	434,240
Liabilities subject to compromise	845,890	854,984
Non-current liabilities
Long-term debt	130	1,240
Derivative instruments	12,916	48,643
Deferred income taxes	75,792	2,186
Other non-current liabilities	2,438	4,978
Total non-current liabilities	91,276	57,047
TOTAL LIABILITIES	1,429,613	1,346,271
Commitments and contingencies
SHAREHOLDERS' EQUITY
Common shares, no par value; unlimited shares authorized at March 31, 2022 and March 31, 2021; 48,078,637 shares issued and outstanding at Mach 31, 2022; 48,078,637 shares issued and outstanding at March 31, 2021	1,168,162	1,168,162
Contributed deficit	(12,073)	(13,558)
Accumulated deficit	(1,088,119)	(1,766,646)
Accumulated other comprehensive income	126,527	132,797
Non-controlling interest	(296)	(312)
TOTAL SHAREHOLDERS' EQUITY	194,201	(479,557)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 1,623,814	$ 866,714

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Consolidated Balance Sheets
Common stock par value	$ 0	$ 0
Common stock, shares issued	48,078,637	48,078,637
Common stock, shares outstanding	48,078,637	48,078,637

Consolidate Statements of Opera

Consolidate Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
CONTINUING OPERATIONS
Revenue	$ 2,154,608	$ 2,074,828	$ 2,371,702
Cost of goods sold	1,827,978	3,502,503	1,894,297
GROSS MARGIN	326,630	(1,427,675)	477,405
INCOMES (EXPENSES)
Administrative	(108,186)	(112,457)	(135,214)
Selling and marketing	(135,352)	(135,768)	(165,862)
Provision for expected credit loss	(24,242)	(25,712)	(60,286)
Depreciation and amortization	(19,586)	(18,112)	(31,118)
Interest expense	(34,868)	(65,167)	(80,310)
Reorganization costs	(106,235)	(39,814)
Restructuring costs		(5,368)
Gain on September 2020 Recapitalization transaction, net		38,915
Unrealized gain (loss) on derivative instruments and other	682,393	50,923	(144,553)
Realized gain (loss) on derivative instruments	166,155	1,494,001	(18,327)
Gain on investment	15,041
Impairment of goodwill, intangible assets and others	(10,377)	(91,451)	(66,221)
Other income (expenses), net	(394)	(1,384)	25,524
Income (loss) from continuing operations before income taxes	750,979	(339,069)	(198,962)
Income tax expense	72,495	1,736	5,468
INCOME (LOSS) FROM CONTINUING OPERATIONS	678,484	(340,805)	(204,430)
Income from discontinued operations, net of income tax		29	9,068
Net income (loss)	678,484	(340,776)	(195,362)
Less: Net loss attributable to non-controlling interest	(43)	(106)	(54)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDER	$ 678,527	$ (340,670)	$ (195,308)
Earnings (loss) per share from continuing operations
Basic earnings (loss) per share from continuing operations available to shareholders	$ 14.11	$ (9.99)	$ (20.74)
Diluted earnings (loss) from continuing operations per share available to shareholders	13.87	(9.99)	(20.74)
Earnings per share from discontinued operations
Basic			0.92
Diluted			0.92
Earnings (loss) per share
Basic earnings (loss) per share available to shareholders	14.11	(9.99)	(19.82)
Diluted earnings (loss) per share available to shareholders	$ 13.87	$ (9.99)	$ (19.82)
Weighted average shares outstanding
Basic weighted average shares outstanding	48,078,637	34,125,199	9,856,640
Diluted weighted average shares outstanding	48,919,620	34,568,161	9,946,242

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Consolidated Statements of Comprehensive Income (Loss)
NET INCOME (LOSS)	$ 678,484	$ (340,776)	$ (195,362)
Other comprehensive income (loss), net of income tax:
Unrealized gain (loss) on translation of foreign operations, net of income tax	(6,270)	(9,696)	1,057
Unrealized gain (loss) on translation of foreign operations from discontinued operations, net of income tax		(705)	10,487
Gain (loss) on translation of foreign operations disposed and reclassified to Consolidated Statements of Operations, net of income tax		127	(9,551)
Other comprehensive income (loss) net of income tax	(6,270)	(10,274)	1,993
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE YEAR, NET OF INCOME TAX	672,214	(351,050)	(193,369)
Total comprehensive loss attributable to:
Less: Net loss attributable to non-controlling interest	(43)	(106)	(54)
TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS, NET OF INCOME TAX	$ 672,257	$ (350,944)	$ (193,315)

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	ATTRIBUTABLE TO THE SHAREHOLDERS	ACCUMULATED DEFICIT	DIVIDENDS AND DISTRIBUTIONS	ACCUMULATED OTHER COMPREHENSIVE INCOME	SHAREHOLDERS' CAPITAL.	Common shares	Preferred shares	EQUITY COMPONENT OF CONVERTIBLE DEBENTURES	CONTRIBUTED DEFICIT	NON-CONTROLLING INTEREST	Total
Shareholders' capital, beginning of year at Mar. 31, 2019	$ 304,770		$ (1,516,957)	$ 141,078		$ 831,080	$ 111,948	$ 9,911	$ (24,280)	$ (298)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) for the year as reported, attributable to shareholders	(195,308)										$ (195,308)
Dividends and distributions declared and paid			(18,464)
Other comprehensive income (loss)				1,993							1,993
Share-based units exercised						8,698
Share-based compensation expense									9,606
Non-Cash deferred share grand distribution									(1,370)
Less: Share-based units exercised									(8,595)
Share-based compensation adjustment									(2,743)
Foreign exchange impact on non-controlling interest										60
Loss attributable to non-controlling interest										(54)	54
Shareholders' capital, end of year at Mar. 31, 2020	109,462	$ (1,425,959)	(1,535,421)	143,071	$ 951,726	839,778	111,948	9,911	(27,382)	(292)	(348,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) for the year as reported, attributable to shareholders	(340,670)										(340,670)
Dividends and distributions declared and paid			(17)
Other comprehensive income (loss)				(10,274)							(10,274)
Stock issued during period, value, new issues						328,842
Issuance cost associated with September 2020 Recapitalization						(1,179)
Share-based units exercised						721
Settled with common shares							$ (111,948)	$ (9,911)
Share-based compensation expense									4,949
Non-Cash deferred share grand distribution									17
Transferred from equity component									9,911
Less: Share-based units exercised									(721)
Share-based compensation adjustment									(332)
Foreign exchange impact on non-controlling interest										86
Loss attributable to non-controlling interest										(106)	106
Shareholders' capital, end of year at Mar. 31, 2021	(231,208)	(1,766,646)	(1,535,438)	132,797	1,168,162	1,168,162			(13,558)	(312)	(479,557)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) for the year as reported, attributable to shareholders	678,527										678,527
Other comprehensive income (loss)				(6,270)							(6,270)
Share-based compensation expense									1,485
Foreign exchange impact on non-controlling interest										60
Loss attributable to non-controlling interest										(44)	43
Shareholders' capital, end of year at Mar. 31, 2022	$ 447,319	$ (1,088,119)	$ (1,535,438)	$ 126,527	$ 1,168,162	$ 1,168,162			$ (12,073)	$ (296)	$ 194,201

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) from continuing operations	$ 678,484	$ (340,805)	$ (204,430)
Net income from discontinued operations		29	9,068
Net income (loss)	678,484	(340,776)	(195,362)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	19,759	18,267	30,896
Impairment of goodwill, intangible assets and other	10,377	91,451	66,221
Share-based compensation expense	1,480	4,962	9,171
Interest expense, non-cash portion		22,620	15,378
Reorganization items (non-cash)	47,413	32,418
Operating leased asset payments	(2,052)	(2,795)	(3,948)
Loss (gain) on sale of subsidiaries, net		337	(31,816)
Unrealized (gain) loss in fair value on derivative instruments and other	(682,393)	(50,923)	144,553
Gain on investment	(15,041)
Gain from September 2020 Recapitalization transaction		(59,566)
Net change in working capital balances	(24,507)	(101,249)	(12,186)
Income and deferred income taxes	70,251	(3,015)	4,089
Securitization proceeds receivable from ERCOT	(147,500)
Liabilities subject to compromise	8,619	400,538
Adjustment for discontinued operations, net		88	(2,236)
Net cash provided (used) by operating activities	(35,110)	12,357	24,760
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(903)	(336)	(1,521)
Purchase of intangible assets	(9,594)	(8,852)	(10,138)
Proceeds from sale of investments	40,713
Payments for acquired business			(8,467)
Proceeds from disposition of subsidiaries		3,672	5,408
Net cash provided (used) by investing activities	30,216	(5,516)	(14,718)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from DIP Facility	25,000	100,000
Proceeds from issuance of common stock, net		75,694
Debt issuance costs	(1,293)	(5,058)
Repayment of long-term debt	(2,271)	(3,838)	(19,126)
Finance leased asset payments	(48)	(113)	(359)
Share swap payout		(17,088)
Credit facilities receipts (payments)	(60,790)	(6,992)	26,163
Dividends paid			(18,448)
Issuance of long-term debt			13,020
Net cash provided (used) by financing activities	(39,402)	142,605	1,250
Effect of foreign currency translation on cash balances	121	1,768	(267)
Net increase (decrease) in cash and cash equivalents and restricted cash	(44,175)	151,214	11,025
Cash and cash equivalents and restricted cash, beginning of year	172,666	21,452	10,427
Cash and cash equivalents and restricted cash, end of year	128,491	172,666	21,452
Supplemental cash flow information:
Interest paid	34,868	42,461	59,183
Income taxes paid	$ 2,133	$ 7,749	$ 325

OPERATIONS

OPERATIONS	12 Months Ended
	Mar. 31, 2022
OPERATIONS
OPERATIONS	2. Just Energy is a retail energy provider specializing in electricity and natural gas commodities and bringing energy efficient solutions, carbon offset and renewable energy options to customers. Operating in the U.S. and Canada, Just Energy serves both residential and commercial customers, providing homes and businesses with a broad range of energy solutions that deliver comfort, convenience and control. Just Energy is the parent company of Amigo Energy, Filter Group, Hudson Energy, Interactive Energy Group, Tara Energy and Terrapass. Just Energy’s current commodity product offerings include fixed, variable, index and flat rate options. By fixing the price of electricity or natural gas under its fixed-price or price-protected program contracts for a period of up to five years, Just Energy’s customers offset their exposure to changes in the price of these essential commodities. Variable rate products allow customers to maintain flexibility while retaining the ability to lock into a fixed price at their discretion. Flat-bill products allow customers to pay a flat rate each month regardless of usage. Just Energy derives its gross margin from the difference between the price at which it is able to sell the commodities to its customers and the related price at which it purchases the associated volumes from its suppliers. Just Energy has two business segments: the mass markets segment and the commercial segment. The mass markets segment includes customers acquired and served under the Just Energy, Tara Energy, Amigo Energy and Terrapass brands. Marketing of the energy products of this segment is primarily done through digital and retail sales channels. The commercial segment includes customers acquired and served under Hudson Energy, as well as brokerage services managed by Interactive Energy Group. Hudson Energy sales are made through three main channels: brokers, door-to-door commercial independent contractors and inside commercial sales representatives. Just Energy offers green products through Terrapass and its JustGreen program. Green products offered through Terrapass allow customers to offset their carbon footprint without buying energy commodity products and can be offered in all states and provinces without being dependent on energy deregulation. The JustGreen electricity product offers customers the option of having all or a portion of their electricity sourced from renewable green sources such as wind, solar, hydropower or biomass, via power purchase agreements and renewable energy certificates. The JustGreen gas product offers carbon offset credits that allow customers to reduce or eliminate the carbon footprint of their homes or businesses. Through Filter Group, Just Energy provides subscription-based home water filtration systems to residential customers, including under-counter and whole-home water filtration solutions. Just Energy markets its product offerings through multiple sales channels including digital, retail, door-to-door, brokers and affinity relationships. On September 28, 2020, the Company completed the September 2020 Recapitalization. The September 2020 Recapitalization was undertaken through a plan of arrangement under the CBCA. ​

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Mar. 31, 2022
BASIS OF PRESENTATION
BASIS OF PRESENTATION	3. (a) Prior to March 31, 2022, the Company prepared its financial statements in accordance with IFRS, as issued by the IASB, as permitted in the United States based on the Company’s qualification as a “foreign private issuer” under the rules and regulations of the SEC. As at September 30, 2021, the Company no longer qualified as a foreign private issuer, the Company, is considered a domestic filer and now prepares its consolidated financial statements in accordance with U.S. GAAP, as issued by the FASB. (b) Effective April 1, 2021, the Company elected to change its reporting currency from CAD to USD. The comparative periods in these Consolidated Financial Statements have been reported using U.S. dollar reporting currency to conform with the current year's presentation. The Company's subsidiaries operating in the U.S. have a USD functional currency, and those operating in Canada have a CAD functional currency. Monetary assets and liabilities denominated in Canadian dollars are retranslated into the reporting currency at the spot exchange rate on the balance sheet date. Any resulting exchange differences are included in the Consolidated Statement of Operations. Non-monetary assets and liabilities, other than those measured at fair value, are translated at the exchange rate on the date of the initial transaction. Consolidated Statement of Operations items are translated at the average exchange rate for each period presented. The Consolidated Financial Statements, including comparative periods, are presented in USD and all values are rounded to the nearest thousand, except where otherwise indicated. The Consolidated Financial Statements are prepared on a going concern basis under the historical cost convention, except for certain financial assets and liabilities that are stated at fair value. The preparation of the Consolidated Financial Statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. The estimates and related assumptions are based on previous experience and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. Principles of consolidation The Consolidated Financial Statements include Just Energy's accounts and operations and those of its subsidiaries in which the Company has a controlling interest. All intercompany balances, income, expenses, and unrealized gains and losses resulting from intercompany transactions are eliminated on consolidation. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests. As such, Just Energy applies the guidance of ASC 810, Consolidations Use of estimates The preparation of the Consolidated Financial Statements requires estimates and assumptions about future events that affect the reporting of assets and liabilities at the dates and the reported amounts of revenue and expense, including fair value measurements, estimates of expected obligations, judgments related to the potential timing of events and other estimates. In the event estimates and/or assumptions prove to be different from actual amounts, adjustments are made in subsequent periods to reflect more current information. In recording transactions and balances resulting from business operations, the Company uses estimates based on the best information available. Estimates are used for such items as long-lived assets’ depreciable lives, tax provisions, uncollectible accounts, the valuation of derivative instruments, loss contingencies, and assets acquired and liabilities assumed in business combinations, among others. In addition, estimates are used to test long-lived assets and goodwill for impairment and to determine the fair value of impaired assets. As better information becomes available or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates. Going concern The Consolidated Financial Statements included herein have been prepared as if the Company were a going concern and in accordance with ASC 852, Reorganizations classified all expenses that were incurred as a result of the CCAA proceedings since filing as Reorganization Costs in the Company’s Consolidated Statement of Operations. Due to the Weather Event and associated CCAA proceedings, the Company’s ability to continue as a going concern for the next 12 months is dependent on the Company emerging from CCAA protection, maintaining liquidity, complying with DIP Facility covenants and extending the DIP Facility maturity if required before emergence from CCAA. The CCAA proceedings cast substantial doubt upon the Company’s ability to continue as a going concern and, accordingly, the ultimate appropriateness of the use of accounting principles applicable to a going concern. These Consolidated Financial Statements do not reflect the adjustments to carrying values of assets and liabilities and the reported expenses and Consolidated Balance Sheet classifications that would be necessary if the going concern assumption was deemed inappropriate. These adjustments could be material. There can be no assurance that the Company will be successful in emerging from CCAA as a going concern.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	4. Cash and cash equivalents and restricted cash All highly liquid investments with an original maturity of three months or less at the time of purchase are cash equivalents. Restricted cash includes cash and cash equivalents, where the availability of cash to be exchanged or used to settle a liability is restricted by debt arrangements. Trade and other receivables Trade receivables are reported on the Consolidated Balance Sheet net of the provision for ECL. Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable from Just Energy’s customers is stated at fair value and results from customers consuming more gas than has been delivered by Just Energy to LDCs. Accrued gas payable represents Just Energy’s obligation to the LDCs for the customers’ excess consumption, over what was delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than was delivered, resulting in the recognition of accrued gas receivable and accrued gas payable. In the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption as deferred revenue. Gas in storage Gas in storage represents the gas delivered to the LDCs. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined based on market cost on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business. Inventory Inventory is valued at the lower of cost or net realizable value with cost being determined on a weighted average cost basis for inventories. The Company removes these inventories as they are sold to customers. Sales of inventory are classified as an operating activity in the Consolidated Statement of Cash Flows. Property and equipment Property and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and the present value of all dismantling and removal costs. Where major components of property and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied in the item can be reliably measured. Depreciation is provided over the estimated useful lives of the assets as follows: ​ ​ ​ ​ ​ ​ Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Shorter of useful life and lease term Premise assets Straight-line 4-7 years ​ An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the Consolidated Statement of Operations. The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate. Business combinations In accordance with ASC 805, Business Combinations Goodwill, including impairment In accordance with ASC 350, Intangibles Goodwill and Other The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, there is no goodwill impairment. In the absence of sufficient qualitative factors indicating that it is more-likely-than-not that no impairment occurred, the Company performs a quantitative assessment by determining the fair value of the reporting unit and comparing the fair value to its book value. If the fair value of the reporting unit exceeds its book value, goodwill of the reporting unit is not considered impaired. If the book value exceeds fair value, the Company recognizes an impairment loss equal to the difference between book value and fair value. For the purpose of impairment testing, goodwill is allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill impairment test will prove to be accurate predictions of the future. Intangible assets, including impairment Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The intangible assets with finite lives are assessed for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss is recognized based on the amount by which the carrying value exceeds the fair value. The amortization method and amortization period of an intangible asset with a finite useful life are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense related to intangible assets with finite lives is recognized in the Consolidated Statement of Operations. Internally developed intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally developed intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. Gains or losses arising from disposal of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Consolidated Statement of Operations when the asset is derecognized. ​ ​ ​ ​ ​ ​ Intangible asset category Amortization method Rate/useful life Customer relationships Straight-line 10 years Technology Straight-line 3-5 years Brand (finite life) Straight-line 10 years ​ Leases The Company applies ASC 842, Leases At the commencement date of the lease, Just Energy initially measures lease liabilities at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable. The lease payments also include payments of penalties for terminating the lease, if the lease term reflects the exercising of the option to terminate. Lease liabilities are grouped into other liabilities on the Consolidated Balance Sheet. In calculating the present value of lease payments, Just Energy uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease. Just Energy applies the short-term lease exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term. Derivative instruments and mark-to-market accounting The Company enters into contracts for the purchase and sale of electricity and natural gas commodities utilizing instruments such as options, swaps and forwards primarily to manage commodity price risks. If the instrument meets the definition of a derivative under ASC 815 Derivatives and Hedging Just Energy enters into fixed-term contracts with customers to provide electricity and natural gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of electricity and natural gas. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of electricity and natural gas. The primary factors affecting the fair value of derivative instruments at any point in time are the volume of open derivative positions and the changes of commodity market prices. Prices for electricity and natural gas are volatile, which can result in material changes in the fair value measurements reported in the Consolidated Financial Statements in the future. Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not closely related to those of the host contract and the host contract is not carried as held for trading or designated as fair value in the Consolidated Statement of Operations. These embedded derivatives are measured at fair value with changes in fair value recognized in Consolidated Statement of Operations. All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivative instruments are carried in the Consolidated Balance Sheet as assets when the fair value is positive and as liabilities when the fair value is negative. Just Energy does not utilize hedge accounting; therefore, changes in the fair value of these derivatives are recorded directly to the Consolidated Statement of Operations and are included within unrealized gain (loss) on derivative instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). The fair value is based on assumptions that market participants would use when pricing the asset or liability. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation, as follows: ● Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. ● Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and trade and accounts payable approximate fair value based on the short-term nature of these amounts. See Note 13 for additional information regarding fair value measurement of derivative instruments. Under the guidance of ASC 815, entities may choose to offset cash collateral posted or received against the fair value of derivative positions executed with the same counterparties under the same master netting agreements. The Company has chosen not to offset positions as defined in ASC 815. Revenue recognition Just Energy has identified that the material performance obligation is the provision of electricity and natural gas to customers, which is satisfied over time throughout the contract term. Just Energy utilizes the output method to recognize revenue based on the units of electricity and natural gas delivered and billed to the customer each month, and Just Energy has elected to adopt the practical expedient to recognize revenue in the amount to which the entity has a right to invoice, as the entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance to date. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or local distribution companies. Estimated amounts are adjusted when actual usage is known and billed. Sales tax is excluded from revenue. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. Just Energy accounts for TDSP charges charged to electricity customers on a gross basis whereby TDSP charges to the customer and payments to the service provider are presented in sales and cost of goods sold, respectively. The Company undertakes to deliver the commodity to the customer at their location across various markets and contract offers. Arranging delivery to the customer’s meter is a part of the activities the Company performs to fulfill its obligation to customers and, as such, the Company is the primary obligor to deliver the commodity to the customer. The Company determined that TDSP charges should be accounted for consistently on a gross basis for the relevant markets where the nature and contractual terms of TDSP charges were similar. Just Energy is exposed to customer credit risk on its continuing operations in Alberta, Texas, Illinois (gas), California (gas) and Ohio (electricity) and for certain Commercial customers in dual-billing markets including Illinois (power), Pennsylvania (power), Massachusetts (power), New York and New Jersey. Credit review processes have been established to manage the customer default rate. Management factors default from credit risk into its margin expectations for all of the above-noted markets. Foreign currency translation. Functional and reporting currency Items included in the Consolidated Financial Statements of each of the Company’s entities are measured using the functional currency. The Consolidated Financial Statements are presented in U.S. dollars, which is the parent Company’s reporting currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Operations. Translation of foreign operations Subsidiaries that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● Assets and liabilities for each Consolidated Balance Sheet presented are translated at the closing rate as at the date of that Consolidated Balance Sheet; and ● Income and expenses for each Consolidated Statement of Operations are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are recorded in OCI. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the Consolidated Statement of Operations as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Earnings (loss) per share amounts The computation of earnings (loss) per share is based on the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share is computed in a similar way to basic earnings (loss) per share except that the weighted average number of shares outstanding is increased to include additional shares introduced from the equity compensation plans described in Note 19(b), assuming the exercise of stock options, RSUs, PSU and DSUs. These outstanding shares are also adjusted for any pre-September 2020 Recapitalization, RSG, PBG, DSGs and convertible debentures, if dilutive. Share-based compensation plans Share-based compensation plans are equity-settled transactions. Stock-based compensation is accounted for in accordance with ASC 718, Compensation Stock Compensation When units are exercised or exchanged, the amounts previously credited to contributed deficit are reversed and credited to shareholders’ capital. Employee future benefits In Canada, Just Energy has established the Canadian Plan for all permanent full-time and permanent part-time employees (working more than 26 hours per week). For U.S. employees, Just Energy has established the U.S. Plan for all permanent full-time and part-time employees (working more than 30 hours per week) of its subsidiaries. Participation in the plans in Canada or the U.S. is voluntary. Obligations for contributions to the Canadian and U.S. plans are recognized as an expense in the Consolidated Statement of Operations when the contribution is made by the Company. Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes The Company has two categories of income tax expense or benefit — current and deferred, as follows: ● Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and ● Deferred income tax expense or benefit consists of the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income. The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company's Consolidated Financial Statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company's Consolidated Balance Sheet. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are expected to be in effect when the deferred tax is realized. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making this determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position is the amount of benefit that has surpassed the more-likely-than-not threshold, as it is more than 50% likely to be realized upon settlement. In accordance with ASC 740, changes to existing net deferred tax assets or valuation allowance or changes to uncertain tax benefits are recorded to income tax (benefit)/expense. The Company records interest and penalties accrued related to uncertain tax benefits as interest expense and other expenses respectively. Provisions and restructuring Provisions are recognized when Just Energy has an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to selling and marketing expense in the Consolidated Statement of Operations in the period incurred except as disclosed below. Commissions related to obtaining and renewing customer contracts are paid in one of the following ways: all or partially up front or as a residual payment over the term of the contract. If the commission is paid all or partially up front, it is recorded as a customer acquisition cost in other current or non-current assets in the Consolidated Balance Sheet and expensed in selling and marketing expenses over the term for which the associated revenue is earned. If the commission is paid as a residual payment, the amount is expensed as earned. Just Energy capitalizes the incremental acquisition costs of obtaining a customer contract as an asset as these costs would not have been incurred if the contract had not been obtained and these costs are amortized in selling and marketing expense over the life of the contract. When the term of the contract is one year or less, the incremental costs incurred to obtain the customer contracts are expensed when incurred. Just Energy expenses advertising costs as incurred, and these costs are presented in selling and marketing expenses in the Consolidated Statement of Operations and were $20.7 million, $15.2 million, and $5.6 million for the year ended March 31, 2022, 2021 and 2020, respectively. Green provision and certificates Just Energy is a retailer of green energy and records a liability as green energy sales are recognized. A corresponding cost is included in cost of goods sold. Just Energy measures its liability based on the compliance requirements of different jurisdictions in which it has operations or where the customers voluntarily subscribed for green energy. Green certificates are purchased by Just Energy to settle its obligation with the regulators or for trading in the normal course of business. Green certificates are held at cost and presented at the gross amount in the Consolidated Balance Sheets. These certificates are only netted against the obligation when the liability is retired as per the regulations of the respective jurisdiction. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Any green energy-related derivatives are forward contracts and are recognized in accordance with the accounting policy discussed under “Derivative instruments and mark-to-market accounting” above. Non-current assets held for sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as income or loss after tax from discontinued operations in the Consolidated Statement of Operations. Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale. ​ Investments ​ Just Energy carries the investments at fair value in the Consolidated Balance Sheet as per the requirements of ASC 321, Investments Equity Securities Recapitalization ​ Just Energy completed a recapitalization through a plan of arrangement under the CBCA and accounted for the transaction under the guidance from ASC 470, Debt ​ Reporting during CCAA/bankruptcy ​ Just Energy has applied ASC 852 and has separately presented its obligations that were incurred prior to the filing of the bankruptcy petition and are subject to compromise, as Liabilities Subject To Compromise on the Consolidated Balance Sheet. Also, the DIP Facility has been accounted for using the same guidance, and all the costs incurred to obtain the DIP Facility have been directly charged to Reorganization Costs in the Consolidated Statement of Operations.

IMPACT OF FUTURE PRONOUNCEMENTS

IMPACT OF FUTURE PRONOUNCEMENTS IN U.S. GAAP	12 Months Ended
	Mar. 31, 2022
IMPACT OF FUTURE PRONOUNCEMENTS IN U.S. GAAP
IMPACT OF FUTURE PRONOUNCEMENTS IN U.S. GAAP	5. In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities Investments – Equity Method and Joint Ventures Derivatives and Hedging In December 2019, the FASB issued ASU 2019-12, Income Taxes ​

SIGNIFICANT ACCOUNTING JUDGMENT

SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS	12 Months Ended
	Mar. 31, 2022
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS	6 . The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised. Judgments made by management in the application of U.S. GAAP that have a significant impact on the Consolidated Financial Statements relate to the following: Provision for expected credit loss The measurement of the provision for ECL for trade accounts receivable requires the use of management’s judgment in estimation techniques, building models, selecting key inputs and making significant assumptions about future economic conditions and credit behaviour of the customers, including the likelihood of customers defaulting and the resulting losses. The Company’s current significant estimates include the historical collection rates as a percentage of revenue and the use of the Company’s historical rates of recovery across aging buckets and the consideration of forward-looking information. All of these inputs are sensitive to the number of months or years of history included in the analysis, which is a key input and judgment made by management. Deferred income taxes Significant management judgment is required to determine the amount of deferred income tax assets and liabilities that can be recognized, based upon the likely timing and the level of future taxable income realized, including the usage of tax-planning strategies. Determining the tax treatment on certain transactions also involves management’s judgment. Fair value of derivative instruments Where the fair values of derivative assets and liabilities recorded in the Consolidated Balance Sheet cannot be derived from active markets, they are determined using valuation techniques including discounted cash flow models or transacted and quoted prices of identical assets that are not active. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgment includes consideration of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of derivative instruments. Refer to Note 13 for further details about the assumptions as well as a sensitivity analysis. Impairment of long-lived and goodwill assets Estimates are used to test long-lived assets and goodwill for impairment and to determine the fair value of impaired assets. Refer to Note 12 for further information. ​ Contingencies Just Energy records reserves for estimated losses from contingencies when information available indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. Gain contingencies are not recorded until management determines it is certain that the future event will become or does become a reality. Such determinations are subject to interpretations of current facts and circumstances, forecasts of future events, and estimates of the financial impacts of such events. Just Energy describes in detail its contingencies in Note 25.

TRADE AND OTHER RECEIVABLES, NE

TRADE AND OTHER RECEIVABLES, NET	12 Months Ended
	Mar. 31, 2022
TRADE AND OTHER RECEIVABLES, NET
TRADE AND OTHER RECEIVABLES, NET	7. (a) Trade and other receivables, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Trade accounts receivable, net ​ $ 147,063 ​ $ 150,499 Unbilled revenue, net ​ 82,946 ​ 82,693 Accrued gas receivable ​ 1,414 ​ 663 Commodity receivables ​ 77,518 ​ 36,683 Total trade and other receivables, net ​ $ 308,941 ​ $ 270,538 ​ (b) Customer credit risk The lifetime ECL reflects Just Energy’s best estimate of losses on the accounts receivable and unbilled revenue balances. Just Energy determines the lifetime ECL by using historical loss rates and forward-looking factors, if applicable. The Company accrues an allowance for current ECL based on (i) estimates of uncollectable revenues by analyzing accounts receivable aging and current and reasonable forecasts of expected economic factors including weather-related events; and (ii) historical collections and delinquencies. Just Energy is exposed to customer credit risk on its continuing operations in Alberta, Texas, Illinois (gas), California (gas) and Ohio (electricity) and for certain Commercial customers in dual-billing markets including Illinois (power), Pennsylvania (power), Massachusetts (power), New York and New Jersey). Credit review processes have been implemented to perform credit evaluations of customers and manage customer default. If a significant number of customers were to default on their payments, it could have a material adverse effect on the operations and cash flows of Just Energy. In the remaining markets, the LDCs provide collection services and assume the risk of any bad debts owing from Just Energy’s customers for a fee that is recorded in cost of goods sold. Although there is no assurance that the LDCs providing these services will continue to do so in the future, management believes that the risk of the LDCs failing to deliver payment to Just Energy is minimal. The aging of the trade accounts receivable, excluding the provision for expected credit losses, from the markets where the Company bears customer credit risk was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 57,766 ​ $ 46,710 1–30 days ​ 16,061 ​ 15,439 31–60 days ​ 4,470 ​ 3,017 61–90 days ​ 1,220 ​ 1,705 Over 90 days ​ 5,106 ​ 8,307 Total trade receivables ​ $ 84,623 ​ $ 75,178 ​ (c) Changes in the provision for expected credit losses related to the balances in the table above were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ 2022 ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 18,578 ​ $ 32,305 Provision for expected credit losses ​ 24,242 ​ 25,712 Bad debts written off ​ (34,504) ​ (49,725) Recoveries ​ ​ 5,148 ​ ​ 3,850 Foreign exchange ​ ​ 573 ​ 6,436 Balance, end of year ​ $ 14,037 ​ $ 18,578 ​ (d) The Company expected to receive the proceeds of $147.5 million from ERCOT the first half of calendar year 2022 and concluded that the threshold for recognizing a receivable was met in December 2021 as the amounts to be received are determinable and ERCOT was directed by its governing body, the PUCT, to take all actions required to effectuate the funding approved in the Final Order. The associated Weather Event Cost Recovery is reflected in Cost of goods sold within the Consolidated Statement of Operations as that is where the initial costs, which are being compensated for, were recorded. The Company received the proceeds of $147.5 million from ERCOT in June 2022.

OTHER CURRENT AND NON CURRENT A

OTHER CURRENT AND NON CURRENT ASSETS	12 Months Ended
	Mar. 31, 2022
OTHER CURRENT AND NON CURRENT ASSETS
OTHER CURRENT AND NON CURRENT ASSETS	8. (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Prepaid expenses and deposits ​ $ 40,347 ​ $ 41,524 Customer acquisition costs ​ 35,680 ​ 36,327 Green certificates assets ​ 53,824 ​ 48,880 Gas delivered in excess of consumption ​ 793 ​ 516 Inventory ​ 926 ​ 2,697 Total other current assets ​ $ 131,570 ​ $ 129,944 ​ ​ (b) Other non-current assets ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Customer acquisition costs ​ $ 30,273 ​ $ 21,724 Other long-term assets ​ 8,775 ​ 6,318 Total other non-current assets ​ $ 39,048 ​ $ 28,042 ​

INVESTMENTS

INVESTMENTS	12 Months Ended
	Mar. 31, 2022
INVESTMENTS
INVESTMENTS	9 . INVESTMENTS On December 1, 2021, Generac completed the acquisition of all issued and outstanding shares of ecobee, including all of the ecobee shares held by the Company. The Company held approximately 8% of the ecobee shares. The Company received $12.3 million cash and 80,281 shares of Generac common stock. The Company subsequently sold all of the Generac shares for a sum of $28.4 million during December 2021, resulting in total consideration of approximately $40.7 million. This sale has resulted in a gain on investment of $15.0 million recorded in the Consolidated Statement of Operations for the year ended March 31, 2022. The Company could receive up to an additional $8 million in Generac common stock during 2022 and 2023, provided that certain performance targets are achieved by ecobee; no contingent consideration has been recorded at this time because it remains remote. As at March 31, 2021, the investment was measured using the fair value option under ASC 321. The fair value of the investment had been determined directly from transacted or quoted prices of similar assets that are not active (Level 3 measurement). As at March 31, 2021, the fair value of the ecobee investment was $26.2 million.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Mar. 31, 2022
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	10. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ ​ 2022 ​ 2021 Premise and ROU assets $ 24,834 $ 27,333 Computer equipment ​ 21,106 ​ 20,395 Others 1 ​ 21,480 ​ 21,314 Total property and equipment ​ ​ 67,420 ​ ​ 69,042 Accumulated depreciation 2 ​ ​ (57,395) ​ ​ (54,338) Retirements and write-offs ​ ​ (3,520) ​ ​ (527) Net property and equipment ​ $ 6,505 ​ $ 14,177 1 Others include office equipment, furniture and fixture and leasehold improvements. 2 Depreciation expense on property and equipment totaled $4.6 million, $6.1 million and $14.0 million for the year ended March 31, 2022, 2021 and 2020, respectively.

LEASES

LEASES	12 Months Ended
	Mar. 31, 2022
LEASES
LEASES	11. Just Energy leases premises and computer equipment. Operating leases with an initial term greater than 12 months are recognized as right-of-use assets and lease liabilities in the Consolidated Balance Sheet. Just Energy made an accounting policy election, as permitted by ASC 842, for all asset classes to not recognize right-of-use assets and lease liabilities in the Consolidated Balance Sheet for its short-term leases, which are leases that have a lease term of 12 months or less. For the initial measurement of lease liabilities, the discount rate that Just Energy uses is either the rate implicit in the lease, if known, or its incremental borrowing rate, which is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, over a similar term an amount equal to the payments for the lease. The Company recognizes lease expense for all operating leases on a straight-line basis over the lease term. The Company considers a contract to be or to contain a lease when both of the following conditions apply: 1) an asset is either explicitly or implicitly identified in the contract and 2) the contract conveys to the Company the right to control the use of the identified asset for a period of time. The Company has the right to control the use of the identified asset when the Company has both the right to obtain substantially all the economic benefits from the use of the identified asset and the right to direct how and for what purpose the identified asset is used throughout the period of use. Lease payments are typically fixed and payable on a monthly, quarterly, semi-annual or annual basis. Lease payments under certain agreements may escalate over the lease term either by a fixed percentage or a fixed dollar amount. The Company has no leases that contain residual value guarantees provided by the Company as a lessee. Leases are included in property and equipment and non-current and current other liabilities on the Consolidated Balance Sheet. As at March 31, 2022, the current portion of lease liability amounts to $1.9 million and the non-current lease liability amounts to $2.2 million. (a) Lease cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 40 ​ $ 373 ​ $ 665 Interest on lease liabilities ​ ​ 3 ​ ​ 9 ​ ​ 49 Operating lease costs ​ ​ 2,080 ​ ​ 3,036 ​ ​ 4,585 Total lease cost ​ $ 2,123 ​ $ 3,418 ​ $ 5,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (b) Lease term and discount rate for leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ ​ 2022 ​ 2021 Finance leases: ​ ​ ​ ​ ​ Weighted average remaining lease term (in years) ​ 2.2 ​ 3.2 Weighted average discount rate ​ 6.75% ​ 6.75% Operating leases: ​ ​ ​ ​ ​ Weighted average remaining lease term (in years) ​ 2.4 ​ 3.3 Weighted average discount rate ​ 6.75% ​ 6.75% ​ (c) Annual future payments based on maturities ​ ​ ​ ​ ​ ​ ​ Annual future payments ​ ​ For the year ended March 31, 2023 $ 2,174 2024 ​ 1,489 2025 ​ 913 2026 ​ ​ 6 Thereafter ​ ​ 4 Total undiscounted lease payments ​ $ 4,586 Less: present value adjustment ​ ​ (351) Total discounted lease payments ​ $ 4,235 ​

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2022
INTANGBILE ASSETS
INTANGIBLE ASSETS	12. (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2022 ​ ​ Cost ​ Accumulated Amortization ​ Impairment 2 ​ Net Book Value Technology $ 107,463 $ (71,611) $ (7,215) $ 28,637 Brand 3 ​ 14,802 ​ (833) ​ — ​ 13,969 Others 1 ​ 44,505 ​ (43,296) ​ — ​ 1,209 Total intangible assets ​ $ 166,770 ​ $ (115,740) ​ $ (7,215) ​ $ 43,815 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2021 ​ ​ Cost ​ Accumulated Amortization ​ Impairment 2 ​ Net Book Value Technology ​ $ 97,625 ​ $ (56,187) ​ $ (887) ​ $ 40,551 Brand 3 ​ ​ 25,812 ​ ​ (557) ​ ​ (11,026) ​ ​ 14,229 Others 1 ​ ​ 44,223 ​ ​ (42,763) ​ ​ — ​ ​ 1,460 Total intangible assets ​ $ 167,660 ​ $ (99,507) ​ $ (11,913) ​ $ 56,240 1 2 3 All research costs and development costs not eligible for capitalization have been expensed and are recognized in administrative expenses. (b) Goodwill acquired through business combinations and intangible assets with indefinite lives have been allocated to one of two operating segments, which are the reporting units. These segments are mass markets and commercial. The table below presents the changes of goodwill for the years ended; Goodwill ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ ​ 2022 ​ ​ 2021 Opening balance ​ $ 130,235 ​ $ 192,212 Impairment ​ ​ – ​ ​ (79,500) Foreign exchange movement ​ ​ 710 ​ ​ 17,523 Closing balance ​ $ 130,945 ​ $ 130,235 ​ Goodwill is tested annually for impairment at the level of the two reporting units. Goodwill is also tested for impairment whenever events or circumstances occur that could potentially reduce the fair value of one or more of the reporting units below its carrying value. For the year ended March 31, 2022, there was no impairment loss. For the year ended March 31, 2021, an impairment loss was recognized for the full remaining balance of the goodwill of the commercial segment in the amount of $79.5 million as the carrying value exceeded the fair value. Several factors lead to the impairment of goodwill including the decrease in the Company’s market capitalization as evidenced by the stock price. An impairment loss was not recognized for the mass market, the Company segments as its fair value exceeded its carrying value. As at March 31, 2022 and March 31, 2021 applied qualitative and quantitative factors and determined that it was more likely than not that the fair value of the mass markets operating segment exceeded its carrying value. The fair value for purposes of impairment testing for the commercial segment represented the estimated value-in-use. The value-in-use was calculated using the present value of estimated future cash flows applying an appropriate risk-adjusted rate to internal operating forecasts. Management believes that the forecasted cash flows generated based on operating forecasts are the appropriate basis upon which to assess goodwill and individual assets for impairment. The fair value calculation has been prepared solely for the purposes of determining whether the goodwill balance was impaired. Estimated future cash flows were prepared based on certain assumptions prevailing at the time of the test. The actual outcomes may differ from the assumptions made. The period included in the estimated future cash flows for the commercial segment includes five years of the operating plans plus an estimated terminal value beyond the five years driven by historical and forecasted trends. Discount rates were derived using a capital asset pricing model and by analyzing published rates for industries relevant to the Company’s reporting units. The key assumptions used in determining the value-in-use of the commercial segment include historical rates of attrition and renewal. The underlying growth rate is driven by sales forecast, consistent with recent historical performance and taking into consideration sales channels and strategies in place today. Customer acquisition costs included in the forecast are consistent with current trends considering today’s competitive environment. Cost to operate represents management’s best estimate of future cost to operate. Sensitivities to different variables have been estimated using certain simplifying assumptions and did not have a significant impact on the results of the impairment test. Intangible assets For the year ended March 31, 2022, an impairment loss was recognized for technology intangible assets in the amount of $7.1 million. For the year ended March 31, 2021, an impairment loss was also recognized for an indefinite-life intangible and definite-lived in the amount of $11.9 million for the full remaining balance of the commercial brand and certain technology projects. The impairment amount was included in the Consolidated Statement of Operations. Indicators of impairment were evident for the specific technology projects given the use of software. For the year ended March 31, 2020, impairment losses were recognized on definite-lived intangible assets for Filter Group Inc., EdgePower Inc. and certain technology projects in the amounts of $6.0 million, $10.4 million and $2.7 million, respectively. The impairment amounts were included in the Consolidated Statement of Operations for the respective period. (c) ​ As at March 31, 2022, the estimated aggregated amortization expense of identifiable intangible assets for each of the next five fiscal years is as shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ ​ assets 2023 ​ $ 7,671 2024 ​ ​ 5,451 2025 ​ ​ 2,896 2026 ​ ​ 1,862 2027 ​ ​ 1,000 Total ​ $ 18,880 ​

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	12 Months Ended
	Mar. 31, 2022
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS	13. (a) The fair value of derivative instruments is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). Management has estimated the value of financial swaps, physical forwards and option contracts for electricity, natural gas, carbon offsets and RECs, using a discounted cash flow method, which employs market forward curves that are either directly sourced from third parties or developed internally based on third-party market data. These curves can be volatile, thus leading to volatility in the mark to market with no immediate impact to cash flows. Gas options have been valued using the applicable market forward curves and the implied volatility from other market traded options. Green power options have been valued using historical volatility. Management periodically uses non-exchange-traded swap agreements based on CDDs and HDDs measured in its utility service territories to reduce the impact of weather volatility on Just Energy’s electricity and natural gas volumes, commonly referred to as “weather derivatives”. The fair value of these swaps on a given measurement station indicated in the derivative contract is determined by calculating the difference between the agreed strike and expected variable observed at the same station. The following table illustrates unrealized gains (losses) related to Just Energy’s derivative instruments classified as fair value through the Consolidated Statement of Operations and recorded on the Consolidated Balance Sheet as fair value of derivative instrument assets and fair value of derivative instruments liabilities, with their offsetting values recorded in unrealized gain (loss) in fair value of derivative instruments and other on the Consolidated Statement of Operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 2020 Physical forward contracts and options (i) ​ $ 476,050 ​ $ 4,161 ​ $ (96,495) Financial swap contracts and options (ii) ​ 206,923 ​ 54,639 ​ (46,410) Foreign exchange forward contracts ​ (818) ​ (6,202) ​ 6,712 Share swap ​ ​ – ​ ​ – ​ ​ (7,102) Other derivative options ​ 238 ​ (1,675) ​ (1,258) Unrealized gain (loss) on derivative instruments and other ​ $ 682,393 ​ $ 50,923 ​ $ (144,553) ​ The following table summarizes certain aspects of the fair value of derivative instrument assets and liabilities recorded in the Consolidated Balance Sheet as at March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative ​ Derivative ​ Derivative ​ Derivative ​ ​ instrument ​ instrument ​ instrument ​ instrument ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 373,268 ​ $ 81,392 ​ $ 10,195 ​ $ 5,865 Financial swap contracts and options (ii) ​ 161,838 ​ 51,161 ​ 2,134 ​ 6,856 Foreign exchange forward contracts ​ – ​ – ​ 841 ​ 195 Other derivative options ​ 3,594 ​ 461 ​ – ​ – As at March 31, 2022 ​ $ 538,700 ​ $ 133,014 ​ $ 13,170 ​ $ 12,916 ​ The following tables summarize certain aspects of the fair value of derivative instrument assets and liabilities recorded in the Consolidated Balance Sheet as at March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative ​ Derivative ​ Derivative ​ Derivative ​ ​ instrument ​ instrument ​ instrument ​ instrument ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 9,951 ​ $ 5,338 ​ $ 8,078 ​ $ 44,629 Financial swap contracts and options (ii) ​ 5,520 ​ 2,095 ​ 2,821 ​ 4,014 Foreign exchange forward contracts ​ – ​ – ​ 216 ​ – Other derivative options ​ 2,911 ​ 996 ​ – ​ – As at March 31, 2021 ​ $ 18,382 ​ $ 8,429 ​ $ 11,115 ​ $ 48,643 ​ Individual derivative asset and liability transactions are offset and the net amount reported in the Consolidated Balance Sheet if, and only if, there is currently an enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. Individual derivative transactions are typically offset at the legal entity and counterparty level. The impact of netting derivative assets and liabilities is presented in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross basis amount Netting impact Net basis amount ​ Derivative instrument assets $ 910,174 ​ $ (238,460) ​ $ 671,714 ​ Derivative instrument liabilities ​ (265,011) ​ 238,925 ​ (26,086) ​ As of March 31, 2022 ​ $ 645,163 ​ $ 465 ​ $ 645,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross basis amount Netting impact Net basis amount ​ Derivative instrument assets $ 453,666 ​ $ (426,855) ​ $ 26,811 ​ Derivative instrument liabilities ​ (483,737) ​ 423,979 ​ (59,758) ​ As of March 31, 2021 ​ $ (30,071) ​ $ (2,876) ​ $ (32,947) ​ ​ Below is a summary of the derivative instruments classified through the Consolidated Statement of Operations as at March 31, 2022, to which Just Energy has committed: (i) Physical forward contracts and options consist of: ● Electricity contracts with a total remaining volume of 28,489,662 MWh, a weighted average price of $39.56 /MWh and expiry dates up to December 31, 2029. ● Natural gas contracts with a total remaining volume of 116,351,622 MMBtu, a weighted average price of $4.97 /MMBtu and expiry dates up to December 31, 2026. ● RECs with a total remaining volume of 3,774,881 MWh, a weighted average price of $17.97 /REC and expiry dates up to December 31, 2029. ● Green Gas Certificates with a total remaining volume of 657,000 tonnes, a weighted average price of $6.96 /tonne and expiry dates up to July 28, 2022. ● Electricity generation capacity contracts with a total remaining volume of 1,485 MWCap, a weighted average price of $3,931.82 /MWCap and expiry dates up to May 31, 2026. ● Ancillary contracts with a total remaining volume of 1,229,720 MWh, a weighted average price of $19.86 /MWh and expiry dates up to December 31, 2025. (ii) Financial swap contracts and options consist of: ● Electricity contracts with a total remaining volume of 18,485,007 MWh, a weighted average price of $54.57 /MWh and expiry dates up to December 31, 2025. ● Natural gas contracts with a total remaining volume of 116,835,000 MMBtu, a weighted average price of $3.59 /MMBtu and expiry dates up to March 31, 2027. ● Ancillary contracts with a total remaining volume of 1,926,706 MWh, a weighted average price of $19.89 /MWh and expiry dates up to December 31, 2025. (iii) Weather derivatives consist of: ● HDD natural gas swaps with price strikes to be set on futures index and temperature strikes from 1,652 to 4,985 HDD and an expiry date of March 31, 2023. ● HDD natural gas swaps with price strikes to be set on futures index and temperature strikes from 3,408 to 4,910 HDD and an expiry date of March 31, 2024. These derivative instruments create a credit risk for Just Energy since they have been transacted with a limited number of counterparties. Should any counterparty be unable to fulfill its obligations under the contracts, Just Energy may not be able to realize the derivative instrument asset balance recognized in the Consolidated Financial Statements. FV hierarchy of derivatives Level 1 The fair value measurements are classified as Level 1 in the FV hierarchy if the fair value is determined using quoted unadjusted market prices. Currently there are no derivatives carried in this level. Level 2 Fair value measurements that require observable inputs other than quoted prices in Level 1, either directly or indirectly, are classified as Level 2 in the FV hierarchy. This could include the use of statistical techniques to derive the FV curve from observable market prices. However, in order to be classified under Level 2, significant inputs must be directly or indirectly observable in the market. Just Energy values its NYMEX financial gas fixed-for-floating swaps under Level 2. Level 3 Fair value measurements that require unobservable market data or use statistical techniques to derive forward curves from observable market data and unobservable inputs are classified as Level 3 in the FV hierarchy. For the electricity supply contracts, Just Energy uses quoted market prices as per available market forward data and applies a price-shaping profile to calculate the monthly prices from annual strips and hourly prices from block strips for the purposes of mark-to-market calculations. The profile is based on historical settlements with counterparties or with the system operator and is considered an unobservable input for the purposes of establishing the level in the FV hierarchy. For the natural gas supply contracts, Just Energy uses three different market observable curves: (i) commodity (predominately NYMEX), (ii) basis and (iii) foreign exchange. NYMEX curves extend for over five years (thereby covering the length of Just Energy’s contracts); however, most basis curves extend only 12 to 15 months into the future. In order to calculate basis curves for the remaining years, Just Energy uses extrapolation, which leads natural gas supply contracts to be classified under Level 3. The unobservable inputs could range from $5/MWh or $0.50/Dth for power and natural gas respectively. Please also refer below to commodity price sensitivity for Level 3 derivative instruments. Fair value measurement input sensitivity The main cause of changes in the fair value of derivative instruments is changes in the forward curve prices used for the fair value calculations. Just Energy provides a sensitivity analysis of these forward curves under the “Market risk” section of this note. The following table illustrates the classification of derivative instrument assets (liabilities) in the FV hierarchy as at March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Physical forward contracts $ – ​ $ – ​ $ 438,600 ​ $ 438,600 Financial swap contracts ​ ​ – ​ ​ 124,188 ​ ​ 79,821 ​ ​ 204,009 Foreign exchange forward contracts ​ ​ – ​ ​ – ​ ​ (1,036) ​ ​ (1,036) Other derivative options ​ – ​ – ​ ​ 4,055 ​ ​ 4,055 Total net derivative instrument assets ​ $ – ​ $ 124,188 ​ $ 521,440 ​ $ 645,628 ​ The following table illustrates the classification of derivative instrument assets (liabilities) in the FV hierarchy as at March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Physical forward contracts and options $ – ​ $ – ​ $ (37,418) ​ $ (37,418) Financial swap contracts and options ​ – ​ 542 ​ 238 ​ 780 Foreign exchange forward contracts ​ ​ – ​ ​ – ​ ​ (216) ​ ​ (216) Other derivative options ​ – ​ ​ – ​ ​ 3,907 ​ ​ 3,907 Total net derivative instrument liabilities ​ $ – ​ $ 542 ​ $ (33,489) ​ $ (32,947) ​ Commodity price sensitivity — Level 3 derivative instruments If the energy prices associated with only Level 3 derivative instruments including natural gas, electricity, and RECs had risen by 10%, assuming that all of the other variables had remained constant, income from continuing operations before income taxes for the three months ended March 31, 2022 would have increased by $327.7 million. On the contrary, if the energy prices associated with only Level 3 derivative instruments including natural gas, electricity, and RECs had fallen by 10%, assuming that all of the other variables had remained constant, income from continuing operations before income taxes for the three months ended March 31, 2022 would have decreased by $257.5 million, primarily as a result of the change in fair value of derivative instruments. The following table illustrates the changes in net fair value of derivative instrument assets (liabilities) classified as Level 3 in the FV hierarchy for the following periods: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Balance, beginning of year ​ $ (33,489) ​ $ (60,538) Total gains (losses) ​ 349,541 ​ (7,080) Purchases ​ 283,394 ​ (3,211) Sales ​ (71,514) ​ (1,329) Settlements ​ (6,492) ​ 38,669 Balance, end of year ​ $ 521,440 ​ $ (33,489) ​ (b) As at March 31, 2022 and March 31, 2021, the carrying value of cash and cash equivalents, restricted cash, trade and other receivables, and trade and other payables approximates their fair value due to their short-term nature. The risks associated with Just Energy’s derivative instruments are as follows: (i) Market risk is the potential loss that may be incurred as a result of changes in the market or fair value of a particular instrument or commodity. Components of market risk to which Just Energy is exposed are discussed below. Foreign currency risk Foreign currency risk is created by fluctuations in the fair value or cash flows of derivative instruments due to changes in foreign exchange rates and exposure as a result of investments in Canadian operations. The performance of the U.S. dollar relative to the Canadian dollar could positively or negatively affect Just Energy’s Consolidated Statement of Operations, as some portion of Just Energy’s income or loss is generated in Canadian dollars and is subject to currency fluctuations upon translation to U.S. dollars. Just Energy has a policy to economically hedge between 50% and 100% of forecasted cross-border cash flows that are expected to occur within the next 12 months and between 0% and 50% of certain forecasted cross-border cash flows that are expected to occur within the following 13 to 24 months. The level of economic hedging is dependent on the source of the cash flows and the time remaining until the cash repatriation occurs. Just Energy may, from time to time, experience losses resulting from fluctuations in the values of its foreign currency transactions, which could adversely affect its operating results. Translation risk is not hedged. Interest rate risk Just Energy is only exposed to interest rate fluctuations associated with its floating rate Credit Facility. A 1% increase (decrease) in interest rates would have resulted in a decrease (increase) of approximately $1.3 million in income from continuing operations before income taxes in the Consolidated Statement of Operations for the year ended March 31, 2022. Commodity price risk Just Energy is exposed to market risks associated with commodity prices and market volatility where estimated customer requirements do not match actual customer requirements. Management actively monitors these positions on a daily basis in accordance with its risk management policy. This policy sets out a variety of limits, most importantly thresholds for open positions in the gas and electricity portfolios, which also feed a value at risk limit. Should any of the limits be exceeded, they are closed expeditiously or express approval to continue to hold is obtained. Just Energy’s exposure to market risk is affected by a number of factors, including accuracy of estimation of customer commodity requirements, commodity prices, volatility and liquidity of markets. Just Energy enters into derivative instruments in order to manage exposures to changes in commodity prices. The derivative instruments that are used are designed to fix the price of supply for estimated customer commodity demand and thereby fix margins. Derivative instruments are generally transacted over the counter. The inability or failure of Just Energy to manage and monitor the above market risks could have a material adverse effect on the operations and cash flows of Just Energy. Just Energy mitigates the exposure to variances in customer requirements that are driven by changes in expected weather conditions through active management of the underlying portfolio, which involves, but is not limited to, the purchase of options including weather derivatives. Just Energy’s ability to mitigate weather effects is limited by the degree to which weather conditions deviate from normal. Commodity price sensitivity — all derivative instruments If all the energy prices associated with derivative instruments including natural gas, electricity and RECs had risen by 10%, assuming that all of the other variables had remained constant, income from continuing operations before income taxes for the year ended March 31, 2022 would have increased by $295.2 million. On the contrary, a fall of 10% in the energy prices associated with derivative instruments including natural gas, electricity and RECs, assuming that all of the other variables had remained constant, income from continuing operations before income taxes for the year ended March 31, 2022 would have decreased by $340.2 million, primarily as a result of the change in fair value of Just Energy’s derivative instruments. (ii) Just Energy purchases the majority of the gas and electricity delivered to its customers through long-term contracts entered into with various suppliers. Just Energy has an exposure to supplier risk as the ability to continue to deliver gas and electricity to its customers is reliant upon the ongoing operations of these suppliers and their ability to fulfill their contractual obligations. (iii) Counterparty credit risk represents the loss that Just Energy would incur if a counterparty fails to perform under its contractual obligations. This risk would manifest itself in Just Energy replacing contracted supply at prevailing market rates, thus impacting the related customer margin. Counterparty limits are established within the risk management policy. Any exceptions to these limits require approval from the Risk Committee of the Board of Directors of Just Energy. The risk department and Risk Committee of the Board of Directors monitor current and potential credit exposure to individual counterparties and also monitor overall aggregate counterparty exposure. However, the failure of a counterparty to meet its contractual obligations could have a material adverse effect on the operations and cash flows of Just Energy. As at March 31, 2022 and 2021, Just Energy has applied an adjustment factor to determine the fair value of its derivative instruments in the amount of $2.3 million and $0.9 million, respectively, to accommodate for its counterparties’ risk of default. As at March 31, 2022 and 2021, the estimated net counterparty credit risk exposure amounted to $580.5 million and ​ As at March 31, 2022, the Company recorded $20.3 million of cash collateral posted on its Consolidated Balance Sheet in other current assets. ​

TRADE AND OTHER PAYABLES

TRADE AND OTHER PAYABLES	12 Months Ended
	Mar. 31, 2022
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES	14. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Commodity suppliers' accruals and payables ​ $ 209,703 ​ $ 162,921 Green provisions ​ 52,478 ​ 61,934 Sales tax payable ​ 15,656 ​ 21,864 Non-commodity trade accruals and accounts payable ​ 53,872 ​ 54,156 Accrued gas payable ​ 818 ​ 433 Other payables ​ 17,396 ​ 8,806 Total trade and other payables ​ $ 349,923 ​ $ 310,114 ​

LIABILITIES SUBJECT TO COMPROMI

LIABILITIES SUBJECT TO COMPROMISE	12 Months Ended
	Mar. 31, 2022
LIABILITIES SUBJECT TO COMPROMISE
LIABILITIES SUBJECT TO COMPROMISE	15. LIABILITIES SUBJECT TO COMPROMISE ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Commodity suppliers' accruals and payables ​ $ 438,068 ​ $ 403,395 Non-commodity trade accruals and accounts payable ​ ​ 41,914 ​ ​ 19,370 Other non-current liabilities ​ – ​ 10,191 Debts and financings (Note 16 c-i) ​ 365,908 ​ 422,028 Total liabilities subject to compromise ​ $ 845,890 ​ $ 854,984 ​

LONG TERM DEBT AND FINANCING

LONG TERM DEBT AND FINANCING	12 Months Ended
	Mar. 31, 2022
LONG TERM DEBT AND FINANCING
LONG TERM DEBT AND FINANCING	16. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ 2022 ​ ​ 2021 DIP Facility (a) ​ $ 125,000 ​ $ 100,784 Filter Group financing (b) ​ 1,419 ​ 3,671 ​ ​ 126,419 ​ ​ 104,455 Less: Current portion ​ (126,289) ​ (103,215) Total long term debt ​ $ 130 ​ $ 1,240 ​ ​ Future annual minimum principal repayments are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ More than ​ ​ ​ ​ 1 year 1–3 years 4–5 years 5 years Total DIP Facility (a) ​ $ 125,000 ​ $ – ​ $ – ​ $ – ​ $ 125,000 Filter Group financing (b) ​ 1,289 ​ ​ 130 ​ ​ – ​ ​ – ​ ​ 1,419 Total principal repayment ​ $ 126,289 ​ $ 130 ​ $ – ​ $ – ​ $ 126,419 ​ The following table details interest expense. Interest is expensed based on the effective interest rate. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ 2022 ​ ​ 2021 ​ 2020 DIP Facility (a) ​ $ 16,197 ​ $ 783 ​ $ – Filter Group financing (b) ​ 231 ​ ​ 474 ​ ​ 1,346 Credit Facility (c) ​ ​ 16,912 ​ ​ 15,585 ​ ​ 17,824 Term Loan (d) ​ ​ – ​ ​ 11,480 ​ ​ – Note Indenture (e) ​ ​ – ​ ​ 434 ​ ​ – 8.75% term loan (f) ​ – ​ ​ 13,286 ​ ​ 26,350 6.75% CAD $100M convertible debentures (g) ​ – ​ ​ 3,506 ​ ​ 7,072 6.75% CAD $160M convertible debentures (h) ​ – ​ ​ 5,116 ​ ​ 10,401 6.5% convertible bonds (i) ​ ​ – ​ ​ 396 ​ ​ 2,062 Supplier finance and others ​ 1,528 ​ ​ 14,107 ​ ​ 15,255 Total interest expense ​ $ 34,868 ​ $ 65,167 ​ $ 80,310 (a) As discussed in Note 1, Just Energy filed and received the Court Order under the CCAA on March 9, 2021. In conjunction with the CCAA filing, the Company entered into the DIP Facility for $125.0 million. Just Energy Ontario L.P., Just Energy Group Inc. and Just Energy (U.S.) Corp. are the borrowers under the DIP Facility and are supported by guarantees of certain subsidiaries and secured by a super-priority charge against and attaching to the property that secures the obligations arising under the Credit Facility, created by the Court Order. The DIP Facility has an interest rate of 13.0% , paid quarterly in arrears. On November 11, 2021, the Company amended the DIP Facility to extend the maturity of the DIP Facility to September 30, 2022. The DIP Facility terminates at the earlier of: (a) September 30, 2022, (b) the implementation date of the SISP, (c) the lifting of the stay in the CCAA proceedings or (d) the termination of the CCAA proceedings. For consideration for making the DIP Facility available, Just Energy paid a 1.0% origination fee, a 1.0% commitment fee on March 9, 2021 and a 1.0% amendment fee on November 16, 2021. (b) Filter Group has a $1.4 million outstanding loan payable to HTC. The loan is a result of factoring receivables to finance the cost of rental equipment that matures no later than October 2023 with HTC, and bears interest at 8.99% per annum. Principal and interest are payable monthly. Filter Group did not file under the CCAA and, accordingly, the stay does not apply to Filter Group and any amounts outstanding under the loan payable to HTC. (c) On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into the Lender Support Agreement with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of CAD $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and CAD $125 million. As at March 31, 2022, the Company had repaid CAD $75.9 million and had a total of CAD $93.6 million of Letters of Credit outstanding. Certain amounts outstanding under the LC Facility are guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. As at March 31, 2022, the Company had $45.5 million of Letters of Credit outstanding and Letter of Credit capacity of $0.6 million available under the LC Facility. Just Energy’s obligations under the Credit Facility are supported by guarantees of certain subsidiaries and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries excluding, primarily Filter Group. Just Energy has also entered into an inter-creditor agreement in which certain commodity and hedge providers are also secured by the same collateral. As a result of the CCAA filing, the borrowers are in default under the Credit Facility. However, any potential actions by the lenders have been stayed pursuant to the Court Order. The outstanding advances are all prime rate advances at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 4.25% and letters of credit are at a rate of 5.25%. As at March 31, 2022, the Canadian prime rate was 2.7% and the U.S. prime rate was 3.5%. As a result of the CCAA filing, the Credit Facility is reflected as a liability subject to compromise . (d) As part of the recapitalization transaction that the September 2020 Recapitalization, Just Energy issued the Term Loan maturing on March 31, 2024. The note bears interest at 10.25% . The balance at March 31, 2022 includes an accrual of $12.6 million for interest payable on the notes through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Term Loan. However, any potential actions by the lenders under the Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. The Term Loan is shown as liability subject to compromise . (e) As part of the September 2020 Recapitalization, Just Energy issued the Note Indenture. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to CAD $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at March 31, 2022 includes an accrual of $0.4 million for interest payable on the notes through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Note Indenture ’ s Trust Indenture agreement. However, any potential actions by the lenders under the Note Indenture have been stayed pursuant to the Court Order and the Company is not issuing additional notes equal to the capitalized interest. The Note Indenture is shown as a liability subject to compromise . (f) As part of the September 2020 Recapitalization, the 8.75% loan was exchanged for its pro-rata share of the Term Loan and 786,982 common shares. At the time of the September 2020 Recapitalization, the 8.75% loan had $207.0 million outstanding plus accrued interest . (g) As part of the September 2020 Recapitalization, the 6.75% CAD $100 M convertible debentures were exchanged for 3,592,069 common shares along with there pro-rata share of the Note Indenture and the payment of accrued interest . (h) As part of the September 2020 Recapitalization, the 6.75% CAD $160 M convertible debentures were exchanged for 5,747,310 common shares along with there pro-rata share of the Note Indenture and the payment of accrued interest . (i) As part of the September 2020 Recapitalization, the 6.5% convertible bonds were exchanged for there pro-rata share of the Term Loan and 35,737 common shares. At the time of the September 2020 Recapitalization, $9.2 million of the 6.5% convertible bonds were outstanding plus accrued interest .

REPORTABLE BUSINESS SEGMENTS

REPORTABLE BUSINESS SEGMENTS	12 Months Ended
	Mar. 31, 2022
REPORTABLE BUSINESS SEGMENTS
REPORTABLE BUSINESS SEGMENTS	17. REPORTABLE BUSINESS SEGMENTS Just Energy has two business segments: the mass market segment and the commercial segment. The mass markets segment includes customers acquired and served under the Just Energy, Tara Energy, Amigo Energy and Terrapass brands. Marketing of the energy products of this segment is primarily done through digital and retail sales channels. The commercial segment includes customers acquired and served under Hudson Energy, as well as brokerage services managed by Interactive Energy Group. Hudson Energy sales are made through three main channels: brokers, in-person commercial independent contractors and inside commercial sales representatives . The chief operating decision-maker monitors the operational results of the mass market and commercial segments for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on certain non-U.S. GAAP measures such as Base EBITDA, Base Gross Margin and Embedded Gross Margin. Transactions between segments are in the normal course of operations and are recorded at the exchange amount. Corporate and shared services report the costs related to management oversight of the business units, public reporting and filings, corporate governance and other shared services functions such as Human Resources, Finance and Information Technology. The chief operating decision maker does not review the assets and liabilities for the reporting units for decision making purposes. For the year ended March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass markets ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,190,326 ​ $ 964,282 ​ $ – ​ $ 2,154,608 Cost of goods sold ​ 933,763 ​ ​ 894,215 ​ ​ – ​ ​ 1,827,978 Gross margin ​ 256,563 ​ ​ 70,067 ​ ​ – ​ ​ 326,630 Administrative expenses ​ 31,947 ​ ​ 11,622 ​ ​ 64,617 ​ ​ 108,186 Selling and marketing expenses ​ 88,526 ​ ​ 46,826 ​ ​ – ​ ​ 135,352 Depreciation and amortization ​ 17,247 ​ ​ 2,339 ​ ​ – ​ ​ 19,586 Provision for expected credit loss ​ 23,250 ​ ​ 992 ​ ​ – ​ ​ 24,242 Segment income (loss) ​ $ 95,593 ​ $ 8,288 ​ $ (64,617) ​ $ 39,264 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (34,868) Reorganization costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (106,235) Unrealized gain on derivative instruments and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 682,393 Realized gain on derivative instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 166,155 Gain on investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,041 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (394) Impairment of goodwill, intangible assets and others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (10,377) Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (72,495) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 678,484 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 130,945 ​ $ – ​ $ – ​ $ 130,945 ​ For the year ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass markets ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,161,905 ​ $ 912,923 ​ $ – ​ $ 2,074,828 Cost of goods sold ​ 2,277,182 ​ 1,225,321 ​ – ​ 3,502,503 Gross margin ​ (1,115,277) ​ (312,398) ​ – ​ (1,427,675) Administrative expenses ​ 26,823 ​ 12,551 ​ 73,083 ​ 112,457 Selling and marketing expenses ​ 81,632 ​ 54,136 ​ – ​ 135,768 Depreciation and amortization ​ 15,406 ​ 2,706 ​ – ​ 18,112 Provision for expected credit loss ​ 17,590 ​ 8,122 ​ – ​ 25,712 Segment loss ​ $ (1,256,728) ​ $ (389,913) ​ $ (73,083) ​ $ (1,719,724) Interest expense ​ ​ ​ ​ (65,167) Reorganization costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (39,814) Restructuring costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,368) Gain on September 2020 Recapitalization transaction, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38,915 Unrealized gain on derivative instruments and other ​ ​ ​ ​ 50,923 Realized gain on derivative instruments ​ ​ ​ ​ 1,494,001 Impairment of goodwill, intangible assets and others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (91,451) Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,384) Income tax expense ​ ​ ​ ​ (1,736) Loss from continuing operations ​ ​ ​ ​ $ (340,805) Income from discontinued operations, net of income tax ​ ​ ​ ​ 29 Net loss ​ ​ ​ ​ (340,776) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 130,235 ​ $ – ​ $ – ​ $ 130,235 ​ For the year ended March 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass markets ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,320,111 ​ $ 1,051,591 ​ $ – ​ $ 2,371,702 Cost of goods sold ​ 954,446 ​ 939,851 ​ – ​ 1,894,297 Gross margin ​ 365,665 ​ 111,740 ​ – ​ 477,405 Administrative expenses ​ 26,845 ​ 15,234 ​ 93,135 ​ 135,214 Selling and marketing expenses ​ 106,116 ​ 59,746 ​ – ​ 165,862 Depreciation and amortization ​ ​ 28,547 ​ ​ 2,571 ​ ​ – ​ ​ 31,118 Provision for expected credit loss ​ 54,511 ​ 5,775 ​ – ​ 60,286 Segment income (loss) ​ $ 149,646 ​ $ 28,414 ​ $ (93,135) ​ $ 84,925 Interest expense ​ ​ ​ ​ ​ ​ ​ (80,310) Unrealized loss on derivative instruments and other ​ ​ ​ ​ ​ ​ ​ (144,553) Realized loss on derivative instruments ​ ​ ​ ​ ​ ​ ​ (18,327) Impairment of goodwill, intangible assets and others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (66,221) Other income, net ​ ​ ​ ​ ​ ​ ​ 25,524 Income tax expense ​ ​ ​ ​ ​ ​ ​ (5,468) Loss from continuing operations ​ ​ ​ ​ ​ ​ ​ $ (204,430) Income from discontinued operations, net of income tax ​ ​ ​ ​ ​ ​ ​ 9,068 Net loss ​ ​ ​ ​ ​ ​ ​ (195,362) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2020 ​ ​ ​ ​ Total goodwill ​ $ 121,540 ​ $ 70,672 ​ $ – ​ $ 192,212 ​ Revenue from external customers The revenue is based on the location of the customer. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Canada ​ $ 477,837 ​ $ 372,737 ​ $ 402,830 United States ​ ​ 1,676,771 ​ ​ 1,702,091 ​ ​ 1,968,872 Total ​ $ 2,154,608 ​ $ 2,074,828 ​ $ 2,371,702 ​

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2022
INCOME TAXES
INCOME TAXES	18. (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Canada ​ $ (123,698) ​ $ (14,380) ​ $ (76,868) Foreign ​ 874,677 ​ ​ (324,689) ​ ​ (122,094) Total ​ $ 750,979 ​ $ (339,069) ​ $ (198,962) ​ (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ (3,570) ​ $ (1,407) ​ $ 1,559 Foreign ​ ​ (320) ​ ​ 3,300 ​ ​ 3,864 Total - current ​ $ (3,890) ​ $ 1,893 ​ $ 5,423 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 573 ​ $ (82) ​ $ 56 Foreign ​ ​ 75,812 ​ ​ (75) ​ ​ (11) Total - deferred ​ $ 76,385 ​ $ (157) ​ $ 45 Total income tax expense ​ $ 72,495 ​ $ 1,736 ​ $ 5,468 ​ (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Current tax expense (benefit) ​ $ (3,890) ​ $ 1,893 ​ $ 5,423 Deferred tax expense (benefit) before valuation allowance ​ 189,950 ​ ​ (81,542) ​ ​ (65,034) Tax expense (benefit) related to an increase (decrease) in valuation allowance ​ ​ (113,565) ​ ​ 81,385 ​ ​ 65,079 Total tax expense ​ $ 72,495 ​ $ 1,736 ​ $ 5,468 ​ (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 ​ 2020 Income (loss) from continuing operations before income taxes ​ $ 750,979 ​ $ (339,069) ​ $ (198,962) ​ Combined statutory Canadian federal and provincial income tax rate ​ 26.50 % 26.50 % 26.50 % Income tax expense (recovery) at statutory rate ​ $ 199,009 ​ $ (89,853) ​ $ (52,725) ​ Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Foreign tax rate differential ​ $ 10,615 ​ $ (4,445) ​ $ (3,389) ​ Permanent differences ​ (22,212) ​ 14,650 ​ (3,498) ​ Changes in valuation allowance ​ (113,565) ​ 81,385 ​ 65,080 ​ Return to provision adjustments ​ ​ (1,352) ​ ​ — ​ ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ $ 72,495 ​ $ 1,736 ​ $ 5,468 ​ Effective tax rate ​ ​ 9.7 % ​ (0.5) % ​ (2.7) % ​ (e) The temporary differences, that give rise to the Company’s deferred tax assets and liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Tax operating and capital losses ​ $ 130,873 ​ $ 148,918 Intangibles ​ ​ 21,396 ​ ​ 27,780 Deferred financing costs ​ 17,460 ​ 12,869 Interest disallowance carryforward per §163(j) of the Internal Revenue Code ​ ​ 16,411 ​ ​ 9,062 Receivable allowances ​ ​ 3,491 ​ ​ 4,999 Reserves and accruals not currently deductible for tax purposes ​ ​ 4,864 ​ ​ 2,864 Property and equipment ​ ​ 1,600 ​ ​ 472 Foreign exchange ​ ​ 328 ​ ​ 1,699 Derivative instruments ​ ​ — ​ ​ 10,746 Subtotal ​ ​ 196,424 ​ ​ 219,409 Less: Valuation allowance ​ ​ (96,240) ​ ​ (209,805) Total net deferred tax assets ​ ​ 100,184 ​ ​ 9,604 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Derivative instruments ​ ​ 172,888 ​ ​ 912 Property and equipment ​ ​ 2,890 ​ ​ 4,294 Reserves and accruals not currently deductible for tax purposes ​ ​ — ​ ​ 1,168 Investments ​ ​ — ​ ​ 2,439 Total deferred tax liabilities ​ ​ 175,778 ​ ​ 8,813 ​ ​ ​ ​ ​ ​ ​ Valuation allowance ​ ​ — ​ ​ — Net deferred income tax assets (liabilities) ​ $ (75,594) ​ $ 791 ​ (f) The Company is continuously under tax examination in the jurisdictions in which it operates. There are currently no open income tax audits as of March 31, 2022. Tax years that remain subject to examination are tax years ending in 2016 and 2018 to current in Canada and U.S. respectively. The Company is unaware of any uncertain tax positions that could result in significant additional payments, accruals, or other material deviation in the next 12 months. (g) As at March 31, 2022, the Company has tax-effected cumulative net operating losses of $96,925 available for carryforward of which the Company has recorded a deferred tax asset of $52,955. These losses are set to expire starting 2028 until 2041. Certain U.S. tax losses are subject to annual limitation under Section 382. Management assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. The Company has evaluated both positive and negative evidence, and as a result, a valuation allowance of $93,853 has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. Canadian income tax has not been recognized on the cumulative undistributed earnings of the Company’s foreign subsidiaries because they are considered to be indefinitely reinvested. Distribution of these earnings in the form of dividends or otherwise may result in income and withholding taxes payable. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries.

SHAREHOLDERS' CAPITAL

SHAREHOLDERS' CAPITAL	12 Months Ended
	Mar. 31, 2022
SHAREHOLDERS' CAPITAL
SHAREHOLDERS' CAPITAL	19. Just Energy is authorized to issue an unlimited number of common shares with no par value. Shares outstanding have no preferences, rights or restrictions attached to them. (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ ​ Shares Amount ​ Shares ​ Amount Common shares: ​ ​ Issued and outstanding ​ ​ Balance, beginning of year 48,078,637 ​ $ 1,168,162 ​ 4,594,371 ​ $ 839,778 Share-based awards exercised – ​ ​ – ​ 91,854 ​ ​ 721 Issuance of shares due to September 2020 Recapitalization – ​ ​ – ​ 43,392,412 ​ ​ 328,842 Issuance cost – ​ ​ – ​ – ​ ​ (1,179) Balance, end of year 48,078,637 ​ $ 1,168,162 ​ 48,078,637 ​ $ 1,168,162 Preferred shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Issued and outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year – ​ $ – ​ 4,662,165 ​ $ 111,948 Exchanged to common shares – ​ ​ – ​ (4,662,165) ​ ​ (111,948) Balance, end of year – ​ $ – ​ – ​ $ – Shareholders' capital 48,078,637 ​ $ 1,168,162 ​ 48,078,637 ​ $ 1,168,162 ​ Just Energy defines capital as shareholders’ equity (excluding accumulated other comprehensive income) and long-term debt. ​ (b) September 2020 Recapitalization On September 28, 2020, the Company completed the September 2020 Recapitalization. The September 2020 Recapitalization was undertaken through a plan of arrangement under the CBCA and included: ​ ● The consolidation of the Company’s common shares on a 1 -for-33 basis; ● Exchange of the 6.75% CAD $100 M convertible debentures and the 6.75% CAD $160 M convertible debentures for common shares and the Note Indenture, as described in Note 16(e), 16(g) and 16(h). The Note Indenture had a principal amount of CAD $15 million as at September 28, 2020, which was reduced to CAD $13.2 million through a tender offer for no consideration on October 19, 2020; ● Extension of CAD $335 million of the Company’s senior secured credit facilities to December 2023, with revised covenants and a schedule of commitment reductions throughout the term; ● Existing 8.75% loan and the remaining convertible bonds due December 31, 2020 were exchanged for the Term Loan and common shares, with interest on the new Term Loan to be initially paid in kind until certain financial measures are achieved; ● Exchange of all of the 8.50% , fixed-to-floating rate, cumulative, redeemable, perpetual preferred shares for 1,556,563 common shares; ● Accrued and unpaid interest paid in cash on the subordinated convertible debentures until September 28, 2020; ● The payment of certain expenses of the ad hoc group of convertible debenture holders; ● The entitlement of holders of Just Energy’s existing 8.75% loan, 6.5% convertible bonds, the subordinated convertible debentures, preferred shares and common shares as of July 23, 2020 to subscribe for post-consolidation common shares at a price per share of CAD $3.412 , with subscriptions totaling 15,174,950 common shares resulting in cash proceeds for Just Energy of approximately CAD $51.8 million; ● Pursuant to the previously announced backstop commitments, the acquisition of 14,137,580 common shares by the backstop parties, on a post-consolidation basis resulting in cash proceeds for Just Energy of approximately CAD $48.2 million, for total aggregate proceeds from the equity subscription option of approximately $100.0 million; ● The issuance of 1,075,615 common shares amounting to CAD $3.67 million by way of an additional private placement to the Company’s 8.75% term loan lenders at the same subscription price available to all securityholders pursuant to the new equity subscription offering; ● The settlement of litigation related to the 2018 acquisition of Filter Group Inc. pursuant to which shareholders of the Filter Group received an aggregate of CAD $1.8 million in cash and 429,958 common shares; and ● The implementation of a new management equity incentive plan as described in Note 20. The September 2020 Recapitalization resulted in total net gain of $38.9 million for the year ended March 31, 2021. The net gain reported in the Consolidated Statement of Operations is made up of the gain of $59.6 million related to reduction in debt, partially offset by $20.7 million of expense incurred in relation to the September 2020 Recapitalization. The September 2020 Recapitalization did not result in tax expense or cash taxes since any debt forgiveness resulting from the exchange of the convertible debentures was fully reduced by operating and capital losses previously not used.

SHARE BASED COMPENSATION PLANS

SHARE BASED COMPENSATION PLANS	12 Months Ended
	Mar. 31, 2022
SHARE BASED COMPENSATION PLANS
SHARE BASED COMPENSATION PLANS	20. On September 28, 2020, the Board of Directors of Just Energy approved a new compensation plan referred to as the Equity Plan. The Equity Plan includes options, RSUs, DSUs and PSUs. Under the Equity Plan, the Company is required to reserve a certain number of (i) options issuable and (ii) other securities issuable under the Plan. The Equity Plan includes a 5% cap on the total number of equity-based securities that can be issued (5% of the issued and outstanding common shares). Accordingly, there is a separate record for options and a separate record for all the other securities (RSUs, DSUs, PSUs). Amounts reserved for the various security types can be amended at any time. The 2020 Equity Compensation Plan was amended on June 25, 2021 to comply with the requirements of the TSX Venture Exchange. In addition to a number of non-material changes, the maximum number of common shares that may be issued pursuant to Awards (as defined in the 2020 Equity Compensation Plan) under the Plan that are not options is limited to a maximum of 2,403,931 common shares. (a) Under the Equity Plan, 650,000 options were issued to management on October 12, 2020 with an exercise price of CAD $8.46. The exercise price was based on the higher of the closing price on October 9, 2020 or the five-day volume weighted trading price as at October 9, 2020. The expected life under the standardized Black-Scholes methodology is 5.5 years with a volatility capped at a maximum of 70%. The projected annual dividend assumption is nil with a risk- free interest rate using an interpolated 5.5 year risk-free rate of 0.28% based on the Bank of Canada daily benchmark for five The options vest over a three-year period and the option value is being amortized as share-based compensation over the vesting period of the options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ 650,000 ​ ​ 814,166 Less: Cancelled ​ ​ – ​ ​ (814,166) Add: Equity Plan options post September 2020 Recapitalization ​ ​ – ​ ​ 650,000 Balance, end of year ​ ​ 650,000 ​ ​ 650,000 ​ (b) Under the Equity Plan, 23,513 RSUs were granted to one employee based on the five-day volume weighted trading price as at October 9, 2020 of CAD $8.37 with vesting date of December 1, 2020. All 23,513 RSUs vested, and 16,541 shares were issued and the remaining 6,972 RSUs were cancelled for tax withholding. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31 ​ ​ 2022 ​ 2021 Balance, beginning of the year ​ ​ – ​ ​ – Add: Granted September 2020 Recapitalization ​ ​ – ​ ​ 23,513 Less: Issued ​ ​ – ​ ​ (16,541) Less: Cancelled to pay taxes and payroll withholding ​ ​ – ​ ​ (6,972) Balance, end of year ​ ​ – ​ ​ – ​ (c) Under the Equity Plan, 190,983 DSUs were granted to company directors in lieu of materially all their annual cash retainers based on the five-day volume weighted trading price as at October 9, 2020 of CAD $8.37. These units were vested immediately on October 12, 2020 and expensed in the prior year. Also, 4,054 DSUs were issued on February 3, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31 ​ ​ 2022 ​ 2021 Balance, beginning of the year ​ ​ 186,929 ​ ​ – Add: Granted September 2020 Recapitalization ​ ​ – ​ ​ 190,983 Less: Issued as shares ​ ​ – ​ ​ (4,054) Balance, end of year ​ ​ 186,929 ​ ​ 186,929 ​ (d) The Equity Plan also includes the issuance of PSUs. The Board of Directors, in its sole discretion, determines the performance period applicable to each grant of PSUs at the time of such grant. Unless otherwise specified by the As at March 31, 2022, no PSUs were granted to any employees. Pre-September 2020 Recapitalization stock-based compensation plan Just Energy granted awards under its 2010 share option plan (formerly the 2001 Unit Option Plan) to directors, officers, full-time employees and service providers (non-employees) of Just Energy and its subsidiaries. The Company’s previous stock-based compensation plan grants awarded under the 2010 RSGs Plan (formerly the 2004 unit appreciation rights) were in the form of fully paid RSGs to senior officers, employees and service providers of its subsidiaries. The previous plan also granted awards under the 2013 performance bonus incentive plan in the form of fully paid performance bonus grants to senior officers, employees, consultants and service providers of its subsidiaries. Additionally, the previous plan granted awards under its 2010 Directors’ Compensation Plan (formerly the 2004 Directors’ deferred unit grants) to all independent directors on the basis that each director was required to annually receive 15% of their compensation entitlement in deferred share grants. As a result of the September 2020 Recapitalization, all existing restricted share grants, performance bonus grants, and deferred share grants have been exercised and/or cancelled. (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ – ​ ​ 1,071,162 Granted ​ ​ – ​ ​ 57,939 Exercised ​ ​ – ​ ​ (54,185) Cancelled ​ ​ – ​ ​ (1,074,916) Balance, end of year ​ ​ – ​ ​ – ​ (b) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ – ​ ​ 1,479,699 Granted ​ ​ – ​ ​ 176,030 Exercised ​ ​ – ​ ​ (20,506) Cancelled ​ ​ – ​ ​ (1,635,223) Balance, end of year ​ ​ – ​ ​ – ​ (c) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ – ​ ​ 82,727 Granted ​ ​ – ​ ​ 38,696 Exercised ​ ​ – ​ ​ (7,861) Cancelled ​ ​ – ​ ​ (113,562) Balance, end of year ​ ​ – ​ ​ – ​

RESTRUCTURING COSTS

RESTRUCTURING COSTS	12 Months Ended
	Mar. 31, 2022
RESTRUCTURING COSTS
RESTRUCTURING COSTS	21. For the year ended March 31, 2021, the Company incurred $5.4 million in restructuring costs in relation to the September 2020 restructuring of its senior management. These costs include management costs, structural reorganization and employee-related costs.

REORGANIZATION COSTS

REORGANIZATION COSTS	12 Months Ended
	Mar. 31, 2022
REORGANIZATION COSTS
REORGANIZATION COSTS	22. Reorganization costs represent the amounts incurred related to the filings under the CCAA Proceedings and consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ For the year ended ​ ​ ​ March 31, ​ ​ March 31, ​ ​ 2022 ​ 2021 Professional and advisory costs ​ $ 47,433 ​ $ 7,396 KERP ​ 7,245 ​ – Prepetition claims and other costs 1 ​ 51,557 ​ 32,418 ​ ​ $ 106,235 ​ $ 39,814 1 These represent charges associated with early termination of certain agreement allowed by the CCAA filing, settlement of claims and the acceleration of deferred financing costs and other fees for the long-term debt subject to compromise and certain other related costs.

EARNING PER SHARE

EARNING PER SHARE	12 Months Ended
	Mar. 31, 2022
EARNING PER SHARE
EARNING PER SHARE	23. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 BASIC EARNINGS (LOSS) PER SHARE ​ ​ ​ Income (loss) from continuing operations available to shareholders ​ $ 678,484 ​ $ (340,805) ​ $ (204,430) Income (loss) for the year available to shareholders ​ $ 678,484 ​ $ (340,776) ​ ​ (195,362) Basic weighted average shares outstanding ​ 48,078,637 ​ 34,125,199 ​ 9,856,640 Basic earnings (loss) per share from continuing operations available to shareholders ​ 14.11 ​ (9.99) ​ (20.74) Basic earnings (loss) per share available to shareholders ​ $ 14.11 ​ $ (9.99) ​ $ (19.82) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DILUTED EARNINGS (LOSS) PER SHARE ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations available to shareholders ​ $ 678,484 ​ $ (340,805) ​ $ (204,430) Adjusted income (loss) for the year available to shareholders ​ $ 678,484 ​ $ (340,776) ​ $ (195,362) Basic weighted average shares outstanding ​ 48,078,637 ​ 34,125,199 ​ 9,856,640 Dilutive effect of: ​ ​ ​ ​ ​ ​ Restricted share grants ​ — ​ 38,990 ​ 80,761 Deferred share grants ​ — ​ 6,437 ​ 8,841 Restricted share units ​ ​ — ​ ​ 4,252 ​ ​ — Deferred share units ​ ​ 190,983 ​ ​ 87,926 ​ ​ — Options ​ ​ 650,000 ​ ​ 305,357 ​ — Shares outstanding on a diluted basis ​ 48,919,620 ​ 34,568,161 ​ 9,946,242 Diluted earnings (loss) from continuing operations per share available to shareholders ​ 13.87 ​ (9.99) ​ (20.74) Diluted earnings (loss) per share available to shareholders ​ $ 13.87 ​ $ (9.99) ​ $ (19.82) ​ 1 The assumed settlement of shares results in an anti-dilutive position for March 31, 2021 and 2020; therefore, these items have not been included in the computation of diluted loss per share. The shares have been adjusted to reflect the share consolidation due to the September 2020 Recapitalization.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Mar. 31, 2022
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	24. (a) In March 2019, Just Energy formally approved and commenced the process to dispose of its businesses in Germany, Ireland and Japan. In June 2019, the U.K. was added to the disposal group. The decision was part of a strategic transition to focus on the core business in North America. In November 2019, Just Energy closed its previously announced sale of Hudson U.K. to Shell Energy Retail Limited and completed the Ireland sale in February 2020. In April 2020, the Company announced that it has sold all of the shares of Just Energy Japan KK to Astmax Trading, Inc. The purchase price was nominal. Previously, these operations were reported within the Mass Market segment, while a portion of the U.K. business was allocated to the Commercial segment. On November 30, 2020, the Company sold EdgePower. The disposal of these operations was reclassified and presented in discontinued operations and were previously reported as a Commercial segment. In March 2021, the Company commenced insolvency proceedings for its German operations and expects to liquidate the German businesses. (b) Sale of Just Energy Japan On April 10, 2020, the Company announced that it has sold all of the shares of Just Energy Japan to Astmax Trading, Inc. The purchase price was nominal, as the business was still in its start-up phase with more liabilities than assets and had fewer than 1,000 customers. The sale of the Japanese subsidiary resulted in nominal gain on sale, which will be reported through income (loss) from discontinued operations. (c) On November 29, 2019, Just Energy closed its previously announced sale of Hudson U.K. to Shell Energy Retail Limited. Pursuant to the share purchase agreement, the aggregate amount of the closing consideration received was £1.5 million ($1.9 million). (d) On December 18, 2019, Just Energy closed its previously announced sale of substantially all of the assets of Just Energy Ireland Limited to Flogas Natural Limited for €0.6 million ($0.7 million). The Company received 75% of the purchase price in cash at closing and 25% of the purchase price five months after closing. ​

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2022
COMMITEMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	25. Commitments for each of the next five years and thereafter are as follows: As at March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 year 1–3 years 4–5 years More than 5 years Total Trade and other payables ​ $ 349,923 ​ $ – ​ $ – ​ $ – ​ $ 349,923 Commodity suppliers' accruals and payables subject to compromise ​ ​ 438,068 ​ ​ – ​ ​ – ​ ​ – ​ ​ 438,068 Non-commodity trade accruals and accounts payable subject to compromise ​ ​ 41,914 ​ ​ – ​ ​ – ​ ​ – ​ ​ 41,914 Long-term debt ​ ​ 126,289 ​ ​ 130 ​ ​ – ​ ​ – ​ ​ 126,419 Debt and financing subject to compromise ​ ​ 365,908 ​ ​ – ​ ​ – ​ ​ – ​ ​ 365,908 Gas, electricity and non-commodity contracts ​ ​ 1,897,786 ​ ​ 1,037,341 ​ ​ 219,651 ​ ​ 37,004 ​ ​ 3,191,782 Total ​ $ 3,219,888 ​ $ 1,037,471 ​ $ 219,651 ​ $ 37,004 ​ $ 4,514,014 ​ Under the terms of the Court Orders, any actions against Just Energy to enforce or otherwise effect payment from Just Energy of pre-petition obligations were stayed during the CCAA proceedings. Just Energy has entered into leasing contracts for office buildings and administrative equipment. These leases have a leasing period of between one ​ (a) Surety bonds and letters of credit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2022 ​ ​ Under 1 year ​ 1-3 Years ​ 3-5 Years ​ Over 5 Years ​ Total Surety bonds (i) ​ $ 42,100 ​ $ – ​ $ – ​ $ – ​ $ 42,100 Letters of credit (ii) ​ ​ 120,400 ​ ​ – ​ ​ – ​ ​ – ​ ​ 120,400 Other guarantees (subject to compromise) (c) ​ ​ – ​ ​ – ​ ​ – ​ ​ 50,100 ​ ​ 50,100 ​ ​ $ 162,500 ​ $ – ​ $ – ​ $ 50,100 ​ $ 212,600 ​ (i) Pursuant to separate arrangements with surety bond providers, Just Energy has had surety bonds issued to various counterparties including states, regulatory bodies, utilities, and various other surety bond holders in return for a fee and/or meeting certain collateral posting requirements. Such surety bond postings are required in order to operate in certain states or markets. As at March 31, 2022, Just Energy has provided cash collateral or letters of credit for all outstanding surety bonds. (ii) The Company has issued letters of credit in accordance with its credit facility to various counterparties, primarily utilities, state regulatory bodies in the markets it operates in, as well as suppliers. (b) Corporate indemnities have been provided by Just Energy to all directors and certain officers of its subsidiaries for various items including, but not limited to, all costs to settle suits or actions due to their association with Just Energy and its subsidiaries and/or affiliates, subject to certain restrictions. Just Energy has purchased directors’ and officers’ liability insurance to mitigate the cost of any potential future suits or actions and is entitled to a priority charge under the Court Order in CCAA proceedings. Each indemnity, subject to certain exceptions, applies for so long as the indemnified person is a director or officer of one of Just Energy’s subsidiaries and/or affiliates. The maximum amount of any potential future payment cannot be reasonably estimated. (c) In the normal course of business, Just Energy and/or Just Energy’s subsidiaries have entered into agreements that include guarantees in favour of third parties, such as purchase and sale agreements, leasing agreements and transportation agreements. These guarantees may require Just Energy and/or its subsidiaries to compensate counterparties for losses incurred by the counterparties as a result of breaches in representation and regulation or as a result of litigation claims or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. The maximum payable under these guarantees is estimated to be $50.1 million and are subject to compromise under the CCAA. (d) Just Energy and its subsidiaries are party to a number of legal proceedings. Other than as set out below, Just Energy believes that each proceeding constitutes legal matters that are incidental to the business conducted by Just Energy and that the ultimate disposition of the proceedings will not have a material adverse effect on its consolidated earnings, cash flows or financial position. On March 9, 2021, Just Energy filed for and received creditor protection pursuant to the Court Order under the CCAA and similar protection under Chapter 15 of the Bankruptcy Code in the United States in connection with the Weather Event. On September 15, 2021, the Ontario Court approved the Company’s request to establish a claims process to identify and determine claims against the Company and its subsidiaries that are subject to the ongoing Claims Procedure Order. As part of the CCAA proceedings and in accordance with the Claims Procedure Order, Just Energy continues to review and determine which claims will be allowed, modified or disallowed, which may result in additional liabilities subject to compromise that are not currently reflected in the Consolidated Financial Statements. Currently, the total claims filed against Just Energy and its subsidiaries pursuant to the Claims Procedure Order are in excess of $14 billion, including approximately $1 billion in secured claims, which include letters of credit. The previously disclosed class action against Just Energy, Just Energy Corp. and Just Energy Ontario L.P. with Haidar Omarali as plaintiff, and certain other class action claims, are subject to the Claims Procedure Order. Just Energy expects that the final amount of accepted unsecured claims will be much lower than the face amount of the filed claims. However, on August 4, 2022 Just Energy entered into the Stalking Horse Transaction Agreement with the Stalking Horse Purchaser and the SISP Support Agreement in connection with the SISP that is intended to facilitate its exit from the Company’s ongoing insolvency proceedings as a going concern. The Stalking Horse Transaction provides that certain secured creditors will receive cash payments and/or equity in exchange for their debt, and existing equityholders’ interests will be cancelled or redeemed for no consideration. In addition, no amounts will be available for distribution to the Just Energy Entities’ general unsecured creditors, including the previously disclosed class action against Just Energy, Just Energy Corp. and Just Energy Ontario L.P. with Haidar Omarali as plaintiff, and certain other class action claims. On July 23, 2019, Just Energy announced that, as part of its Strategic Review process, management identified customer enrolment and non-payment issues, primarily in Texas. In response to this announcement, and in some cases in response to this and other subsequent related announcements, putative class action lawsuits were filed in the United States District Court for the Southern District of New York, in the United States District Court for the Southern District of Texas and in the Ontario Court, on behalf of investors that purchased Just Energy Group Inc. securities during various periods, ranging from November 9, 2017 through August 19, 2019. The U.S. lawsuits have been consolidated in the United States District Court for the Southern District of Texas with one lead plaintiff and the Ontario lawsuits have been consolidated with one lead plaintiff. The U.S. lawsuit seeks damages allegedly arising from violations of the United States Securities Exchange Act. The Ontario lawsuit seeks damages allegedly arising from violations of Canadian securities legislation and of common law. The Ontario lawsuit was subsequently amended to, among other things, extend the period to July 7, 2020. On September 2, 2020, pursuant to Just Energy’s plan of arrangement, the Superior Court of Justice (Ontario) ordered that all existing equity class action claimants shall be irrevocably and forever limited solely to recovery from the proceeds of the insurance policies payable on behalf of Just Energy or its directors and officers in respect of any such existing equity class action claims, and such existing equity class action claimants shall have no right to, and shall not, directly or indirectly, make any claim or seek any recoveries from any of the released parties or any of their respective current or former officers and directors in respect of any existing equity class action claims, other than enforcing their rights to be paid by the applicable insurer(s) from the proceeds of the applicable insurance policies. Pursuant to the CCAA proceedings, these proceedings have been stayed. Just Energy denies the allegations and will vigorously defend against these claims if they proceed. On November 12, 2021, Just Energy, along with the Just Energy Parties, initiated the ERCOT Lawsuit against ERCOT and the PUCT in the Houston Court. The ERCOT Lawsuit seeks to recover payments that were made by the Just Energy Parties to ERCOT for certain invoices relating to the Weather Event. On February 2, 2022, the Houston Court dismissed the Lawsuit against the PUCT.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	26 . Parties are considered to be related if one party has the ability to control the other party or exercise influence over the other party in making financial or operating decisions. The definition includes subsidiaries and other persons. PIMCO, through certain affiliates, became a 28.9% shareholder of the Company as part of the September 2020 Recapitalization. On March 9, 2021, certain PIMCO affiliates entered into a DIP agreement with the Company for the DIP Facility for $125 million as described in Note 16(a) and comprise the Stalking Horse Purchaser. ​

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Mar. 31, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
SUPPLEMENTAL CASH FLOW INFORMATION	27. Net change in working capital ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31 ​ ​ 2022 ​ 2021 ​ 2020 Accounts receivable and unbilled revenue, net ​ $ (37,652) ​ $ 7,524 ​ $ 230,056 Gas in storage ​ (934) ​ 1,975 ​ (2,151) Prepaid expenses and deposits ​ ​ (12,358) ​ ​ 23,735 ​ ​ 5,209 Provisions ​ ​ (4,641) ​ ​ 4,318 ​ ​ (3,976) Trade and other payables ​ ​ 32,024 ​ ​ (143,242) ​ ​ (237,384) Adjustments required to reflect net cash receipts from gas sales ​ ​ (946) ​ ​ 4,441 ​ ​ (3,940) ​ ​ $ (24,507) ​ $ (101,249) ​ $ (12,186) ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Cash and cash equivalents and restricted cash	Cash and cash equivalents and restricted cash All highly liquid investments with an original maturity of three months or less at the time of purchase are cash equivalents. Restricted cash includes cash and cash equivalents, where the availability of cash to be exchanged or used to settle a liability is restricted by debt arrangements.
Trade and other receivables	Trade and other receivables Trade receivables are reported on the Consolidated Balance Sheet net of the provision for ECL.
Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue	Accrued gas receivable/accrued gas payable or gas delivered in excess of consumption/deferred revenue Accrued gas receivable from Just Energy’s customers is stated at fair value and results from customers consuming more gas than has been delivered by Just Energy to LDCs. Accrued gas payable represents Just Energy’s obligation to the LDCs for the customers’ excess consumption, over what was delivered to the LDCs. Gas delivered to LDCs in excess of consumption by customers is stated at the lower of cost and net realizable value. Collections from customers in advance of their consumption of gas result in deferred revenue. Assuming normal weather and consumption patterns, during the winter months, customers will have consumed more than was delivered, resulting in the recognition of accrued gas receivable and accrued gas payable. In the summer months, customers will have consumed less than what was delivered, resulting in the recognition of gas delivered in excess of consumption as deferred revenue.
Gas in storage	Gas in storage Gas in storage represents the gas delivered to the LDCs. The balance will fluctuate as gas is injected into or withdrawn from storage. Gas in storage is valued at the lower of cost and net realizable value, with cost being determined based on market cost on a weighted average basis. Net realizable value is the estimated selling price in the ordinary course of business.
Inventory	Inventory Inventory is valued at the lower of cost or net realizable value with cost being determined on a weighted average cost basis for inventories. The Company removes these inventories as they are sold to customers. Sales of inventory are classified as an operating activity in the Consolidated Statement of Cash Flows.
Property and equipment	Property and equipment Property and equipment are stated at cost, net of any accumulated depreciation and impairment losses. Cost includes the purchase price and, where relevant, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and the present value of all dismantling and removal costs. Where major components of property and equipment have different useful lives, the components are recognized and depreciated separately. Just Energy recognizes, in the carrying amount, the cost of replacing part of an item when the cost is incurred and if it is probable that the future economic benefits embodied in the item can be reliably measured. Depreciation is provided over the estimated useful lives of the assets as follows: ​ ​ ​ ​ ​ ​ Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Shorter of useful life and lease term Premise assets Straight-line 4-7 years ​ An item of property and equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in the Consolidated Statement of Operations. The useful lives and methods of depreciation are reviewed at each financial year-end and adjusted prospectively, if appropriate.
Business combinations	Business combinations In accordance with ASC 805, Business Combinations
Goodwill, including impairment	Goodwill, including impairment In accordance with ASC 350, Intangibles Goodwill and Other The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. If it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, there is no goodwill impairment. In the absence of sufficient qualitative factors indicating that it is more-likely-than-not that no impairment occurred, the Company performs a quantitative assessment by determining the fair value of the reporting unit and comparing the fair value to its book value. If the fair value of the reporting unit exceeds its book value, goodwill of the reporting unit is not considered impaired. If the book value exceeds fair value, the Company recognizes an impairment loss equal to the difference between book value and fair value. For the purpose of impairment testing, goodwill is allocated to each of Just Energy’s operating segments that are expected to benefit from the synergies of the combination, irrespective of whether other assets and liabilities of the acquiree are assigned to those segments. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. As a result, there can be no assurance that the estimates and assumptions made for purposes of the annual goodwill impairment test will prove to be accurate predictions of the future.
Intangible assets, including impairment	Intangible assets, including impairment Intangible assets acquired outside of a business combination are measured at cost on initial recognition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and/or accumulated impairment losses. Intangible assets with finite useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The intangible assets with finite lives are assessed for impairment whenever indications of impairment exist. The carrying value of such assets is deemed to be impaired if the projected undiscounted cash flows are less than the carrying value. If there is such impairment, a loss is recognized based on the amount by which the carrying value exceeds the fair value. The amortization method and amortization period of an intangible asset with a finite useful life are reviewed at least annually. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortization period or method, as appropriate, and are treated as changes in accounting estimates. The amortization expense related to intangible assets with finite lives is recognized in the Consolidated Statement of Operations. Internally developed intangible assets are capitalized when the product or process is technically and commercially feasible, the future economic benefit is measurable, Just Energy can demonstrate how the asset will generate future economic benefits and Just Energy has sufficient resources to complete development. The cost of an internally developed intangible asset comprises all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. Gains or losses arising from disposal of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the Consolidated Statement of Operations when the asset is derecognized. ​ ​ ​ ​ ​ ​ Intangible asset category Amortization method Rate/useful life Customer relationships Straight-line 10 years Technology Straight-line 3-5 years Brand (finite life) Straight-line 10 years
Leases	Leases The Company applies ASC 842, Leases At the commencement date of the lease, Just Energy initially measures lease liabilities at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable. The lease payments also include payments of penalties for terminating the lease, if the lease term reflects the exercising of the option to terminate. Lease liabilities are grouped into other liabilities on the Consolidated Balance Sheet. In calculating the present value of lease payments, Just Energy uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, or a change in the lease. Just Energy applies the short-term lease exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term.
Derivative instruments and mark-to-market accounting	Derivative instruments and mark-to-market accounting The Company enters into contracts for the purchase and sale of electricity and natural gas commodities utilizing instruments such as options, swaps and forwards primarily to manage commodity price risks. If the instrument meets the definition of a derivative under ASC 815 Derivatives and Hedging Just Energy enters into fixed-term contracts with customers to provide electricity and natural gas at fixed prices. These customer contracts expose Just Energy to changes in consumption as well as changes in the market prices of electricity and natural gas. To reduce its exposure to movements in commodity prices, Just Energy enters into contracts with suppliers that expose the Company to changes in prices for the purchase and sale of electricity and natural gas. The primary factors affecting the fair value of derivative instruments at any point in time are the volume of open derivative positions and the changes of commodity market prices. Prices for electricity and natural gas are volatile, which can result in material changes in the fair value measurements reported in the Consolidated Financial Statements in the future. Just Energy analyzes all its contracts, of both a financial and non-financial nature, to identify the existence of any “embedded” derivatives. Embedded derivatives are accounted for separately from the underlying contract at the inception date when their economic characteristics are not closely related to those of the host contract and the host contract is not carried as held for trading or designated as fair value in the Consolidated Statement of Operations. These embedded derivatives are measured at fair value with changes in fair value recognized in Consolidated Statement of Operations. All derivatives are recognized at fair value on the date on which the derivative is entered into and are remeasured to fair value at each reporting date. Derivative instruments are carried in the Consolidated Balance Sheet as assets when the fair value is positive and as liabilities when the fair value is negative. Just Energy does not utilize hedge accounting; therefore, changes in the fair value of these derivatives are recorded directly to the Consolidated Statement of Operations and are included within unrealized gain (loss) on derivative instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal market, or if none exists, the most advantageous market, for the specific asset or liability at the measurement date (the exit price). The fair value is based on assumptions that market participants would use when pricing the asset or liability. The fair values are assigned a level within the fair value hierarchy, depending on the source of the inputs into the calculation, as follows: ● Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. ● Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The carrying amounts for cash and cash equivalents, accounts and notes receivable and accounts and trade and accounts payable approximate fair value based on the short-term nature of these amounts. See Note 13 for additional information regarding fair value measurement of derivative instruments. Under the guidance of ASC 815, entities may choose to offset cash collateral posted or received against the fair value of derivative positions executed with the same counterparties under the same master netting agreements. The Company has chosen not to offset positions as defined in ASC 815.
Revenue recognition	Revenue recognition Just Energy has identified that the material performance obligation is the provision of electricity and natural gas to customers, which is satisfied over time throughout the contract term. Just Energy utilizes the output method to recognize revenue based on the units of electricity and natural gas delivered and billed to the customer each month, and Just Energy has elected to adopt the practical expedient to recognize revenue in the amount to which the entity has a right to invoice, as the entity has a right to consideration from a customer in an amount that corresponds directly with the value to the customer of the entity’s performance to date. Energy sales and services that have been delivered but not billed by period end are estimated. Accrued unbilled revenues are based on estimates of customer usage since the date of the last meter reading provided by the independent system operators or local distribution companies. Estimated amounts are adjusted when actual usage is known and billed. Sales tax is excluded from revenue. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and sales taxes. Just Energy accounts for TDSP charges charged to electricity customers on a gross basis whereby TDSP charges to the customer and payments to the service provider are presented in sales and cost of goods sold, respectively. The Company undertakes to deliver the commodity to the customer at their location across various markets and contract offers. Arranging delivery to the customer’s meter is a part of the activities the Company performs to fulfill its obligation to customers and, as such, the Company is the primary obligor to deliver the commodity to the customer. The Company determined that TDSP charges should be accounted for consistently on a gross basis for the relevant markets where the nature and contractual terms of TDSP charges were similar. Just Energy is exposed to customer credit risk on its continuing operations in Alberta, Texas, Illinois (gas), California (gas) and Ohio (electricity) and for certain Commercial customers in dual-billing markets including Illinois (power), Pennsylvania (power), Massachusetts (power), New York and New Jersey. Credit review processes have been established to manage the customer default rate. Management factors default from credit risk into its margin expectations for all of the above-noted markets. Foreign currency translation. Functional and reporting currency Items included in the Consolidated Financial Statements of each of the Company’s entities are measured using the functional currency. The Consolidated Financial Statements are presented in U.S. dollars, which is the parent Company’s reporting currency. Transactions Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statement of Operations. Translation of foreign operations Subsidiaries that have a functional currency different from the reporting currency are translated into the reporting currency as follows: ● Assets and liabilities for each Consolidated Balance Sheet presented are translated at the closing rate as at the date of that Consolidated Balance Sheet; and ● Income and expenses for each Consolidated Statement of Operations are translated at the exchange rates prevailing at the dates of the transactions. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are recorded in OCI. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in accumulated other comprehensive income are recognized in the Consolidated Statement of Operations as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.
Earnings (loss) per share amounts	Earnings (loss) per share amounts The computation of earnings (loss) per share is based on the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share is computed in a similar way to basic earnings (loss) per share except that the weighted average number of shares outstanding is increased to include additional shares introduced from the equity compensation plans described in Note 19(b), assuming the exercise of stock options, RSUs, PSU and DSUs. These outstanding shares are also adjusted for any pre-September 2020 Recapitalization, RSG, PBG, DSGs and convertible debentures, if dilutive.
Share-based compensation plans	Share-based compensation plans Share-based compensation plans are equity-settled transactions. Stock-based compensation is accounted for in accordance with ASC 718, Compensation Stock Compensation When units are exercised or exchanged, the amounts previously credited to contributed deficit are reversed and credited to shareholders’ capital.
Employee future benefits	Employee future benefits In Canada, Just Energy has established the Canadian Plan for all permanent full-time and permanent part-time employees (working more than 26 hours per week). For U.S. employees, Just Energy has established the U.S. Plan for all permanent full-time and part-time employees (working more than 30 hours per week) of its subsidiaries. Participation in the plans in Canada or the U.S. is voluntary. Obligations for contributions to the Canadian and U.S. plans are recognized as an expense in the Consolidated Statement of Operations when the contribution is made by the Company.
Income taxes	Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes The Company has two categories of income tax expense or benefit — current and deferred, as follows: ● Current income tax expense or benefit consists solely of current taxes payable less applicable tax credits, and ● Deferred income tax expense or benefit consists of the change in the net deferred income tax asset or liability, excluding amounts charged or credited to accumulated other comprehensive income. The Company reports some of its revenues and expenses differently for financial statement purposes than for income tax return purposes, resulting in temporary and permanent differences between the Company's Consolidated Financial Statements and income tax returns. The tax effects of such temporary differences are recorded as either deferred income tax assets or deferred income tax liabilities in the Company's Consolidated Balance Sheet. The Company measures its deferred income tax assets and deferred income tax liabilities using income tax rates that are expected to be in effect when the deferred tax is realized. The Company recognizes deferred tax assets to the extent it believes these assets are more likely than not to be realized. In making this determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The Company accounts for uncertain tax positions in accordance with ASC 740, which applies to all tax positions related to income taxes. Under ASC 740, tax benefits are recognized when it is more-likely-than-not that a tax position will be sustained upon examination by the authorities. The benefit recognized from a position is the amount of benefit that has surpassed the more-likely-than-not threshold, as it is more than 50% likely to be realized upon settlement. In accordance with ASC 740, changes to existing net deferred tax assets or valuation allowance or changes to uncertain tax benefits are recorded to income tax (benefit)/expense. The Company records interest and penalties accrued related to uncertain tax benefits as interest expense and other expenses respectively.
Provisions and restructuring	Provisions and restructuring Provisions are recognized when Just Energy has an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Selling and marketing expenses	Selling and marketing expenses Commissions and various other costs related to obtaining and renewing customer contracts are charged to selling and marketing expense in the Consolidated Statement of Operations in the period incurred except as disclosed below. Commissions related to obtaining and renewing customer contracts are paid in one of the following ways: all or partially up front or as a residual payment over the term of the contract. If the commission is paid all or partially up front, it is recorded as a customer acquisition cost in other current or non-current assets in the Consolidated Balance Sheet and expensed in selling and marketing expenses over the term for which the associated revenue is earned. If the commission is paid as a residual payment, the amount is expensed as earned. Just Energy capitalizes the incremental acquisition costs of obtaining a customer contract as an asset as these costs would not have been incurred if the contract had not been obtained and these costs are amortized in selling and marketing expense over the life of the contract. When the term of the contract is one year or less, the incremental costs incurred to obtain the customer contracts are expensed when incurred. Just Energy expenses advertising costs as incurred, and these costs are presented in selling and marketing expenses in the Consolidated Statement of Operations and were $20.7 million, $15.2 million, and $5.6 million for the year ended March 31, 2022, 2021 and 2020, respectively.
Green provision and certificates	Green provision and certificates Just Energy is a retailer of green energy and records a liability as green energy sales are recognized. A corresponding cost is included in cost of goods sold. Just Energy measures its liability based on the compliance requirements of different jurisdictions in which it has operations or where the customers voluntarily subscribed for green energy. Green certificates are purchased by Just Energy to settle its obligation with the regulators or for trading in the normal course of business. Green certificates are held at cost and presented at the gross amount in the Consolidated Balance Sheets. These certificates are only netted against the obligation when the liability is retired as per the regulations of the respective jurisdiction. Any provision balance in excess of the green certificates held or that Just Energy has committed to purchase is measured at fair value. Any green energy-related derivatives are forward contracts and are recognized in accordance with the accounting policy discussed under “Derivative instruments and mark-to-market accounting” above.
Non-current assets held for sale and discontinued operations	Non-current assets held for sale and discontinued operations Just Energy classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. The criteria for the held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as income or loss after tax from discontinued operations in the Consolidated Statement of Operations. Property and equipment and intangible assets are not depreciated or amortized once classified as held for sale.
Investments	Investments ​ Just Energy carries the investments at fair value in the Consolidated Balance Sheet as per the requirements of ASC 321, Investments Equity Securities
Recapitalization	Recapitalization ​ Just Energy completed a recapitalization through a plan of arrangement under the CBCA and accounted for the transaction under the guidance from ASC 470, Debt
Reporting during CCAA/Bankruptcy	Reporting during CCAA/bankruptcy ​ Just Energy has applied ASC 852 and has separately presented its obligations that were incurred prior to the filing of the bankruptcy petition and are subject to compromise, as Liabilities Subject To Compromise on the Consolidated Balance Sheet. Also, the DIP Facility has been accounted for using the same guidance, and all the costs incurred to obtain the DIP Facility have been directly charged to Reorganization Costs in the Consolidated Statement of Operations.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Schedule of the estimated useful lives of property, plant and equipment	​ ​ ​ ​ ​ ​ Asset category Depreciation method Rate/useful life Furniture and fixtures Declining balance 20% Office equipment Declining balance 20% Computer equipment Declining balance 30% Leasehold improvements Straight-line Shorter of useful life and lease term Premise assets Straight-line 4-7 years
Schedule of the estimated useful lives of intangible assets	​ ​ ​ ​ ​ ​ Intangible asset category Amortization method Rate/useful life Customer relationships Straight-line 10 years Technology Straight-line 3-5 years Brand (finite life) Straight-line 10 years

TRADE AND OTHER RECEIVABLES, _2

TRADE AND OTHER RECEIVABLES, NET (Tables)	12 Months Ended
	Mar. 31, 2022
TRADE AND OTHER RECEIVABLES, NET
Summary of trade and other receivables, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Trade accounts receivable, net ​ $ 147,063 ​ $ 150,499 Unbilled revenue, net ​ 82,946 ​ 82,693 Accrued gas receivable ​ 1,414 ​ 663 Commodity receivables ​ 77,518 ​ 36,683 Total trade and other receivables, net ​ $ 308,941 ​ $ 270,538
Schedule of aging of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ Current ​ $ 57,766 ​ $ 46,710 1–30 days ​ 16,061 ​ 15,439 31–60 days ​ 4,470 ​ 3,017 61–90 days ​ 1,220 ​ 1,705 Over 90 days ​ 5,106 ​ 8,307 Total trade receivables ​ $ 84,623 ​ $ 75,178
Schedule of allowance for doubtful accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ 2022 ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year ​ $ 18,578 ​ $ 32,305 Provision for expected credit losses ​ 24,242 ​ 25,712 Bad debts written off ​ (34,504) ​ (49,725) Recoveries ​ ​ 5,148 ​ ​ 3,850 Foreign exchange ​ ​ 573 ​ 6,436 Balance, end of year ​ $ 14,037 ​ $ 18,578

OTHER CURRENT AND NON CURRENT_2

OTHER CURRENT AND NON CURRENT ASSETS (Tables)	12 Months Ended
	Mar. 31, 2022
OTHER CURRENT AND NON CURRENT ASSETS
Schedule of other current and non current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Prepaid expenses and deposits ​ $ 40,347 ​ $ 41,524 Customer acquisition costs ​ 35,680 ​ 36,327 Green certificates assets ​ 53,824 ​ 48,880 Gas delivered in excess of consumption ​ 793 ​ 516 Inventory ​ 926 ​ 2,697 Total other current assets ​ $ 131,570 ​ $ 129,944 ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Customer acquisition costs ​ $ 30,273 ​ $ 21,724 Other long-term assets ​ 8,775 ​ 6,318 Total other non-current assets ​ $ 39,048 ​ $ 28,042

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2022
PROPERTY AND EQUIPMENT
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ ​ 2022 ​ 2021 Premise and ROU assets $ 24,834 $ 27,333 Computer equipment ​ 21,106 ​ 20,395 Others 1 ​ 21,480 ​ 21,314 Total property and equipment ​ ​ 67,420 ​ ​ 69,042 Accumulated depreciation 2 ​ ​ (57,395) ​ ​ (54,338) Retirements and write-offs ​ ​ (3,520) ​ ​ (527) Net property and equipment ​ $ 6,505 ​ $ 14,177 1 Others include office equipment, furniture and fixture and leasehold improvements. 2 Depreciation expense on property and equipment totaled $4.6 million, $6.1 million and $14.0 million for the year ended March 31, 2022, 2021 and 2020, respectively.

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2022
LEASES
Schedule of operating lease cost	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 Finance lease cost: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of ROU assets ​ $ 40 ​ $ 373 ​ $ 665 Interest on lease liabilities ​ ​ 3 ​ ​ 9 ​ ​ 49 Operating lease costs ​ ​ 2,080 ​ ​ 3,036 ​ ​ 4,585 Total lease cost ​ $ 2,123 ​ $ 3,418 ​ $ 5,299 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of lease term and discount rate for leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ ​ 2022 ​ 2021 Finance leases: ​ ​ ​ ​ ​ Weighted average remaining lease term (in years) ​ 2.2 ​ 3.2 Weighted average discount rate ​ 6.75% ​ 6.75% Operating leases: ​ ​ ​ ​ ​ Weighted average remaining lease term (in years) ​ 2.4 ​ 3.3 Weighted average discount rate ​ 6.75% ​ 6.75%
Schedule of annual lease payments based on maturities	​ ​ ​ ​ ​ ​ ​ Annual future payments ​ ​ For the year ended March 31, 2023 $ 2,174 2024 ​ 1,489 2025 ​ 913 2026 ​ ​ 6 Thereafter ​ ​ 4 Total undiscounted lease payments ​ $ 4,586 Less: present value adjustment ​ ​ (351) Total discounted lease payments ​ $ 4,235

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Mar. 31, 2022
INTANGBILE ASSETS
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2022 ​ ​ Cost ​ Accumulated Amortization ​ Impairment 2 ​ Net Book Value Technology $ 107,463 $ (71,611) $ (7,215) $ 28,637 Brand 3 ​ 14,802 ​ (833) ​ — ​ 13,969 Others 1 ​ 44,505 ​ (43,296) ​ — ​ 1,209 Total intangible assets ​ $ 166,770 ​ $ (115,740) ​ $ (7,215) ​ $ 43,815 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2021 ​ ​ Cost ​ Accumulated Amortization ​ Impairment 2 ​ Net Book Value Technology ​ $ 97,625 ​ $ (56,187) ​ $ (887) ​ $ 40,551 Brand 3 ​ ​ 25,812 ​ ​ (557) ​ ​ (11,026) ​ ​ 14,229 Others 1 ​ ​ 44,223 ​ ​ (42,763) ​ ​ — ​ ​ 1,460 Total intangible assets ​ $ 167,660 ​ $ (99,507) ​ $ (11,913) ​ $ 56,240 1 2 3
Schedule of goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ ​ 2022 ​ ​ 2021 Opening balance ​ $ 130,235 ​ $ 192,212 Impairment ​ ​ – ​ ​ (79,500) Foreign exchange movement ​ ​ 710 ​ ​ 17,523 Closing balance ​ $ 130,945 ​ $ 130,235
Schedule of estimated aggregated amortization expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible ​ ​ assets 2023 ​ $ 7,671 2024 ​ ​ 5,451 2025 ​ ​ 2,896 2026 ​ ​ 1,862 2027 ​ ​ 1,000 Total ​ $ 18,880

DERIVATIVE INSTRUMENTS (Tables)

DERIVATIVE INSTRUMENTS (Tables)	12 Months Ended
	Mar. 31, 2022
DERIVATIVE INSTRUMENTS
Schedule of gain (loss) derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 2020 Physical forward contracts and options (i) ​ $ 476,050 ​ $ 4,161 ​ $ (96,495) Financial swap contracts and options (ii) ​ 206,923 ​ 54,639 ​ (46,410) Foreign exchange forward contracts ​ (818) ​ (6,202) ​ 6,712 Share swap ​ ​ – ​ ​ – ​ ​ (7,102) Other derivative options ​ 238 ​ (1,675) ​ (1,258) Unrealized gain (loss) on derivative instruments and other ​ $ 682,393 ​ $ 50,923 ​ $ (144,553)
Schedule of derivative instruments, fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative ​ Derivative ​ Derivative ​ Derivative ​ ​ instrument ​ instrument ​ instrument ​ instrument ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 373,268 ​ $ 81,392 ​ $ 10,195 ​ $ 5,865 Financial swap contracts and options (ii) ​ 161,838 ​ 51,161 ​ 2,134 ​ 6,856 Foreign exchange forward contracts ​ – ​ – ​ 841 ​ 195 Other derivative options ​ 3,594 ​ 461 ​ – ​ – As at March 31, 2022 ​ $ 538,700 ​ $ 133,014 ​ $ 13,170 ​ $ 12,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative ​ Derivative ​ Derivative ​ Derivative ​ ​ instrument ​ instrument ​ instrument ​ instrument ​ ​ assets ​ assets ​ liabilities ​ liabilities ​ (current) (non-current) (current) (non-current) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Physical forward contracts and options (i) ​ $ 9,951 ​ $ 5,338 ​ $ 8,078 ​ $ 44,629 Financial swap contracts and options (ii) ​ 5,520 ​ 2,095 ​ 2,821 ​ 4,014 Foreign exchange forward contracts ​ – ​ – ​ 216 ​ – Other derivative options ​ 2,911 ​ 996 ​ – ​ – As at March 31, 2021 ​ $ 18,382 ​ $ 8,429 ​ $ 11,115 ​ $ 48,643
Schedule of impact of netting derivative assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross basis amount Netting impact Net basis amount ​ Derivative instrument assets $ 910,174 ​ $ (238,460) ​ $ 671,714 ​ Derivative instrument liabilities ​ (265,011) ​ 238,925 ​ (26,086) ​ As of March 31, 2022 ​ $ 645,163 ​ $ 465 ​ $ 645,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross basis amount Netting impact Net basis amount ​ Derivative instrument assets $ 453,666 ​ $ (426,855) ​ $ 26,811 ​ Derivative instrument liabilities ​ (483,737) ​ 423,979 ​ (59,758) ​ As of March 31, 2021 ​ $ (30,071) ​ $ (2,876) ​ $ (32,947) ​
Schedule of classification of assets and liabilities in fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Physical forward contracts $ – ​ $ – ​ $ 438,600 ​ $ 438,600 Financial swap contracts ​ ​ – ​ ​ 124,188 ​ ​ 79,821 ​ ​ 204,009 Foreign exchange forward contracts ​ ​ – ​ ​ – ​ ​ (1,036) ​ ​ (1,036) Other derivative options ​ – ​ – ​ ​ 4,055 ​ ​ 4,055 Total net derivative instrument assets ​ $ – ​ $ 124,188 ​ $ 521,440 ​ $ 645,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Physical forward contracts and options $ – ​ $ – ​ $ (37,418) ​ $ (37,418) Financial swap contracts and options ​ – ​ 542 ​ 238 ​ 780 Foreign exchange forward contracts ​ ​ – ​ ​ – ​ ​ (216) ​ ​ (216) Other derivative options ​ – ​ ​ – ​ ​ 3,907 ​ ​ 3,907 Total net derivative instrument liabilities ​ $ – ​ $ 542 ​ $ (33,489) ​ $ (32,947)
Schedule of changes in net fair value of derivative assets and liabilities classified as Level 3	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Balance, beginning of year ​ $ (33,489) ​ $ (60,538) Total gains (losses) ​ 349,541 ​ (7,080) Purchases ​ 283,394 ​ (3,211) Sales ​ (71,514) ​ (1,329) Settlements ​ (6,492) ​ 38,669 Balance, end of year ​ $ 521,440 ​ $ (33,489) ​

TRADE AND OTHER PAYABLES (Table

TRADE AND OTHER PAYABLES (Tables)	12 Months Ended
	Mar. 31, 2022
TRADE AND OTHER PAYABLES
Schedule of Trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ 2022 ​ ​ 2021 Commodity suppliers' accruals and payables ​ $ 209,703 ​ $ 162,921 Green provisions ​ 52,478 ​ 61,934 Sales tax payable ​ 15,656 ​ 21,864 Non-commodity trade accruals and accounts payable ​ 53,872 ​ 54,156 Accrued gas payable ​ 818 ​ 433 Other payables ​ 17,396 ​ 8,806 Total trade and other payables ​ $ 349,923 ​ $ 310,114

LIABILITIES SUBJECT TO COMPRO_2

LIABILITIES SUBJECT TO COMPROMISE (Tables)	12 Months Ended
	Mar. 31, 2022
LIABILITIES SUBJECT TO COMPROMISE
Schedule of liabilities subject to compromise	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Commodity suppliers' accruals and payables ​ $ 438,068 ​ $ 403,395 Non-commodity trade accruals and accounts payable ​ ​ 41,914 ​ ​ 19,370 Other non-current liabilities ​ – ​ 10,191 Debts and financings (Note 16 c-i) ​ 365,908 ​ 422,028 Total liabilities subject to compromise ​ $ 845,890 ​ $ 854,984

LONG TERM DEBT AND FINANCING (T

LONG TERM DEBT AND FINANCING (Tables)	12 Months Ended
	Mar. 31, 2022
LONG TERM DEBT AND FINANCING
Schedule of long term debt and financing	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ 2022 ​ ​ 2021 DIP Facility (a) ​ $ 125,000 ​ $ 100,784 Filter Group financing (b) ​ 1,419 ​ 3,671 ​ ​ 126,419 ​ ​ 104,455 Less: Current portion ​ (126,289) ​ (103,215) Total long term debt ​ $ 130 ​ $ 1,240
Schedule of future annual principal payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ More than ​ ​ ​ ​ 1 year 1–3 years 4–5 years 5 years Total DIP Facility (a) ​ $ 125,000 ​ $ – ​ $ – ​ $ – ​ $ 125,000 Filter Group financing (b) ​ 1,289 ​ ​ 130 ​ ​ – ​ ​ – ​ ​ 1,419 Total principal repayment ​ $ 126,289 ​ $ 130 ​ $ – ​ $ – ​ $ 126,419
Schedule of finance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ 2022 ​ ​ 2021 ​ 2020 DIP Facility (a) ​ $ 16,197 ​ $ 783 ​ $ – Filter Group financing (b) ​ 231 ​ ​ 474 ​ ​ 1,346 Credit Facility (c) ​ ​ 16,912 ​ ​ 15,585 ​ ​ 17,824 Term Loan (d) ​ ​ – ​ ​ 11,480 ​ ​ – Note Indenture (e) ​ ​ – ​ ​ 434 ​ ​ – 8.75% term loan (f) ​ – ​ ​ 13,286 ​ ​ 26,350 6.75% CAD $100M convertible debentures (g) ​ – ​ ​ 3,506 ​ ​ 7,072 6.75% CAD $160M convertible debentures (h) ​ – ​ ​ 5,116 ​ ​ 10,401 6.5% convertible bonds (i) ​ ​ – ​ ​ 396 ​ ​ 2,062 Supplier finance and others ​ 1,528 ​ ​ 14,107 ​ ​ 15,255 Total interest expense ​ $ 34,868 ​ $ 65,167 ​ $ 80,310 (a) As discussed in Note 1, Just Energy filed and received the Court Order under the CCAA on March 9, 2021. In conjunction with the CCAA filing, the Company entered into the DIP Facility for $125.0 million. Just Energy Ontario L.P., Just Energy Group Inc. and Just Energy (U.S.) Corp. are the borrowers under the DIP Facility and are supported by guarantees of certain subsidiaries and secured by a super-priority charge against and attaching to the property that secures the obligations arising under the Credit Facility, created by the Court Order. The DIP Facility has an interest rate of 13.0% , paid quarterly in arrears. On November 11, 2021, the Company amended the DIP Facility to extend the maturity of the DIP Facility to September 30, 2022. The DIP Facility terminates at the earlier of: (a) September 30, 2022, (b) the implementation date of the SISP, (c) the lifting of the stay in the CCAA proceedings or (d) the termination of the CCAA proceedings. For consideration for making the DIP Facility available, Just Energy paid a 1.0% origination fee, a 1.0% commitment fee on March 9, 2021 and a 1.0% amendment fee on November 16, 2021. (b) Filter Group has a $1.4 million outstanding loan payable to HTC. The loan is a result of factoring receivables to finance the cost of rental equipment that matures no later than October 2023 with HTC, and bears interest at 8.99% per annum. Principal and interest are payable monthly. Filter Group did not file under the CCAA and, accordingly, the stay does not apply to Filter Group and any amounts outstanding under the loan payable to HTC. (c) On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into the Lender Support Agreement with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of CAD $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and CAD $125 million. As at March 31, 2022, the Company had repaid CAD $75.9 million and had a total of CAD $93.6 million of Letters of Credit outstanding. Certain amounts outstanding under the LC Facility are guaranteed by Export Development Canada under its Account Performance Security Guarantee Program. As at March 31, 2022, the Company had $45.5 million of Letters of Credit outstanding and Letter of Credit capacity of $0.6 million available under the LC Facility. Just Energy’s obligations under the Credit Facility are supported by guarantees of certain subsidiaries and secured by a general security agreement and a pledge of the assets and securities of Just Energy and the majority of its operating subsidiaries excluding, primarily Filter Group. Just Energy has also entered into an inter-creditor agreement in which certain commodity and hedge providers are also secured by the same collateral. As a result of the CCAA filing, the borrowers are in default under the Credit Facility. However, any potential actions by the lenders have been stayed pursuant to the Court Order. The outstanding advances are all prime rate advances at a rate of bank prime (Canadian bank prime rate or U.S. prime rate) plus 4.25% and letters of credit are at a rate of 5.25%. As at March 31, 2022, the Canadian prime rate was 2.7% and the U.S. prime rate was 3.5%. As a result of the CCAA filing, the Credit Facility is reflected as a liability subject to compromise . (d) As part of the recapitalization transaction that the September 2020 Recapitalization, Just Energy issued the Term Loan maturing on March 31, 2024. The note bears interest at 10.25% . The balance at March 31, 2022 includes an accrual of $12.6 million for interest payable on the notes through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Term Loan. However, any potential actions by the lenders under the Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. The Term Loan is shown as liability subject to compromise . (e) As part of the September 2020 Recapitalization, Just Energy issued the Note Indenture. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to CAD $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at March 31, 2022 includes an accrual of $0.4 million for interest payable on the notes through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Note Indenture ’ s Trust Indenture agreement. However, any potential actions by the lenders under the Note Indenture have been stayed pursuant to the Court Order and the Company is not issuing additional notes equal to the capitalized interest. The Note Indenture is shown as a liability subject to compromise . (f) As part of the September 2020 Recapitalization, the 8.75% loan was exchanged for its pro-rata share of the Term Loan and 786,982 common shares. At the time of the September 2020 Recapitalization, the 8.75% loan had $207.0 million outstanding plus accrued interest . (g) As part of the September 2020 Recapitalization, the 6.75% CAD $100 M convertible debentures were exchanged for 3,592,069 common shares along with there pro-rata share of the Note Indenture and the payment of accrued interest . (h) As part of the September 2020 Recapitalization, the 6.75% CAD $160 M convertible debentures were exchanged for 5,747,310 common shares along with there pro-rata share of the Note Indenture and the payment of accrued interest . (i) As part of the September 2020 Recapitalization, the 6.5% convertible bonds were exchanged for there pro-rata share of the Term Loan and 35,737 common shares. At the time of the September 2020 Recapitalization, $9.2 million of the 6.5% convertible bonds were outstanding plus accrued interest .

REPORTABLE BUSINESS SEGMENTS (T

REPORTABLE BUSINESS SEGMENTS (Tables)	12 Months Ended
	Mar. 31, 2022
REPORTABLE BUSINESS SEGMENTS
Schedule of reportable business segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass markets ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,190,326 ​ $ 964,282 ​ $ – ​ $ 2,154,608 Cost of goods sold ​ 933,763 ​ ​ 894,215 ​ ​ – ​ ​ 1,827,978 Gross margin ​ 256,563 ​ ​ 70,067 ​ ​ – ​ ​ 326,630 Administrative expenses ​ 31,947 ​ ​ 11,622 ​ ​ 64,617 ​ ​ 108,186 Selling and marketing expenses ​ 88,526 ​ ​ 46,826 ​ ​ – ​ ​ 135,352 Depreciation and amortization ​ 17,247 ​ ​ 2,339 ​ ​ – ​ ​ 19,586 Provision for expected credit loss ​ 23,250 ​ ​ 992 ​ ​ – ​ ​ 24,242 Segment income (loss) ​ $ 95,593 ​ $ 8,288 ​ $ (64,617) ​ $ 39,264 Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (34,868) Reorganization costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (106,235) Unrealized gain on derivative instruments and other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 682,393 Realized gain on derivative instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 166,155 Gain on investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15,041 Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (394) Impairment of goodwill, intangible assets and others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (10,377) Income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (72,495) Net income ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 678,484 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 130,945 ​ $ – ​ $ – ​ $ 130,945 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass markets ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,161,905 ​ $ 912,923 ​ $ – ​ $ 2,074,828 Cost of goods sold ​ 2,277,182 ​ 1,225,321 ​ – ​ 3,502,503 Gross margin ​ (1,115,277) ​ (312,398) ​ – ​ (1,427,675) Administrative expenses ​ 26,823 ​ 12,551 ​ 73,083 ​ 112,457 Selling and marketing expenses ​ 81,632 ​ 54,136 ​ – ​ 135,768 Depreciation and amortization ​ 15,406 ​ 2,706 ​ – ​ 18,112 Provision for expected credit loss ​ 17,590 ​ 8,122 ​ – ​ 25,712 Segment loss ​ $ (1,256,728) ​ $ (389,913) ​ $ (73,083) ​ $ (1,719,724) Interest expense ​ ​ ​ ​ (65,167) Reorganization costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (39,814) Restructuring costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (5,368) Gain on September 2020 Recapitalization transaction, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38,915 Unrealized gain on derivative instruments and other ​ ​ ​ ​ 50,923 Realized gain on derivative instruments ​ ​ ​ ​ 1,494,001 Impairment of goodwill, intangible assets and others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (91,451) Other expense, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,384) Income tax expense ​ ​ ​ ​ (1,736) Loss from continuing operations ​ ​ ​ ​ $ (340,805) Income from discontinued operations, net of income tax ​ ​ ​ ​ 29 Net loss ​ ​ ​ ​ (340,776) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill ​ $ 130,235 ​ $ – ​ $ – ​ $ 130,235 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate and ​ ​ ​ ​ Mass markets ​ Commercial ​ shared services ​ Consolidated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,320,111 ​ $ 1,051,591 ​ $ – ​ $ 2,371,702 Cost of goods sold ​ 954,446 ​ 939,851 ​ – ​ 1,894,297 Gross margin ​ 365,665 ​ 111,740 ​ – ​ 477,405 Administrative expenses ​ 26,845 ​ 15,234 ​ 93,135 ​ 135,214 Selling and marketing expenses ​ 106,116 ​ 59,746 ​ – ​ 165,862 Depreciation and amortization ​ ​ 28,547 ​ ​ 2,571 ​ ​ – ​ ​ 31,118 Provision for expected credit loss ​ 54,511 ​ 5,775 ​ – ​ 60,286 Segment income (loss) ​ $ 149,646 ​ $ 28,414 ​ $ (93,135) ​ $ 84,925 Interest expense ​ ​ ​ ​ ​ ​ ​ (80,310) Unrealized loss on derivative instruments and other ​ ​ ​ ​ ​ ​ ​ (144,553) Realized loss on derivative instruments ​ ​ ​ ​ ​ ​ ​ (18,327) Impairment of goodwill, intangible assets and others ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (66,221) Other income, net ​ ​ ​ ​ ​ ​ ​ 25,524 Income tax expense ​ ​ ​ ​ ​ ​ ​ (5,468) Loss from continuing operations ​ ​ ​ ​ ​ ​ ​ $ (204,430) Income from discontinued operations, net of income tax ​ ​ ​ ​ ​ ​ ​ 9,068 Net loss ​ ​ ​ ​ ​ ​ ​ (195,362) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2020 ​ ​ ​ ​ Total goodwill ​ $ 121,540 ​ $ 70,672 ​ $ – ​ $ 192,212
Schedule of sales from external customers and Non-current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Canada ​ $ 477,837 ​ $ 372,737 ​ $ 402,830 United States ​ ​ 1,676,771 ​ ​ 1,702,091 ​ ​ 1,968,872 Total ​ $ 2,154,608 ​ $ 2,074,828 ​ $ 2,371,702

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2022
INCOME TAXES
Schedule of components of income from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Canada ​ $ (123,698) ​ $ (14,380) ​ $ (76,868) Foreign ​ 874,677 ​ ​ (324,689) ​ ​ (122,094) Total ​ $ 750,979 ​ $ (339,069) ​ $ (198,962)
Schedule of income tax provision from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Current ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ (3,570) ​ $ (1,407) ​ $ 1,559 Foreign ​ ​ (320) ​ ​ 3,300 ​ ​ 3,864 Total - current ​ $ (3,890) ​ $ 1,893 ​ $ 5,423 Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Canada ​ $ 573 ​ $ (82) ​ $ 56 Foreign ​ ​ 75,812 ​ ​ (75) ​ ​ (11) Total - deferred ​ $ 76,385 ​ $ (157) ​ $ 45 Total income tax expense ​ $ 72,495 ​ $ 1,736 ​ $ 5,468
Schedule of income tax expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 Current tax expense (benefit) ​ $ (3,890) ​ $ 1,893 ​ $ 5,423 Deferred tax expense (benefit) before valuation allowance ​ 189,950 ​ ​ (81,542) ​ ​ (65,034) Tax expense (benefit) related to an increase (decrease) in valuation allowance ​ ​ (113,565) ​ ​ 81,385 ​ ​ 65,079 Total tax expense ​ $ 72,495 ​ $ 1,736 ​ $ 5,468
Reconciliation of the effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 ​ 2020 Income (loss) from continuing operations before income taxes ​ $ 750,979 ​ $ (339,069) ​ $ (198,962) ​ Combined statutory Canadian federal and provincial income tax rate ​ 26.50 % 26.50 % 26.50 % Income tax expense (recovery) at statutory rate ​ $ 199,009 ​ $ (89,853) ​ $ (52,725) ​ Increase (decrease) in income taxes resulting from: ​ ​ ​ ​ Foreign tax rate differential ​ $ 10,615 ​ $ (4,445) ​ $ (3,389) ​ Permanent differences ​ (22,212) ​ 14,650 ​ (3,498) ​ Changes in valuation allowance ​ (113,565) ​ 81,385 ​ 65,080 ​ Return to provision adjustments ​ ​ (1,352) ​ ​ — ​ ​ — ​ Other ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ $ 72,495 ​ $ 1,736 ​ $ 5,468 ​ Effective tax rate ​ ​ 9.7 % ​ (0.5) % ​ (2.7) %
Schedule of deferred income tax assets (liabilities)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, ​ ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Tax operating and capital losses ​ $ 130,873 ​ $ 148,918 Intangibles ​ ​ 21,396 ​ ​ 27,780 Deferred financing costs ​ 17,460 ​ 12,869 Interest disallowance carryforward per §163(j) of the Internal Revenue Code ​ ​ 16,411 ​ ​ 9,062 Receivable allowances ​ ​ 3,491 ​ ​ 4,999 Reserves and accruals not currently deductible for tax purposes ​ ​ 4,864 ​ ​ 2,864 Property and equipment ​ ​ 1,600 ​ ​ 472 Foreign exchange ​ ​ 328 ​ ​ 1,699 Derivative instruments ​ ​ — ​ ​ 10,746 Subtotal ​ ​ 196,424 ​ ​ 219,409 Less: Valuation allowance ​ ​ (96,240) ​ ​ (209,805) Total net deferred tax assets ​ ​ 100,184 ​ ​ 9,604 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Derivative instruments ​ ​ 172,888 ​ ​ 912 Property and equipment ​ ​ 2,890 ​ ​ 4,294 Reserves and accruals not currently deductible for tax purposes ​ ​ — ​ ​ 1,168 Investments ​ ​ — ​ ​ 2,439 Total deferred tax liabilities ​ ​ 175,778 ​ ​ 8,813 ​ ​ ​ ​ ​ ​ ​ Valuation allowance ​ ​ — ​ ​ — Net deferred income tax assets (liabilities) ​ $ (75,594) ​ $ 791

SHAREHOLDERS' CAPITAL (Tables)

SHAREHOLDERS' CAPITAL (Tables)	12 Months Ended
	Mar. 31, 2022
SHAREHOLDERS' CAPITAL
Schedule of issued and outstanding shareholders' capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ ​ Shares Amount ​ Shares ​ Amount Common shares: ​ ​ Issued and outstanding ​ ​ Balance, beginning of year 48,078,637 ​ $ 1,168,162 ​ 4,594,371 ​ $ 839,778 Share-based awards exercised – ​ ​ – ​ 91,854 ​ ​ 721 Issuance of shares due to September 2020 Recapitalization – ​ ​ – ​ 43,392,412 ​ ​ 328,842 Issuance cost – ​ ​ – ​ – ​ ​ (1,179) Balance, end of year 48,078,637 ​ $ 1,168,162 ​ 48,078,637 ​ $ 1,168,162 Preferred shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ Issued and outstanding ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of year – ​ $ – ​ 4,662,165 ​ $ 111,948 Exchanged to common shares – ​ ​ – ​ (4,662,165) ​ ​ (111,948) Balance, end of year – ​ $ – ​ – ​ $ – Shareholders' capital 48,078,637 ​ $ 1,168,162 ​ 48,078,637 ​ $ 1,168,162

SHARE BASED COMPENSATION PLANS

SHARE BASED COMPENSATION PLANS (Tables)	12 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ 650,000 ​ ​ 814,166 Less: Cancelled ​ ​ – ​ ​ (814,166) Add: Equity Plan options post September 2020 Recapitalization ​ ​ – ​ ​ 650,000 Balance, end of year ​ ​ 650,000 ​ ​ 650,000
Schedule of restricted share units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31 ​ ​ 2022 ​ 2021 Balance, beginning of the year ​ ​ – ​ ​ – Add: Granted September 2020 Recapitalization ​ ​ – ​ ​ 23,513 Less: Issued ​ ​ – ​ ​ (16,541) Less: Cancelled to pay taxes and payroll withholding ​ ​ – ​ ​ (6,972) Balance, end of year ​ ​ – ​ ​ –
Schedule of deferred share units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31 ​ ​ 2022 ​ 2021 Balance, beginning of the year ​ ​ 186,929 ​ ​ – Add: Granted September 2020 Recapitalization ​ ​ – ​ ​ 190,983 Less: Issued as shares ​ ​ – ​ ​ (4,054) Balance, end of year ​ ​ 186,929 ​ ​ 186,929
Schedule of restricted share grants activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ – ​ ​ 1,071,162 Granted ​ ​ – ​ ​ 57,939 Exercised ​ ​ – ​ ​ (54,185) Cancelled ​ ​ – ​ ​ (1,074,916) Balance, end of year ​ ​ – ​ ​ –
Schedule of performance-based grants activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ – ​ ​ 1,479,699 Granted ​ ​ – ​ ​ 176,030 Exercised ​ ​ – ​ ​ (20,506) Cancelled ​ ​ – ​ ​ (1,635,223) Balance, end of year ​ ​ – ​ ​ –
Deferred share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of deferred share units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ 2021 Balance, beginning of year ​ ​ – ​ ​ 82,727 Granted ​ ​ – ​ ​ 38,696 Exercised ​ ​ – ​ ​ (7,861) Cancelled ​ ​ – ​ ​ (113,562) Balance, end of year ​ ​ – ​ ​ –

REORGANIZATION COSTS (Tables)

REORGANIZATION COSTS (Tables)	12 Months Ended
	Mar. 31, 2022
REORGANIZATION COSTS
Schedule of reorganization costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ ​ For the year ended ​ ​ ​ March 31, ​ ​ March 31, ​ ​ 2022 ​ 2021 Professional and advisory costs ​ $ 47,433 ​ $ 7,396 KERP ​ 7,245 ​ – Prepetition claims and other costs 1 ​ 51,557 ​ 32,418 ​ ​ $ 106,235 ​ $ 39,814 1 These represent charges associated with early termination of certain agreement allowed by the CCAA filing, settlement of claims and the acceleration of deferred financing costs and other fees for the long-term debt subject to compromise and certain other related costs.

EARNING PER SHARE (Tables)

EARNING PER SHARE (Tables)	12 Months Ended
	Mar. 31, 2022
EARNING PER SHARE
Schedule of earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31, ​ ​ 2022 ​ ​ 2021 ​ 2020 BASIC EARNINGS (LOSS) PER SHARE ​ ​ ​ Income (loss) from continuing operations available to shareholders ​ $ 678,484 ​ $ (340,805) ​ $ (204,430) Income (loss) for the year available to shareholders ​ $ 678,484 ​ $ (340,776) ​ ​ (195,362) Basic weighted average shares outstanding ​ 48,078,637 ​ 34,125,199 ​ 9,856,640 Basic earnings (loss) per share from continuing operations available to shareholders ​ 14.11 ​ (9.99) ​ (20.74) Basic earnings (loss) per share available to shareholders ​ $ 14.11 ​ $ (9.99) ​ $ (19.82) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ DILUTED EARNINGS (LOSS) PER SHARE ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations available to shareholders ​ $ 678,484 ​ $ (340,805) ​ $ (204,430) Adjusted income (loss) for the year available to shareholders ​ $ 678,484 ​ $ (340,776) ​ $ (195,362) Basic weighted average shares outstanding ​ 48,078,637 ​ 34,125,199 ​ 9,856,640 Dilutive effect of: ​ ​ ​ ​ ​ ​ Restricted share grants ​ — ​ 38,990 ​ 80,761 Deferred share grants ​ — ​ 6,437 ​ 8,841 Restricted share units ​ ​ — ​ ​ 4,252 ​ ​ — Deferred share units ​ ​ 190,983 ​ ​ 87,926 ​ ​ — Options ​ ​ 650,000 ​ ​ 305,357 ​ — Shares outstanding on a diluted basis ​ 48,919,620 ​ 34,568,161 ​ 9,946,242 Diluted earnings (loss) from continuing operations per share available to shareholders ​ 13.87 ​ (9.99) ​ (20.74) Diluted earnings (loss) per share available to shareholders ​ $ 13.87 ​ $ (9.99) ​ $ (19.82) ​ 1 The assumed settlement of shares results in an anti-dilutive position for March 31, 2021 and 2020; therefore, these items have not been included in the computation of diluted loss per share.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Mar. 31, 2022
COMMITEMENTS AND CONTINGENCIES
Schedule of commitments for the next five years and thereafter	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 1 year 1–3 years 4–5 years More than 5 years Total Trade and other payables ​ $ 349,923 ​ $ – ​ $ – ​ $ – ​ $ 349,923 Commodity suppliers' accruals and payables subject to compromise ​ ​ 438,068 ​ ​ – ​ ​ – ​ ​ – ​ ​ 438,068 Non-commodity trade accruals and accounts payable subject to compromise ​ ​ 41,914 ​ ​ – ​ ​ – ​ ​ – ​ ​ 41,914 Long-term debt ​ ​ 126,289 ​ ​ 130 ​ ​ – ​ ​ – ​ ​ 126,419 Debt and financing subject to compromise ​ ​ 365,908 ​ ​ – ​ ​ – ​ ​ – ​ ​ 365,908 Gas, electricity and non-commodity contracts ​ ​ 1,897,786 ​ ​ 1,037,341 ​ ​ 219,651 ​ ​ 37,004 ​ ​ 3,191,782 Total ​ $ 3,219,888 ​ $ 1,037,471 ​ $ 219,651 ​ $ 37,004 ​ $ 4,514,014
Schedule of Surety bonds and letters of credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at March 31, 2022 ​ ​ Under 1 year ​ 1-3 Years ​ 3-5 Years ​ Over 5 Years ​ Total Surety bonds (i) ​ $ 42,100 ​ $ – ​ $ – ​ $ – ​ $ 42,100 Letters of credit (ii) ​ ​ 120,400 ​ ​ – ​ ​ – ​ ​ – ​ ​ 120,400 Other guarantees (subject to compromise) (c) ​ ​ – ​ ​ – ​ ​ – ​ ​ 50,100 ​ ​ 50,100 ​ ​ $ 162,500 ​ $ – ​ $ – ​ $ 50,100 ​ $ 212,600 ​ (i) Pursuant to separate arrangements with surety bond providers, Just Energy has had surety bonds issued to various counterparties including states, regulatory bodies, utilities, and various other surety bond holders in return for a fee and/or meeting certain collateral posting requirements. Such surety bond postings are required in order to operate in certain states or markets. As at March 31, 2022, Just Energy has provided cash collateral or letters of credit for all outstanding surety bonds. (ii) The Company has issued letters of credit in accordance with its credit facility to various counterparties, primarily utilities, state regulatory bodies in the markets it operates in, as well as suppliers.

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Mar. 31, 2022
SUPPLEMENTAL CASH FLOW INFORMATION
Schedule of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended March 31 ​ ​ 2022 ​ 2021 ​ 2020 Accounts receivable and unbilled revenue, net ​ $ (37,652) ​ $ 7,524 ​ $ 230,056 Gas in storage ​ (934) ​ 1,975 ​ (2,151) Prepaid expenses and deposits ​ ​ (12,358) ​ ​ 23,735 ​ ​ 5,209 Provisions ​ ​ (4,641) ​ ​ 4,318 ​ ​ (3,976) Trade and other payables ​ ​ 32,024 ​ ​ (143,242) ​ ​ (237,384) Adjustments required to reflect net cash receipts from gas sales ​ ​ (946) ​ ​ 4,441 ​ ​ (3,940) ​ ​ $ (24,507) ​ $ (101,249) ​ $ (12,186)

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 09, 2021
Troubled Debt Restructuring, Debtor, Current Period [Line Items]
Total liabilities subject to compromise		$ 845,890	$ 854,984
Cost Recovery	$ 147,500
DIP facility
Troubled Debt Restructuring, Debtor, Current Period [Line Items]
Amount of facility				$ 125,000
CCAA | DIP facility
Troubled Debt Restructuring, Debtor, Current Period [Line Items]
Amount of facility		$ 125,000

OPERATIONS (Details)

OPERATIONS (Details)	12 Months Ended
	Mar. 31, 2022 segment
OPERATIONS
Fixed price period, maximum	5 years
Number of reportable segments	2

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details)	12 Months Ended
	Mar. 31, 2022
Furniture and Fixtures
Property and equipment
Depreciation method	Declining balance
Depreciation rate	20%
Office Equipment
Property and equipment
Depreciation method	Declining balance
Depreciation rate	20%
Computer Equipment
Property and equipment
Depreciation method	Declining balance
Depreciation rate	30%
Leasehold Improvements
Property and equipment
Depreciation method	Straight-line
Premise assets
Property and equipment
Depreciation method	Straight-line
Premise assets | Minimum
Property and equipment
Estimated useful life	4 years
Premise assets | Maximum
Property and equipment
Estimated useful life	7 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details)	12 Months Ended
	Mar. 31, 2022
Customer Relationships
Intangible assets
Estimated useful life	10 years
Amortization method	Straight-line
Technology
Intangible assets
Amortization method	Straight-line
Technology | Minimum
Intangible assets
Estimated useful life	3 years
Technology | Maximum
Intangible assets
Estimated useful life	5 years
Brand
Intangible assets
Estimated useful life	10 years
Amortization method	Straight-line

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Leases (Details)	12 Months Ended
	Mar. 31, 2022
Minimum
Leases
Estimated useful lives	2 years
Maximum
Leases
Estimated useful lives	6 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Advertising costs	$ 20.7	$ 15.2	$ 5.6

TRADE AND OTHER RECEIVABLES, _3

TRADE AND OTHER RECEIVABLES, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
TRADE AND OTHER RECEIVABLES, NET
Trade accounts receivable, net	$ 147,063	$ 150,499
Unbilled revenue, net	82,946	82,693
Accrued gas receivable	1,414	663
Commodity receivables	77,518	36,683
Trade and other receivables, net	$ 308,941	$ 270,538

TRADE AND OTHER RECEIVABLES, _4

TRADE AND OTHER RECEIVABLES, NET - Aging (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Past Due [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 84,623	$ 75,178
Current
Financing Receivable, Past Due [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	57,766	46,710
1-30 days
Financing Receivable, Past Due [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	16,061	15,439
31-60 days
Financing Receivable, Past Due [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	4,470	3,017
61-90 days
Financing Receivable, Past Due [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	1,220	1,705
Over 90 days
Financing Receivable, Past Due [Line Items]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 5,106	$ 8,307

TRADE AND OTHER RECEIVABLES, _5

TRADE AND OTHER RECEIVABLES, NET - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of year	$ 18,578	$ 32,305
Provision for expected credit loss	24,242	25,712	$ 60,286
Bad debts written off	(34,504)	(49,725)
Recoveries	5,148	3,850
Foreign exchange	573	6,436
Balance, end of year	14,037	$ 18,578	$ 32,305
Securitization proceeds receivable from ERCOT	$ 147,500			$ 147,500	$ 147,500

OTHER CURRENT AND NON CURRENT_3

OTHER CURRENT AND NON CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Other current assets
Prepaid expenses and deposits	$ 40,347	$ 41,524
Customer acquisition costs	35,680	36,327
Green certificates assets	53,824	48,880
Gas delivered in excess of consumption	793	516
Inventory	926	2,697
Total other current assets	131,570	129,944
Other non current assets
Customer acquisition costs	30,273	21,724
Other long-term assets	8,775	6,318
Total other non-current assets	$ 39,048	$ 28,042

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 01, 2021	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Net Investment Income [Line Items]
Fair value of investment				$ 26,200
ecobee | Generac
Net Investment Income [Line Items]
Proceeds from sale of equity method investments		$ 40,700
Contingent consideration			$ 0
Equity Securities [Member] | ecobee | Generac
Net Investment Income [Line Items]
Equity method investment, ownership percentage	8%
Proceeds from sale of equity method investments	$ 12,300	$ 28,400
Investment owned	80,281
Gain on sale of investments			15,000
Potential additional proceeds			$ 8,000

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 67,420	$ 69,042
Accumulated depreciation	(57,395)	(54,338)
Retirements and write offs	(3,520)	(527)
Net property and equipment	6,505	14,177
Depreciation	4,600	6,100	$ 14,000
Premise and ROU assets
Property, Plant and Equipment [Line Items]
Total property and equipment	24,834	27,333
Computer Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	21,106	20,395
Others1.
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 21,480	$ 21,314

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
LEASES
Current portion of lease liability	$ 1,900
Non-current lease liability	2,200
Lease cost
Amortization of ROU assets	40	$ 373	$ 665
Interest on lease liabilities	3	9	49
Operating lease costs	2,080	3,036	4,585
Total lease cost	$ 2,123	$ 3,418	$ 5,299
Weighted average remaining lease term (in years)	2 years 2 months 12 days	3 years 2 months 12 days
Weighted average discount rate	6.75%	6.75%
Weighted average remaining lease term (in years)	2 years 4 months 24 days	3 years 3 months 18 days
Weighted average discount rate	6.75%	6.75%
Annual future payments
2023	$ 2,174
2024	1,489
2025	913
2026	6
Thereafter	4
Total undiscounted lease payments	4,586
Less: present value adjustment	(351)
Total discounted lease payments	$ 4,235
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Long-term Debt and Lease Obligation, Current, Other Liabilities, Noncurrent

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets, Cost	$ 166,770	$ 167,660
Accumulated amortization	(115,740)	(99,507)
Impairment	(7,215)	(11,913)
Total intangible assets, Net Book Value	43,815	56,240
Brand
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets	12,400
Technology
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Cost	107,463	97,625
Accumulated amortization	(71,611)	(56,187)
Impairment	(7,215)	(887)
Net Book Value	28,637	40,551
Brand
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Total intangible assets, Cost	14,802	25,812
Accumulated amortization	(833)	(557)
Impairment		(11,026)
Total intangible assets, Net Book Value	13,969	14,229
Brokers networks
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Other intangible, gross	40,600
Customer Relationships
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Other intangible, gross	3,900
Others
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Cost	44,505	44,223
Accumulated amortization	(43,296)	(42,763)
Net Book Value	$ 1,209	$ 1,460

INTANGIBLE ASSETS - Goodwill (D

INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Roll Forward]
Opening balance	$ 130,235	$ 192,212
Impairment	0	(79,500)
Foreign exchange movement	710	17,523
Closing balance	$ 130,945	$ 130,235

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expense (Details) - Longer life spans than 5 years $ in Thousands	Mar. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 7,671
2024	5,451
2025	2,896
2026	1,862
2027	1,000
Total	$ 18,880

INTANGIBLE ASSETS - Additional

INTANGIBLE ASSETS - Additional Information (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Goodwill [Line Items]
Number of operating segments | segment	2
Goodwill impairment	$ 0	$ 79,500
Intangible asset impairment	$ 7,100
Valuation period	5 years
Commercial
Goodwill [Line Items]
Goodwill impairment	$ 11,900
Intangible asset impairment		$ 79,500	$ 2,700
Edgepower Inc
Goodwill [Line Items]
Intangible asset impairment			10,400
Filter Group
Goodwill [Line Items]
Intangible asset impairment			$ 6,000

DERIVATIVE INSTRUMENTS - Unreal

DERIVATIVE INSTRUMENTS - Unrealized gain loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments and other	$ 682,393	$ 50,923	$ (144,553)
Physical forward contracts and options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments and other	476,050	4,161	(96,495)
Financial swap contracts and options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments and other	206,923	54,639	(46,410)
Foreign exchange forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments and other	(818)	(6,202)	6,712
Share swap
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments and other			(7,102)
Other derivative options
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivative instruments and other	$ 238	$ (1,675)	$ (1,258)

DERIVATIVE INSTRUMENTS - Fair v

DERIVATIVE INSTRUMENTS - Fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Derivatives, Fair Value [Line Items]
Fair value of derivative	$ 645,628	$ (32,947)
Gross amount, financial assets	910,174	453,666
Gross amount, financial liabilities	265,011	483,737
Derivative instrument assets, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	538,700	18,382
Derivative instrument assets, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	133,014	8,429
Derivative instrument liabilities, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	13,170	11,115
Derivative instrument liabilities, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	12,916	48,643
Physical forward contracts and options | Derivative instrument assets, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	373,268	9,951
Physical forward contracts and options | Derivative instrument assets, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	81,392	5,338
Physical forward contracts and options | Derivative instrument liabilities, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	10,195	8,078
Physical forward contracts and options | Derivative instrument liabilities, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	5,865	44,629
Financial swap contracts and options | Derivative instrument assets, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	161,838	5,520
Financial swap contracts and options | Derivative instrument assets, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	51,161	2,095
Financial swap contracts and options | Derivative instrument liabilities, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	2,134	2,821
Financial swap contracts and options | Derivative instrument liabilities, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	6,856	4,014
Foreign exchange forward contracts | Derivative instrument liabilities, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	841	216
Foreign exchange forward contracts | Derivative instrument liabilities, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	195
Other derivative options | Derivative instrument assets, current
Derivatives, Fair Value [Line Items]
Fair value of derivative	3,594	2,911
Other derivative options | Derivative instrument assets, non-current
Derivatives, Fair Value [Line Items]
Fair value of derivative	$ 461	$ 996

DERIVATIVE INSTRUMENTS - Impact

DERIVATIVE INSTRUMENTS - Impact (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Derivative instrument assets
Gross basis amount	$ 910,174	$ 453,666
Netting impact	(238,460)	(426,855)
Net basis amount	671,714	26,811
Derivative instrument liabilities
Gross basis amount	(265,011)	(483,737)
Netting impact	238,925	423,979
Net basis amount	(26,086)	(59,758)
Gross basis amount	645,163	(30,071)
Netting impact	465	(2,876)
Net basis amount	$ 645,628	$ (32,947)

DERIVATIVE INSTRUMENTS - Contra

DERIVATIVE INSTRUMENTS - Contracts (Details)	12 Months Ended
	Mar. 31, 2022 USD ($) item $ / MWh $ / h $ / t $ / MW $ / MMBTU
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Natural Gas Unobservable Input Per Mega Watt Hour	$ 5,000
Natural Gas Unobservable Input Per Dth	$ 500
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity Curves Extension Term	5 years
Level 3 | Natural gas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Market Observable Curves | item	3
Maximum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis Curve Extension Term	15 months
Minimum | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis Curve Extension Term	12 months
Physical forward contracts and options | Electricity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	28,489,662
Contract price | $ / MWh	39.56
Physical forward contracts and options | Natural gas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	116,351,622
Contract price | $ / MMBTU	4.97
Physical forward contracts and options | RECs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	3,774,881
Contract price | $ / MWh	17.97
Physical forward contracts and options | Electricity generation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	1,485
Contract price | $ / MW	3,931.82
Physical forward contracts and options | Ancillary contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	1,229,720
Contract price | $ / MWh	19.86
Physical forward contracts and options | Green Gas Certificates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	657,000
Contract price | $ / t	6.96
Financial swap contracts and options | Electricity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	18,485,007
Contract price | $ / MWh	54.57
Financial swap contracts and options | Natural gas
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	116,835,000
Contract price | $ / MMBTU	3.59
Financial swap contracts and options | Ancillary Contracts Two
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	1,926,706
Contract price | $ / h	19.89
Weather derivatives | HDD natural gas swaps 1 | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	4,985
Weather derivatives | HDD natural gas swaps 1 | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	1,652
Weather derivatives | HDD natural gas swaps 2 | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	4,910
Weather derivatives | HDD natural gas swaps 2 | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional units	3,408

DERIVATIVE INSTRUMENTS - Hierar

DERIVATIVE INSTRUMENTS - Hierarchy (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	$ 671,714	$ 26,811
Derivative financial liabilities	(26,086)	(59,758)
Total net derivative financial assets (liabilities)	645,628	(32,947)
Level 2
Derivative, Fair Value, Net [Abstract]
Total net derivative financial assets (liabilities)	124,188	542
Level 3
Derivative, Fair Value, Net [Abstract]
Total net derivative financial assets (liabilities)	521,440	(33,489)
Physical forward contracts and options
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	438,600
Derivative financial liabilities		(37,418)
Physical forward contracts and options | Level 3
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	438,600
Derivative financial liabilities		(37,418)
Financial swap contracts and options
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	204,009
Derivative financial liabilities		780
Financial swap contracts and options | Level 2
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	124,188
Derivative financial liabilities		542
Financial swap contracts and options | Level 3
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	79,821
Derivative financial liabilities		238
Foreign exchange forward contracts
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	(1,036)
Derivative financial liabilities		(216)
Foreign exchange forward contracts | Level 3
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	(1,036)
Derivative financial liabilities		(216)
Other derivative options
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	4,055
Derivative financial liabilities		3,907
Other derivative options | Level 3
Derivative, Fair Value, Net [Abstract]
Derivative financial assets	$ 4,055
Derivative financial liabilities		$ 3,907

DERIVATIVE INSTRUMENTS - Sensit

DERIVATIVE INSTRUMENTS - Sensitivity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Percentage increase in price		10%
Percentage decrease in price		10%
Increase (decrease) in income from increase in price		$ 340,200
Increase (decrease) in income from decrease in price		$ 295,200
Level 3
Concentration Risk [Line Items]
Percentage increase in price		10%
Percentage decrease in price		10%
Increase (decrease) in income from increase in price	$ 257,500
Increase (decrease) in income from decrease in price	327,700
Balance, beginning of period		$ (33,489)	$ (60,538)
Total gains (losses)		$ 349,541	$ (7,080)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Unrealized Gain (Loss) on Derivatives And Other Instruments	Unrealized Gain (Loss) on Derivatives And Other Instruments
Purchases		$ 283,394	$ (3,211)
Sales		(71,514)	(1,329)
Settlements		(6,492)	38,669
Balance, end of period	$ 521,440	$ 521,440	$ (33,489)

DERIVATIVE INSTRUMENTS - Risks

DERIVATIVE INSTRUMENTS - Risks (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Percentage change in interest rates	1%
Effect on net loss from change in interest rates	$ 1.3
Percentage increase in price	10%
Percentage decrease in price	10%
Increase (decrease) in income from increase in price	$ 340.2
Increase (decrease) in income from decrease in price	295.2
Adjustment factor	2.3	$ 0.9
Counterparty credit risk exposure	580.5	$ 23.1
Cash Collateral from Counterparties	103.2
Counterparty Credit Risk Exposure, Net Amount	477.3
Cash collateral posted	$ 20.3
Maximum
Concentration Risk [Line Items]
Current cash flows, percentage hedged	100%
Noncurrent cash flows, percentage hedged	50%
Minimum
Concentration Risk [Line Items]
Current cash flows, percentage hedged	50%
Noncurrent cash flows, percentage hedged	0%

TRADE AND OTHER PAYABLES (Detai

TRADE AND OTHER PAYABLES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
TRADE AND OTHER PAYABLES
Commodity suppliers accruals and payables	$ 209,703	$ 162,921
Green provisions	52,478	61,934
Sales tax payable	15,656	21,864
Non-commodity trade accruals and accounts payable	53,872	54,156
Accrued gas payable	818	433
Other payables	17,396	8,806
Total trade and other payables	$ 349,923	$ 310,114

LIABILITIES SUBJECT TO COMPRO_3

LIABILITIES SUBJECT TO COMPROMISE (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
LIABILITIES SUBJECT TO COMPROMISE
Commodity suppliers' accruals and payables	$ 438,068	$ 403,395
Non-commodity trade accruals and accounts payable	41,914	19,370
Other non-current liabilities		10,191
Debts and financings (Note 16 c-i)	365,908	422,028
Total liabilities subject to compromise	$ 845,890	$ 854,984

LONG-TERM DEBT AND FINANCING (D

LONG-TERM DEBT AND FINANCING (Details) $ in Thousands, $ in Millions	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 CAD ($)	Mar. 09, 2021 USD ($)	Sep. 28, 2020 CAD ($)	Sep. 19, 2020 CAD ($)	Mar. 31, 2020 CAD ($)
Debt Instrument [Line Items]
Long term debt	$ 126,419		$ 104,455
Less: Current portion	(126,289)		(103,215)
Less: Liabilities subject to compromise	(365,908)		(422,028)
Total long term debt	$ 130		1,240
Interest rate	8.50%	8.50%
DIP facility
Debt Instrument [Line Items]
Long term debt	$ 125,000		100,784		$ 125,000
Interest rate					13%
Filter Group financing
Debt Instrument [Line Items]
Long term debt	$ 1,419		$ 3,671
Credit Facility - subject to compromise
Debt Instrument [Line Items]
Face amount		$ 335
Note Indenture - subject to compromise
Debt Instrument [Line Items]
Face amount						$ 15	$ 13.2
8.75% loan
Debt Instrument [Line Items]
Interest rate	8.75%	8.75%
6.75% CAD $100M convertible debentures
Debt Instrument [Line Items]
Interest rate	6.75%	6.75%
Face amount	$ 100,000	$ 100		$ 100				$ 100
6.75% CAD $160M convertible debentures
Debt Instrument [Line Items]
Interest rate	6.75%	6.75%
Face amount	$ 160,000	$ 160		$ 160				$ 160
6.5% convertible bonds
Debt Instrument [Line Items]
Interest rate	6.50%	6.50%

LONG-TERM DEBT AND FINANCING -

LONG-TERM DEBT AND FINANCING - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 09, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
Less than 1 year	$ 126,289
1-3 years	130
Long term debt	126,419	$ 104,455
DIP facility
Long-term Debt, Fiscal Year Maturity [Abstract]
Less than 1 year	125,000
Long term debt	125,000	100,784	$ 125,000
Filter Group financing
Long-term Debt, Fiscal Year Maturity [Abstract]
Less than 1 year	1,289
1-3 years	130
Long term debt	$ 1,419	$ 3,671

LONG-TERM DEBT AND FINANCING _2

LONG-TERM DEBT AND FINANCING - Interest expense (Details) $ in Thousands, $ in Millions					12 Months Ended
		Nov. 16, 2021	Mar. 18, 2021 CAD ($)	Mar. 09, 2021 USD ($)	Mar. 31, 2022 USD ($) shares	Mar. 31, 2022 CAD ($) shares	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)	Mar. 18, 2021 USD ($)	Oct. 19, 2020 CAD ($)	Sep. 28, 2020 CAD ($)	Sep. 19, 2020 CAD ($)	Mar. 31, 2020 CAD ($)
Debt Instrument [Line Items]
Interest expense					$ 34,868		$ 65,167	$ 80,310
Interest rate					8.50%				8.50%
Amendment fee percentage		1%
Prime Rate [Member] | Canada
Debt Instrument [Line Items]
Marginal interest rate					4.25%	4.25%
DIP facility
Debt Instrument [Line Items]
Interest expense	[1]				$ 16,197		783
Interest rate				13%
Commitment fee percentage				1%
Origination fee percentage				1%
Amount of facility				$ 125,000
Filter Group financing
Debt Instrument [Line Items]
Interest expense	[2]				$ 231		474	1,346
Home Trust Company
Debt Instrument [Line Items]
Interest rate					8.99%				8.99%
Outstanding loan payable					$ 1,400
Lender Support Agreement
Debt Instrument [Line Items]
Amount repaid			$ 125			$ 75.9
Letters of credit outstanding									$ 93.6
Credit Facility - subject to compromise
Debt Instrument [Line Items]
Interest expense	[3]				16,912		15,585	17,824
Face amount									$ 335
Amount of facility					600						$ 46,100
Letters of credit outstanding					$ 45,500
Credit Facility - subject to compromise | United States
Debt Instrument [Line Items]
Marginal interest rate					3.50%	3.50%
Credit Facility - subject to compromise | Canada
Debt Instrument [Line Items]
Marginal interest rate					2.70%	2.70%
Credit Facility - subject to compromise | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Marginal interest rate					5.25%	5.25%
Term Loan - subject to compromise
Debt Instrument [Line Items]
Interest expense	[4]						11,480
Note Indenture - subject to compromise
Debt Instrument [Line Items]
Interest expense	[5]						434
Face amount													$ 15	$ 13.2
7.0% $15M subordinated notes
Debt Instrument [Line Items]
Interest rate					7%				7%
Face amount												$ 13.2
Accrued interest					$ 400
8.75% loan
Debt Instrument [Line Items]
Interest expense	[6]						13,286	26,350
Interest rate					8.75%				8.75%
Number of shares issued | shares					786,982	786,982
Outstanding loan payable					$ 207,000
Term Loan At 10.25 Percent
Debt Instrument [Line Items]
Interest rate					10.25%				10.25%
Accrued interest					$ 12,600
6.75% CAD $100M convertible debentures
Debt Instrument [Line Items]
Interest expense	[7]						3,506	7,072
Interest rate					6.75%				6.75%
Face amount					$ 100,000				$ 100	$ 100					$ 100
Number of shares issued | shares					3,592,069	3,592,069
6.75% CAD $160M convertible debentures
Debt Instrument [Line Items]
Interest expense	[8]						5,116	10,401
Interest rate					6.75%				6.75%
Face amount					$ 160,000				$ 160	$ 160					$ 160
Number of shares issued | shares					5,747,310	5,747,310
6.5% convertible bonds
Debt Instrument [Line Items]
Interest expense	[9]						396	2,062
Interest rate					6.50%				6.50%
Number of shares issued | shares					35,737	35,737
Outstanding loan payable					$ 9,200
Supplier finance and others
Debt Instrument [Line Items]
Interest expense					$ 1,528		$ 14,107	$ 15,255
[1] As discussed in Note 1, Just Energy filed and received the Court Order under the CCAA on March 9, 2021. In conjunction with the CCAA filing, the Company entered into the DIP Facility for $125.0 million. Just Energy Ontario L.P., Just Energy Group Inc. and Just Energy (U.S.) Corp. are the borrowers under the DIP Facility and are supported by guarantees of certain subsidiaries and secured by a super-priority charge against and attaching to the property that secures the obligations arising under the Credit Facility, created by the Court Order. The DIP Facility has an interest rate of 13.0% , paid quarterly in arrears. On November 11, 2021, the Company amended the DIP Facility to extend the maturity of the DIP Facility to September 30, 2022. The DIP Facility terminates at the earlier of: (a) September 30, 2022, (b) the implementation date of the SISP, (c) the lifting of the stay in the CCAA proceedings or (d) the termination of the CCAA proceedings. For consideration for making the DIP Facility available, Just Energy paid a 1.0% origination fee, a 1.0% commitment fee on March 9, 2021 and a 1.0% amendment fee on November 16, 2021. Filter Group has a $1.4 million outstanding loan payable to HTC. The loan is a result of factoring receivables to finance the cost of rental equipment that matures no later than October 2023 with HTC, and bears interest at 8.99% per annum. Principal and interest are payable monthly. Filter Group did not file under the CCAA and, accordingly, the stay does not apply to Filter Group and any amounts outstanding under the loan payable to HTC. On March 18, 2021, Just Energy Ontario L.P, Just Energy (U.S.) Corp. and Just Energy Group Inc. entered into the Lender Support Agreement with the lenders under the Credit Facility. Under the Lender Support Agreement, the lenders agreed to allow issuance or renewals of Letters of Credit under the Credit Facility during the pendency of the CCAA proceedings within certain restrictions. In return, the Company has agreed to continue paying interest and fees at the non-default rate on the outstanding advances and Letters of Credit under the Credit Facility. The amount of Letters of Credit that may be issued is limited to the lesser of CAD $46.1 million (excluding the Letters of Credit guaranteed by Export Development Canada under its Account Performance Security Guarantee Program), plus any amount the Company has repaid and CAD $125 million. As at March 31, 2022, the Company had repaid CAD $75.9 million and had a total of CAD $93.6 million of Letters of Credit outstanding. As part of the recapitalization transaction that the September 2020 Recapitalization, Just Energy issued the Term Loan maturing on March 31, 2024. The note bears interest at 10.25% . The balance at March 31, 2022 includes an accrual of $12.6 million for interest payable on the notes through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Term Loan. However, any potential actions by the lenders under the Term Loan have been stayed pursuant to the Court Order, and the Company is not issuing additional notes equal to the capitalized interest. The Term Loan is shown as liability subject to compromise . As part of the September 2020 Recapitalization, Just Energy issued the Note Indenture. The principal amount was reduced through a tender offer for no consideration on October 19, 2020 to CAD $13.2 million. The Note Indenture bears an annual interest rate of 7.0% payable in kind. The balance at March 31, 2022 includes an accrual of $0.4 million for interest payable on the notes through March 9, 2021. As a result of the CCAA filing, the Company is in default under the Note Indenture ’ s Trust Indenture agreement. However, any potential actions by the lenders under the Note Indenture have been stayed pursuant to the Court Order and the Company is not issuing additional notes equal to the capitalized interest. The Note Indenture is shown as a liability subject to compromise . As part of the September 2020 Recapitalization, the 8.75% loan was exchanged for its pro-rata share of the Term Loan and 786,982 common shares. At the time of the September 2020 Recapitalization, the 8.75% loan had $207.0 million outstanding plus accrued interest . As part of the September 2020 Recapitalization, the 6.75% CAD $100 M convertible debentures were exchanged for 3,592,069 common shares along with there pro-rata share of the Note Indenture and the payment of accrued interest . As part of the September 2020 Recapitalization, the 6.75% CAD $160 M convertible debentures were exchanged for 5,747,310 common shares along with there pro-rata share of the Note Indenture and the payment of accrued interest . As part of the September 2020 Recapitalization, the 6.5% convertible bonds were exchanged for there pro-rata share of the Term Loan and 35,737 common shares. At the time of the September 2020 Recapitalization, $9.2 million of the 6.5% convertible bonds were outstanding plus accrued interest

REPORTABLE BUSINESS SEGMENTS (D

REPORTABLE BUSINESS SEGMENTS (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022 USD ($) segment	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Operating segments:
Number of Reportable Segments | segment	2
Revenues	$ 2,154,608	$ 2,074,828	$ 2,371,702
Cost of goods sold	1,827,978	3,502,503	1,894,297
Gross margin	326,630	(1,427,675)	477,405
Administrative expenses	108,186	112,457	135,214
Selling and marketing expenses	135,352	135,768	165,862
Depreciation and amortization	19,586	18,112	31,118
Provision for expected credit loss	24,242	25,712	60,286
Segment income (loss)	39,264	(1,719,724)	84,925
Interest expense	(34,868)	(65,167)	(80,310)
Reorganization costs	(106,235)	(39,814)
Restructuring costs		(5,368)
Gain on September 2020 Recapitalization transaction, net		38,915
Unrealized gain (loss) on derivative instruments and other	682,393	50,923	(144,553)
Realized gain (loss) on derivative instruments	166,155	1,494,001	(18,327)
Gain on investment	15,041
Other income, net			25,524
Other income (expenses), net	(394)	(1,384)	25,524
Impairment of goodwill, intangible assets and others	(10,377)	(91,451)	(66,221)
Income tax expenses	(72,495)	(1,736)	(5,468)
Income (loss) for the from continuing operations	678,484	(340,805)	(204,430)
Income from discontinued operations, net of income tax		29	9,068
Net Income (loss)	678,484	(340,776)	(195,362)
Total goodwill	130,945	130,235	192,212
Operating segments | Mass market
Operating segments:
Revenues	1,190,326	1,161,905	1,320,111
Cost of goods sold	933,763	2,277,182	954,446
Gross margin	256,563	(1,115,277)	365,665
Administrative expenses	31,947	26,823	26,845
Selling and marketing expenses	88,526	81,632	106,116
Depreciation and amortization	17,247	15,406	28,547
Provision for expected credit loss	23,250	17,590	54,511
Segment income (loss)	95,593	(1,256,728)	149,646
Total goodwill	130,945	130,235	121,540
Operating segments | Commercial
Operating segments:
Revenues	964,282	912,923	1,051,591
Cost of goods sold	894,215	1,225,321	939,851
Gross margin	70,067	(312,398)	111,740
Administrative expenses	11,622	12,551	15,234
Selling and marketing expenses	46,826	54,136	59,746
Depreciation and amortization	2,339	2,706	2,571
Provision for expected credit loss	992	8,122	5,775
Segment income (loss)	8,288	(389,913)	28,414
Total goodwill			70,672
Corporate, Non-Segment [Member] | Corporate and shared services
Operating segments:
Administrative expenses	64,617	73,083	93,135
Segment income (loss)	$ (64,617)	$ (73,083)	$ (93,135)

REPORTABLE BUSINESS SEGMENTS -

REPORTABLE BUSINESS SEGMENTS - Revenue and assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
REPORTABLE BUSINESS SEGMENTS
Revenue	$ 2,154,608	$ 2,074,828	$ 2,371,702
Canada
REPORTABLE BUSINESS SEGMENTS
Revenue	477,837	372,737	402,830
United States
REPORTABLE BUSINESS SEGMENTS
Revenue	$ 1,676,771	$ 1,702,091	$ 1,968,872

INCOME TAXES - Components of in

INCOME TAXES - Components of income from continuing operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Canada	$ (123,698)	$ (14,380)	$ (76,868)
Foreign	874,677	(324,689)	(122,094)
Income (loss) from continuing operations before income taxes	$ 750,979	$ (339,069)	$ (198,962)

INCOME TAXES - Income tax provi

INCOME TAXES - Income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Current
Canada	$ (3,570)	$ (1,407)	$ 1,559
Foreign	(320)	3,300	3,864
Total - current	(3,890)	1,893	5,423
Deferred
Canada	573	(82)	56
Foreign	75,812	(75)	(11)
Total - deferred	76,385	(157)	45
Total provision for income taxes	$ 72,495	$ 1,736	$ 5,468

INCOME TAXES - Components of _2

INCOME TAXES - Components of Income Tax Expense or Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Current tax expense (benefit)	$ (3,890)	$ 1,893	$ 5,423
Deferred tax expense (benefit) before valuation allowance	189,950	(81,542)	(65,034)
Tax expense (benefit) related to an (decrease) in unrecognized tax benefits	(113,565)
Tax expense (benefit) related to an increase in unrecognized tax benefits		81,385	65,079
Total provision for income taxes	$ 72,495	$ 1,736	$ 5,468

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of effective tax rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
INCOME TAXES
Income (loss) from continuing operations before income taxes	$ 750,979	$ (339,069)	$ (198,962)
Combined statutory Canadian federal and provincial income tax rate	26.50%	26.50%	26.50%
Income tax expense (recovery) at statutory rate	$ 199,009	$ (89,853)	$ (52,725)
Foreign tax rate differential	10,615	(4,445)	(3,389)
Permanent differences	(22,212)	14,650	(3,498)
Changes in valuation allowance	(113,565)	81,385	65,080
Return to provision adjustments	(1,352)
Total tax expense (benefit)	$ 72,495	$ 1,736	$ 5,468
Effective tax rate	9.70%	(0.50%)	(2.70%)

INCOME TAXES - Deferred Income

INCOME TAXES - Deferred Income Tax Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Deferred tax assets:
Tax operating and capital losses	$ 130,873	$ 148,918
Intangibles	21,396	27,780
Deferred financing costs	17,460	12,869
Interest disallowance carryforward per 163(j) of the Internal Revenue Code	16,411	9,062
Receivable allowances	3,491	4,999
Reserves and accruals not currently deductible for tax purposes	4,864	2,864
Property and equipment	1,600	472
Foreign Exchange	328	1,699
Derivative instruments		10,746
Subtotal	196,424	219,409
Less: Valuation allowance	(96,240)	(209,805)
Net deferred income tax assets	100,184	9,604
Deferred tax liabilities:
Derivative Instruments	172,888	912
Property and equipment	2,890	4,294
Reserves and accruals not currently deductible for tax purposes		1,168
Investments		2,439
Total deferred tax liabilities	175,778	8,813
Valuation allowance	(96,240)	(209,805)
Net deferred income tax assets		$ 791
Net deferred income tax liabilities	$ (75,594)

INCOME TAXES - Narratives (Deta

INCOME TAXES - Narratives (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred tax assets valuation allowance	$ 96,240	$ 209,805
United States
Operating Loss Carryforwards [Line Items]
NOL carry forwards	96,925
Deferred tax assets valuation allowance	52,955
Canada
Operating Loss Carryforwards [Line Items]
Deferred tax assets valuation allowance	$ 93,853

SHAREHOLDERS' CAPITAL (Details)

SHAREHOLDERS' CAPITAL (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2022
Class of Stock [Line Items]
Shareholders' capital, beginning of year	$ (348,925)
Shareholders' capital, end of year	$ (479,557)
Common stock par value	$ 0	$ 0
Common shares
Class of Stock [Line Items]
Shareholders' capital, beginning of year	$ 839,778
Shares outstanding, beginning of year	4,594,371
Share-based awards exercised	$ 721
Share-based awards exercised, shares	91,854
Issuance of shares due to September 2020 Recapitalization	$ 328,842
Shares issued due to September 2020 Recapitalization	43,392,412
Issuance cost	$ (1,179)
Shareholders' capital, end of year	$ 1,168,162
Shares outstanding, end of year	48,078,637
Preferred shares
Class of Stock [Line Items]
Shareholders' capital, beginning of year	$ 111,948
Shares outstanding, beginning of year	4,662,165
Exchanged to common shares	$ (111,948)
Exchanged to common shares (shares)	(4,662,165)
SHAREHOLDERS' CAPITAL.
Class of Stock [Line Items]
Shareholders' capital, beginning of year	$ 951,726
Shareholders' capital, end of year	$ 1,168,162
Shares outstanding, end of year	48,078,637

SHAREHOLDERS' CAPITAL - Additio

SHAREHOLDERS' CAPITAL - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Millions	12 Months Ended
	Mar. 31, 2022 USD ($) shares	Mar. 31, 2022 CAD ($) $ / shares shares	Mar. 31, 2022 CAD ($)	Mar. 31, 2021 CAD ($)	Sep. 28, 2020 CAD ($)	Sep. 19, 2020 CAD ($)	Mar. 31, 2020 CAD ($)
Class of Stock [Line Items]
Interest rate	8.50%		8.50%
Common shares | shares	1,556,563	1,556,563
Common shares on convertible ratio	0.03		0.03
Pre consolidation share price per share | $ / shares		$ 3.412
Shares issued | shares	15,174,950	15,174,950
Proceeds from Issuance of common stock		$ 51,800
Shares issued during period in a back stop commitments | shares	14,137,580	14,137,580
Shares issued during period in a back stop commitments, value			$ 48,200
Proceeds from equity subscription option	$ 100
Recapitalization resulted in total net gain	38.9
Amount of reduction in debt	59.6
Debtor reorganization items, other expense (income)	$ 20.7
Litigation Related to Acquisition of Filter Group [Member]
Class of Stock [Line Items]
Payments for legal settlements		$ 1,800
Shares litigation settlement | shares	429,958	429,958
Private Placement [Member]
Class of Stock [Line Items]
Interest rate	8.75%		8.75%
Shares issued | shares	1,075,615	1,075,615
Stock issued during period, value, new issues		$ 3,670
Note Indenture [Member]
Class of Stock [Line Items]
Face amount					$ 15,000	$ 13,200
Convertible Debentures At 6.75 Percent For 160 Million Canadian Dollars [Member]
Class of Stock [Line Items]
Face amount	$ 160		$ 160,000	$ 160,000			$ 160,000
Interest rate	6.75%		6.75%
Convertible Debentures At 6.75 Percent For 100 Million Canadian Dollars [Member]
Class of Stock [Line Items]
Face amount	$ 100		$ 100,000	$ 100,000			$ 100,000
Interest rate	6.75%		6.75%
Credit Facility [Member]
Class of Stock [Line Items]
Face amount			$ 335,000
Loan At 8.75 Percent [Member]
Class of Stock [Line Items]
Interest rate	8.75%		8.75%
Convertible Bonds At 6.5 Percent [Member]
Class of Stock [Line Items]
Interest rate	6.50%		6.50%

SHARE-BASED COMPENSATION PLANS

SHARE-BASED COMPENSATION PLANS - Additional Information (Details)					12 Months Ended
	Feb. 03, 2021 shares	Oct. 12, 2020 $ / shares shares	Oct. 09, 2020 USD ($) employee $ / shares shares	Sep. 28, 2020 shares	Mar. 31, 2022	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award issuance cap				5%
Maximum shares that may be issued				2,403,931
Options granted						650,000
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted		650,000
Exercise price | $ / shares		$ 8.46
Market price | $ / shares		$ 5.70
Cap percentage used in valuing an option					70%
Vesting period					3 years
Expected life (in years)					5 years 6 months
Risk free interest rate					0.28%
Expected dividend rate					0%
Number of days volume weighted trading price | $			5
Options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of bond yields					5 years
Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of bond yields					7 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares			$ 8.37
Vested in period, number			23,513
Shares forfeited for taxes			6,972			6,972
Number of employees | employee			1
Number of days volume weighted trading price | $			5
Deferred share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price | $ / shares			$ 8.37
Vested in period, number	4,054
Number of days volume weighted trading price | $			5
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					36 months
Director award percentage					15%

SHARE-BASED COMPENSATION PLAN_2

SHARE-BASED COMPENSATION PLANS - Options (Details)	12 Months Ended
	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Balance, beginning of year	814,166
Exercised and/or cancelled	(814,166)
Add: Equity Plan options post 2020 September Recapitalization	650,000
Balance, end of year	650,000

SHARE-BASED COMPENSATION PLAN_3

SHARE-BASED COMPENSATION PLANS - Awards Other than Options (Details) - shares		12 Months Ended
	Oct. 09, 2020	Mar. 31, 2022	Mar. 31, 2021
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Add: Granted	23,513
Less: Issued	(16,541)		(16,541)
Less: Cancelled to pay taxes and payroll withholding	(6,972)		(6,972)
RSUs | Pre-September Recapitalization
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Add: Granted			23,513
Restricted share grants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, beginning of year			1,071,162
Add: Granted			57,939
Exercised and/or cancelled			(54,185)
Cancelled			(1,074,916)
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, beginning of year			1,479,699
Add: Granted		0	176,030
Exercised			(20,506)
Cancelled			(1,635,223)
Deferred share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, beginning of year			82,727
Add: Granted	190,983		38,696
Exercised			(7,861)
Cancelled			(113,562)
Deferred share units | Pre-September Recapitalization
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, beginning of year		186,929
Add: Granted			190,983
Less: Issued as shares			(4,054)
Balance, end of year		186,929	186,929

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) $ in Millions	12 Months Ended
	Mar. 31, 2021 USD ($)
RESTRUCTURING COSTS
Restructuring and Related Cost, Incurred Cost	$ 5.4

REORGANIZATION COSTS (Details)

REORGANIZATION COSTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REORGANIZATION COSTS
Professional and advisory costs	$ 47,433	$ 7,396
KERP	7,245
Prepetition claims and other costs	51,557	32,418
Reorganization costs	$ 106,235	$ 39,814

EARNING PER SHARE (Details)

EARNING PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
BASIC EARNINGS (LOSS) PER SHARE
Income (loss) from continuing operations available to shareholders	$ 678,484	$ (340,805)	$ (204,430)
Income (loss) for the year available to shareholders	$ 678,484	$ (340,776)	$ (195,362)
Basic weighted average shares outstanding	48,078,637	34,125,199	9,856,640
Basic earnings (loss) per share from continuing operations available to shareholders	$ 14.11	$ (9.99)	$ (20.74)
Basic earnings (loss) per share available to shareholders	$ 14.11	$ (9.99)	$ (19.82)
DILUTED EARNINGS (LOSS) PER SHARE
Shares outstanding on a diluted basis	48,919,620	34,568,161	9,946,242
Diluted earnings (loss) from continuing operations per share available to shareholders	$ 13.87	$ (9.99)	$ (20.74)
Diluted earnings (loss) per share available to shareholders	$ 13.87	$ (9.99)	$ (19.82)
Restricted share grants
DILUTED EARNINGS (LOSS) PER SHARE
Dilutive effect		38,990	80,761
Deferred share grants
DILUTED EARNINGS (LOSS) PER SHARE
Dilutive effect		6,437	8,841
RSUs
DILUTED EARNINGS (LOSS) PER SHARE
Dilutive effect		4,252
Deferred share units
DILUTED EARNINGS (LOSS) PER SHARE
Dilutive effect	190,983	87,926
Options
DILUTED EARNINGS (LOSS) PER SHARE
Dilutive effect	650,000	305,357

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) € in Millions, £ in Millions, $ in Millions	Apr. 10, 2020 customer	Dec. 18, 2019 USD ($)	Dec. 18, 2019 EUR (€)	Nov. 29, 2019 GBP (£)	Nov. 29, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Customers	1,000
Hudson Energy Supply UK Limited | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				£ 1.5	$ 1.9
Just Energy Ireland Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration Received, Percentage Received At Closing		75%
Consideration Received, Percentage Received Five Months After Closing		25%
Just Energy Ireland Limited | Discontinued Operations, Disposed of by Sale [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received		$ 0.7	€ 0.6

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	$ 3,219,888
1 -3 years	1,037,471
4 - 5 years	219,651
More than 5 years	37,004
Total	4,514,014
Other guarantees (subject to compromise)
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	1,897,786
1 -3 years	1,037,341
4 - 5 years	219,651
More than 5 years	37,004
Total	3,191,782
Trade and other payables
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	349,923
Total	349,923
Commodity suppliers' accruals and payables subject to compromise
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	438,068
Total	438,068
Non-commodity trade accruals and accounts payable subject to compromise
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	41,914
Total	41,914
Long-term debt.
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	126,289
1 -3 years	130
Total	126,419
Debts and financing subject to compromise
Unrecorded Unconditional Purchase Obligation [Line Items]
Less than 1 year	365,908
Total	$ 365,908

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Surety bonds and letters of credit (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Other Commitments [Line Items]
Under 1 year	$ 162,500
Over 5 Years	50,100
Total	212,600
Surety bonds
Other Commitments [Line Items]
Under 1 year	42,100
Total	42,100
Letters of credit
Other Commitments [Line Items]
Under 1 year	120,400
Total	120,400
Other guarantees (subject to compromise)
Other Commitments [Line Items]
Over 5 Years	50,100
Total	$ 50,100

COMMITMENTS AND CONTINGENCIES-

COMMITMENTS AND CONTINGENCIES- Narrative (Details)	Aug. 04, 2022 USD ($)	Mar. 31, 2022 USD ($)	Sep. 15, 2021 USD ($)	Jul. 23, 2019 item
Lessee, Lease, Description [Line Items]
Maximum payable under guarantees		$ 50,100,000
Texas
Lessee, Lease, Description [Line Items]
Number of claims | item				1
Ontario
Lessee, Lease, Description [Line Items]
Number of claims | item				1
Weather Event | Pending Litigation
Lessee, Lease, Description [Line Items]
Amount at risk			$ 14,000,000,000
Value of secured claims			$ 1,000,000,000
Weather Event | Pending Litigation | Stalking Horse Transaction
Lessee, Lease, Description [Line Items]
Consideration payable	$ 0
Amount available for distribution to general unsecured creditors	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Period of operating lease		1 year
Maximum
Lessee, Lease, Description [Line Items]
Period of operating lease		6 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 09, 2021
Related Party Transaction [Line Items]
Long-term Debt	$ 126,419	$ 104,455
DIP facility
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	28.90%
DIP facility
Related Party Transaction [Line Items]
Long-term Debt	$ 125,000	$ 100,784	$ 125,000

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Operating Capital [Abstract]
Accounts receivable and unbilled revenue, net	$ (37,652)	$ 7,524	$ 230,056
Gas in storage	(934)	1,975	(2,151)
Prepaid expenses and deposits	(12,358)	23,735	5,209
Provisions	(4,641)	4,318	(3,976)
Trade and other payables	32,024	(143,242)	(237,384)
Adjustments required to reflect net cash receipts from gas sales	(946)	4,441	(3,940)
Net change in working capital balances	$ (24,507)	$ (101,249)	$ (12,186)

Uncategorized Items - je-202203

Label	Element	Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	650,000
Common shares
Shares, Outstanding	us-gaap_SharesOutstanding	48,078,637
SHAREHOLDERS' CAPITAL.
Shares, Outstanding	us-gaap_SharesOutstanding	48,078,637