May 18, 2016 - 10:00 PM EDT
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Just Energy Reports Fourth Quarter and Full Year Fiscal 2016 Results

FOR:  JUST ENERGY GROUP INC.

NYSE, TSX SYMBOL:  JE

May 18, 2016

Just Energy Reports Fourth Quarter and Full Year Fiscal 2016 Results

Fiscal 2016 Sales Up 5%; Gross Margin Increases 17%; Base EBITDA Grows 15%

Net Debt now 2.6x Base EBITDA; Fiscal 2017 Base EBITDA Expected to Grow Double Digit Percentage

TORONTO, ONTARIO--(Marketwired - May 18, 2016) - Just Energy Group, Inc. (TSX:JE)(NYSE:JE), an energy
management solutions provider specializing in electricity, natural gas, solar and green energy, today announced
results for its fourth quarter and full fiscal year 2016.

Key Fiscal 2016 Highlights:


--  Sales of $4,105.9 million increased 5% from sales of $3,895.9 million in
    the prior year, reflecting higher selling prices for the U.S. markets
    after currency conversion to Canadian dollars, partially offset by a
    decrease in the total customer base.

--  Gross Margin of $702.3 million increased 17% year over year, driven by
    the continued success of margin improvement initiatives and favorable
    impact from foreign exchange.

--  Base EBITDA of $207.6 million increased 15% year over year and exceeded
    the Company's annual guidance range of $193 to $203 million. Base EBITDA
    includes $17.9 million of prepaid commission expense for the year.
    Excluding this additional expense item, Base EBITDA increased 25% to
    $225.5 million in fiscal 2016.

--  Base Funds from continuing operations ("Base FFO") of $138.2 million
    increased 49% from the $92.5 million reported in the prior year. The
    payout ratio on Base Funds from continuing operations for fiscal 2016
    was 54%, a significant improvement from 94% in fiscal 2015 and 139% in
    fiscal 2014.

--  Cash and cash equivalents were $127.6 million as of year ended March 31,
    2016, an increase of 62% from $78.8 million reported in the previous
    year. The increase in cash balances and availability of borrowings under
    the credit facility over the past year have resulted in $121.1 million
    of additional buying power.

--  Long-term debt of $660.5 million as of March 31, 2016 decreased 2% from
    $676.5 million as of March 31, 2015. Book value net debt was 2.6x for
    Base EBITDA, significantly improved from 3.3x just one year ago.

--  The Company expects fiscal 2017 Base EBITDA to be in the range of $223
    to $233 million, reflecting continued double-digit year over year
    percentage growth. Fiscal 2017 guidance includes deductions to Base
    EBITDA of approximately $40 million for prepaid commercial commissions,
    this represents a $22 million increase over fiscal 2016 and reflects a
    go forward run rate for this incremental deduction in future years.


Financial highlights
For the three months ended March 31
(thousands of dollars, except where indicated and per share amounts)
                                                   % increase
                                      Fiscal 2016  (decrease)    Fiscal 2015
                                  ------------------------------------------
Sales                               $   1,075,880       (11)%  $   1,209,879
Gross margin                              204,289          5%        194,066
Administrative expenses                    49,504         18%         42,048
Selling and marketing expenses             62,259        (3)%         63,980
Finance costs                              20,312         22%         16,684
Profit (loss) from continuing
 operations(1)                             30,893      NMF(2)       (64,976)
Profit (loss) from discontinued
 operations                                     -      NMF(2)          1,535
Profit (loss)(1)                           30,893      NMF(2)       (63,441)
Profit (loss) per share from
 continuing operations available
 to shareholders - basic                     0.16                     (0.46)
Profit (loss) per share from
 continuing operations available
 to shareholders - diluted                   0.14                     (0.46)
Dividends/distributions                    18,730          1%         18,596
Base EBITDA from continuing
 operations                                67,345        (1)%         67,914
Base Funds from continuing
 operations                                43,822         37%         31,947
Payout ratio on Base Funds from
 continuing operations                        43%                        58%

For the years ended March 31
(thousands of dollars, except where indicated and per share amounts)
                                                   % increase
                                      Fiscal 2016  (decrease)    Fiscal 2015
                                  ------------------------------------------
Sales                               $   4,105,860          5%  $   3,895,940
Gross margin                              702,288         17%        600,069
Administrative expenses                   170,330         10%        154,222
Selling and marketing expenses            257,349         14%        225,243
Finance costs                              72,540        (2)%         73,680
Profit (loss) from continuing
 operations                                82,494      NMF(2)      (576,377)
Profit (loss) from discontinued
 operations                                     -      NMF(2)        132,673
Profit (loss)(1)                           82,494      NMF(2)      (443,704)
Profit (loss) per share from
 continuing operations available
 to shareholders - basic                     0.44                     (4.01)
Profit (loss) per share from
 continuing operations available
 to shareholders - diluted                   0.43                     (4.01)
Dividends/distributions                    74,792       (14)%         86,723
Base EBITDA                               207,629         15%        180,426
Base Funds from operations                138,199         49%         92,472
Payout ratio on Base Funds from
 operations                                   54%                        94%
Embedded gross margin(2)                1,917,600          2%      1,874,900
Total customers (RCEs)                  4,520,000        (4)%      4,686,000
----------------------------------------------------------------------------
(1)Profit (loss) includes the impact of unrealized gains (losses), which
 represents the mark to market of future commodity supply acquired to cover
 future customer demand. The supply has been sold to customers at fixed
 prices, minimizing any realizable impact of mark to market gains and
 losses.
(2)Not a meaningful figure.


"Fiscal 2016 was a tremendous year for Just Energy from a financial, operational, and strategic positioning
perspective," commented Just Energy's Co-CEO, Deb Merril. "Our business performed very well, delivering strong
top and bottom line results while generating meaningful cash flow. In parallel with delivering strong results,
we were able to take strategic measures to position the Company for continued long-term success."

"In fiscal 2016 we exceeded our own guidance and overcame a very tough comparison to the strong fourth quarter
of 2015. As you'll recall, the winter weather of last year provided a windfall across much of the industry.
Given our world class risk management and hedging strategy, we were able to drive strong performance in the
recently completed winter quarters despite the relatively warm weather. These consistent, performance-driven
results are now the norm at Just Energy as a result of our strengthened financial positioning and improved
profitability profile."

"Over the course of the year we took action to change the business foundation and reposition the Company to
capture more accretive profit and cash flow by not allowing our team to chase market share at the expense of
margin. As a result, we expect the improved scale and leverage in our model that is evident in our ability to
take 5% top-line sales growth and deliver 17% gross margin and 15% Base EBITDA growth, while driving a 62%
increase in cash flow in fiscal 2016 to continue in 2017 and beyond."

Co-CEO James Lewis added, "While sales and net customer additions declined in the fourth quarter as compared to
a very strong fourth quarter of fiscal 2015, due to our refusal to engage in risky pricing tactics that would
ultimately damage our improved profitability profile, we feel strongly that our margin per customer improvement
initiative will continue to deliver in fiscal 2017 and beyond. We've also taken steps to strengthen our sales
force through the addition of four key channel leaders. Likewise, we feel confident that our ability to embrace
the customer and build longer-term loyalty programs through the offering of a differentiated product suite will
drive our market position growth in a very profitable manner moving forward. As a result of our strong
position, we believe the Company will achieve fiscal 2017 Base EBITDA in the range of $223 to $233 million,
reflecting continued double-digit year over year growth."

Co-CEO, Deb Merril concluded, "We're operating from a greatly improved financial position and our strategy is
proving our ability to consistently deliver throughout any cycle. Our financial flexibility, combined with our
commitment to maintaining a capital light model, supports our ability to pursue a growth strategy centered on
geographic expansion, structuring superior product value propositions, and enhancing the portfolio of energy
management offerings. Looking forward, our geographic expansion will be centered on Europe where we expect to
expand into at least two new nations in fiscal 2017 while also introducing new, exciting products to our
offering. These new target markets and the enhanced product suite fit our strategy to become a world class
consumer enterprise delivering superior customer value through a range of energy management solutions and a
multi-channel approach."

To view the F2016 Fourth Quarter Operating Performance, please visit the following link:
http://media3.marketwire.com/docs/JE-q4-chart1.pdf.

Just Energy delivered another quarter of strong operating and financial performance as the ongoing focus on
increasing gross margin through a more selective sales and renewal process continues to drive profitability
across the business and allowed the Company to overcome prepaid commission expense and perform in line with a
very strong comparable fourth quarter of 2015.


--  Sales decreased by 11% to $1,075.9 million from $1,209.9 million
    recorded in the fourth quarter of fiscal 2015. The Consumer division's
    sales decreased by 15% while the Commercial division's sales decreased
    by 6%, primarily a result of the lower consumption during the winter
    months.

--  Gross margin was $204.3 million, an increase of 5% from the prior
    comparable quarter as a result of an increase from foreign exchange and
    the increase in the U.K. customer base. Just Energy entered into weather
    index derivatives with the intention of offsetting gross margin
    fluctuations from warmer than normal weather. The warmer than normal
    temperatures in Just Energy's gas markets has resulted in a payout that
    largely offsets the negative impact from the warmer weather.

--  Administrative expenses increased by 18% from $42.0 million to $49.5
    million as a result of an increase in U.S.-based currency expenditures
    as well as the costs to serve the growing customer base in the U.K.

--  Selling and marketing expenses were $62.3 million, a 3% decrease from
    $64.0 million reported in the prior comparable quarter. This decrease is
    largely attributable to lower upfront commission expense as a result of
    lower gross customer additions in the current period partially offset by
    the foreign exchange impact of U.S.-based expenses.

--  Finance costs amounted to $20.3 million, an increase of 22% from $16.7
    million last year. The increase in finance costs was a result of the
    impact of foreign currency on the U.S-dollar based interest costs for
    the US$150m convertible bonds as well as the one-time interest costs
    associated with the early redemption of $25 million of the senior
    unsecured notes outstanding. Just Energy has the ability to make a
    normal course issuer bid ("NCIB") to purchase for cancellation a portion
    of its convertible debentures. For the three months ended March 31,
    2016, Just Energy purchased $1.1 million of the $330m convertible
    debentures under the NCIB program.

--  Base EBITDA was $67.3 million, a 1% decrease from $67.9 million in the
    prior comparable quarter. The Company's reported Base EBITDA in the
    fourth quarter of fiscal 2016 includes $7.4 million of prepaid
    commission expense, reflecting the change in classification of prepaid
    commissions to a current asset effective April 1, 2016.

    --  Excluding this additional expense item, Base EBITDA increased by 10%
        to $74.7 million for the fourth quarter of fiscal 2016. Of this $6.8
        million year over year improvement in Base EBITDA, $6.7 million was
        due to the foreign currency impact from translation of the U.S.
        operations and $0.1 million was driven by operational performance
        improvements.

--  Base FFO was $43.8 million, up 37% compared to $31.9 million in 2015 as
    a result of the adjustment required to reflect net cash receipts from
    gas sales being greater than the prior year as a result of the lower
    consumption in the current quarter resulting from the warmer winter
    weather.


To view the Fiscal 2016 Operating Performance, please visit the following link:
http://media3.marketwire.com/docs/JE-q4-chart2.pdf.

Just Energy delivered another year of strong operating and financial performance with sales of $4,105.9
million, 5% higher than the prior year. Ongoing focus on increasing gross margin through a more selective sales
and renewal process continues to drive profitability across the business.


--  Gross margin for fiscal year 2016 was $702.3 million, a 17% increase
    from the prior year, driven by operational performance improvements and
    favorable foreign exchange. Gross margin for the Consumer division
    increased to $538.6 million, up 20% while the gross margin for the
    Commercial division increased by 9% to $163.6 million.

--  Just Energy increased margins on new customers while also removing lower
    margin customers from the books, as illustrated in the table on the next
    page. Higher new customer margins reflect strong margins on new products
    including bundled offerings.


ANNUAL GROSS MARGIN PER CUSTOMER

                                        Fiscal  Number of  Fiscal  Number of
                                          2016  customers    2015  customers
                                      --------------------------------------

Consumer customers added and renewed    $  207    888,000  $  191    983,000
Consumer customers lost                    196    592,000     184    635,000
Commercial customers added and renewed      84  1,202,000      79  1,171,000
Commercial customers lost                   66    732,000      73    531,000
                                      --------------------------------------

--  Selling and marketing expenses for fiscal year 2016 were $257.3 million,
    a 14% increase from $225.2 million reported in the prior year. The
    increase in selling and marketing expenses is due to the impact of
    foreign exchange on the U.S.-based commission and overhead expenses, the
    start-up costs associated with the Residential Solar division, as well
    as the expenses becoming more directly correlated to the growing portion
    of the customer base for which selling costs are recorded over the life
    of the contract (commercial brokers and online sales channels).

--  Finance costs for fiscal year 2016 were $72.5 million, a decrease of 2%
    from $73.7 million in the prior year. The decrease is a result of the 2%
    decrease in the long-term debt balance over the past year with lower
    borrowing costs under the credit facility due to the use of sale
    proceeds of NHS in the third quarter of fiscal 2015 to reduce
    borrowings, as well as a $7.0 million reduction in debt through the NCIB
    over the past year.

--  Base EBITDA was $207.6 million for fiscal year 2016, an increase of 15%
    from $180.4 million in the prior year, primarily driven by operational
    improvements and foreign currency impact from translation of the U.S.
    operations. Base EBITDA in fiscal 2016 includes $17.9 million of prepaid
    commission expense, reflecting the change in classification of prepaid
    commissions as a current asset effective fiscal 2016. Excluding this
    additional expense item, Base EBITDA increased by 25% to $225.5 million
    in comparison to the fiscal 2015.


Customer Aggregation

Margin per customer improvements during the year demonstrated continued success of Just Energy's margin
improvement initiatives. The company remains focused on maintaining its profitable customers and ensuring that
variable rate customers meet base profitability profiles even if this results in higher attrition. This
improved profitability per customer will add to the Company's future margins over and above any growth in the
customer base.


                 April 1,                     Failed to March 31, % increase
                  2015(1) Additions Attrition     renew      2016 (decrease)
----------------------------------------------------------------------------
Consumer Energy
Gas               713,000   146,000 (153,000)  (38,000)   668,000       (6)%
Electricity     1,240,000   377,000 (306,000)  (95,000) 1,216,000       (2)%
----------------------------------------------------------------------------
Total Consumer
 RCEs           1,953,000   523,000 (459,000) (133,000) 1,884,000       (4)%
----------------------------------------------------------------------------
Commercial
 Energy
Gas               242,000    86,000  (29,000)  (55,000)   244,000         1%
Electricity     2,491,000   549,000 (183,000) (465,000) 2,392,000       (4)%
----------------------------------------------------------------------------
Total
 Commercial
 RCEs           2,733,000   635,000 (212,000) (520,000) 2,636,000       (4)%
----------------------------------------------------------------------------
Total RCEs      4,686,000 1,158,000 (671,000) (653,000) 4,520,000       (4)%
----------------------------------------------------------------------------
(1)The balance as of April 1, 2015 have been adjusted for customers who have
 either grown above 15 RCEs (becoming a Commercial customer) or have fallen
 below 15 RCEs (becoming a Consumer customer) during the fiscal year 2015.
 At the beginning of each fiscal year, Just Energy will adjust the opening
 balances to reflect any changes in allocation of customers between the
 Consumer and Commercial divisions as a result of the increases or decreases
 in the annual consumption.

--  Just Energy's total customer base is currently 4.5 million RCEs, a 4%
    decrease from one year ago. The Consumer base also includes 60,000 smart
    thermostats that are bundled with a commodity contract and tend to have
    lower attrition and higher overall profitability. Further expansion of
    smart-thermostats continues to be a key driver for growth for Just
    Energy.

--  Gross customer additions for the year ended March 31, 2016 were
    1,158,000, a decrease of 20% compared to 1,441,000 customers added in
    fiscal 2015.

    --  Consumer customer additions of 523,000 decreased 23% from the
        675,000 added in the prior year, primarily due to market conditions
        as the commodity prices were lower and, therefore, more competitive
        across all markets as well as a decrease in customer additions
        through online and door-to-door marketing.

    --  Commercial customer additions of 635,000 decreased from the 766,000
        gross customer additions in the prior year, primarily due to a more
        disciplined pricing strategy.

--  Just Energy's geographical footprint continues to diversify outside of
    North America. During fiscal year 2016, the U.K. operations increased
    their customer base by 53% to 308,000 RCEs with strong growth for both
    their Consumer and Commercial customer bases.

--  Net customer additions were a negative 166,000 for fiscal 2016, down
    from net additions of 276,000 in 2015, primarily as a result of the
    lower customer additions in North America and lower renewal rates for
    Commercial operations.

--  The combined attrition rate for Just Energy for fiscal 2016 was 16%,
    consistent with prior year.

    --  The Consumer attrition rate decreased one percentage point to 26%
        compared to the prior year, which includes the impact from higher
        customer defaults in markets where Just Energy bears collection
        risk.

    --  The Commercial attrition rate increased two percentage points to 9%
        year over year as a result of increased competition as well as the
        Company's continued focus on maintaining its profitable customers
        and ensuring that variable rate customers meet base profitability
        profiles even if this results in higher attrition.

--  The renewal rate for fiscal 2016 was 62%, down five percentage points
    from 67% in fiscal 2015.

    --  The Consumer renewal rate decreased by three percentage points to
        74%, while the Commercial renewal rate decreased by six percentage
        points to 57%. The decline reflected a very competitive market for
        Commercial renewals with competitors pricing aggressively and Just
        Energy's focus on improving retained customers' profitability rather
        than pursuing low margin growth.


Balance Sheet & Liquidity

The strong, performance-driven results continue generating solid cash flows and providing the Company the
financial flexibility to pursue aggressive debt reductions. As of March 31, 2016 Just Energy's book value net
debt was 2.6x Base EBITDA, significantly improved from 3.3x just one year ago.


--  Cash and cash equivalents were $127.6 million as of March 31, 2016, an
    increase of 62% from $78.8 million reported as at March 31, 2015,
    primarily attributable to strong operating performance.

--  Long-term debt of $660.5 million as of March 31, 2016 decreased 2% from
    $676.5 million as of March 31, 2015. This improvement was a result of
    the $25.0 million repayment of the senior unsecured note along with the
    retirement of $7.0 million of convertible debentures despite the higher
    valuation of the U.S.-based $150m convertible bonds as a result of
    change in the exchange rate to Canadian dollars.

--  Base FFO for fiscal year 2016 were $138.2 million, an increase of 49%
    compared with $92.5 million in the prior fiscal year. The increase in
    Base FFO was higher than the increase in Base EBITDA due to the
    adjustment required reflecting net cash receipts from gas sales being
   greater than the prior year as a result of the lower consumption
    resulting from the warmer winter weather.

--  The payout ratio on Base Funds from continuing operations was 54% for
    fiscal year 2016, compared to 94% reported in fiscal 2015.

--  Dividends and distributions for fiscal year 2016 were $74.8 million, a
    decrease of 14% from the prior fiscal year as a result of a reduction in
    the annual dividend from $0.84 to $0.50 effective with the July 2014
    dividend.


Outlook

Just Energy continues to deploy its strategy to become a world class consumer enterprise delivering superior
value to its customers through a range of energy management solutions and a multi-channel approach. Growth
plans center on geographic expansion, structuring superior product value propositions, and enhancing the
portfolio of energy management offerings. The company's geographic expansion is centered on Europe where the
Company expects to expand into two new European markets in fiscal 2017 and remains committed to evaluating
further potential expansion in continental Europe and beyond over the longer term. Superior value propositions
such as the new flat bill product has now been rolled out in six new markets, energy management solutions such
as Solar are being piloted and launched in California and New York and a new commercial energy storage pilot is
being planned.

The fiscal 2016 earnings results exceeded management's expectations based on the targets provided. To reflect
the progress in repositioning the business, management believes that the Company will achieve fiscal 2017 Base
EBITDA in the range of $223 million to $233 million, reflecting continued double-digit year over year growth.
Fiscal 2017 guidance includes deductions to Base EBITDA of approximately $40 million for prepaid commercial
commissions, which would previously have been included as amortization within selling and marketing expenses.
This represents a $22 million increase over fiscal 2016 and reflects a go forward run rate for this incremental
deduction in future years. Just Energy expects to offset this headwind with continued strong gross margin
performance, U.K. growth and Just Solar contributions.

Just Energy's solar program commenced its initial pilot phases in California and New York during the fiscal
year, with the volume signed during this initial pilot resulting in higher than expected profit. Based on the
success of the pilot launch in southern California, operations will continue to grow with further expansion in
California and the northeast U.S. In fiscal 2017, Solar is expected to contribute $10 million towards the
double digit percentage Base EBITDA target.

Earnings Call

The Company will host a conference call and live webcast to review the fourth quarter results beginning at
10:00 a.m. eastern standard time on May 19, 2016 followed by a question and answer period. Rebecca MacDonald,
Executive Chair, President & Co-Chief Executive Officers James Lewis and Deborah Merril, and Chief Financial
Officer Patrick McCullough will participate on the call.

Just Energy Conference Call and Webcast


--  Thursday, May 19, 2016
--  10:00 a.m. EST


Those who wish to participate in the conference call may do so by dialing 1-866-229-4144 and entering pass code
5662147 #. The call will also be webcast live over the internet at the following link:

http://event.onlineseminarsolutions.com/r.htm?e=1183112&s=1&k=4AC44273FFA2FA7C7F443BBC62EC7F3A

An audio tape rebroadcast will be available starting at 12:30 p.m. ESTMay 19, 2016 until June 18, 2016 at
11:59 p.m. EST. To access the rebroadcast please dial 1-888-843-7419 and enter the participant code 5662147#.

About Just Energy Group Inc.

Established in 1997, Just Energy (NYSE:JE)(TSX:JE) is an energy management solutions provider specializing in
electricity, natural gas, solar and green energy. With offices located across the United States, Canada, and
the United Kingdom, Just Energy serves close to 1.8 million residential and commercial customers. The company
offers a wide range of energy products and home energy management services including long-term fixed-price,
variable price, and flat bill programs, smart thermostats, and residential solar panel installations. Just
Energy Group Inc. is the parent company of Amigo Energy, Commerce Energy, Green Star Energy, Hudson Energy, JE
Solar, Tara Energy and TerraPass. Visit justenergygroup.com to learn more.

FORWARD-LOOKING STATEMENTS

Just Energy's press releases may contain forward-looking statements including statements pertaining to customer
revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general
and administrative expenses, dividends, distributable cash and treatment under governmental regulatory regimes.
These statements are based on current expectations that involve a number of risks and uncertainties which could
cause actual results to differ from those anticipated. These risks include, but are not limited to levels of
customer natural gas and electricity consumption, rates of customer additions and renewals, rates of customer
attrition, fluctuations in natural gas and electricity prices, changes in regulatory regimes and decisions by
regulatory authorities, competition and dependence on certain suppliers. Additional information on these and
other factors that could affect Just Energy's operations, financial results or dividend levels are included in
Just Energy's annual information form and other reports on file with Canadian securities regulatory authorities
which can be accessed through the SEDAR website at www.sedar.com, on the U.S. Securities Exchange Commission's
website at www.sec.gov or through Just Energy's website at www.justenergygroup.com.

Neither the Toronto Stock Exchange nor the New York Stock Exchange has approved nor disapproved of the
information contained herein.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Just Energy
Pat McCullough
Chief Financial Officer
713-933-0895
[email protected]

OR

Alpha IR Group
Michael Cummings
Investor Relations
617-461-1101
[email protected]


-0-

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