| Ken Hartwick                          |   | Beth Summers            |   |
|---------------------------------------|--------|-------------------------|--------|
| Chief Executive Officer and President |   | Chief Financial Officer |   |

----

|             |   | /S/ Ernst & Young LLP   |   |
|------------------|--------|-----------------------------|--------|
|             |   |                        |   |
| Toronto, Canada, |   | Chartered Accountants       |   |
| May 17, 2012.    |   | Licensed Public Accountants |   |

----

----

|                                                                        |   | Notes  |   |   | March 31, 2012 |   |       | March 31, 2011 |   |   | April 1, 2010 |   |
|-----------------------------------------------------------------------------|--------|--------|--------|--------|----------------|--------|------------|----------------|--------|--------|---------------|--------|
| ASSETS                                                                      |   |   |   |   |           |   |       |           |   |   |          |   |
| Non-current assets                                                          |   |   |   |   |           |   |       |           |   |   |          |   |
| Property, plant and equipment                                               |   |   | 5      |   |           | $      | 291,061    |           |   | $      | 234,002       |   |   | $ | 216,676 |   |
| Intangible assets                                                           |   |   | 6      |   |           |   | 543,775    |           |   |   | 640,219       |   |   |   | 528,854 |   |
| Contract initiation costs                                                   |   |   |   |   |           |   | 44,225     |           |   |   | 29,654        |   |   |   | 5,587 |   |
| Other non-current financial assets                                          |   |   | 11     |   |           |   | 15,315     |           |   |   | 5,384         |   |   |   | 5,027 |   |
| Non-current receivables                                                     |   |   |   |   |           |   | 6,475      |           |   |   | 4,569         |   |   |   | 2,014 |   |
| Deferred tax asset                                                          |   |   | 16     |   |           |   | 78,398     |           |   |   | 121,785       |   |   |   | 265,107 |   |
|                                                                        |   |   |   |   |           |   | 979,249    |           |   |   | 1,035,613     |   |   |   | 1,023,265 |   |
| Current assets                                                              |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Inventory                                                                   |   |   | 8      |   |           |   | 9,988      |           |   |   | 6,906         |   |   |   | 6,323 |   |
| Gas delivered in excess of consumption                                      |   |   |   |   |           |   | 12,844     |           |   |   | 3,481         |   |   |   | 7,410 |   |
| Gas in storage                                                              |   |   |   |   |           |   | 11,453     |           |   |   | 6,133         |   |   |   | 4,058 |   |
| Current trade and other receivables                                         |   |   |   |   |           |   | 299,945    |           |   |   | 281,685       |   |   |   | 232,579 |   |
| Accrued gas receivables                                                     |   |   |   |   |           |   | 2,875      |           |   |   | 26,535        |   |   |   | 20,793 |   |
| Unbilled revenues                                                           |   |   |   |   |           |   | 130,796    |           |   |   | 112,147       |   |   |   | 61,070 |   |
| Prepaid expenses and deposits                                               |   |   |   |   |           |   | 9,451      |           |   |   | 6,079         |   |   |   | 20,038 |   |
| Other current assets                                                        |   |   | 11     |   |           |   | 12,799     |           |   |   | 3,846         |   |   |   | 2,703 |   |
| Corporate tax recoverable                                                   |   |   |   |   |           |   | 8,225      |           |   |   | 9,135         |   |   |   | - |   |
| Restricted cash                                                             |   |   | 7      |   |           |   | 12,199     |           |   |   | 833           |   |   |   | 18,650 |   |
| Cash and cash equivalents                                                   |   |   |   |   |           |   | 53,220     |           |   |   | 97,633        |   |   |   | 60,132 |   |
|                                                                        |   |   |   |   |           |   | 563,795    |           |   |   | 554,413       |   |   |   | 433,756 |   |
| TOTAL ASSETS                                                                |   |   |   |   |           | $      | 1,543,044  |           |   | $      | 1,590,026     |   |   | $ | 1,457,021 |   |
|                                                                        |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| DEFICIT AND LIABILITIES                                                     |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Deficit attributable to equity holders of the parent                        |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Deficit                                                                     |   |   |   |   |           | $      | (1,652,188 | )              |   | $      | (1,349,928    | )      |   | $ | (1,556,669 | ) |
| Accumulated other comprehensive income                                      |   |   | 12     |   |           |   | 70,293     |           |   |   | 123,919       |   |   |   | 221,969 |   |
| Unitholders’ capital                                                  |   |   |   |   |           |   | -          |           |   |   | -             |   |   |   | 777,856 |   |
| Shareholders’ capital                                                 |   |   | 13     |   |           |   | 993,181    |           |   |   | 963,982       |   |   |   | - |   |
| Equity component of convertible debenture                                   |   |   | 15     |   |           |   | 25,795     |           |   |   | 18,186        |   |   |   | - |   |
| Contributed surplus                                                         |   |   |   |   |           |   | 62,147     |           |   |   | 52,723        |   |   |   | - |   |
| Shareholders’ deficit                                                 |   |   |   |   |           |   | (500,772   | )              |   |   | (191,118      | )      |   |   | (556,844 | ) |
|                                                                        |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Non-controlling interest                                                    |   |   |   |   |           |   | (637       | )              |   |   | -             |   |   |   | 20,421 |   |
| TOTAL DEFICIT                                                               |   |   |   |   |           |   | (501,409   | )              |   |   | (191,118      | )      |   |   | (536,423 | ) |
|                                                                        |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Non-current liabilities                                                     |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Long-term debt                                                              |   |   | 15     |   |           |   | 679,072    |           |   |   | 507,460       |   |   |   | 231,837 |   |
| Provisions                                                                  |   |   | 17     |   |           |   | 3,068      |           |   |   | 3,244         |   |   |   | 3,124 |   |
| Deferred lease inducements                                                  |   |   |   |   |           |   | 1,778      |           |   |   | 1,622         |   |   |   | 1,984 |   |
| Other non-current financial liabilities                                     |   |   | 11     |   |           |   | 309,617    |           |   |   | 355,412       |   |   |   | 590,572 |   |
| Deferred tax liability                                                      |   |   | 16     |   |           |   | 6,073      |           |   |   | 22,919        |   |   |   | 6,776 |   |
| Liability associated with Exchangeable Shares and equity-based compensation |   |   | 29     |   |           |   | -          |           |   |   | -             |   |   |   | 181,128 |   |
|                                                                        |   |   |   |   |           |   | 999,608    |           |   |   | 890,657       |   |   |   | 1,015,421 |   |
| Current liabilities                                                         |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Bank indebtedness                                                           |   |   |   |   |           |   | 1,060      |           |   |   | 2,314         |   |   |   | 8,236 |   |
| Trade and other payables                                                    |   |   |   |   |           |   | 287,145    |           |   |   | 275,503       |   |   |   | 177,368 |   |
| Accrued gas payable                                                         |   |   |   |   |           |   | 2,960      |           |   |   | 19,353        |   |   |   | 15,093 |   |
| Deferred revenue                                                            |   |   |   |   |           |   | 11,985     |           |   |   | -             |   |   |   | 7,202 |   |
| Unit distribution payable                                                   |   |   |   |   |           |   |       |           |   |   | -             |   |   |   | 13,182 |   |
| Income taxes payable                                                        |   |   |   |   |           |   | 4,814      |           |   |   | 9,788         |   |   |   | 6,410 |   |
| Current portion of long-term debt                                           |   |   | 15     |   |           |   | 97,611     |           |   |   | 94,117        |   |   |   | 61,448 |   |
| Provisions                                                                  |   |   | 17     |   |           |   | 3,226      |           |   |   | 4,006         |   |   |   | 3,884 |   |
| Other current financial liabilities                                         |   |   | 11     |   |           |   | 636,044    |           |   |   | 485,406       |   |   |   | 685,200 |   |
|                                                                        |   |   |   |   |           |   | 1,044,845  |           |   |   | 890,487       |   |   |   | 978,023 |   |
| TOTAL LIABILITIES                                                           |   |   |   |   |           |   | 2,044,453  |           |   |   | 1,781,144     |   |   |   | 1,993,444 |   |
| TOTAL DEFICIT AND LIABILITIES                                               |   |   |   |   |           | $      | 1,543,044  |           |   | $      | 1,590,026     |   |   | $ | 1,457,021 |   |
|                                                                        |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| Guarantees (Note 23) Commitments (Note 26)                                  |   |   |   |   |           |   |       |           |   |   |          |   |   |   |   |   |
| See accompanying notes to the consolidated financial statements             |   |   |   |   |           |   |       |           |   |

----

----

|                                                            |   | Notes  |   |   | 2012   |   |      | 2011   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|-----------|--------|--------|
| SALES                                                           |   |   | 19     |   |   | $      | 2,785,269 |   |   | $ | 2,953,192 |   |
| COST OF SALES                                                   |   |   | 18(b)  |   |   |   | 2,267,780 |   |   |   | 2,471,630 |   |
| GROSS MARGIN                                                    |   |   |   |   |   |   | 517,489   |   |   |   | 481,562 |   |
| EXPENSES                                                        |   |   |   |   |   |   |      |   |   |   |   |   |
| Administrative expenses                                         |   |   |   |   |   |   | 122,397   |   |   |   | 109,400 |   |
| Selling and marketing expenses                                  |   |   |   |   |   |   | 177,302   |   |   |   | 133,607 |   |
| Other operating expenses                                        |   |   | 18(a)  |   |   |   | 154,357   |   |   |   | 165,575 |   |
|                                                            |   |   |   |   |   |   | 454,056   |   |   |   | 408,582 |   |
| Operating profit                                                |   |   |   |   |   |   | 63,433    |   |   |   | 72,980 |   |
| Finance costs                                                   |   |   | 15     |   |   |   | (60,935   | )      |   |   | (59,883 | ) |
| Change in fair value of derivative instruments                  |   |   | 11     |   |   |   | (96,345   | )      |   |   | 506,047 |   |
| Proportionate share of loss from joint venture                  |   |   | 10     |   |   |   | (1,971    | )      |   |   | - |   |
| Other income                                                    |   |   |   |   |   |   | 6,702     |   |   |   | 7,235 |   |
| Income (loss) before income taxes                               |   |   |   |   |   |   | (89,116   | )      |   |   | 526,379 |   |
| Provision for income taxes                                      |   |   | 16     |   |   |   | 37,527    |   |   |   | 173,439 |   |
| PROFIT (LOSS) FOR THE YEAR                                      |   |   |   |   |   | $      | (126,643  | )      |   | $ | 352,940 |   |
|                                                            |   |   |   |   |   |   |      |   |   |   |   |   |
| Attributable to:                                                |   |   |   |   |   |   |      |   |   |   |   |   |
| Shareholders of Just Energy                                     |   |   |   |   |   | $      | (126,522  | )      |   | $ | 355,076 |   |
| Non-controlling interest                                        |   |   |   |   |   |   | (121      | )      |   |   | (2,136 | ) |
| PROFIT (LOSS) FOR THE YEAR                                      |   |   |   |   |   | $      | (126,643  | )      |   | $ | 352,940 |   |
|                                                            |   |   |   |   |   |   |      |   |   |   |   |   |
| See accompanying notes to the consolidated financial statements |   |
|                                                            |   |   |   |   |   |   |      |   |   |   |   |   |
|                                                            |   |   |   |   |   |   |      |   |   |   |   |   |
| Profit (loss) per share                                         |   |   | 21     |   |   |   |      |   |   |   |   |   |
| Basic                                                           |   |   |   |   |   | $      | (0.92     | )      |   | $ | 2.77 |   |
| Diluted                                                         |   |   |   |   |   | $      | (0.92     | )      |   | $ | 2.40 |   |

----

----

|                                                                                                             |   | Notes  |   |   | 2012   |     |     | 2011   |   |
|------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|----------|----------|--------|--------|
| Profit (loss) for the year                                                                                       |   |   |   |   | $      | (126,643 | )        |   | $      | 352,940 |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |
| Other comprehensive income (loss)                                                                                |   |   | 12     |   |   |     |     |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Unrealized gain on translation of foreign operations                                                             |   |   |   |   |   |     | 2,386    |   |   |   | 449 |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Amortization of deferred unrealized gain of discontinued hedges, net of income taxes of $13,150 (2011 - $21,384) |   |   |   |   |   |     | (56,012  | )      |   |   | (98,499 | ) |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Other comprehensive loss for the year, net of tax                                                                |   |   |   |   |   |     | (53,626  | )      |   |   | (98,050 | ) |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Total comprehensive income (loss) for the year, net of tax                                                       |   |   |   |   |   | $        | (180,269 | )      |   | $ | 254,890 |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Total comprehensive income (loss) attributable to:                                                               |   |   |   |   |   |     |     |   |   |   |   |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Shareholders of Just Energy                                                                                      |   |   |   |   |   | $        | (180,148 | )      |   | $ | 257,026 |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Non-controlling interest                                                                                         |   |   |   |   |   |     | (121     | )      |   |   | (2,136 | ) |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| Total comprehensive income (loss) for the year, net of tax                                                       |   |   |   |   |   | $        | (180,269 | )      |   | $ | 254,890 |   |
|                                                                                                             |   |   |   |   |   |     |     |   |   |   |   |   |
| See accompanying notes to the consolidated financial statements                                                  |   |

----

----

|                                                              |   | Notes  |   |   | 2012   |     |       | 2011   |   |
|-------------------------------------------------------------------|--------|--------|--------|--------|--------|----------|------------|--------|--------|
| ATTRIBUTABLE TO THE SHAREHOLDERS/UNITHOLDERS                      |   |   |   |   |   |     |       |   |   |
| Accumulated deficit                                               |   |   |   |   |   |     |       |   |   |
| Accumulated deficit, beginning of year                            |   |   |   |   | $      | (315,934 | )          |   | $      | (671,010 | ) |
| Loss on cancellation of shares                                    |   |   | 13     |   |   |     | (356       | )      |   |   | - |   |
| Profit (loss) for the year, attributable to the shareholders      |   |   |   |   |   |     | (126,522   | )      |   |   | 355,076 |   |
| Accumulated deficit, end of year                                  |   |   |   |   |   |     | (442,812   | )      |   |   | (315,934 | ) |
|                                                              |   |   |   |   |   |     |       |   |   |   |   |   |
| DISTRIBUTIONS/DIVIDENDS                                           |   |   |   |   |   |     |       |   |   |   |   |   |
| Distributions and dividends, beginning of year                    |   |   |   |   |   |     | (1,033,994 | )      |   |   | (885,659 | ) |
| Distributions and dividends                                       |   |   | 25     |   |   |     | (175,382   | )      |   |   | (148,335 | ) |
| Distributions and dividends, end of year                          |   |   |   |   |   |     | (1,209,376 | )      |   |   | (1,033,994 | ) |
| DEFICIT                                                           |   |   |   |   |   | $        | (1,652,188 | )      |   | $ | (1,349,928 | ) |
|                                                              |   |   |   |   |   |     |       |   |   |   |   |   |
| ACCUMULATED OTHER COMPREHENSIVE INCOME                            |   |   | 12     |   |   |     |       |   |   |   |   |   |
| Accumulated other comprehensive income, beginning of year         |   |   |   |   |   | $        | 123,919    |   |   | $ | 221,969 |   |
| Other comprehensive loss                                          |   |   |   |   |   |     | (53,626    | )      |   |   | (98,050 | ) |
| Accumulated other comprehensive income, end of year               |   |   |   |   |   | $        | 70,293     |   |   | $ | 123,919 |   |
|                                                              |   |   |   |   |   |     |       |   |   |   |   |   |
| SHAREHOLDERS’/UNITHOLDERS’ CAPITAL                    |   |   | 13     |   |   |     |       |   |   |   |   |   |
| Shareholders’/Unitholders’ capital, beginning of year |   |   |   |   |   | $        | 963,982    |   |   | $ | 777,856 |   |
| Shares/units exchanged  and issued                      |   |   |   |   |   |     | -          |   |   |   | 158,520 |   |
| Shares/units issued on exercise/exchange of unit compensation     |   |   |   |   |   |     | 1,385      |   |   |   | 1,559 |   |
| Repurchase and cancellation of shares                             |   |   |   |   |   |     | (599       | )      |   |   | - |   |
| Dividend reinvestment plan                                        |   |   |   |   |   |     | 28,413     |   |   |   | 26,047 |   |
| Shareholders’/Unitholders’ capital, end of year       |   |   |   |   |   | $        | 993,181    |   |   | $ | 963,982 |   |
|                                                              |   |   |   |   |   |     |       |   |   |   |   |   |
| EQUITY COMPONENT OF CONVERTIBLE DEBENTURES                        |   |   | 15     |   |   |     |       |   |   |   |   |   |
| Balance, beginning of year                                        |   |   |   |   |   | $        | 18,186     |   |   | $ | - |   |
| Allocations of new convertible debentures issued                  |   |   |   |   |   |     | 10,188     |   |   |   | 33,914 |   |
| Future tax impact on convertible debentures                       |   |   |   |   |   |     | (2,579     | )      |   |   | (15,728 | ) |
| Balance, end of year                                              |   |   |   |   |   | $        | 25,795     |   |   | $ | 18,186 |   |
|                                                              |   |   |   |   |   |     |       |   |   |   |   |   |
| CONTRIBUTED SURPLUS                                               |   |   |   |   |   |     |       |   |   |   |   |   |
| Balance, beginning of year                                        |   |   |   |   |   | $        | 52,723     |   |   | $ | - |   |
| Reclassification on conversion                                    |   |   |   |   |   |     | -          |   |   |   | 43,147 |   |
| Gain on acquisition of non-controlling interest                   |   |   |   |   |   |     | -          |   |   |   | 7,957 |   |
| Add:  Share-based compensation awards                   |   |   |   |   |   |     | 10,662     |   |   |   | 2,683 |   |
| Non-cash deferred share grant distributions                       |   |   |   |   |   |     | 147        |   |   |   | 33 |   |
| Less: Share-based awards exercised                                |   |   |   |   |   |     | (1,385     | )      |   |   | (1,097 | ) |
| Balance, end of year                                              |   |   |   |   |   | $        | 62,147     |   |   | $ | 52,723 |   |
|                                                              |   |   |   |   |   |     |       |   |   |   |   |   |
| NON-CONTROLLING INTEREST                                          |   |   |   |   |   |     |       |   |   |   |   |   |
| Balance, beginning of year                                        |   |   |   |   |   | $        | -          |   |   | $ | 20,421 |   |
| Non-controlling interest acquired                                 |   |   | 9      |   |   |     | (540       | )      |   |   | - |   |
| Foreign exchange on non-controlling interest                      |   |   |   |   |   |     | 24         |   |   |   | - |   |
| Acquisition of non-controlling interest                           |   |   |   |   |   |     | -          |   |   |   | (18,285 | ) |
| Net loss attributable to non-controlling interest                 |   |   |   |   |   |     | (121       | )      |   |   | (2,136 | ) |
| Balance, end of year                                              |   |   |   |   |   | $        | (637       | )      |   | $ | - |   |
| See accompanying notes to the consolidated financial statements   |   |   |   |   |   |     |       |   |   |   |   |   |

----

----

| Net inflow (outflow) of cash related to the following activities |   | Notes  |   |   | 2012   |    |     | 2011   |   |
|------------------------------------------------------------------|--------|--------|--------|--------|--------|---------|----------|--------|--------|
|                                                             |   |   |   |   |   |    |     |   |   |
| OPERATING                                                        |   |   |   |   |   |    |     |   |   |
| Income before income taxes                                       |   |   |   |   | $      | (89,116 | )        |   | $      | 526,379 |   |
| Items not affecting cash                                         |   |   |   |   |   |    |     |   |   |   |   |
| Amortization of intangible assets and related supply contracts   |   |   |   |   |   | 108,233 |     |   |   | 120,841 |   |
| Amortization of contract initiation costs                        |   |   |   |   |   | 13,977  |     |   |   | 12,429 |   |
| Amortization of property, plant and equipment                    |   |   |   |   |   | 5,847   |     |   |   | 5,698 |   |
| Amortization included in cost of sales                           |   |   |   |   |   | 12,640  |     |   |   | 9,837 |   |
| Share-based compensation                                         |   |   |   |   |   | 10,662  |     |   |   | 9,914 |   |
| Financing charges, non-cash portion                              |   |   |   |   |   | 8,760   |     |   |   | 7,799 |   |
| Transaction costs on acquisition                                 |   |   |   |   |   | 1,101   |     |   |   | 1,284 |   |
| Other                                                            |   |   |   |   |   | (150    | )        |   |   | 6,860 |   |
| Change in fair value of derivative instruments                   |   |   |   |   |   | 96,345  |     |   |   | (506,047 | ) |
|                                                             |   |   |   |   |   | 257,415 |     |   |   | (331,385 | ) |
| Adjustment required to reflect net cash receipts from gas sales  |   |   | 27     |   |   |    | 7,740    |   |   |   | (1,725 | ) |
|                                                             |   |   |   |   |   |    |     |   |   |   |   |   |
| Changes in non-cash working capital                              |   |   | 28     |   |   |    | (27,032  | )      |   |   | (39,063 | ) |
|                                                             |   |   |   |   |   |    | 149,007  |   |   |   | 154,206 |   |
| Income tax paid                                                  |   |   |   |   |   |    | (4,617   | )      |   |   | (8,651 | ) |
| Cash inflow from operating activities                            |   |   |   |   |   |    | 144,390  |   |   |   | 145,555 |   |
|                                                             |   |   |   |   |   |    |     |   |   |   |   |   |
| INVESTING                                                        |   |   |   |   |   |    |     |   |   |   |   |   |
| Purchase of property, plant and equipment                        |   |   |   |   |   |    | (74,829  | )      |   |   | (33,412 | ) |
| Purchase of intangible assets                                    |   |   |   |   |   |    | (5,867   | )      |   |   | (5,784 | ) |
| Acquisitions, net of cash acquired                               |   |   | 9      |   |   |    | (93,325  | )      |   |   | (261,389 | ) |
| Proceeds (advances) of long-term receivables                     |   |   |   |   |   |    | (1,881   | )      |   |   | 2,232 |   |
| Transaction costs on acquisition                                 |   |   |   |   |   |    | (1,101   | )      |   |   | (1,284 | ) |
| Contract initiation costs                                        |   |   |   |   |   |    | (28,244  | )      |   |   | (19,210 | ) |
| Cash outflow from investing activities                           |   |   |   |   |   |    | (205,247 | )      |   |   | (318,847 | ) |
|                                                             |   |   |   |   |   |    |     |   |   |   |   |   |
| FINANCING                                                        |   |   |   |   |   |    |     |   |   |   |   |   |
| Dividends paid                                                   |   |   |   |   |   |    | (146,822 | )      |   |   | (134,589 | ) |
| Shares purchased for cancellation                                |   |   |   |   |   |    | (955     | )      |   |   | - |   |
| Decrease in bank indebtedness                                    |   |   |   |   |   |    | (1,254   | )      |   |   | (5,922 | ) |
| Issuance of long-term debt                                       |   |   |   |   |   |    | 464,520  |   |   |   | 484,844 |   |
| Repayment of long-term debt                                      |   |   |   |   |   |    | (288,005 | )      |   |   | (150,449 | ) |
| Restricted cash                                                  |   |   |   |   |   |    | (11,366  | )      |   |   | 17,817 |   |
| Cash inflow from financing activities                            |   |   |   |   |   |    | 16,118   |   |   |   | 211,701 |   |
| Effect of foreign currency translation on cash balances          |   |   |   |   |   |    | 326      |   |   |   | (908 | ) |
| Net cash inflow (outflow)                                        |   |   |   |   |   |    | (44,413  | )      |   |   | 37,501 |   |
| Cash and cash equivalents, beginning of year                     |   |   |   |   |   |    | 97,633   |   |   |   | 60,132 |   |
| Cash and cash equivalents, end of year                           |   |   |   |   |   | $       | 53,220   |   |   | $ | 97,633 |   |
|                                                             |   |   |   |   |   |    |     |   |   |   |   |   |
|                                                             |   |   |   |   |   |    |     |   |   |   |   |   |
| Supplemental cash flow information:                              |   |   |   |   |   |    |     |   |   |   |   |   |
| Interest paid                                                    |   |   |   |   |   | $       | 52,810   |   |   | $ | 39,167 |   |
|                                                             |   |   |   |   |   |    |     |   |   |   |   |   |
| See accompanying notes to the consolidated financial statements  |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 1. | ORGANIZATION |
|----|--------------|

| 2. | OPERATIONS |
|----|------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 3. | BASIS OF PREPARATION AND ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS |
|----|----------------------------------------------------------------------------------|

|   | (a) | Basis of presentation |
|--------|-----|-----------------------|

|   | (b) | Principles of consolidation |
|--------|-----|-----------------------------|

|   | (c) | Cash and cash equivalents |
|--------|-----|---------------------------|

|   | (d) | Accrued gas receivables/accrued gas payable or gas delivered in excess of consumption/deferred revenues |
|--------|-----|---------------------------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (e) | Inventory |
|--------|-----|-----------|

|   | (f) | 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%              |
| Buildings and ethanol plant   |   | Straight line       |   | 15-35 years      |
| Water heaters                 |   | Straight line       |   | 15 years         |
| Furnaces and air conditioners |   | Straight line       |   | 15 years         |
| Leasehold improvements        |   | Straight line       |   | Term of lease    |
| Vehicles                      |   | Straight line       |   | 5 years          |
| Solar equipment               |   | Straight line       |   | 15-20 years      |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (g) | Business combinations and goodwill |
|--------|-----|------------------------------------|

|   | (h) | Intangible assets |
|--------|-----|-------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Asset category                            |   | Amortization method |   | Rate             |
|-------------------------------------------|--------|---------------------|--------|------------------|
| Customer contracts                        |   | Straight line       |   | Term of contract |
| Contract initiation costs                 |   | Straight line       |   | Term of contract |
| Commodity billing and settlement systems  |   | Straight line       |   | 5 years          |
| Sales network                             |   | Straight line       |   | 5 years          |
| Information technology system development |   | Straight line       |   | 5 years          |
| Software                                  |   | Declining balance   |   | 100%             |
| Other intangible assets                   |   | Straight line       |   | 5 years          |

|   | (i) | Impairment of non-financial assets |
|--------|-----|------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (j) | Leases |
|--------|-----|--------|

|   | (k) | Financial instruments |
|--------|-----|-----------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (l) | Derivative instruments |
|--------|-----|------------------------|

|   | (m) | Offsetting of financial instruments |
|--------|-----|-------------------------------------|

|   | (n) | Fair value of financial instruments |
|--------|-----|-------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (o) | Revenue recognition |
|--------|-----|---------------------|

|   | (p) | Foreign currency translation |
|--------|-----|------------------------------|

|   | · | assets and liabilities for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | income and expenses for each consolidated income statement are translated at the exchange rates prevailing at the dates of the transactions. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (q) | Per share/unit amounts |
|--------|-----|------------------------|

|   | (r) | Share-based compensation plans |
|--------|-----|--------------------------------|

|   | (s) | Employee future benefits |
|--------|-----|--------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (t) | Trust units of the Fund |
|--------|-----|-------------------------|

|   | (u) | Income taxes |
|--------|-----|--------------|

|   | · | Where the deferred tax asset/liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | · | Where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Provisions |
|--------|-----|------------|

|   | (w) | Selling and marketing expenses and contract initiation costs |
|--------|-----|--------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (x) | Investment in joint venture |
|--------|-----|-----------------------------|

| 4. | (i) | SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS |
|----|-----|-------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (ii) | ACCOUNTING STANDARDS ISSUED BUT NOT YET APPLIED |
|--------|------|-------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 5. | PROPERTY, PLANT AND EQUIPMENT |
|----|-------------------------------|

|                                 |   | Computer  |   |   | Buildings and |   |    |   |   |   | Furniture    |   |   |     |   |   | Office    |   |   | Water   |   |   | Furnaces and air |   |   | Leasehold    |    |   | Solar     |   |   |   |   |
|--------------------------------------|--------|-----------|--------|--------|---------------|--------|---------|--------|--------|--------|--------------|--------|--------|----------|--------|--------|-----------|--------|--------|---------|--------|--------|------------------|--------|--------|--------------|---------|--------|-----------|--------|--------|--------|--------|
|                                 |   | equipment |   |   | ethanol plant |   |    | Land   |   |   | and fixtures |   |   | Vehicles |   |   | equipment |   |   | heaters |   |   | conditioners     |   |   | improvements |    |   | equipment |   |   | Total  |   |
| Cost:                                |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |    |   |      |   |   |   |   |
| Operating balance -                  |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |    |   |      |   |   |   |   |
| April 1, 2011                        |   | $         | 7,750  |   |          | $      | 158,482 |   |   | $      | 299          |   |   | $        | 6,090  |   |      | $      | 215    |    |   | $      | 17,976           |   |   | $            | 78,223  |   |      | $      | 3,813  |   |   | $ | 8,567 |   |   | $ | 283 |   |   | $ | 281,698 |   |
| Additions/(Disposals)                |   |      | 1,347  |   |          |   | -       |   |   |   | -            |   |   |     | 441    |   |      |   | (32    | )       |   |   | 1,668            |   |   |         | 28,048  |   |      |   | 7,671  |   |   |   | 62 |   |   |   | 35,624 |   |   |   | 74,829 |   |
| Acquisition of subsidiary            |   |      | 348    |   |          |   | -       |   |   |   | -            |   |   |     | 8      |   |      |   | 31     |    |   |   | 371              |   |   |         | -       |   |      |   | -      |   |   |   | - |   |   |   | - |   |   |   | 758 |   |
| Exchange differences                 |   |      | 8      |   |          |   | 18      |   |   |   | -            |   |   |     | 33     |   |      |   | (2     | )       |   |   | 13               |   |   |         | -       |   |      |   | -      |   |   |   | 13 |   |   |   | (118 | ) |   |   | (35 | ) |
| March 31, 2012                       |   |      | 9,453  |   |          |   | 158,500 |   |   |   | 299          |   |   |     | 6,572  |   |      |   | 212    |    |   |   | 20,028           |   |   |         | 106,271 |   |      |   | 11,484 |   |   |   | 8,642 |   |   |   | 35,789 |   |   |   | 357,250 |   |
| Accumulated Amortization:            |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening balance -                    |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| April 1, 2011                        |   |      | (4,958 | )      |          |   | (17,426 | )      |   |   | -            |   |   |     | (3,561 | )      |      |   | (88    | )       |   |   | (9,520           | )      |   |         | (6,887  | )      |      |   | (179   | )      |   |   | (5,077 | ) |   |   | - |   |   |   | (47,696 | ) |
| Amortization charge to cost of sales |   |      | -      |   |          |   | (5,871  | )      |   |   | -            |   |   |     | -      |   |      |   | -      |    |   |   | -                |   |   |         | (5,961  | )      |      |   | (808   | )      |   |   | - |   |   |   | - |   |   |   | (12,640 | ) |
| Amortization charge for the year     |   |      | (1,205 | )      |          |   | (1,201  | )      |   |   | -            |   |   |     | (569   | )      |      |   | (41    | )       |   |   | (1,905           | )      |   |         | -       |   |      |   | -      |   |   |   | (913 | ) |   |   | (13 | ) |   |   | (5,847 | ) |
| Disposals                            |   |      | 12     |   |          |   | -       |   |   |   | -            |   |   |     | -      |   |      |   | 21     |    |   |   | (1               | )      |   |         | -       |   |      |   | -      |   |   |   | - |   |   |   | - |   |   |   | 32 |   |
| Exchange differences                 |   |      | (9     | )      |          |   | -       |   |   |   | -            |   |   |     | (11    | )      |      |   | -      |    |   |   | (9               | )      |   |         | -       |   |      |   | -      |   |   |   | (9 | ) |   |   | - |   |   |   | (38 | ) |
| Ending balance,                      |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2012                       |   |      | (6,160 | )      |          |   | (24,498 | )      |   |   | -            |   |   |     | (4,141 | )      |      |   | (108   | )       |   |   | (11,435          | )      |   |         | (12,848 | )      |      |   | (987   | )      |   |   | (5,999 | ) |   |   | (13 | ) |   |   | (66,189 | ) |
| Net book value,                      |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |    |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2012                       |   | $         | 3,293  |   |          | $      | 134,002 |   |   | $      | 299          |   |   | $        | 2,431  |   |      | $      | 104    |    |   | $      | 8,593            |   |   | $            | 93,423  |   |      | $      | 10,497 |   |   | $ | 2,643 |   |   | $ | 35,776 |   |   | $ | 291,061 |   |

|                                 |   | Computer  |   |   | Buildings and |   |    |   |   |   | Furniture    |   |   |     |   |   | Office    |   |   | Water   |   |   | Furnaces and air |   |   | Leasehold    |   |   | Solar     |   |   |   |   |
|--------------------------------------|--------|-----------|--------|--------|---------------|--------|---------|--------|--------|--------|--------------|--------|--------|----------|--------|--------|-----------|--------|--------|---------|--------|--------|------------------|--------|--------|--------------|--------|--------|-----------|--------|--------|--------|--------|
|                                 |   | equipment |   |   | ethanol plant |   |    | Land   |   |   | and fixtures |   |   | Vehicles |   |   | equipment |   |   | heaters |   |   | conditioners     |   |   | improvements |   |   | equipment |   |   | Total  |   |
| Cost:                                |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |
| Operating balance -                  |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |
| April 1, 2010                        |   | $         | 6,417  |   |          | $      | 159,897 |   |   | $      | 299          |   |   | $        | 5,581  |   |      | $      | 197    |    |   | $      | 16,724           |   |   | $            | 51,059 |   |      | $      | 317    |   |   | $ | 8,409 |   |   | $ | - |   |   | $ | 248,900 |   |
| Additions/(Disposals)                |   |      | 1,137  |   |          |   | (2,055  | )      |   |   | -            |   |   |     | 468    |   |      |   | 18     |    |   |   | 684              |   |   |         | 27,164 |   |      |   | 3,496  |   |   |   | 148 |   |   |   | 297 |   |   |   | 31,357 |   |
| Acquisition of subsidiary            |   |      | 233    |   |          |   | 670     |   |   |   | -            |   |   |     | 94     |   |      |   | -      |    |   |   | 621              |   |   |         | -      |   |      |   | -      |   |   |   | 30 |   |   |   | - |   |   |   | 1,648 |   |
| Exchange differences                 |   |      | (37    | )      |          |   | (30     | )      |   |   | -            |   |   |     | (53    | )      |      |   | -      |    |   |   | (53              | )      |   |         | -      |   |      |   | -      |   |   |   | (20 | ) |   |   | (14 | ) |   |   | (207 | ) |
| Ending balance,                      |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                       |   |      | 7,750  |   |          |   | 158,482 |   |   |   | 299          |   |   |     | 6,090  |   |      |   | 215    |    |   |   | 17,976           |   |   |         | 78,223 |   |      |   | 3,813  |   |   |   | 8,567 |   |   |   | 283 |   |   |   | 281,698 |   |
| Accumulated Amortization:            |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating balance -                  |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| April 1, 2010                        |   |      | (3,887 | )      |          |   | (11,104 | )      |   |   | -            |   |   |     | (2,972 | )      |      |   | (46    | )       |   |   | (7,614           | )      |   |         | (2,481 | )      |      |   | (4     | )      |   |   | (4,116 | ) |   |   | - |   |   |   | (32,224 | ) |
| Amortization charge to cost of sales |   |      | -      |   |          |   | (5,256  | )      |   |   | -            |   |   |     | -      |   |      |   | -      |    |   |   | -                |   |   |         | (4,406 | )      |      |   | (175   | )      |   |   | - |   |   |   | - |   |   |   | (9,837 | ) |
| Amortization charge for the year     |   |      | (1,086 | )      |          |   | (1,066  | )      |   |   | -            |   |   |     | (606   | )      |      |   | (42    | )       |   |   | (1,923           | )      |   |         | -      |   |      |   | -      |   |   |   | (975 | ) |   |   | - |   |   |   | (5,698 | ) |
| Exchange differences                 |   |      | 15     |   |          |   | 1       |   |   |   | -            |   |   |     | 17     |   |      |   | -      |    |   |   | 16               |   |   |         | -      |   |      |   | -      |   |   |   | 14 |   |   |   | - |   |   |   | 63 |   |
| Ending balance,                      |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                       |   |      | (4,958 | )      |          |   | (17,425 | )      |   |   | -            |   |   |     | (3,561 | )      |      |   | (88    | )       |   |   | (9,521           | )      |   |         | (6,887 | )      |      |   | (179   | )      |   |   | (5,077 | ) |   |   | - |   |   |   | (47,696 | ) |
| Net book value,                      |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                       |   | $         | 2,792  |   |          | $      | 141,057 |   |   | $      | 299          |   |   | $        | 2,529  |   |      | $      | 127    |    |   | $      | 8,455            |   |   | $            | 71,336 |   |      | $      | 3,634  |   |   | $ | 3,490 |   |   | $ | 283 |   |   | $ | 234,002 |   |
| Net book value,                      |   |      |   |   |          |   |    |   |   |   |         |   |   |     |   |   |      |   |   |    |   |   |             |   |   |         |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| April 1, 2010                        |   | $         | 2,530  |   |          | $      | 148,793 |   |   | $      | 299          |   |   | $        | 2,609  |   |      | $      | 151    |    |   | $      | 9,110            |   |   | $            | 48,578 |   |      | $      | 313    |   |   | $ | 4,293 |   |   | $ | - |   |   | $ | 216,676 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 6. | INTANGIBLE ASSETS |
|----|-------------------|

|                                 |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   | Commodity billing and |   |   |        |   |   |   |   |   |   |   |
|--------------------------------------|--------|---------------|----------|--------|-------------|--------|----------|--------------|--------|--------|----------|--------|--------|---------|---------|--------|--------|--------|---------|----------|--------|--------|-----------------------|--------|--------|-------------|--------|--------|--------|--------|--------|--------|--------|
|                                 |   |          |     |   | Electricity |   |     | Water heater |   |   |     |   |   | Sales   |    |   |   |   |    |     |   |   | settlement            |   |   | IT system   |   |   |   |   |   |   |   |
|                                 |   | Gas contracts |     |   | contracts   |   |     | contracts    |   |   | Goodwill |   |   | network |    |   | Brand  |   |    | Software |   |   | systems               |   |   | development |   |   | Other  |   |   | Total  |   |
| Cost:                                |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |
| Opening balance -                    |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |
| April 1, 2011                        |   | $             | 248,828  |   |        | $      | 436,339  |         |   | $      | 23,164   |   |   | $       | 227,467 |   |   | $      | 80,561  |     |   | $      | 10,692                |   |   | $           | 9,540  |   |   | $      | 6,515  |   |   | $ | 19,691 |   |   | $ | 9,006 |   |   | $ | 1,071,803 |   |
| Acquisition of a subsidiary          |   |          | -        |   |        |   | 39,533   |         |   |   | -        |   |   |    | 21,106  |   |   |   | 42,359  |     |   |   | 13,034                |   |   |        | 215    |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | 116,247 |   |
| Write-down of fully amortized assets |   |          | (1,842   | )      |        |   | -        |         |   |   | -        |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | -      |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | (1,842 | ) |
| Additions                            |   |          | -        |   |        |   | -        |         |   |   | 879      |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | 4,084  |   |   |   | 15     |   |   |   | 773 |   |   |   | 116 |   |   |   | 5,867 |   |
| Exchange differences                 |   |          | 3,759    |   |        |   | 3,981    |         |   |   | -        |   |   |    | 592     |   |   |   | 158     |     |   |   | (357                  | )      |   |        | 83     |   |   |   | 51     |   |   |   | 493 |   |   |   | 248 |   |   |   | 9,008 |   |
| Ending balance,                      |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2012                       |   |          | 250,745  |   |        |   | 479,853  |         |   |   | 24,043   |   |   |    | 249,165 |   |   |   | 123,078 |     |   |   | 23,369                |   |   |        | 13,922 |   |   |   | 6,581  |   |   |   | 20,957 |   |   |   | 9,370 |   |   |   | 1,201,083 |   |
| Accumulated Amortization:            |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening balance -April 1, 2011       |   |          | (144,568 | )      |        |   | (248,673 | )            |   |   | (2,813   | )      |   |    | -       |   |   |   | (14,770 | )        |   |   | -                     |   |   |        | (6,616 | )      |   |   | (6,453 | )      |   |   | (3,478 | ) |   |   | (4,213 | ) |   |   | (431,584 | ) |
| Write-down of fully amortized assets |   |          | 1,842    |   |        |   | -        |         |   |   | -        |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | -      |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | 1,842 |   |
| Amortization charge for the year     |   |          | (23,902  | )      |        |   | (54,468  | )            |   |   | (1,631   | )      |   |    | -       |   |   |   | (19,006 | )        |   |   | -                     |   |   |        | (2,890 | )      |   |   | (18    | )      |   |   | (4,089 | ) |   |   | (2,229 | ) |   |   | (108,233 | ) |
| Amortization in mark to market       |   |          | (38,663  | )      |        |   | (74,330  | )            |   |   | -        |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | -      |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | (112,993 | ) |
| Exchange differences                 |   |          | (2,856   | )      |        |   | (2,668   | )            |   |   | -        |   |   |    | -       |   |   |   | (508    | )        |   |   | -                     |   |   |        | (22    | )      |   |   | (51    | )      |   |   | (106 | ) |   |   | (129 | ) |   |   | (6,340 | ) |
| Ending balance,                      |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2012                       |   |          | (208,147 | )      |        |   | (380,139 | )            |   |   | (4,444   | )      |   |    | -       |   |   |   | (34,284 | )        |   |   | -                     |   |   |        | (9,528 | )      |   |   | (6,522 | )      |   |   | (7,673 | ) |   |   | (6,571 | ) |   |   | (657,308 | ) |
| Net book value,                      |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2012                       |   | $             | 42,598   |   |        | $      | 99,714   |         |   | $      | 19,599   |   |   | $       | 249,165 |   |   | $      | 88,794  |     |   | $      | 23,369                |   |   | $           | 4,394  |   |   | $      | 59     |   |   | $ | 13,284 |   |   | $ | 2,799 |   |   | $ | 543,775 |   |

|                                 |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   | Commodity billing and |   |   |        |   |   |   |   |   |   |   |
|--------------------------------------|--------|---------------|----------|--------|-------------|--------|----------|--------------|--------|--------|----------|--------|--------|---------|---------|--------|--------|--------|---------|----------|--------|--------|-----------------------|--------|--------|-------------|--------|--------|--------|--------|--------|--------|--------|
|                                 |   |          |     |   | Electricity |   |     | Water heater |   |   |     |   |   | Sales   |    |   |   |   |    |     |   |   | settlement            |   |   | IT system   |   |   |   |   |   |   |   |
|                                 |   | Gas contracts |     |   | contracts   |   |     | contracts    |   |   | Goodwill |   |   | network |    |   | Brand  |   |    | Software |   |   | systems               |   |   | development |   |   | Other  |   |   | Total  |   |
| Cost:                                |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |
| Operating balance -                  |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |
| April 1, 2010                        |   | $             | 472,756  |   |        | $      | 266,700  |         |   | $      | 23,081   |   |   | $       | 186,832 |   |   | $      | -       |     |   | $      | -                     |   |   | $           | 5,562  |   |   | $      | 6,545  |   |   | $ | 605 |   |   | $ | 2,377 |   |   | $ | 964,458 |   |
| Acquisition of a subsidiary          |   |          | 26,225   |   |        |   | 200,653  |         |   |   | -        |   |   |    | 32,317  |   |   |   | 84,400  |     |   |   | 11,200                |   |   |        | 911    |   |   |   | -      |   |   |   | 17,954 |   |   |   | 6,545 |   |   |   | 380,205 |   |
| Write-down of fully amortized assets |   |          | (243,929 | )      |        |   | (21,083  | )            |   |   | -        |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | -      |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | (265,012 | ) |
| Adjustments to goodwill              |   |          | -        |   |        |   | -        |         |   |   | -        |   |   |    | 9,877   |   |   |   | -       |     |   |   | -                     |   |   |        | -      |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | 9,877 |   |
| Additions                            |   |          | -        |   |        |   | -        |         |   |   | 83       |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | 3,208  |   |   |   | 54     |   |   |   | 1,949 |   |   |   | 490 |   |   |   | 5,784 |   |
| Exchange differences                 |   |          | (6,224   | )      |        |   | (9,931   | )            |   |   | -        |   |   |    | (1,559  | )      |   |   | (3,839  | )        |   |   | (508                  | )      |   |        | (141   | )      |   |   | (84    | )      |   |   | (817 | ) |   |   | (406 | ) |   |   | (23,509 | ) |
| Ending balance,                      |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                       |   |          | 248,828  |   |        |   | 436,339  |         |   |   | 23,164   |   |   |    | 227,467 |   |   |   | 80,561  |     |   |   | 10,692                |   |   |        | 9,540  |   |   |   | 6,515  |   |   |   | 19,691 |   |   |   | 9,006 |   |   |   | 1,071,803 |   |
| Accumulated Amortization:            |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Opening balance -April 1, 2010       |   |          | (307,413 | )      |        |   | (113,862 | )            |   |   | (1,218   | )      |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | (4,198 | )      |   |   | (6,515 | )      |   |   | (21 | ) |   |   | (2,377 | ) |   |   | (435,604 | ) |
| Write-down of fully amortized assets |   |          | 243,929  |   |        |   | 21,083   |         |   |   | -        |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | -      |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | 265,012 |   |
| Amortization charge for the year     |   |          | (31,841  | )      |        |   | (63,642  | )            |   |   | (1,595   | )      |   |    | -       |   |   |   | (15,511 | )        |   |   | -                     |   |   |        | (2,576 | )      |   |   | (22    | )      |   |   | (3,614 | ) |   |   | (2,040 | ) |   |   | (120,841 | ) |
| Amortization in mark to market       |   |          | (53,757  | )      |        |   | (96,064  | )            |   |   | -        |   |   |    | -       |   |   |   | -       |     |   |   | -                     |   |   |        | -      |   |   |   | -      |   |   |   | - |   |   |   | - |   |   |   | (149,821 | ) |
| Exchange differences                 |   |          | 4,514    |   |        |   | 3,812    |         |   |   | -        |   |   |    | -       |   |   |   | 741     |     |   |   | -                     |   |   |        | 158    |   |   |   | 84     |   |   |   | 157 |   |   |   | 204 |   |   |   | 9,670 |   |
| Ending balance,                      |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                       |   |          | (144,568 | )      |        |   | (248,673 | )            |   |   | (2,813   | )      |   |    | -       |   |   |   | (14,770 | )        |   |   | -                     |   |   |        | (6,616 | )      |   |   | (6,453 | )      |   |   | (3,478 | ) |   |   | (4,213 | ) |   |   | (431,584 | ) |
| Net book value,                      |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31, 2011                       |   | $             | 104,260  |   |        | $      | 187,666  |         |   | $      | 20,351   |   |   | $       | 227,467 |   |   | $      | 65,791  |     |   | $      | 10,692                |   |   | $           | 2,924  |   |   | $      | 62     |   |   | $ | 16,213 |   |   | $ | 4,793 |   |   | $ | 640,219 |   |
| Net book value,                      |   |          |     |   |        |   |     |         |   |   |     |   |   |    |    |   |   |   |    |     |   |   |                  |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| April 1, 2010                        |   | $             | 165,343  |   |        | $      | 152,838  |         |   | $      | 21,863   |   |   | $       | 186,832 |   |   | $      | -       |     |   | $      | -                     |   |   | $           | 1,364  |   |   | $      | 30     |   |   | $ | 584 |   |   | $ | - |   |   | $ | 528,854 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 7. | RESTRICTED CASH |
|----|-----------------|

|   | (i) | As part of the acquisition of Newten Home Comfort Inc. in 2009, the Company was required to transfer cash into a trust account, in trust for the vendors, as part of the contingent consideration. The contingent consideration payments, which will become payable in July 2012 are based on the number of completed water heater installations.  As of March 31, 2012, the amount of restricted cash is $1,250. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | As part of the acquisition of Fulcrum Retail Holdings LLC (“Fulcrum”), Note 9(a), Just Energy was required to transfer $10,949 into a restricted cash account until such transfer time that the amount of the contingent consideration is known. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | INVENTORY |
|----|-----------|

|             |   | March 31, |   |   | March 31, |   |   | April 1, |   |
|------------------|--------|-----------|--------|--------|-----------|--------|--------|----------|--------|
|             |   | 2012      |   |   | 2011      |   |   | 2010     |   |
| Raw materials    |   | $         | 1,220  |   |      | $      | 2,224  |     |   | $ | 2,308 |   |
| Work in progress |   |      | 775    |   |      |   | 518    |     |   |   | 463 |   |
| Finished goods   |   |      | 7,993  |   |      |   | 4,164  |     |   |   | 3,552 |   |
|             |   | $         | 9,988  |   |      | $      | 6,906  |     |   | $ | 6,323 |   |

| 9. | ACQUISITIONS |
|----|--------------|

|   | (a) | Acquisition of Fulcrum Retail Holdings LLC |
|--------|-----|--------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Fair value recognized on acquisition                   |   |
|--------------------------------------------------------|--------|
| Current assets (including cash of $3,875)              |   | $ | 43,528 |   |
| Property, plant and equipment                          |   |   | 758 |   |
| Software                                               |   |   | 215 |   |
| Customer contracts and relationships                   |   |   | 39,533 |   |
| Affinity relationships                                 |   |   | 42,359 |   |
| Brand                                                  |   |   | 13,034 |   |
| Contract initiation costs                              |   |   | 156 |   |
| Non-controlling interest                               |   |   | 540 |   |
|                                                   |   |   | 140,123 |   |
|                                                   |   |   |   |   |
| Current liabilities                                    |   |   | (44,856 | ) |
| Other liabilities – current                      |   |   | (12,430 | ) |
| Other liabilities – long term                    |   |   | (3,768 | ) |
| Deferred lease inducements                             |   |   | (322 | ) |
| Long-term debt                                         |   |   | (586 | ) |
|                                                   |   |   | (61,962 | ) |
|                                                   |   |   |   |   |
| Total identifiable net assets acquired                 |   |   | 78,161 |   |
| Goodwill arising on acquisition                        |   |   | 21,106 |   |
| Total consideration                                    |   | $ | 99,267 |   |
|                                                   |   |   |   |   |
| Cash paid, net of estimated working capital adjustment |   | $ | 80,940 |   |
| Contingent consideration                               |   |   | 18,327 |   |
| Total consideration                                    |   | $ | 99,267 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (b) | Acquisition of Hudson Energy Services, LLC |
|--------|-----|--------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Fair value recognized on acquisition             |   |
|--------------------------------------------------|--------|
| Current assets (including cash of $24,003)       |   | $ | 88,696 |   |
| Property, plant and equipment                    |   |   | 1,648 |   |
| Software                                         |   |   | 911 |   |
| Electricity contracts and customer relationships |   |   | 200,653 |   |
| Gas contracts and customer relationships         |   |   | 26,225 |   |
| Broker network                                   |   |   | 84,400 |   |
| Brand                                            |   |   | 11,200 |   |
| Information technology system development        |   |   | 17,954 |   |
| Contract initiation costs                        |   |   | 20,288 |   |
| Other intangible assets                          |   |   | 6,545 |   |
| Unbilled revenue                                 |   |   | 15,092 |   |
| Notes receivable – long term               |   |   | 1,312 |   |
| Security deposits – long term              |   |   | 3,544 |   |
| Other assets – current                     |   |   | 124 |   |
| Other assets – long term                   |   |   | 100 |   |
|                                             |   |   | 478,692 |   |
|                                             |   |   |   |   |
| Current liabilities                              |   |   | (107,817 | ) |
| Other liabilities – current                |   |   | (74,683 | ) |
| Other liabilities – long term              |   |   | (40,719 | ) |
|                                             |   |   | (223,219 | ) |
|                                             |   |   |   |   |
| Total identifiable net assets acquired           |   |   | 255,473 |   |
| Goodwill arising on acquisition                  |   |   | 32,317 |   |
| Total consideration                              |   | $ | 287,790 |   |
|                                             |   |   |   |   |
| Cash outflow on acquisition:                     |   |   |   |   |
| Cash paid                                        |   | $ | 287,790 |   |
| Net cash acquired with the subsidiary            |   |   | (24,003 | ) |
| Holdback                                         |   |   | (9,345 | ) |
| Net cash outflow                                 |   | $ | 254,442 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 10. | JOINT VENTURE |
|-----|---------------|

|                                         |   | 2012   |   |
|----------------------------------------------|--------|--------|--------|
| Share of the associate's revenue and profit: |   |   |   |
| Revenue eliminated on consolidation          |   | $      | 335    |   |
| Loss                                         |   | $      | (1,971 | ) |
| Carrying amount of the investment            |   | $      | -      |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 11. | FINANCIAL INSTRUMENTS |
|-----|-----------------------|

|   | (a) | Fair value |
|--------|-----|------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                                                                        | Change in fair value of derivative instruments |
|-----------------------------------------------------------------------------|------------------------------------------------|
|                                                                        | For the year                                   |   | For the year |   | For the year |   | For the year |
|                                                                        | ended                                          |   | ended |   | ended |   | ended |
|                                                                        | March 31, 2012                                 |   | March 31, 2012 |   | March 31, 2011 |   | March 31, 2011 |
|                                                                        |                                           |   |   | (USD) |   |   |   |   | (USD) |
| Canada                                                                      |                                           |   |   |   |   |   |   |   |   |
| Fixed-for-floating electricity swaps (i)                                    | $                                              |  44,269  |   | n/a |   | $ |  232,806  |   | n/a |
| Renewable energy certificates (ii)                                          |                                           |  (60) |   | n/a |   |   |  (987) |   | n/a |
| Verified emission-reduction credits (iii)                                   |                                           |  95  |   | n/a |   |   |  (952) |   | n/a |
| Options (iv)                                                                |                                           |  (1,330) |   | n/a |   |   |  333  |   | n/a |
| Physical gas forward contracts (v)                                          |                                           |  52,114  |   | n/a |   |   |  138,623  |   | n/a |
| Transportation forward contracts (vi)                                       |                                           |  (39) |   | n/a |   |   |  11,365  |   | n/a |
| Fixed financial swaps (vii)                                                 |                                           |  (21,134) |   | n/a |   |   |  (1,217) |   | n/a |
| United States                                                               |                                           |   |   |   |   |   |   |   |   |
| Fixed-for-floating electricity swaps (viii)                                 |                                           |  (77,879) |   |  (76,155) |   |   |  45,009  |   |  44,913  |
| Physical electricity forward contracts (ix)                                 |                                           |  (41,463) |   |  (41,192) |   |   |  46,472  |   |  46,421  |
| Unforced capacity forward contracts (x)                                     |                                           |  (3,455) |   |  (3,535) |   |   |  (416) |   |  (388) |
| Unforced capacity physical contracts (xi)                                   |                                           |  (2,511) |   |  (2,705) |   |   |  (1,955) |   |  (1,908) |
| Renewable energy certificates (xii)                                         |                                           |  1,494  |   |  1,563  |   |   |  (1,077) |   |  (1,032) |
| Verified emission-reduction credits (xiii)                                  |                                           |  160  |   |  137  |   |   |  (140) |   |  (136) |
| Options (xiv)                                                               |                                           |  (1,611) |   |  (1,580) |   |   |  1,160  |   |  1,142  |
| Physical gas forward contracts (xv)                                         |                                           |  16,525  |   |  16,618  |   |   |  118,077  |   |  116,831  |
| Transportation forward contracts (xvi)                                      |                                           |  1,534  |   |  1,547  |   |   |  568  |   |  578  |
| Heat rate swaps (xvii)                                                      |                                           |  22,321  |   |  22,058  |   |   |  (1,789) |   |  (1,592) |
| Fixed financial swaps (xviii)                                               |                                           |  (34,760) |   |  (34,251) |   |   |  (47,792) |   |  (45,967) |
| Foreign exchange forward contracts (xix)                                    |                                           |  (1,213) |   | n/a |   |   |  1,116  |   | n/a |
| Ethanol physical forward contracts                                          |                                           |  (135) |   | n/a |   |   |  135  |   | n/a |
| Amortization of deferred unrealized gains on discontinued hedges            |                                           |  69,162  |   | n/a |   |   |  119,883  |   | n/a |
| Amortization of derivative financial instruments related to acquisitions    |                                           |  (112,993) |   | n/a |   |   |  (149,821) |   | n/a |
| Liability associated with Exchangeable Shares and equity-based compensation |                                           |  -  |   | n/a |   |   |  (3,354) |   | n/a |
| Change in fair value of contingent consideration                            |                                           |  (5,436) |   | n/a |   |   | n/a |   | n/a |
| Change in fair value of derivative instruments                              | $                                              |  (96,345) |   |   |   | $ |  506,047  |   |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                                        |   | Other assets |   |   | Other assets |   |   | Other liabilities |   |   | Other liabilities |   |
|---------------------------------------------|--------|--------------|--------|--------|--------------|--------|--------|-------------------|--------|--------|-------------------|--------|
|                                        |   | (current)    |   |   | (long term)  |   |   | (current)         |   |   | (long term)       |   |
|                                        |   |         |   |   |         |   |   |              |   |   |              |   |
| Canada                                      |   |         |   |   |         |   |   |              |   |   |              |   |
| Fixed-for-floating electricity swaps (i)    |   | $            | -      |   |         | $      | -      |              |   | $      | 105,794           |   |   | $ | 74,614 |   |
| Renewable energy certificates (ii)          |   |         | 154    |   |         |   | 49     |              |   |   | 158               |   |   |   | 292 |   |
| Verified emission-reduction credits (iii)   |   |         | -      |   |         |   | -      |              |   |   | 387               |   |   |   | 462 |   |
| Options (iv)                                |   |         | 975    |   |         |   | 359    |              |   |   | 1,644             |   |   |   | 656 |   |
| Physical gas forward contracts (v)          |   |         | -      |   |         |   | -      |              |   |   | 159,742           |   |   |   | 89,576 |   |
| Transportation forward contracts (vi)       |   |         | -      |   |         |   | -      |              |   |   | 5,396             |   |   |   | 2,776 |   |
| Fixed financial swaps (vii)                 |   |         | -      |   |         |   | -      |              |   |   | 8,192             |   |   |   | 14,159 |   |
| United States                               |   |         |   |   |         |   |   |              |   |   |              |   |   |   |   |   |
| Fixed-for-floating electricity swaps (viii) |   |         | -      |   |         |   | 11     |              |   |   | 90,698            |   |   |   | 41,425 |   |
| Physical electricity forward contracts (ix) |   |         | -      |   |         |   | -      |              |   |   | 121,213           |   |   |   | 30,674 |   |
| Unforced capacity forward contracts (x)     |   |         | 5      |   |         |   | -      |              |   |   | 1,664             |   |   |   | 2,086 |   |
| Unforced capacity physical contracts (xi)   |   |         | 724    |   |         |   | -      |              |   |   | 4,642             |   |   |   | 1,225 |   |
| Renewable energy certificates (xii)         |   |         | 266    |   |         |   | 305    |              |   |   | 750               |   |   |   | 889 |   |
| Verified emission-reduction credits (xiii)  |   |         | 42     |   |         |   | 80     |              |   |   | 304               |   |   |   | 420 |   |
| Options (xiv)                               |   |         | 73     |   |         |   | -      |              |   |   | 601               |   |   |   | 349 |   |
| Physical gas forward contracts (xv)         |   |         | 40     |   |         |   | -      |              |   |   | 29,442            |   |   |   | 7,720 |   |
| Transportation forward contracts (xvi)      |   |         | 34     |   |         |   | -      |              |   |   | 1,137             |   |   |   | 241 |   |
| Heat rate swaps (xvii)                      |   |         | 10,307 |   |         |   | 14,511 |              |   |   | -                 |   |   |   | - |   |
| Fixed financial swaps (xviii)               |   |         | -      |   |         |   | -      |              |   |   | 81,497            |   |   |   | 42,054 |   |
| Foreign exchange forward contracts (xix)    |   |         | 179    |   |         |   | -      |              |   |   | -                 |   |   |   | - |   |
| Contingent consideration - Newten           |   |         | -      |   |         |   | -      |              |   |   | 1,376             |   |   |   | - |   |
| Contingent consideration - Fulcrum (Note 9) |   |         | -      |   |         |   |   |              |   |   | 21,407            |   |   |   |   |   |
| As at March 31, 2012                        |   | $            | 12,799 |   |         | $      | 15,315 |              |   | $      | 636,044           |   |   | $ | 309,617 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                                        |   | Other assets |   |   | Other assets |   |   | Other liabilities |   |   | Other liabilities |   |
|---------------------------------------------|--------|--------------|--------|--------|--------------|--------|--------|-------------------|--------|--------|-------------------|--------|
|                                        |   | (current)    |   |   | (long term)  |   |   | (current)         |   |   | (long term)       |   |
|                                        |   |         |   |   |         |   |   |              |   |   |              |   |
| Canada                                      |   |         |   |   |         |   |   |              |   |   |              |   |
| Fixed-for floating electricity swaps (i)    |   | $            | -      |   |         | $      | -      |              |   | $      | 131,279           |   |   | $ | 93,397 |   |
| Renewable energy certificates (ii)          |   |         | 194    |   |         |   | 196    |              |   |   | 158               |   |   |   | 417 |   |
| Verified emission-reduction credits (iii)   |   |         | -      |   |         |   | -      |              |   |   | 315               |   |   |   | 628 |   |
| Options (iv)                                |   |         | 815    |   |         |   | 692    |              |   |   | 4,403             |   |   |   | - |   |
| Physical gas forward contracts (v)          |   |         | -      |   |         |   | -      |              |   |   | 166,634           |   |   |   | 134,847 |   |
| Transportation forward contracts (vi)       |   |         | -      |   |         |   | 24     |              |   |   | 5,301             |   |   |   | 2,858 |   |
| Fixed financial swaps (vii)                 |   |         | -      |   |         |   | 1,037  |              |   |   | 2,235             |   |   |   | 19 |   |
| United States                               |   |         |   |   |         |   |   |              |   |   |              |   |   |   |   |   |
| Fixed-for-floating electricity swaps (viii) |   |         | 125    |   |         |   | 45     |              |   |   | 29,028            |   |   |   | 25,719 |   |
| Physical electricity forward contracts (ix) |   |         | -      |   |         |   | 310    |              |   |   | 55,548            |   |   |   | 37,535 |   |
| Unforced capacity forward contracts (x)     |   |         | 309    |   |         |   | 177    |              |   |   | 581               |   |   |   | 118 |   |
| Unforced capacity physical contracts (xi)   |   |         | 100    |   |         |   | 410    |              |   |   | 1,606             |   |   |   | 1,280 |   |
| Renewable energy certificates (xii)         |   |         | 44     |   |         |   | 49     |              |   |   | 1,037             |   |   |   | 1,610 |   |
| Verified emission-reduction credits (xiii)  |   |         | 13     |   |         |   | 36     |              |   |   | 275               |   |   |   | 491 |   |
| Options (xiv)                               |   |         | 1      |   |         |   | -      |              |   |   | 1,056             |   |   |   | 165 |   |
| Physical gas forward contracts (xv)         |   |         | 40     |   |         |   | -      |              |   |   | 32,883            |   |   |   | 19,354 |   |
| Transportation forward contracts (xvi)      |   |         | -      |   |         |   | -      |              |   |   | 1,526             |   |   |   | 1,281 |   |
| Heat rate swaps (xvii)                      |   |         | 639    |   |         |   | 2,408  |              |   |   | 180               |   |   |   | 131 |   |
| Fixed financial swaps (xviii)               |   |         | 40     |   |         |   | -      |              |   |   | 51,361            |   |   |   | 35,562 |   |
| Foreign exchange forward contracts (xix)    |   |         | 1,391  |   |         |   | -      |              |   |   | -                 |   |   |   | - |   |
| Ethanol physical forward contracts          |   |         | 135    |   |         |   | -      |              |   |   | -                 |   |   |   | - |   |
| As at March 31, 2011                        |   | $            | 3,846  |   |         | $      | 5,384  |              |   | $      | 485,406           |   |   | $ | 355,412 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                                        |   | Other assets |   |   | Other assets |   |   | Other liabilities |   |   | Other liabilities |   |
|---------------------------------------------|--------|--------------|--------|--------|--------------|--------|--------|-------------------|--------|--------|-------------------|--------|
|                                        |   | (current)    |   |   | (long term)  |   |   | (current)         |   |   | (long term)       |   |
|                                        |   |         |   |   |         |   |   |              |   |   |              |   |
| Canada                                      |   |         |   |   |         |   |   |              |   |   |              |   |
| Fixed-for floating electricity swaps (i)    |   | $            | -      |   |         | $      | -      |              |   | $      | 244,563           |   |   | $ | 212,920 |   |
| Renewable energy certificates (ii)          |   |         | 350    |   |         |   | 621    |              |   |   | 30                |   |   |   | 139 |   |
| Verified emission-reduction credits (iii)   |   |         | 2      |   |         |   | 7      |              |   |   | -                 |   |   |   | - |   |
| Options (iv)                                |   |         | 757    |   |         |   | 416    |              |   |   | -                 |   |   |   | - |   |
| Physical gas forward contracts (v)          |   |         | -      |   |         |   | -      |              |   |   | 237,145           |   |   |   | 203,088 |   |
| Transportation forward contracts (vi)       |   |         | -      |   |         |   | -      |              |   |   | 11,060            |   |   |   | 8,439 |   |
| United States                               |   |         |   |   |         |   |   |              |   |   |              |   |   |   |   |   |
| Fixed-for-floating electricity swaps (viii) |   |         | -      |   |         |   | -      |              |   |   | 31,291            |   |   |   | 30,464 |   |
| Physical electricity forward contracts (ix) |   |         | -      |   |         |   | -      |              |   |   | 38,015            |   |   |   | 39,035 |   |
| Unforced capacity forward contracts (x)     |   |         | 523    |   |         |   | 102    |              |   |   | 445               |   |   |   | 9 |   |
| Unforced capacity physical contracts (xi)   |   |         | 33     |   |         |   | 146    |              |   |   | 731               |   |   |   | - |   |
| Renewable energy certificates (xii)         |   |         | 107    |   |         |   | 130    |              |   |   | 918               |   |   |   | 945 |   |
| Verified emission-reduction credits (xiii)  |   |         | -      |   |         |   | -      |              |   |   | 167               |   |   |   | 447 |   |
| Options (xiv)                               |   |         | -      |   |         |   | -      |              |   |   | 912               |   |   |   | 915 |   |
| Physical gas forward contracts (xv)         |   |         | -      |   |         |   | -      |              |   |   | 96,938            |   |   |   | 75,142 |   |
| Transportation forward contracts (xvi)      |   |         | -      |   |         |   | -      |              |   |   | 1,265             |   |   |   | 2,262 |   |
| Heat rate swaps (xvii)                      |   |         | 654    |   |         |   | 3,605  |              |   |   | -                 |   |   |   | - |   |
| Fixed financial swaps (xviii)               |   |         | -      |   |         |   | -      |              |   |   | 21,720            |   |   |   | 16,767 |   |
| Foreign exchange forward contracts (xix)    |   |         | 277    |   |         |   | -      |              |   |   | -                 |   |   |   | - |   |
| As at April 1, 2010                         |   | $            | 2,703  |   |         | $      | 5,027  |              |   | $      | 685,200           |   |   | $ | 590,572 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|    | Contract type                             | Notional volume | Totalremaining   | Maturity date       | Fixed price        | favourable/    | Notional     |
|---------|-------------------------------------------|-----------------|------------------|---------------------|--------------------|----------------|--------------|
|    |                                      |            | volume           |                |               | (unfavourable) | value        |
|    | Canada                                    |            |             |                |               |           |         |
| (i)     | Fixed-for-floating                        | 0.0001-48       | 7,536,951   | April 30, 2012 -    | $22.20-$128.13     | ($180,408)     | $438,180     |
|    |    electricity swaps *     | MWh             | MWh              | December 31, 2019   |               |           |         |
| (ii)    | Renewable energy                          | 10-90,000       | 780,310     | December 31, 2012 - | $3.00-$26.00       | ($247)         | $5,151       |
|    |    certificates            | MWh             | MWh              | December 31, 2015   |               |           |         |
| (iii)   | Verified emission-                        | 6,000-50,000    | 599,000     | December 31, 2013 - | $6.25-$11.50       | ($849)         | $5,307       |
|    |    reduction credits       | tonnes          | tonnes           | December 31, 2016   |               |           |         |
| (iv)    | Options                                   | 119-33,000      | 713,089     | April 30, 2012 -    | $7.16-$12.39       | ($966)         | $1,832       |
|    |                                      | GJ/month        | GJ               | February 28, 2014   |               |           |         |
| (v)     | Physical gas forward                      | 1-8,376         | 64,316,388  | April 30, 2012 -    | $1.35-$10.00       | ($249,318)     | $430,907     |
|    |    contracts               | GJ/day          | GJ               | March 31, 2016      |               |           |         |
| (vi)    | Transportation forward                    | 74-17,000       | 35,595,520  | April 30, 2012 -    | $0.0025-$1.5600    | ($8,172)       | $18,079      |
|    |    contracts               | GJ/day          | GJ               | August 31, 2015     |               |           |         |
| (vii)   | Fixed financial swaps                     | 14,000-139,500  | 19,853,500  | March 31, 2013 -    | $2.34-$5.20        | ($22,351)      | $88,642      |
|    |                                      | GJ/month        | GJ               | March 31, 2017      |               |           |         |
|    | United States                             |            |             |                |               |           |         |
| (viii)  | Fixed-for-floating                        | 0.10-80         | 9,577,598   | April 30, 2012 -    | $24.49-$136.41     | ($132,112)     | $488,254     |
|    |    electricity swaps *     | MWh             | MWh              | March 31, 2017      | (US$24.55-$136.75) | (US($132.443)) | (US$489,478) |
| (ix)    | Physical electricity                      | 1-100           | 13,393,411  | April 30, 2012 -    | $26.77-$109.97     | ($151,887)     | $624,024     |
|    |    forwards                | MWh             | MWh              | May 31, 2017        | (US$26.84-$110.25) | (US($152,268)) | (US$625,588) |
| (x)     | Unforced capacity                         | 3-150           | 118,766     | June 30, 2012 -     | $1,812-$7,980      | ($3,745)       | $7,739       |
|    |    forward contracts       | MWCap           | MWCap            | May 31, 2014        | (US$1,817-$8,000)  | (US($3,754))   | (US$7,758)   |
| (xi)    | Unforced capacity                         | 1-280           | 5,336       | April 30, 2012 -    | $848-$9,327        | ($5,144)       | $27,672      |
|    |    physical contracts      | MWCap           | MWCap            | May 31, 2014        | (US$850-$9,350)    | (US($5,157))   | (US$27,741)  |
| (xii)   | Renewable energy                          | 300-160,000     | 2,987,250   | December 31, 2012 - | $0.55-$42.64       | ($1,068)       | $15,992      |
|    |    certificates            | MWh             | MWh              | December 31, 2017   | (US$0.55-$42.75)   | (US($1,071))   | (US$16,032)  |
| (xiii)  | Verified emission-                        | 8,000-50,000    | 658,000     | December 31, 2012 - | $3.49-$8.73        | ($602)         | $4,064       |
|    |    reduction credits       | tonnes          | tonnes           | December 31, 2016   | (US$3.50-$8.75)    | (US($604))     | (US$4,074)   |
| (xiv)   | Options                                   | 60-60,000       | 1,233,065   | April 30, 2012 -    | $7.73-$13.77       | ($877)         | $166         |
|    |                                      | mmBTU/month     | mmBTU            | December 31, 2014   | (US$7.75-$13.80)   | (US($879))     | (US$166)     |
| (xv)    | Physical gas forward                      | 5-2,500         | 7,139,328   | April 2, 2012 -     | $2.21-$11.85       | ($37,122)      | $58,701      |
|    |     contracts         | mmBTU/month     | mmBTU            | July 31, 2014       | (US$2.22-$11.88)   | (US($37,215))  | (US$58,848)  |
| (xvi)   | Transportation forward                    | 15-13,205       | 10,739,615  | April 02, 2012 -    | $0.08-$1.50        | ($1,344)       | $22,967      |
|    |     contracts         | mmBTU/day       | mmBTU            | August 31, 2015     | (US$0.08-$1.50)    | (US($1,347))   | (US$23,025)  |
| (xvii)  | Heat rate swaps                           | 1-50            | 3,248,369   | April 30, 2012 -    | $14.10-$65.06      | $24,817        | $97,111      |
|    |                                      | MWh             | MWh              | October 31, 2016    | (US$14.14-$65.22)  | (US$24,879)    | (US$97,354)  |
| (xviii) | Fixed financial swaps                     | 930-600,000     | 44,416,997  | April 30, 2012 -    | $2.64-$9.24        | ($123,549)     | $265,023     |
|    |                                      | mmBTU/month     | mmBTU            | May 31, 2017        | (US$2.65-$9.26)    | (US($123,859)) | (US$265,687) |
| (xix)   | Foreign exchange                          | ($497-$3,614)   | n/a              | April 02, 2012 -    | $0.977-$1.048      | $179           | $22,630      |
|    |     forward contracts | (US$500-$3,500) |             | January 2, 2013     |               |           | (US$22,687)  |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                             |   | Level 1 |       |   | Level 2 |   |    | Level 3 |   |   | Total    |   |
|----------------------------------|--------|---------|------------|--------|---------|--------|---------|---------|--------|--------|----------|--------|
| Financial assets                 |   |    |       |   |    |   |    |    |   |   |     |   |
| Cash and short-term deposits     |   | $       | 65,419     |   |    | $      | -       |    |   | $      | -        |   |   | $ | 65,419 |   |
| Loans and receivables            |   |    | 437,216    |   |    |   | -       |    |   |   | -        |   |   |   | 437,216 |   |
| Derivative financial assets      |   |    | -          |   |    |   | -       |    |   |   | 28,114   |   |   |   | 28,114 |   |
| Financial liabilities            |   |    |       |   |    |   |    |    |   |   |     |   |   |   |   |   |
| Derivative financial liabilities |   |    | -          |   |    |   | (98,193 | )       |   |   | (847,468 | )      |   |   | (945,661 | ) |
| Other financial liabilities      |   |    | (1,064,888 | )      |    |   | -       |    |   |   | -        |   |   |   | (1,064,888 | ) |
| Total net derivative liabilities |   | $       | (562,253   | )      |    | $      | (98,193 | )       |   | $      | (819,354 | )      |   | $ | (1,479,800 | ) |

|                             |   | Level 1 |     |   | Level 2 |   |    | Level 3 |   |   | Total    |   |
|----------------------------------|--------|---------|----------|--------|---------|--------|---------|---------|--------|--------|----------|--------|
| Financial assets                 |   |    |     |   |    |   |    |    |   |   |     |   |
| Cash and short-term deposits     |   | $       | 98,466   |   |    | $      | -       |    |   | $      | -        |   |   | $ | 98,466 |   |
| Loans and receivables            |   |    | 398,401  |   |    |   | -       |    |   |   | -        |   |   |   | 398,401 |   |
| Derivative financial assets      |   |    | -        |   |    |   | 1,077   |    |   |   | 8,153    |   |   |   | 9,230 |   |
| Financial liabilities            |   |    |     |   |    |   |    |    |   |   |     |   |   |   |   |   |
| Derivative financial liabilities |   |    | -        |   |    |   | (89,177 | )       |   |   | (751,641 | )      |   |   | (840,818 | ) |
| Other financial liabilities      |   |    | (886,696 | )      |    |   | -       |    |   |   | -        |   |   |   | (886,696 | ) |
| Total net derivative liabilities |   | $       | (389,829 | )      |    | $      | (88,100 | )       |   | $      | (743,488 | )      |   | $ | (1,221,417 | ) |

|                             |   | Level 1 |     |   | Level 2 |   |    | Level 3 |   |   | Total      |   |
|----------------------------------|--------|---------|----------|--------|---------|--------|---------|---------|--------|--------|------------|--------|
| Financial assets                 |   |    |     |   |    |   |    |    |   |   |       |   |
| Cash and short-term deposits     |   | $       | 78,782   |   |    | $      | -       |    |   | $      | -          |   |   | $ | 78,782 |   |
| Loans and receivables            |   |    | 295,663  |   |    |   | -       |    |   |   | -          |   |   |   | 295,663 |   |
| Derivative financial assets      |   |    | -        |   |    |   | -       |    |   |   | 7,730      |   |   |   | 7,730 |   |
| Financial liabilities            |   |    |     |   |    |   |    |    |   |   |       |   |   |   |   |   |
| Derivative financial liabilities |   |    | -        |   |    |   | (38,487 | )       |   |   | (1,237,285 | )      |   |   | (1,275,772 | ) |
| Other financial liabilities      |   |    | (478,889 | )      |    |   | -       |    |   |   | -          |   |   |   | (478,889 | ) |
| Total net derivative liabilities |   | $       | (104,444 | )      |    | $      | (38,487 | )       |   | $      | (1,229,555 | )      |   | $ | (1,372,486 | ) |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                                        |   | March 31, 2012 |     |   | March 31, 2011 |   |
|---------------------------------------------|--------|----------------|----------|--------|----------------|--------|
| Opening balance, April 1                    |   | $              | (743,488 | )      |           | $      | (1,229,555 | ) |
| Total gain/(losses) - Profit for the period |   |           | (376,121 | )      |           |   | 6,891 |   |
| Purchases                                   |   |           | (201,235 | )      |           |   | (256,294 | ) |
| Sales                                       |   |           | 41,547   |   |           |   | 3,795 |   |
| Settlements                                 |   |           | 459,943  |   |           |   | 731,675 |   |
| Transfer out of Level 3                     |   |           | -        |   |           |   | - |   |
| Closing balance                             |   | $              | (819,354 | )      |           | $      | (743,488 | ) |

| As at March 31, 2012                        |   | Carrying amount |    |   | Fair value |   |
|---------------------------------------------|--------|-----------------|---------|--------|------------|--------|
|                                        |   |            |    |   |       |   |
| Cash and cash equivalents                   |   | $               | 53,220  |   |       | $      | 53,220 |   |
| Restricted cash                             |   |            | 12,199  |   |       |   | 12,199 |   |
| Current trade and other receivables         |   |            | 299,945 |   |       |   | 299,945 |   |
| Unbilled revenues                           |   |            | 130,796 |   |       |   | 130,796 |   |
| Non-current receivables                     |   |            | 6,475   |   |       |   | 6,475 |   |
| Other financial assets                      |   |            | 28,114  |   |       |   | 28,114 |   |
| Bank indebtedness, trade and other payables |   |            | 288,205 |   |       |   | 288,205 |   |
| Long-term debt                              |   |            | 776,683 |   |       |   | 826,991 |   |
| Other financial liabilities                 |   |            | 945,661 |   |       |   | 945,661 |   |

| For the years ended March 31                                   |   |   |   |   |   |   |
|----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                                           |   | 2012   |   |   | 2011   |   |
| Interest expense on financial liabilities not held-for-trading |   | $      | 60,935 |   |   | $      | 59,883 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (c) | Management of risks arising from financial instruments |
|--------|-----|--------------------------------------------------------|

|   | (i) | Market risk |
|--------|-----|-------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|               |   | March 31, 2012 |    |   | March 31, 2011 |   |   | April 1, 2010 |   |
|--------------------|--------|----------------|---------|--------|----------------|--------|--------|---------------|--------|
|               |   |           |    |   |           |   |   |          |   |
| Current            |   | $              | 69,738  |   |           | $      | 61,695 |          |   | $ | 44,531 |   |
| 1 – 30 days  |   |           | 15,530  |   |           |   | 15,088 |          |   |   | 13,873 |   |
| 31 – 60 days |   |           | 5,681   |   |           |   | 5,533  |          |   |   | 4,598 |   |
| 61 – 90 days |   |           | 2,905   |   |           |   | 5,652  |          |   |   | 1,768 |   |
| Over 91 days       |   |           | 19,947  |   |           |   | 10,322 |          |   |   | 3,973 |   |
|               |   | $              | 113,801 |   |           | $      | 98,290 |          |   | $ | 68,743 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                              |   | March 31, 2012 |    |   | March 31, 2011 |   |
|-----------------------------------|--------|----------------|---------|--------|----------------|--------|
| Balance, beginning of year        |   | $              | 25,115  |   |           | $      | 17,519 |   |
| Allowance on acquired receivables |   |           | 6,940   |   |           |   | 5,591 |   |
| Provision for doubtful accounts   |   |           | 28,514  |   |           |   | 27,627 |   |
| Bad debts written off             |   |           | (29,215 | )      |           |   | (23,801 | ) |
| Other                             |   |           | 3,572   |   |           |   | (1,821 | ) |
| Balance, end of year              |   | $              | 34,926  |   |           | $      | 25,115 |   |

|                |   |   Carrying amount |      |   | Contractual cashflows |   |      |   Less than 1 year |   |   |   1 to 3 years |   |   |   4 to 5 years |      |   | More than 5years |   |
|--------------------------|--------|------------------------|-----------|--------|-----------------------|--------|-----------|-------------------------|--------|--------|---------------------|--------|--------|---------------------|-----------|--------|------------------|--------|
| Trade and other payables |   | $                      | 287,145   |   |                  | $      | 287,145   |                    |   | $      | 287,145             |   |   | $                   | -         |   |             | $      | - |   |   | $ | - |   |
| Bank indebtedness        |   |                   | 1,060     |   |                  |   | 1,060     |                    |   |   | 1,060               |   |   |                | -         |   |             |   | - |   |   |   | - |   |
| Long-term debt*          |   |                   | 776,683   |   |                  |   | 833,962   |                    |   |   | 97,611              |   |   |                | 252,570   |   |             |   | 26,433 |   |   |   | 457,348 |   |
| Derivative instruments   |   |                   | 945,661   |   |                  |   | 2,596,314 |                    |   |   | 1,363,421           |   |   |                | 1,057,222 |   |             |   | 175,049 |   |   |   | 622 |   |
|                     |   | $                      | 2,010,549 |   |                  | $      | 3,718,481 |                    |   | $      | 1,749,237           |   |   | $                   | 1,309,792 |   |             | $      | 201,482 |   |   | $ | 457,970 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|              |   | Less than 1 year    |   | 1 to 3 years   |   | 4 to 5 years   |   | More than5 years    |
|-------------------|--------|---------------------|--------|----------------|--------|----------------|--------|---------------------|
| Interest payments |   |  $47,800  |   | $ 84,304  |   | $ 67,215  |   |  $61,750  |

| 12. | ACCUMULATED OTHER COMPREHENSIVE INCOME |
|-----|----------------------------------------|

|                                                                                           |   | Foreigncurrencytranslationadjustments |   |   | Cash flowhedges |   |    | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|-----------------|--------|---------|--------|--------|
| Balance, beginning of year                                                                     |   | $                                     | 29,033 |   |            | $      | 94,886  |   |   | $ | 123,919 |   |
| Unrealized foreign currency translation adjustment                                             |   |                                  | 2,386  |   |            |   | -       |   |   |   | 2,386 |   |
| Amortization of deferred unrealized gain on discontinued hedges net of income taxes of $13,150 |   |                                  | -      |   |            |   | (56,012 | )      |   |   | (56,012 | ) |
| Balance, end of year                                                                           |   | $                                     | 31,419 |   |            | $      | 38,874  |   |   | $ | 70,293 |   |

|                                                                                           |   | Foreigncurrencytranslationadjustments |   |   | Cash flowhedges |   |    | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|--------|-----------------|--------|---------|--------|--------|
| Balance, beginning of year                                                                     |   | $                                     | 28,584 |   |            | $      | 193,385 |   |   | $ | 221,969 |   |
| Unrealized foreign currency translation adjustment                                             |   |                                  | 449    |   |            |   | -       |   |   |   | 449 |   |
| Amortization of deferred unrealized gain on discontinued hedges net of income taxes of $21,384 |   |                                  | -      |   |            |   | (98,499 | )      |   |   | (98,499 | ) |
| Balance, end of year                                                                           |   | $                                     | 29,033 |   |            | $      | 94,886  |   |   | $ | 123,919 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 13. | SHAREHOLDERS’ CAPITAL |
|-----|-----------------------------|

| Issued and outstanding                                                    |   | Year ended March 31, 2012 |        |   | Year ended March 31, 2011 |   |
|---------------------------------------------------------------------------|--------|---------------------------|-------------|--------|--------------------------------|--------|
|                                                                      |   | Shares                    |        |   | Amount                         |   |   | Shares |   |   | Amount |   |
|                                                                      |   |                      |        |   |                           |   |   |   |   |   |   |   |
| Balance, beginning of year                                                |   |                      | 136,963,726 |   |                           | $      | 963,982 |   |   |   | - |   |   | $ | - |   |
| Shares issued pursuant to the Conversion                                  |   |                      |        |   |                           |   |   |   |   |   |   |   |   |   |   |   |
| Trust units                                                               |   |                      | -           |   |                           |   | - |   |   |   | 126,583,148 |   |   |   | 808,848 |   |
| Class A preference shares (Note 29)                                       |   |                      | -           |   |                           |   | - |   |   |   | 5,263,728 |   |   |   | 78,798 |   |
| Exchangeable shares (Note 29)                                             |   |                      | -           |   |                           |   | - |   |   |   | 3,794,154 |   |   |   | 56,799 |   |
| Shares issued to minority shareholder in exchange for interest in TGF (i) |   |                      | -           |   |                           |   | - |   |   |   | 689,940 |   |   |   | 10,328 |   |
| Share-based awards exercised                                              |   |                      | 91,684      |   |                           |   | 1,385 |   |   |   | 86,374 |   |   |   | 1,097 |   |
| Dividend reinvestment plan (ii)                                           |   |                      | 2,377,616   |   |                           |   | 28,413 |   |   |   | 546,382 |   |   |   | 8,112 |   |
| Repurchase and cancellation of shares(iii)                                |   |                      | (84,100     | )      |                           |   | (599 | ) |   |   | - |   |   |   | - |   |
| Balance, end of year                                                      |   |                      | 139,348,926 |   |                           | $      | 993,181 |   |   |   | 136,963,726 |   |   | $ | 963,982 |   |

| (i)    | Shares issued                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | During the year ended March 31, 2011, Just Energy issued 689,940 shares to acquire the interest held by the minority shareholder of TGF pursuant to the exercise of the minority holders put right. The shares were valued at $10,328 and the difference between $18,285 and $10,328 represents the value of the minority interest of TGF at the time of issuance.  The value of the shares has been recorded as an increase to contributed surplus.                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (ii)   | Dividend reinvestment plan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | Under Just Energy’s dividend reinvestment plan (“DRIP”), Canadian resident shareholders holding a minimum of 100 common shares can elect to receive their dividends in common shares rather than cash at a 2% discount to the simple average closing price of the common shares for five trading days preceding the applicable dividend payment date, provided that the common shares are issued from treasury and not purchased on the open market. Effective February 1, 2012, the Company has suspended the DRIP. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (iii)  | Repurchase and cancellation of shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | During the year, Just Energy obtained approval from its Board of Directors and the Toronto Stock Exchange to make a normal course issuer bid to purchase up to 13,200,917 common shares for the 12-month period commencing December 16, 2011, and ending December 15, 2012. A maximum of 82,430 common shares can be purchased during any trading day.                                                                                                                                                                                 |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | During the year, Just Energy purchased and cancelled 84,100 common shares for a cash consideration of $955.  The average book value of $599 was recorded as a reduction to share capital and the remaining loss of $356 was allocated to accumulated deficit. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Issued and outstanding                     |   | Units  |         |   | Amount |   |
|--------------------------------------------|--------|--------|--------------|--------|--------|--------|
|                                       |   |   |         |   |   |   |
| Balance, beginning of year                 |   |   | 124,325,307  |   |   | $      | 777,856 |   |
| Unit-based awards exercised                |   |   | 38,989       |   |   |   | 462 |   |
| Distribution reinvestment plan             |   |   | 1,324,834    |   |   |   | 17,935 |   |
| Exchanged from Exchangeable Shares         |   |   | 894,018      |   |   |   | 12,595 |   |
| Units exchanged pursuant to the Conversion |   |   | (126,583,148 | )      |   |   | (808,848 | ) |
| Balance, end of year                       |   |   | -            |   |   | $      | - |   |

| 14. | SHARE-BASED COMPENSATION PLANS |
|-----|--------------------------------|

|   | (a) | Stock option plan |
|--------|-----|-------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                       |   | Outstanding options |   | Range of exercise prices |   | Weighted average exercise price1 |
|----------------------------|--------|---------------------|--------|--------------------------|--------|----------------------------------|
| Balance, beginning of year |   |  135,000  |   | $15.09-$17.47            | $      |  16.38                 |
| Forfeited/cancelled        |   |  85,000   |   | $16.65-$17.47            | $      |  17.13                 |
| Balance, end of year       |   |  50,000   |   | $15.09                   | $      |  15.09                 |

|           | Options outstanding |               |   |                                      | Options exercisable |
|----------------|---------------------|--------------------|--------|-------------------------------------------|---------------------|
|           |                | Numberoutstanding  |   | Weighted averageremainingcontractual life |                | Weighted average exerciseprice |   | Numberexercisable |   | Weightedaverageexercise price |
| Exercise price |                |               |   |                                      |                |   |   |   |   |   |
| $15.09         |                |  50,000  |   | 0.25                                 | $                   |  15.09  |   |  50,000  |   | $15.09 |

|                     | Options outstanding |              |   |                                      | Options exercisable |
|--------------------------|---------------------|-------------------|--------|-------------------------------------------|---------------------|
|                     |                | Numberoutstanding |   | Weighted averageremainingcontractual life |                | Weighted average exerciseprice |   | Numberexercisable |   | Weightedaverageexercise price |
| Range of exercise prices |                |              |   |                                      |                |   |   |   |   |   |
| $15.09-$17.47            |                | 135,000           |   | 0.59                                      | $                   | 16.38    |   | 98,000  |   | $16.51 |

| Options available for grant                         | Year endedMarch 31, 2012 |   |      | Year endedMarch 31, 2011 |   |
|-----------------------------------------------------|--------------------------|--------|-----------|--------------------------|--------|
|                                                |                     |   |      |                     |   |
| Balance, beginning of year                          |                     |   | 1,179,166 |                     |   |   | 961,666 |   |
| Add:  Cancelled/forfeited during the year |                     |   | 85,000    |                     |   |   | 217,500 |   |
| Balance, end of year                                |                     |   | 1,264,166 |                     |   |   | 1,179,166 |   |

|   | (b) | Restricted share grants |
|--------|-----|-------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| RSGs available for grant                  |   | March 31, 2012 |      |   | March 31, 2011 |   |
|-------------------------------------------|--------|----------------|-----------|--------|----------------|--------|
| Balance, beginning of year                |   |           | 1,969,883 |   |           |   | 74,472 |   |
| Less:  Granted during the year  |   |           | (823,536  | )      |           |   | (234,620 | ) |
| Add: Increase in RSGs available for grant |   |           | -         |   |           |   | 2,000,000 |   |
| Add: Cancelled/forfeited during the year  |   |           | 419,323   |   |           |   | 4,668 |   |
| Add: Exercised during the year            |   |           | 91,684    |   |           |   | 125,363 |   |
| Balance, end of year                      |   |           | 1,657,354 |   |           |   | 1,969,883 |   |

|   | (c) | Deferred share grants |
|--------|-----|-----------------------|

| DSGs available for grant      |   | March 31, 2012 |    |   | March 31, 2011 |   |
|-------------------------------|--------|----------------|---------|--------|----------------|--------|
| Balance, beginning of year    |   |           | 84,118  |   |           |   | 108,248 |   |
| Less: Granted during the year |   |           | (29,480 | )      |           |   | (24,130 | ) |
| Balance, end of year          |   |           | 54,638  |   |           |   | 84,118 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 15. | LONG-TERM DEBT AND FINANCING |
|-----|------------------------------|

|                                    |   | March 31, 2012 |    |   | March 31, 2011 |   |    | April 1, 2010 |   |
|-----------------------------------------|--------|----------------|---------|--------|----------------|--------|---------|---------------|--------|
| Credit facility (a)                     |   | $              | 98,455  |   |           | $      | 53,000  |          |   | $ | 57,500 |   |
| Less: Debt issue costs (a)              |   |           | (1,196  | )      |           |   | (1,965  | )             |   |   | (1,381 | ) |
| TGF credit facility (b)(i)              |   |           | 32,046  |   |           |   | 36,680  |          |   |   | 41,313 |   |
| TGF debentures (b)(ii)                  |   |           | 35,818  |   |           |   | 37,001  |          |   |   | 37,001 |   |
| TGF term/operating facilities (b)(iii)  |   |           | -       |   |           |   | -       |          |   |   | 10,000 |   |
| NHS financing (c)                       |   |           | 147,220 |   |           |   | 105,716 |          |   |   | 65,435 |   |
| $90 million convertible debentures (d)  |   |           | 86,101  |   |           |   | 84,706  |          |   |   | 83,417 |   |
| $330 million convertible debentures (e) |   |           | 291,937 |   |           |   | 286,439 |          |   |   | - |   |
| $100 million convertible debentures (f) |   |           | 85,879  |   |           |   | -       |          |   |   | - |   |
| Capital leases (g)                      |   |           | 423     |   |           |   | -       |          |   |   | - |   |
|                                    |   |           | 776,683 |   |           |   | 601,577 |          |   |   | 293,285 |   |
| Less: current portion                   |   |           | (97,611 | )      |           |   | (94,117 | )             |   |   | (61,448 | ) |
|                                    |   | $              | 679,072 |   |           | $      | 507,460 |          |   | $ | 231,837 |   |

|                                    |   | Less than 1 year |   |   | 1 to 3 years |   |    | 4 to 5 years |   |   | More than 5 years |   |   | Total  |    |
|-----------------------------------------|--------|------------------|--------|--------|--------------|--------|---------|--------------|--------|--------|-------------------|--------|--------|--------|---------|
|                                    |   |             |   |   |         |   |    |         |   |   |              |   |   |   |    |
| Credit facility (a)                     |   | $                | -      |   |         | $      | 98,455  |         |   | $      | -                 |   |   | $      | -       |   |   | $ | 98,455 |   |
| TGF credit facility (b)(i)              |   |             | 32,046 |   |         |   | -       |         |   |   | -                 |   |   |   | -       |   |   |   | 32,046 |   |
| TGF debentures (b)(ii)                  |   |             | 35,818 |   |         |   | -       |         |   |   | -                 |   |   |   | -       |   |   |   | 35,818 |   |
| NHS financing (c)                       |   |             | 29,472 |   |         |   | 63,967  |         |   |   | 26,433            |   |   |   | 27,348  |   |   |   | 147,220 |   |
| $90 million convertible debentures (d)  |   |             | -      |   |         |   | 90,000  |         |   |   | -                 |   |   |   | -       |   |   |   | 90,000 |   |
| $330 million convertible debentures (e) |   |             | -      |   |         |   | -       |         |   |   | -                 |   |   |   | 330,000 |   |   |   | 330,000 |   |
| $100 million convertible debentures (f) |   |             | -      |   |         |   | -       |         |   |   | -                 |   |   |   | 100,000 |   |   |   | 100,000 |   |
| Capital leases (g)                      |   |             | 275    |   |         |   | 148     |         |   |   | -                 |   |   |   | -       |   |   |   | 423 |   |
|                                    |   | $                | 97,611 |   |         | $      | 252,570 |         |   | $      | 26,433            |   |   | $      | 457,348 |   |   | $ | 833,962 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                                          |   |           |   |   |           |   |
|-----------------------------------------------|--------|----------------|--------|--------|----------------|--------|
|                                          |   | March 31, 2012 |   |   | March 31, 2011 |   |
| Credit facility (a)                           |   | $              | 8,818  |   |           | $      | 9,229 |   |
| TGF credit facility (b)(i)                    |   |           | 2,056  |   |           |   | 2,013 |   |
| TGF debentures (b)(ii)                        |   |           | 4,360  |   |           |   | 4,269 |   |
| TGF term/operating facilities (b)(iii)        |   |           | -      |   |           |   | 515 |   |
| NHS financing (c)                             |   |           | 10,011 |   |           |   | 6,464 |   |
| $90 million convertible debentures (d)        |   |           | 6,795  |   |           |   | 6,690 |   |
| $330 million convertible debentures (e)       |   |           | 25,298 |   |           |   | 22,638 |   |
| $100 million convertible debentures (f)       |   |           | 3,832  |   |           |   | - |   |
| Capital lease interest (g)                    |   |           | 32     |   |           |   | - |   |
| Unwinding of discount on provisions (Note 17) |   |           | (267   | )      |           |   | 267 |   |
| Dividend classified as interest (Note 31)     |   |           | -      |   |           |   | 7,798 |   |
|                                          |   | $              | 60,935 |   |           | $      | 59,883 |   |

|   | (a) | As at March 31, 2012, Just Energy has a $350 million credit facility to meet working capital requirements. The syndicate of lenders includes Canadian Imperial Bank of Commerce, Royal Bank of Canada, National Bank of Canada, Société Générale, The Bank of Nova Scotia, The Toronto-Dominion Bank and Alberta Treasury Branches. The term of the facility expires on December 31, 2013. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | In connection with an acquisition, Just Energy acquired the debt obligations of TGF, which currently comprise the following separate facilities: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | TGF credit facility |
|--------|-----|---------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (ii) | TGF debentures |
|--------|------|----------------|

|   | (iii) | TGF term/operating facilities |
|--------|-------|-------------------------------|

|   | (iv) | TGF has a working capital operating line of $7,000 bearing interest at a rate of prime plus 2%. In addition to the amount shown on the consolidated statements of financial position as bank indebtedness, TGF has total letters of credit issued of $250. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | NHS entered into a long-term financing agreement for the funding of new and existing rental water heater and HVAC contracts in the Enbridge and Union Gas distribution territories. Pursuant to the agreement, NHS receives financing of an amount equal to the present value of the first five, seven or ten years of monthly rental income, discounted at the agreed upon financing rate of 7.99% and, as settlement, is required to remit an amount equivalent to the rental stream from customers on the water heater and HVAC contracts for the first five, seven or ten years. As security for performance of the obligation, NHS has provided security over the water heaters, HVAC equipment and rental contracts, subject to the financing rental agreement, as collateral. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (d) | In conjunction with an acquisition, the Company also acquired the obligations of the convertible unsecured subordinated debentures (the “$90 million convertible debentures”) issued in October 2007. The fair value of the $90 million convertible debentures was estimated by discounting the remaining contractual payments at the time of acquisition.  This discount will be accreted using an effective interest rate of 8%. These instruments have a face value of $90,000 and mature on September 30, 2014, unless converted prior to that date, and bear interest at an annual rate of 6% payable semi-annually on March 31 and September 30 of each year.  Each $1,000 principal amount of the $90 million convertible debentures is convertible at any time prior to maturity or on the date fixed for redemption, at the option of the holder, into approximately 34.09 shares, representing a conversion price of $29.33 per common share as at March 31, 2012. Pursuant to the $90 million convertible debentures, if the Company fixes a record date for the payment of a dividend, the conversion price shall be adjusted in accordance therewith.  During the year ended March 31, 2012, interest expense amounted to $6,795, respectively. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | In order to fund the acquisition of Hudson, on May 5, 2010, Just Energy issued $330 million of convertible extendible unsecured subordinated debentures (the “$330 million convertible debentures”).  The $330 million convertible debentures bear interest at a rate of 6.0% per annum payable semi-annually in arrears on June 30 and December 31, with a maturity date of June 30, 2017.  Each $1,000 principal amount of the $330 million convertible debentures is convertible at any time prior to maturity or on the date fixed for redemption, at the option of the holder, into approximately 55.6 shares of the Company, representing a conversion price of $18 per share.  During the year ended March 31, 2012, interest expense amounted to $25,298. The $330 million convertible debentures are not redeemable prior to June 30, 2013, except under certain conditions after a change of control has occurred.  On or after June 30, 2013, but prior to June 30, 2015, the $330 million convertible debentures may be redeemed by the Company, in whole or in part, on not more than 60 days’ and not less than 30 days’ prior notice, at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest, provided that the current market price (as defined herein) on the date on which notice of redemption is given is not less than 125% of the conversion price ($22.50). On and after June 30, 2015, and prior to maturity, the $330 million convertible debentures may be redeemed by Just Energy, in whole or in part, at a redemption price equal to the principal amount thereof, plus accrued and unpaid interest. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (f) | On September 22, 2011, Just Energy issued $100 million of convertible unsecured subordinated debentures (the “$100 million convertible debentures”) which was used to purchase Fulcrum.  The $100 million convertible debentures bear interest at an annual rate of 5.75%, payable semi-annually on March 31 and September 30 in each year commencing March 31, 2012, and have a maturity date of September 30, 2018.  Each $1,000 principal amount of the $100 million convertible debentures is convertible at the option of the holder at any time prior to the close of business on the earlier of the maturity date and the last business day immediately preceding the date fixed for redemption into 56.0 common shares of Just Energy, representing a conversion price of $17.85.  The $100 million convertible debentures are not redeemable at the option of the Company on or before September 30, 2014.   After September 30, 2014, and prior to September 30, 2016, the $100 million convertible debentures may be redeemed by the Company, in whole or in part, on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest, provided that the weighted average trading price of the common shares is at least 125% of the conversion price. On or after September 30, 2016, the $100 million convertible debentures may be redeemed in whole or in part from time to time at the option of the Company on not more than 60 days’ and not less than 30 days’ prior notice, at a price equal to their principal amount plus accrued and unpaid interest. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | The Company through its subsidiary Fulcrum, leases certain computer, office equipment and software.  These financing arrangements bear interest at rates ranging from 0% to 29% and mature between April 20, 2013 and June 30, 2014. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 16. | INCOME TAXES |
|-----|--------------|

| (a) | Tax expense |
|-----|-------------|

|                                                                                      |   | 2012   |    |   | 2011   |   |
|-------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Tax recognized in profit and loss                                                         |   | $      | 662     |   |   | $      | 8,182 |   |
| Current tax expense                                                                       |   |   | 662     |   |   |   | 8,182 |   |
|                                                                                      |   |   |    |   |   |   |   |   |
| Deferred tax expensee                                                                     |   |   |    |   |   |   |   |   |
| Origination and reversal of temporary differences                                         |   | $      | (48,861 | )      |   |   | 25,891 |   |
| Benefit (expense) arising from a previously unrecognized tax loss or temporary difference |   |   | 85,726  |   |   |   | 80,693 |   |
| Reduction in tax rate resulting from reorganization                                       |   |   | -       |   |   |   | 58,673 |   |
| Deferred tax recovery                                                                     |   |   | 36,865  |   |   |   | 165,257 |   |
|                                                                                      |   |   |    |   |   |   |   |   |
| Total tax expense                                                                         |   | $      | 37,527  |   |   | $      | 173,439 |   |
|                                                                                      |   |   |    |   |   |   |   |   |

| (b) | Reconciliation of the effective tax rate |
|-----|------------------------------------------|

|   | The provision for income taxes represents an effective rate different than the Canadian corporate statutory rate of 27.75% (2011 – 30%). The differences are as follows: |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                     |   | 2012   |    |   | 2011   |   |
|------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Income (loss) before income taxes                                                        |   | $      | (89,116 | )      |   | $      | 526,379 |   |
| Combined statutory Canadian federal and provincial income tax rate                       |   |   | 27.75   | %      |   |   | 30.00 | % |
| Income tax expense (recovery) based on statutory rate                                    |   |   | (24,730 | )      |   |   | 157,914 |   |
|                                                                                     |   |   |    |   |   |   |   |   |
| Increase(decrease) in income taxes resulting from                                        |   |   |    |   |   |   |   |   |
| Taxes on income attributable to shareholders                                             |   |   | -       |   |   |   | (15,456 | ) |
| Benefit (cost) of mark to market loss and other temporary differences not recognized     |   |   | 85,726  |   |   |   | (119,200 | ) |
| Variance between combined Canadian tax rate and the tax rate applicable to U.S. earnings |   |   | (23,343 | )      |   |   | 1,910 |   |
| Fair value adjustment and interest expense on preferred shares                           |   |   | -       |   |   |   | 86,847 |   |
| Reduction in tax rate resulting from reorganization                                      |   |   | -       |   |   |   | 58,673 |   |
| Other permanent items                                                                    |   |   | (126    | )      |   |   | 2,751 |   |
| Total income tax expense                                                                 |   | $      | 37,527  |   |   | $      | 173,439 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| (c) | Recognized deferral tax assets and liabilities |
|-----|------------------------------------------------|

|                                                      |   | March 31, 2012 |    |   | March 31, 2011 |   |
|-----------------------------------------------------------|--------|----------------|---------|--------|----------------|--------|
| Mark to market losses on derivative instruments           |   | $              | 113,907 |   |           | $      | 132,486 |   |
| Tax losses and excess of tax basis over book basis        |   |           | 17,697  |   |           |   | 32,012 |   |
| Total deferred tax asset                                  |   |           | 131,604 |   |           |   | 164,498 |   |
| Offset of deferred taxes                                  |   |           | (57,754 | )      |           |   | (54,154 | ) |
| Net deferred tax asset                                    |   |           | 73,850  |   |           |   | 110,344 |   |
|                                                      |   |           |    |   |           |   |   |   |
| Partnership income deferred for tax purposes              |   |           | (35,459 | )      |           |   | (14,046 | ) |
| Excess of book basis over tax basis on customer contracts |   |           | (12,604 | )      |           |   | (49,141 | ) |
| Mark to market gains on derivative instruments            |   |           | (85     | )      |           |   | (102 | ) |
| Excess of book basis over tax basis on other assets       |   |           | (2,075  | )      |           |   | (2,343 | ) |
| Convertible debentures                                    |   |           | (9,056  | )      |           |   | - |   |
| Total deferred tax liability                              |   |           | (59,279 | )      |           |   | (65,632 | ) |
| Offset of deferred taxes                                  |   |           | 57,754  |   |           |   | 54,154 |   |
| Net deferred tax liability                                |   | $              | (1,525  | )      |           | $      | (11,478 | ) |

| (d) | Movement in deferred tax balances |
|-----|-----------------------------------|

|                                                    |   | Balance April 1, 2011 |    |   | Recognized in profit and loss |   |     | Recognized in equity |   |   | Recognized in OCI |   |   | Foreign exchange impact |   |   | Balance March 31, 2012 |   |
|---------------------------------------------------------|--------|-----------------------|---------|--------|-------------------------------|--------|----------|----------------------|--------|--------|-------------------|--------|--------|-------------------------|--------|--------|------------------------|--------|
| Partnership income deferred for tax                     |   | $                     | (14,046 | )      |                          | $      | (21,413  | )                    |   | $      | -                 |   |   | $                       | -      |   |                   | $      | - |   |   | $ | (35,459 | ) |
| Excess of book over tax - customer contracts            |   |                  | (49,141 | )      |                          |   | 31,378   |                 |   |   | -                 |   |   |                    | -      |   |                   |   | - |   |   |   | (17,763 | ) |
| Excess of book over tax  on other assets      |   |                  | 36,875  |   |                          |   | (16,486  | )                    |   |   | -                 |   |   |                    | 387    |   |                   |   | - |   |   |   | 20,776 |   |
| Mark to market gains (losses) on derivative instruments |   |                  | 132,888 |   |                          |   | (31,577  | )                    |   |   | -                 |   |   |                    | 12,961 |   |                   |   | (445 | ) |   |   | 113,827 |   |
| Convertible debentures                                  |   |                  | (7,710  | )      |                          |   | 1,233    |                 |   |   | (2,579            | )      |   |                    | -      |   |                   |   | - |   |   |   | (9,056 | ) |
|                                                    |   | $                     | 98,866  |   |                          | $      | (36,865  | )                    |   | $      | (2,579            | )      |   | $                       | 13,348 |   |                   | $      | (445 | ) |   | $ | 72,325 |   |
|                                                    |   |                  |    |   |                          |   |     |                 |   |   |              |   |   |                    |   |   |                   |   |   |   |   |   |   |   |
|                                                    |   | Balance April 1, 2010 |    |   | Recognized in profit and loss |   |     | Recognized in equity |   |   | Recognized in OCI |   |   | Foreign exchange impact |   |   | Balance March 31, 2011 |   |
| Partnership income deferred for tax                     |   | $                     | (483    | )      |                          | $      | (13,563  | )                    |   | $      | -                 |   |   | $                       | -      |   |                   | $      | - |   |   | $ | (14,046 | ) |
| Excess of book over tax - customer contracts            |   |                  | (73,058 | )      |                          |   | 23,917   |                 |   |   | -                 |   |   |                    | -      |   |                   |   | - |   |   |   | (49,141 | ) |
| Excess of book over tax on other assets                 |   |                  | 19,662  |   |                          |   | 25,094   |                 |   |   | (15,728           | )      |   |                    |   |   |                   |   | 137 |   |   |   | 29,165 |   |
| Mark to market (losses) gains on derivative instruments |   |                  | 228,148 |   |                          |   | (116,644 | )                    |   |   | -                 |   |   |                    | 21,384 |   |                   |   | - |   |   |   | 132,888 |   |
| Convertible debentures                                  |   |                  | 84,062  |   |                          |   | (84,062  | )                    |   |   | -                 |   |   |                    | -      |   |                   |   | - |   |   |   | - |   |
|                                                    |   | $                     | 258,331 |   |                          | $      | (165,258 | )                    |   | $      | (15,728           | )      |   | $                       | 21,384 |   |                   | $      | 137 |   |   | $ | 98,866 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| (e) | Unrecognized deferred tax assets |
|-----|----------------------------------|

|                                               |   | 2012   |    |   | 2011   |   |
|----------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Losses available for carryforward                  |   |   | 18,669  |   |   |   | 18,406 |   |
| Mark to market on losses on derivative instruments |   |   | 124,531 |   |   |   | - |   |
| Excess of book over tax  basis           |   |   | 7,889   |   |   |   | - |   |
| Excess of book over tax - customer contracts       |   |   | 3,210   |   |   |   | - |   |

|       |   | 2012   |    |
|------------|--------|--------|---------|
| 2026       |   |   | 11      |   |
| 2027       |   |   | 2,366   |   |
| 2028       |   |   | 34,328  |   |
| 2029       |   |   | 18,345  |   |
| After 2030 |   |   | 175,518 |   |
| Total      |   |   | 230,568 |   |

|   |   | 2012   |   |
|--------|--------|--------|--------|
| 2030   |   |   | 622    |   |

| 17. | PROVISIONS |
|-----|------------|

|                                         |   | March 31, 2012 |   |   | March 31, 2011 |   |
|----------------------------------------------|--------|----------------|--------|--------|----------------|--------|
| Cost                                         |   |           |   |   |           |   |
|                                         |   |           |   |   |           |   |
| Balance, beginning of year                   |   | $              | 7,250  |   |           | $      | 7,008 |   |
| Provisions made during the year              |   |           | 663    |   |           |   | 2,853 |   |
| Provisions reversed and used during the year |   |           | (1,506 | )      |           |   | (2,808 | ) |
| Unwinding of discount                        |   |           | (269   | )      |           |   | 462 |   |
| Foreign exchange                             |   |           | 156    |   |           |   | (265 | ) |
| Balance, end of year                         |   | $              | 6,294  |   |           | $      | 7,250 |   |
|                                         |   |           |   |   |           |   |   |   |
| Current                                      |   |           | 3,226  |   |           |   | 4,006 |   |
| Non-current                                  |   |           | 3,068  |   |           |   | 3,244 |   |
|                                         |   | $              | 6,294  |   |           | $      | 7,250 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 18. | OTHER INCOME, EXPENSES AND ADJUSTMENTS |
|-----|----------------------------------------|

|   | (a) | Other operating expenses |
|--------|-----|--------------------------|

|                                            |   | 2012   |    |   | 2011   |   |
|-------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Amortization of gas contracts                   |   | $      | 23,902  |   |   | $      | 31,841 |   |
| Amortization of electricity contracts           |   |   | 54,468  |   |   |   | 63,642 |   |
| Amortization of water heaters and HVAC products |   |   | 1,631   |   |   |   | 1,595 |   |
| Amortization of other intangible assets         |   |   | 28,232  |   |   |   | 23,763 |   |
| Amortization of property, plant and equipment   |   |   | 5,847   |   |   |   | 5,698 |   |
| Bad debt expense                                |   |   | 28,514  |   |   |   | 27,650 |   |
| Transaction costs                               |   |   | 1,101   |   |   |   | 1,284 |   |
| Capital tax                                     |   |   | -       |   |   |   | 188 |   |
| Share-based compensation                        |   |   | 10,662  |   |   |   | 9,914 |   |
|                                            |   | $      | 154,357 |   |   | $      | 165,575 |   |

|   | (b) | Amortization and cost of inventories included in the consolidated income statement |
|--------|-----|------------------------------------------------------------------------------------|

| Included in cost of sales      |   |   |      |   |   |   |
|--------------------------------|--------|--------|-----------|--------|--------|--------|
|                           | 2012   |   | 2011      |   |
| Amortization                   |   | $      | 12,640    |   |   | $      | 9,837 |   |
| Costs recognized as an expense |   |   | 2,255,140 |   |   |   | 2,461,793 |   |
|                           |   | $      | 2,267,780 |   |   | $      | 2,471,630 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (c) | Included in change in fair value of derivative instruments |
|--------|-----|------------------------------------------------------------|

|                                  |   | 2012   |   |   | 2011   |   |
|---------------------------------------|--------|--------|--------|--------|--------|--------|
| Amortization of gas contracts         |   | $      | 38,663 |   |   | $      | 53,757 |   |
| Amortization of electricity contracts |   |   | 74,330 |   |   |   | 96,064 |   |

|   | (d) | Employee benefit expense |
|--------|-----|--------------------------|

|                            |   | 2012   |    |   | 2011   |   |
|---------------------------------|--------|--------|---------|--------|--------|--------|
| Wages, salaries and commissions |   | $      | 186,122 |   |   | $      | 153,463 |   |
| Benefits                        |   |   | 20,631  |   |   |   | 19,398 |   |
|                            |   | $      | 206,753 |   |   | $      | 172,861 |   |

| 19. | REPORTABLE BUSINESS SEGMENTS |
|-----|------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 2012                                      |      |   |        |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |
|------------------------------------------------|-----------|--------|-------------|--------|---------|--------|---------------|--------|--------|--------|--------------|--------|--------|--------|---------|--------|--------|--------|
|                                           | Gas       |   | Electricity |   |    |   |          |   |   |   |         |   |   |   |    |
|                                           | marketing |   | marketing   |   | Ethanol |   | Home services |   | Other  |   | Consolidated |   |
|                                           |      |   |        |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |
| Sales                                          |      | $      | 883,057     |   |    | $      | 1,719,853     |   |   | $      | 130,491      |   |   | $      | 35,642  |   |   | $      | 16,226 |   |   | $ | 2,785,269 |   |
| Gross margin                                   |      |   | 140,140     |   |    |   | 316,232       |   |   |   | 17,832       |   |   |   | 27,979  |   |   |   | 15,306 |   |   |   | 517,489 |   |
| Amortization of property, plantand equipment   |      |   | 1,119       |   |    |   | 3,242         |   |   |   | 1,294        |   |   |   | 168     |   |   |   | 24 |   |   |   | 5,847 |   |
| Amortization of intangible assets              |      |   | 31,230      |   |    |   | 75,323        |   |   |   | 43           |   |   |   | 1,631   |   |   |   | 6 |   |   |   | 108,233 |   |
| Administrative expenses                        |      |   | 30,822      |   |    |   | 66,263        |   |   |   | 8,229        |   |   |   | 12,901  |   |   |   | 4,182 |   |   |   | 122,397 |   |
| Selling and marketing expenses                 |      |   | 34,546      |   |    |   | 101,236       |   |   |   | -            |   |   |   | 4,188   |   |   |   | 37,332 |   |   |   | 177,302 |   |
| Other operating expenses                       |      |   | 7,551       |   |    |   | 31,078        |   |   |   | -            |   |   |   | 1,432   |   |   |   | 216 |   |   |   | 40,277 |   |
| Operating profit (loss) for theyear            |      | $      | 34,872      |   |    | $      | 39,090        |   |   | $      | 8,266        |   |   | $      | 7,659   |   |   | $      | (26,454 | ) |   | $ | 63,433 |   |
| Finance costs                                  |      |   | (12,657     | )      |    |   | (31,769       | )      |   |   | (6,485       | )      |   |   | (10,018 | )      |   |   | (6 | ) |   |   | (60,935 | ) |
| Change in fair value of derivative instruments |      |   | 31,132      |   |    |   | (125,966      | )      |   |   | (135         | )      |   |   | (1,376  | )      |   |   | - |   |   |   | (96,345 | ) |
| Proportionate share of loss from joint venture |      |   | (565        | )      |    |   | (1,406        | )      |   |   | -            |   |   |   | -       |   |   |   | - |   |   |   | (1,971 | ) |
| Other income (loss)                            |      |   | (7,038      | )      |    |   | 12,722        |   |   |   | 166          |   |   |   | -       |   |   |   | 852 |   |   |   | 6,702 |   |
| Provision for (recovery of) income tax         |      |   | 10,236      |   |    |   | 27,292        |   |   |   | -            |   |   |   | -       |   |   |   | (1 | ) |   |   | 37,527 |   |
| Profit (loss) for the year                     |      | $      | 35,508      |   |    | $      | (134,621      | )      |   | $      | 1,812        |   |   | $      | (3,735  | )      |   | $      | (25,607 | ) |   | $ | (126,643 | ) |
| Capital expenditures                           |      | $      | 966         |   |    | $      | 1,874         |   |   | $      | 250          |   |   | $      | 35,685  |   |   | $      | 36,054 |   |   | $ | 74,829 |   |
| Total goodwill                                 |      | $      | 127,055     |   |    | $      | 121,827       |   |   | $      | -            |   |   | $      | 283     |   |   | $      | - |   |   | $ | 249,165 |   |
| Total assets                                   |      | $      | 350,915     |   |    | $      | 904,504       |   |   | $      | 123,604      |   |   | $      | 159,696 |   |   | $      | 4,325 |   |   | $ | 1,543,044 |   |
| Total liabilities                              |      | $      | 543,062     |   |    | $      | 1,250,564     |   |   | $      | 76,995       |   |   | $      | 168,715 |   |   | $      | 5,117 |   |   | $ | 2,044,453 |   |
|                                           |      |   |        |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |   |   |   |   |   |   |
|                                           |      |   |        |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |   |   |   |   |   |   |
| 2011                                      |      |   |        |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |   |   |   |   |   |   |
|                                           |      |   |        |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |   |   |   |   |   |   |
|                                           | Gas       |   | Electricity |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |   |   |
|                                           | marketing |   | marketing   |   | Ethanol |   | Home services |   | Other  |   | Consolidated |   |
|                                           |      |   |        |   |    |   |          |   |   |   |         |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Sales                                          |      | $      | 1,185,750   |   |    | $      | 1,635,332     |   |   | $      | 108,526      |   |   | $      | 22,566  |   |   | $      | 1,018 |   |   | $ | 2,953,192 |   |
| Gross margin                                   |      |   | 172,763     |   |    |   | 278,671       |   |   |   | 13,625       |   |   |   | 15,697  |   |   |   | 806 |   |   |   | 481,562 |   |
| Amortization of property, plant and equipment  |      |   | 1,450       |   |    |   | 2,741         |   |   |   | 1,193        |   |   |   | 307     |   |   |   | 7 |   |   |   | 5,698 |   |
| Amortization of intangible assets              |      |   | 46,092      |   |    |   | 73,154        |   |   |   | -            |   |   |   | 1,595   |   |   |   | - |   |   |   | 120,841 |   |
| Administrative expenses                        |      |   | 26,736      |   |    |   | 56,822        |   |   |   | 11,231       |   |   |   | 12,083  |   |   |   | 2,528 |   |   |   | 109,400 |   |
| Selling and marketing expenses                 |      |   | 40,930      |   |    |   | 87,360        |   |   |   | -            |   |   |   | 3,302   |   |   |   | 2,015 |   |   |   | 133,607 |   |
| Other operating expenses                       |      |   | 7,465       |   |    |   | 29,935        |   |   |   | -            |   |   |   | 1,636   |   |   |   | - |   |   |   | 39,036 |   |
| Operating profit (loss) for the year           |      | $      | 50,090      |   |    | $      | 28,659        |   |   | $      | 1,201        |   |   | $      | (3,226  | )      |   | $      | (3,744 | ) |   | $ | 72,980 |   |
| Finance costs                                  |      |   | (17,160     | )      |    |   | (29,393       | )      |   |   | (6,862       | )      |   |   | (6,468  | )      |   |   | - |   |   |   | (59,883 | ) |
| Change in fair value of derivative instruments |      |   | 313,265     |   |    |   | 192,647       |   |   |   | 135          |   |   |   | -       |   |   |   | - |   |   |   | 506,047 |   |
| Other income (loss)                            |      |   | (17,338     | )      |    |   | 25,989        |   |   |   | (875         | )      |   |   | (575    | )      |   |   | 34 |   |   |   | 7,235 |   |
| Provision for (recovery of) income tax         |      |   | 65,603      |   |    |   | 110,337       |   |   |   | -            |   |   |   | (2,501  | )      |   |   | - |   |   |   | 173,439 |   |
| Profit (loss) for the year                     |      | $      | 263,254     |   |    | $      | 107,565       |   |   | $      | (6,401       | )      |   | $      | (7,768  | )      |   | $      | (3,710 | ) |   | $ | 352,940 |   |
| Capital expenditures                           |      | $      | 661         |   |    | $      | 1,562         |   |   | $      | 267          |   |   | $      | 30,625  |   |   | $      | 297 |   |   | $ | 33,412 |   |
| Total goodwill                                 |      | $      | 126,668     |   |    | $      | 100,516       |   |   | $      | -            |   |   | $      | 283     |   |   | $      | - |   |   | $ | 227,467 |   |
| Total assets                                   |      | $      | 609,656     |   |    | $      | 688,554       |   |   | $      | 162,252      |   |   | $      | 128,152 |   |   | $      | 1,412 |   |   | $ | 1,590,026 |   |
| Total liabilities                              |      | $      | 644,692     |   |    | $      | 929,511       |   |   | $      | 95,642       |   |   | $      | 111,189 |   |   | $      | 110 |   |   | $ | 1,781,144 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Geographic information                                |               |   |               |   |   |   |
|-------------------------------------------------------|--------------------|--------|--------------------|--------|--------|--------|
|                                                  |               |   |               |   |   |   |
| Revenues from external customers                      |               |   |               |   |   |   |
|                                                  |               |   |               |   |   |   |
|                                                  | For the year ended |   | For the year ended |   |
|                                                  | March 31, 2012     |   | March 31, 2011     |   |
| Canada                                                |               | $      | 1,133,244          |   |   | $      | 1,411,534 |   |
| United States                                         |               |   | 1,652,025          |   |   |   | 1,541,658 |   |
| Total revenue per consolidated income statement       |               | $      | 2,785,269          |   |   | $      | 2,953,192 |   |
|                                                  |               |   |               |   |   |   |   |   |
| The revenue is based on the location of the customer. |               |   |               |   |   |   |   |   |

| Non-current assets                                                                                                                |                 |   |                 |   |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|----------------------|--------|--------|--------|
|                                                                                                                              |                 |   |                 |   |   |   |
| Non-current assets for this purpose consist of property, plant and equipment and intangible assets and are summarized as follows: |                 |
|                                                                                                                              |                 |   |                 |   |   |   |
|                                                                                                                              | As at March 31, 2012 |   | As at March 31, 2011 |   |
| Canada                                                                                                                            |                 | $      | 480,452              |   |   | $      | 542,489 |   |
| United States                                                                                                                     |                 |   | 354,384              |   |   |   | 331,732 |   |
| Total                                                                                                                             |                 | $      | 834,836              |   |   | $      | 874,221 |   |

| For impairment testing, goodwill and brand have been allocated as follows: |          |   |                  |   |   |          |    |   |   |   |
|----------------------------------------------------------------------------|---------------|--------|-----------------------|--------|--------|---------------|---------|--------|--------|--------|
|                                                                       |          |   |                  |   |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                       | Gas marketing |   | Electricity marketing |   |   | Home services |    |   | Total  |   |
|                                                                       | 2012          |   |                  | 2011   |   |          | 2010    |   | 2012   |   |   | 2011 |   |   | 2010 |   | 2012 |   |   | 2011 |   |   | 2010 |   |   | 2012 |   |   | 2011 |   |   | 2010 |   |
|                                                                       |          |   |                  |   |   |          |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill                                                                   |          | $      | 127,055               |   |   | $             | 126,668 |   |   | $      | 126,238 |   |   | $ | 121,827 |   |   | $ | 100,516 |   |   | $ | 60,311 |   |   | $ | 283 |   |   | $ | 283 |   |   | $ | 283 |   |   | $ | 249,165 |   |   | $ | 227,467 |   |   | $ | 186,832 |   |
| Brand                                                                      |          |   | 1,338                 |   |   |          | 1,301   |   |   |   | - |   |   |   | 22,031 |   |   |   | 9,391 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 23,369 |   |   |   | 10,692 |   |   |   | - |   |
|                                                                       |          | $      | 128,393               |   |   | $             | 127,969 |   |   | $      | 126,238 |   |   | $ | 143,858 |   |   | $ | 109,907 |   |   | $ | 60,311 |   |   | $ | 283 |   |   | $ | 283 |   |   | $ | 283 |   |   | $ | 272,534 |   |   | $ | 238,159 |   |   | $ | 186,832 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | - | Customer consumption assumptions used in determining gross margin |
|--------|---|-------------------------------------------------------------------|

|   | - | New customer additions and attrition and renewals |
|--------|---|---------------------------------------------------|

|   | - | Selling costs |
|--------|---|---------------|

|   | - | Discount rates |
|--------|---|----------------|

|   | - | Growth rates used to extrapolate cash flows beyond the budget period |
|--------|---|----------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                             |   | 2012   |        |   | 2011   |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|  Basic income (loss) per share/unit                                                                                                                                                                                         |   |   |        |   |   |   |
|  Net income (loss) available to shareholders                                                                                                                                                                                |   | $      | (126,522    | )      |   | $      | 355,076 |   |
|  Basic shares and units outstanding                                                                                                                                                                                         |   |   | 138,227,174 |   |   |   | 128,171,630 |   |
|  Basic income (loss) per share/unit                                                                                                                                                                                         |   | $      | (0.92       | )      |   | $      | 2.77 |   |
|                                                                                                                                                                                                                             |   |   |        |   |   |   |   |   |
|  Diluted income (loss) per share/unit1                                                                                                                                                                                 |   |   |        |   |   |   |   |   |
|  Net income (loss) available to shareholders                                                                                                                                                                                |   | $      | (126,522    | )      |   | $      | 355,076 |   |
|  Adjusted net income for dilutive impact of convertible debentures                                                                                                                                                          |   |   | -           |   |   |   | 14,000 |   |
|  Adjusted net income for financial liabilities                                                                                                                                                                              |   |   | -           |   |   |   | 9,609 |   |
|  Adjusted net income (loss)                                                                                                                                                                                                 |   |   | (126,522    | )      |   |   | 378,685 |   |
|  Basic shares and units outstanding                                                                                                                                                                                         |   |   | 138,227,174 |   |   |   | 128,171,630 |   |
|  Dilutive effect of:                                                                                                                                                                                                        |   |   |        |   |   |   |   |   |
|  Weighted average number of Class A preference shares                                                                                                                                                                       |   |   | -           |   |   |   | 4,009,086 |   |
|  Weighted average number of Exchangeable Shares                                                                                                                                                                             |   |   | -           |   |   |   | 3,098,124 |   |
|  Restricted share grants                                                                                                                                                                                                    |   |   | -           |   |   |   | 2,737,214 |   |
|  Deferred share grants                                                                                                                                                                                                      |   |   | -           |   |   |   | 93,231 |   |
|  Convertible debentures                                                                                                                                                                                                     |   |   | -           |   |   |   | 19,541,261 |   |
|  Shares/units outstanding on a diluted basis                                                                                                                                                                                |   |   | 138,227,174 |   |   |   | 157,650,546 |   |
|  Diluted income (loss) per share/unit                                                                                                                                                                                       |   | $      | (0.92       | )      |   | $      | 2.40 |   |
| 1 The $90 million, $330 million, $100 million convertible debentures, restricted and deferred share grants are anti-dilutive for fiscal 2012 and the stock option rights are anti-dilutive for fiscal 2012 and fiscal 2011. |   |

|   | i) | enabling it to operate efficiently; |
|--------|----|-------------------------------------|

|   | ii) | providing liquidity and access to capital for growth opportunities; and |
|--------|-----|-------------------------------------------------------------------------|

|   | iii) | providing returns and generating predictable cash flow for dividend payments to shareholders. |
|--------|------|-----------------------------------------------------------------------------------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (a) | Officers and directors |
|--------|-----|------------------------|

|   | (b) | Operations |
|--------|-----|------------|

| 24. | RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT PERSONNEL REMUNERATION |
|-----|----------------------------------------------------------------------|

|                                                                                          |   | March 31, 2012 |   |   | March 31, 2011 |   |
|-----------------------------------------------------------------------------------------------|--------|----------------|--------|--------|----------------|--------|
|                                                                                          |   |           |   |   |           |   |
| Salaries and benefits                                                                         |   | $              | 4,242  |   |           | $      | 2,605 |   |
| Stock-based compensation                                                                      |   |           | 5,490  |   |           |   | 3,530 |   |
|                                                                                          |   | $              | 9,732  |   |           | $      | 6,135 |   |
|                                                                                          |   |           |   |   |           |   |   |   |
| As at March 31, 2012, these individuals held approximately 1,631,500 RSGs (2011 - 1,324,000). |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 25. | DISTRIBUTIONS AND DIVIDENDS PAID AND PROPOSED |
|-----|-----------------------------------------------|

| 26. | COMMITMENTS |
|-----|-------------|

| As at March 31, 2012                    |             |
|-----------------------------------------|------------------|
|                                    |             |   |   |   |   |   |   |   |   | Exceeding 5 |   |   |   |   |
|                                    | Less than 1 year |   | 1 to 3 years |   | 4 to 5 years |   | years |   |   | Total |   |
| Premises and equipment leasing          |             |   | 8,296 |   |   |   | 12,231 |   |   |   | 7,570 |   |   |   | 7,087 |   |   |   | 35,184 |   |
| Grain production contracts              |             |   | 7,876 |   |   |   | 360 |   |   |   | - |   |   |   | - |   |   |   | 8,236 |   |
| Long-term gas and electricity contracts |             |   | 1,363,421 |   |   |   | 1,057,222 |   |   |   | 175,049 |   |   |   | 622 |   |   |   | 2,596,314 |   |
|                                    |             | $ | 1,379,593 |   |   | $ | 1,069,813 |   |   | $ | 182,619 |   |   | $ | 7,709 |   |   | $ | 2,639,734 |   |

|  As at March 31, 2011              |             |
|-----------------------------------------|------------------|
|                                    |             |   |   |   |   |   |   |   |   |   |   |
|                                    |             |   |   |   |   |   | Exceeding 5 |   |   |   |   |
|                                    | Less than 1 year |   | 1 to 3 years |   | 4 to 5 years |   | years |   |   | Total |   |
| Premises and equipment leasing          |             | $ | 8,333 |   |   | $ | 10,955 |   |   | $ | 6,533 |   |   | $ | 4,841 |   |   | $ | 30,662 |   |
| Master Services Agreement with EPCOR    |             |   | 4,974 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 4,974 |   |
| Grain production contracts              |             |   | 7,082 |   |   |   | 2,099 |   |   |   | - |   |   |   | - |   |   |   | 9,181 |   |
| Long-term gas and electricity contracts |             |   | 1,498,293 |   |   |   | 1,405,699 |   |   |   | 267,505 |   |   |   | 2,292 |   |   |   | 3,173,789 |   |
|                                    |             | $ | 1,518,682 |   |   | $ | 1,418,753 |   |   | $ | 274,038 |   |   | $ | 7,133 |   |   | $ | 3,218,606 |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| As at April 1, 2010                     |             |
|-----------------------------------------|------------------|
|                                    |             |   |   |   |   |   |   |   |   |   |   |
|                                    |             |   |   |   |   |   | Exceeding 5 |   |   |   |   |
|                                    | Less than 1 year |   | 1 to 3 years |   | 4 to 5 years |   | years |   |   | Total |   |
| Premises and equipment leasing          |             | $ | 8,084 |   |   | $ | 10,543 |   |   | $ | 5,330 |   |   | $ | 4,828 |   |   | $ | 28,785 |   |
| Master Services Agreement with EPCOR    |             |   | 12,132 |   |   |   | 8,088 |   |   |   | - |   |   |   | - |   |   |   | 20,220 |   |
| Grain production contracts              |             |   | 36,059 |   |   |   | 21,438 |   |   |   | 396 |   |   |   | - |   |   |   | 57,893 |   |
| Long-term gas and electricity contracts |             |   | 1,494,003 |   |   |   | 1,621,623 |   |   |   | 415,680 |   |   |   | 2,065 |   |   |   | 3,533,371 |   |
|                                    |             | $ | 1,550,278 |   |   | $ | 1,661,692 |   |   | $ | 421,406 |   |   | $ | 6,893 |   |   | $ | 3,640,269 |   |

| 27. | ADJUSTMENTS REQUIRED TO REFLECT NET CASH RECEIPTS FROM GAS SALES |
|-----|------------------------------------------------------------------|

|                                   |   | 2012   |    |   | 2011   |   |
|----------------------------------------|--------|--------|---------|--------|--------|--------|
| Changes in:                            |   |   |    |   |   |   |
| Accrued gas receivables                |   | $      | 22,033  |   |   | $      | (5,749 | ) |
| Gas delivered in excess of consumption |   |   | (10,300 | )      |   |   | 3,763 |   |
| Accrued gas payable                    |   |   | (15,267 | )      |   |   | 4,266 |   |
| Deferred revenue                       |   |   | 11,274  |   |   |   | (4,005 | ) |
|                                   |   | $      | 7,740   |   |   | $      | (1,725 | ) |

| 28. | CHANGES IN NON-CASH WORKING CAPITAL |
|-----|-------------------------------------|

|                                      |   | 2012   |    |   | 2011   |   |
|-------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                      |   |   |    |   |   |   |
| Accounts receivable and unbilled revenues |   | $      | 14,048  |   |   | $      | 4,513 |   |
| Gas in storage                            |   |   | (3,520  | )      |   |   | (2,355 | ) |
| Prepaid expenses and deposits             |   |   | 361     |   |   |   | 15,511 |   |
| Inventory                                 |   |   | (3,082  | )      |   |   | (583 | ) |
| Trade and other payables and provisions   |   |   | (34,839 | )      |   |   | (56,149 | ) |
|                                      |   | $      | (27,032 | )      |   | $      | (39,063 | ) |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 29. | LIABILITY ASSOCIATED WITH EXCHANGEABLE SHARES AND EQUITY-BASED COMPENSATION PLANS |
|-----|-----------------------------------------------------------------------------------|

|                                                                              |   | Exchangeable Shares |       |   | Class A preference |   |    |   |   |   |              |   |   |    |    |   |   |   |     |   |   |
|-----------------------------------------------------------------------------------|--------|---------------------|------------|--------|--------------------|--------|---------|--------|--------|--------|-------------------|--------|--------|---------|---------|--------|--------|--------|----------|--------|--------|
|                                                                              |   | of JEEC             |       |   | shares of JEC      |   |    |   |   |   | Unit based awards |   |   |    |    |   | Total  |   |
|                                                                              |   | Shares              |       |   | $-value            |   |    | Shares |   |   | $-value           |   |   | Options |    |   | DDUGS  |   |     | UARs   |   |   | $-value |   |   | $-value |   |
|                                                                              |   |                |       |   |               |   |    |   |   |   |              |   |   |    |    |   |   |   |     |   |   |   |   |   |   |   |   |
| Opening balance April 1, 2010                                                     |   |                | 4,688,172  |   |               | $      | 66,947  |   |   |   | 5,263,728         |   |   | $       | 75,166  |   |   |   | 352,500  |   |   |   | 84,138 |   |   |   | 2,640,723 |   |   | $ | 39,015 |   |   | $ | 181,128 |   |
| Exchanged                                                                         |   |                | (894,018   | )      |               |   | (12,595 | )      |   |   | -                 |   |   |    | -       |   |   |   | -        |   |   |   | - |   |   |   | (38,989 | ) |   |   | (461 | ) |   |   | (13,056 | ) |
| Issued/forfeited                                                                  |   |                | -          |   |               |   | -       |   |   |   | -                 |   |   |    | -       |   |   |   | (217,500 | )      |   |   | 18,362 |   |   |   | 175,251 |   |   |   | - |   |   |   | - |   |
| Non-cash deferred unit grant                                                      |   |                | -          |   |               |   | -       |   |   |   | -                 |   |   |    | -       |   |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 87 |   |   |   | 87 |   |
| Unit based compensation                                                           |   |                | -          |   |               |   | -       |   |   |   | -                 |   |   |    | -       |   |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | 7,231 |   |   |   | 7,231 |   |
| Change in fair value                                                              |   |                | -          |   |               |   | 2,447   |   |   |   | -                 |   |   |    | 3,632   |   |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | (2,725 | ) |   |   | 3,354 |   |
| Reclassified to share                                                             |   |                |       |   |               |   |    |   |   |   |              |   |   |    |    |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| capital on the conversion to a corporation                                        |   |                | (3,794,154 | )      |               |   | (56,799 | )      |   |   | (5,263,728        | )      |   |    | (78,798 | )      |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (135,597 | ) |
| Reclassified to contributed surplus on the conversion  to a corporation |   |                | -          |   |               |   | -       |   |   |   | -                 |   |   |    | -       |   |   |   | (135,000 | )      |   |   | (102,500 | ) |   |   | (2,776,985 | ) |   |   | (43,147 | ) |   |   | (43,147 | ) |
|                                                                              |   |                | -          |   |               |   | -       |   |   |   | -                 |   |   |    | -       |   |   |   | -        |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| 30. | COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS |
|-----|-----------------------------------------------|

|   | Certain figures from the comparative consolidated financial statements have been reclassified from statements previously presented to conform to the presentation of the current year’s consolidated financial statements. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31. | EXPLANATION OF TRANSITION TO IFRS |
|-----|-----------------------------------|

|   | For all periods up to and including the year ended March 31, 2011, Just Energy prepared its financial statements in accordance with CGAAP.  Just Energy has prepared financial statements which comply with IFRS for periods beginning on or after April 1, 2011, as described in the accounting policies set out in Note 3. In preparing these consolidated financial statements, Just Energy’s opening consolidated statement of financial position was prepared as at April 1, 2010 (Just Energy’s date of transition). |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In preparing the opening IFRS consolidated statement of financial position, Just Energy has adjusted amounts previously reported in consolidated financial statements prepared in accordance with CGAAP. An explanation of how the transition from CGAAP to IFRS has affected Just Energy’s financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a)   Elective exemptions from full retrospective application |
|--------|------------------------------------------------------------------------------|

|   | In preparing these consolidated financial statements in accordance with IFRS 1, First-time Adoption of International Financial Reporting Standards (“IFRS 1”), Just Energy has applied certain optional exemptions from full retrospective application of IFRS. The optional exemptions are described below. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | Business combinations |
|--------|-----|-----------------------|

|   | (ii) | Share-based payments |
|--------|------|----------------------|

|   | (iii) | Borrowing costs |
|--------|-------|-----------------|

|   | IAS 23, Borrowing Costs, requires that Just Energy capitalize the borrowing costs related to all qualifying assets for which the commencement date for capitalization is on or after April 1, 2010. Just Energy elected not to adopt this policy early and has, therefore, expensed all borrowing costs prior to transition. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) |   Mandatory exemptions to retrospective application |
|--------|-----|---------------------------------------------------------------|

|   | (i) | Estimates |
|--------|-----|-----------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

|   | (ii) | Hedge accounting |
|--------|------|------------------|

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Reconciliation of financial position and equity at April 1, 2010:                 |
|-----------------------------------------------------------------------------------|
|                                                                              |   | Canadian |   |   | IFRS |   |   | IFRS |   |   |   |   |   |
| Canadian GAAP accounts                                                            |   | GAAP |   |   | adjustments |   |   | reclassifications |   |   | IFRS balance |   | IFRS accounts |
|                                                                              |   | balances |   |   |   |   |   |   |   |   |   |   |   |
| ASSETS                                                                            |   |   |   |   |   |   |   |   |   |   |   |   | ASSETS |
| Non-current assets                                                                |   |   |   |   |   |   |   |   |   |   |   |   | Non-current assets |
|  Property, plant and equipment                                               |   | $ | 217,223 |   |   | $ | (547 | ) |   | $ | - |   |   | $ | 216,676 |   |  Property, plant and equipment |
|  Intangible assets                                                           |   |   | 342,022 |   |   |   | - |   |   |   | 186,832 |   |   |   | 528,854 |   |  Intangible assets |
|  Goodwill                                                                    |   |   | 190,862 |   |   |   | (4,030 | ) |   |   | (186,832 | ) |   |   | - |   |   |
|  Other assets long term                                                      |   |   | 5,027 |   |   |   | - |   |   |   | - |   |   |   | 5,027 |   |  Other non-current financial assets |
|  Long-term receivable                                                        |   |   | 2,014 |   |   |   | - |   |   |   | - |   |   |   | 2,014 |   |  Non-current receivables |
|  Contract initiation costs                                                   |   |   | 5,587 |   |   |   | - |   |   |   | - |   |   |   | 5,587 |   |  Contract initiation costs |
|  Future income tax assets                                                    |   |   | 85,197 |   |   |   | 150,771 |   |   |   | 29,139 |   |   |   | 265,107 |   |  Deferred tax asset |
|                                                                              |   |   | 847,932 |   |   |   | 146,194 |   |   |   | 29,139 |   |   |   | 1,023,265 |   |   |
| Current assets                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Current assets |
|  Inventory                                                                   |   |   | 6,323 |   |   |   | - |   |   |   | - |   |   |   | 6,323 |   |   Inventory |
|  Gas in storage                                                              |   |   | 4,058 |   |   |   | - |   |   |   | - |   |   |   | 4,058 |   |   Gas in storage |
|  Gas delivered in excess of consumption                                      |   |   | 7,410 |   |   |   | - |   |   |   | - |   |   |   | 7,410 |   |   Gas delivered in excess of consumption |
|  Accounts receivable                                                         |   |   | 232,579 |   |   |   | - |   |   |   | - |   |   |   | 232,579 |   |   Current trade and other receivables |
|  Accrued gas receivables                                                     |   |   | 20,793 |   |   |   | - |   |   |   | - |   |   |   | 20,793 |   |   Accrued gas receivables |
|  Unbilled revenues                                                           |   |   | 61,070 |   |   |   | - |   |   |   | - |   |   |   | 61,070 |   |   Unbilled revenues |
|  Prepaid expenses and deposits                                               |   |   | 20,038 |   |   |   | - |   |   |   | - |   |   |   | 20,038 |   |   Prepaid expenses and deposits |
|  Other assets – current                                                |   |   | 2,703 |   |   |   | - |   |   |   | - |   |   |   | 2,703 |   |   Other current assets |
|  Current portion of future income tax assets                                 |   |   | 29,139 |   |   |   | - |   |   |   | (29,139 | ) |   |   | - |   |   |
|  Cash                                                                        |   |   | 60,132 |   |   |   | - |   |   |   | 18,650 |   |   |   | 78,782 |   |   Cash and cash equivalents |
|  Restricted cash                                                             |   |   | 18,650 |   |   |   | - |   |   |   | (18,650 | ) |   |   | - |   |   |
|                                                                              |   |   | 462,895 |   |   |   | - |   |   |   | (29,139 | ) |   |   | 433,756 |   |   |
| TOTAL ASSETS                                                                      |   | $ | 1,310,827 |   |   | $ | 146,194 |   |   | $ | - |   |   | $ | 1,457,021 |   |  TOTAL ASSETS |
| EQUITY AND LIABILITIES                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  EQUITY AND LIABILITIES |
| Unitholders' deficiency                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Equity attributable to equity holders of the parent |
|  Deficit                                                                     |   | $ | (1,423,698 | ) |   | $ | (132,971 | ) |   | $ | - |   |   | $ | (1,556,669 | ) |   Deficit |
|  Accumulated other comprehensive income                                      |   |   | 221,969 |   |   |   | - |   |   |   | - |   |   |   | 221,969 |   |   Accumulated other comprehensive income |
|  Unitholders' capital                                                        |   |   | 659,118 |   |   |   | 118,738 |   |   |   | - |   |   |   | 777,856 |   |   Unitholders' capital |
|  Contributed surplus                                                         |   |   | 18,832 |   |   |   | (18,832 | ) |   |   | - |   |   |   | - |   | Contributed surplus |
| Unitholders' deficiency                                                           |   |   | (523,779 | ) |   |   | (33,065 | ) |   |   | - |   |   |   | (556,844 | ) | Unitholders' deficiency |
| Non-controlling interest                                                          |   |   | 20,603 |   |   |   | (182 | ) |   |   | - |   |   |   | 20,421 |   | Non-controlling interest |
| Total Unitholders' deficiency                                                     |   |   | (503,176 | ) |   |   | (33,247 | ) |   |   | - |   |   |   | (536,423 | ) | Total Unitholders' deficiency |
| LIABILITIES                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | LIABILITIES |
| Non-current liabilities                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Non-current liabilities |
|  Long-term debt                                                              |   |   | 231,837 |   |   |   | - |   |   |   | - |   |   |   | 231,837 |   |   Long-term debt |
|  Provisions                                                                  |   |   | - |   |   |   | 3,270 |   |   |   | (146 | ) |   |   | 3,124 |   |   Provisions |
|  Deferred lease inducements                                                  |   |   | 1,984 |   |   |   | - |   |   |   | - |   |   |   | 1,984 |   |   Deferred lease inducements |
|  Other liabilities – long-term                                         |   |   | 590,572 |   |   |   | - |   |   |   | - |   |   |   | 590,572 |   |   Other non-current financial liabilities |
|  Future income taxes                                                         |   |   | - |   |   |   | - |   |   |   | 6,776 |   |   |   | 6,776 |   |   Deferred tax liability |
|  Liability associated with Exchangeable Shares and equity-based compensation |   |   | - |   |   |   | 181,128 |   |   |   | - |   |   |   | 181,128 |   |   Liability associated with Exchangeable Shares and equity-based compensation |
|                                                                              |   |   | 824,393 |   |   |   | 184,398 |   |   |   | 6,630 |   |   |   | 1,015,421 |   |   |
| Current liabilities                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Current liabilities |
|  Bank indebtedness                                                           |   |   | 8,236 |   |   |   | - |   |   |   | - |   |   |   | 8,236 |   |   Bank indebtedness |
|  Accounts payable and accrued liabilities                                    |   |   | 184,682 |   |   |   | (7,460 | ) |   |   | 146 |   |   |   | 177,368 |   |   Trade and other payables |
|  Accrued gas  payable                                              |   |   | 15,093 |   |   |   | - |   |   |   | - |   |   |   | 15,093 |   |   Accrued gas  payable |
|  Deferred revenue                                                            |   |   | 7,202 |   |   |   | - |   |   |   | - |   |   |   | 7,202 |   |   Deferred revenue |
|  Unit distribution payable                                                   |   |   | 13,182 |   |   |   | - |   |   |   | - |   |   |   | 13,182 |   |   Unit distribution payable |
|  Corporate taxes payable                                                     |   |   | 6,410 |   |   |   | - |   |   |   | - |   |   |   | 6,410 |   |   Income taxes payable |
|  Current portion of long-term debt                                           |   |   | 62,829 |   |   |   | (1,381 | ) |   |   | - |   |   |   | 61,448 |   |   Current portion of long-term debt |
|  Provisions                                                                  |   |   | - |   |   |   | 3,884 |   |   |   | - |   |   |   | 3,884 |   |   Provisions |
|  Current portion future income tax liabilities                               |   |   | 6,776 |   |   |   | - |   |   |   | (6,776 | ) |   |   | - |   |   |
|  Other liabilities - current                                                 |   |   | 685,200 |   |   |   | - |   |   |   | - |   |   |   | 685,200 |   | Other current financial liabilities |
|                                                                              |   |   | 989,610 |   |   |   | (4,957 | ) |   |   | (6,630 | ) |   |   | 978,023 |   |   |
| TOTAL LIABILITIES                                                                 |   | $ | 1,814,003 |   |   | $ | 179,441 |   |   | $ | - |   |   | $ | 1,993,444 |   | TOTAL LIABILITIES |
| TOTAL EQUITY AND LIABILITIES                                                      |   | $ | 1,310,827 |   |   | $ | 146,194 |   |   | $ | - |   |   | $ | 1,457,021 |   | TOTAL EQUITY AND LIABILITIES |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Reconciliation of consolidated income statement for the year ended March 31, 2011: |
|------------------------------------------------------------------------------------|
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                               |   | Canadian |   |   | IFRS |   |   | IFRS |   |   |   |   |   |
| Canadian GAAP accounts                                                             |   | GAAP |   |   | adjustments |   |   | reclassifications |   |   | IFRS |   | IFRS accounts |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SALES                                                                              |   | $ | 2,953,192 |   |   | $ | - |   |   | $ | - |   |   | $ | 2,953,192 |   | SALES |
| COST OF SALES                                                                      |   |   | 2,470,989 |   |   |   | 641 |   |   |   | - |   |   |   | 2,471,630 |   | COST OF SALES |
| GROSS MARGIN                                                                       |   |   | 482,203 |   |   |   | (641 | ) |   |   | - |   |   |   | 481,562 |   | GROSS MARGIN |
| EXPENSES                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | EXPENSES |
| General and administrative                                                         |   |   | 109,407 |   |   |   | (7 | ) |   |   | - |   |   |   | 109,400 |   | Administrative expenses |
| Marketing expenses                                                                 |   |   | 133,607 |   |   |   | - |   |   |   | - |   |   |   | 133,607 |   | Selling and marketing expenses |
| Other operating expenses                                                           |   |   | - |   |   |   | 1,284 |   |   |   | 164,291 |   |   |   | 165,575 |   | Other operating expenses |
| Bad debt expense                                                                   |   |   | 27,650 |   |   |   | - |   |   |   | (27,650 | ) |   |   | - |   |   |
| Amortization of intangible assets and related supply contracts                     |   |   | 120,841 |   |   |   | - |   |   |   | (120,841 | ) |   |   | - |   |   |
| Amortization of property, plant and equipment                                      |   |   | 5,698 |   |   |   | - |   |   |   | (5,698 | ) |   |   | - |   |   |
| Unit-based compensation                                                            |   |   | 5,509 |   |   |   | 4,405 |   |   |   | (9,914 | ) |   |   | - |   |   |
| Capital tax                                                                        |   |   | 188 |   |   |   | - |   |   |   | (188 | ) |   |   | - |   |   |
|                                                                               |   | $ | 402,900 |   |   | $ | 5,682 |   |   | $ | - |   |   | $ | 408,582 |   |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before the undernoted                                                |   |   | 79,303 |   |   |   | (6,323 | ) |   |   | - |   |   |   | 72,980 |   | Operating profit |
| Interest expense                                                                   |   |   | 50,437 |   |   |   | 9,446 |   |   |   | - |   |   |   | 59,883 |   | Finance costs |
| Change in fair value of derivative instruments                                     |   |   | (509,401 | ) |   |   | 3,354 |   |   |   | - |   |   |   | (506,047 | ) | Change in fair value of derivative instruments |
| Other income                                                                       |   |   | (7,235 | ) |   |   | - |   |   |   | - |   |   |   | (7,235 | ) | Other income |
| Income before income taxes                                                         |   |   | 545,502 |   |   |   | (19,123 | ) |   |   | - |   |   |   | 526,379 |   | Income before income taxes |
| Provision for income tax expense                                                   |   |   | 32,142 |   |   |   | 141,297 |   |   |   | - |   |   |   | 173,439 |   | Provision for income tax expense |
| NET INCOME FOR THE YEAR                                                            |   | $ | 513,360 |   |   | $ | (160,420 | ) |   | $ | - |   |   | $ | 352,940 |   | PROFIT FOR THE YEAR |
| Attributable to:                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Attributable to: |
| Shareholders of Just Energy                                                        |   | $ | 515,347 |   |   | $ | (160,271 | ) |   | $ | - |   |   | $ | 355,076 |   | Unitholders of Just Energy |
| Non-controlling interests                                                          |   |   | (1,987 | ) |   |   | (149 | ) |   |   | - |   |   |   | (2,136 | ) | Non-controlling interests |
|                                                                               |   | $ | 513,360 |   |   | $ | (160,420 | ) |   | $ | - |   |   | $ | 352,940 |   |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Reconciliation of consolidated statement of comprehensive income for the year ended March 31, 2011:    |
|--------------------------------------------------------------------------------------------------------|
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                   |   | Canadian |   |   | IFRS |   |   | IFRS |   |   |   |   |   |
| Canadian GAAP accounts                                                                                 |   | GAAP |   |   | adjustments |   |   | reclassifications |   |   | IFRS |   | IFRS accounts |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NET INCOME                                                                                             |   | $ | 513,360 |   |   | $ | (160,420 | ) |   | $ | - |   |   | $ | 352,940 |   | NET INCOME |
| Unrealized gain on translation of self-sustaining operations                                           |   |   | 334 |   |   |   | 115 |   |   |   | - |   |   |   | 449 |   | Unrealized gain on translation of self-sustaining operations |
| Amortization of deferred unrealized gain on discontinued hedges – net of income taxes of $21,384 |   |   | (98,499 | ) |   |   | - |   |   |   | - |   |   |   | (98,499 | ) | Amortization of deferred unrealized gain on discontinued hedges – net of income taxes of $21,384 |
| OTHER COMPREHENSIVE LOSS                                                                               |   |   | (98,165 | ) |   |   | 115 |   |   |   | - |   |   |   | (98,050 | ) | OTHER COMPREHENSIVE LOSS |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | COMPREHENSIVE |
| COMPREHENSIVE INCOME                                                                                   |   | $ | 415,195 |   |   | $ | (160,305 | ) |   | $ | - |   |   | $ | 254,890 |   | INCOME |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Attributable to:                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Attributable to: |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders of Just Energy                                                                            |   | $ | 417,182 |   |   | $ | (160,156 | ) |   | $ | - |   |   | $ | 257,026 |   | Shareholders of Just Energy |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Non-controlling interests                                                                              |   |   | (1,987 | ) |   |   | (149 | ) |   |   |   |   |   |   | (2,136 | ) | Non-controlling interests |
|                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                   |   | $ | 415,195 |   |   | $ | (160,305 | ) |   | $ | - |   |   | $ | 254,890 |   |   |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

| Reconciliation of financial position and equity at March 31, 2011: |
|--------------------------------------------------------------------|
|                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                               |   | Canadian |   |   | IFRS |   |   | IFRS |   |   |   |   |   |
| Canadian GAAP accounts                                             |   | GAAP |   |   | adjustments |   |   | reclassifications |   |   | IFRS balance |   | IFRS accounts |
|                                                               |   | balances |   |   |   |   |   |   |   |   |   |   |   |
| ASSETS                                                             |   |   |   |   |   |   |   |   |   |   |   |   | ASSETS |
| Non-current assets                                                 |   |   |   |   |   |   |   |   |   |   |   |   | Non-current assets |
|  Property, plant and equipment                                |   | $ | 235,189 |   |   | $ | (1,187 | ) |   | $ | - |   |   | $ | 234,002 |   |  Property, plant and equipment |
|  Intangible assets                                            |   |   | 412,752 |   |   |   | - |   |   |   | 227,467 |   |   |   | 640,219 |   |  Intangible assets |
|  Goodwill                                                     |   |   | 224,409 |   |   |   | 3,058 |   |   |   | (227,467 | ) |   |   | - |   |   |
|  Other assets long-term                                       |   |   | 5,384 |   |   |   | - |   |   |   | - |   |   |   | 5,384 |   |  Other non-current financial assets |
|  Contract initiation costs                                    |   |   | 29,654 |   |   |   | - |   |   |   | - |   |   |   | 29,654 |   | Contract initiation costs |
|  Long-term receivable                                         |   |   | 4,569 |   |   |   | - |   |   |   | - |   |   |   | 4,569 |   |  Non-current receivables |
|  Future income tax assets                                     |   |   | 85,899 |   |   |   | (489 | ) |   |   | 36,375 |   |   |   | 121,785 |   |  Deferred tax asset |
|                                                               |   |   | 997,856 |   |   |   | 1,382 |   |   |   | 36,375 |   |   |   | 1,035,613 |   |   |
| Current assets                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Current assets |
|  Inventory                                                    |   |   | 6,906 |   |   |   | - |   |   |   | - |   |   |   | 6,906 |   |   Inventory |
|  Gas in storage                                               |   |   | 6,133 |   |   |   | - |   |   |   | - |   |   |   | 6,133 |   |   Gas in storage |
|  Gas delivered in excess of consumption                       |   |   | 3,481 |   |   |   | - |   |   |   | - |   |   |   | 3,481 |   |   Gas delivered in excess of consumption |
|  Accounts receivable                                          |   |   | 281,685 |   |   |   | - |   |   |   | - |   |   |   | 281,685 |   |   Current trade and other receivables |
|  Unbilled revenues                                            |   |   | 112,147 |   |   |   | - |   |   |   | - |   |   |   | 112,147 |   |  Unbilled revenues |
|  Accrued gas receivables                                      |   |   | 26,535 |   |   |   | - |   |   |   | - |   |   |   | 26,535 |   |   Accrued gas receivables |
|  Prepaid expenses and deposits                                |   |   | 6,079 |   |   |   | - |   |   |   | - |   |   |   | 6,079 |   |   Prepaid expenses and deposits |
|  Other assets – current                                 |   |   | 3,846 |   |   |   | - |   |   |   | - |   |   |   | 3,846 |   |   Other current assets |
|  Corporate tax recoverable                                    |   |   | 9,135 |   |   |   | - |   |   |   | - |   |   |   | 9,135 |   |  Corporate tax recoverable |
|  Current portion of future income tax assets                  |   |   | 36,375 |   |   |   | - |   |   |   | (36,375 | ) |   |   | - |   |   |
|  Cash                                                         |   |   | 97,633 |   |   |   | - |   |   |   | 833 |   |   |   | 98,466 |   |   Cash and cash equivalents |
|  Restricted cash                                              |   |   | 833 |   |   |   | - |   |   |   | (833 | ) |   |   | - |   |   |
|                                                               |   |   | 590,788 |   |   |   | - |   |   |   | (36,375 | ) |   |   | 554,413 |   |   |
| TOTAL ASSETS                                                       |   | $ | 1,588,644 |   |   | $ | 1,382 |   |   | $ | - |   |   | $ | 1,590,026 |   |  TOTAL ASSETS |
| DEFICIT AND LIABILITIES                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | DEFICIT AND LIABILITIES |
| Shareholders' deficiency                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |  Equity attributable to equity holders of the parent |
|   Deficit                                                |   | $ | (1,063,179 | ) |   | $ | (286,749 | ) |   | $ | - |   |   | $ | (1,349,928 | ) |   Deficit |
|  Accumulated other comprehensive income                       |   |   | 123,804 |   |   |   | 115 |   |   |   | - |   |   |   | 123,919 |   |   Accumulated other comprehensive income |
| Shareholders' capital                                              |   |   | 697,052 |   |   |   | 266,930 |   |   |   | - |   |   |   | 963,982 |   |   Shareholders' capital |
| Equity component of convertible debt                               |   |   | 33,914 |   |   |   | (15,728 | ) |   |   | - |   |   |   | 18,186 |   |   Equity component of convertible debt |
| Contributed surplus                                                |   |   | 22,903 |   |   |   | 29,820 |   |   |   | - |   |   |   | 52,723 |   | Contributed surplus |
| TOTAL DEFICIT                                                      |   | $ | (185,506 | ) |   | $ | (5,612 | ) |   | $ | - |   |   | $ | (191,118 | ) | TOTAL DEFICIT |
| LIABILITIES                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | LIABILITIES |
| Non-current liabilities                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Non-current liabilities |
|  Long-term debt                                               |   | $ | 507,460 |   |   | $ | - |   |   | $ | - |   |   | $ | 507,460 |   |   Long-term debt |
|  Future income taxes                                          |   |   | 2,657 |   |   |   | 7,046 |   |   |   | 13,216 |   |   |   | 22,919 |   |   Deferred tax liability |
|  Deferred lease inducements                                   |   |   | 1,622 |   |   |   | - |   |   |   | - |   |   |   | 1,622 |   |   Deferred lease inducements |
|  Other liabilities – long-term                          |   |   | 355,412 |   |   |   | - |   |   |   | - |   |   |   | 355,412 |   |   Other non-current financial liabilities |
|  Provisions                                                   |   |   | - |   |   |   | 3,244 |   |   |   | - |   |   |   | 3,244 |   |   Provisions |
|                                                               |   |   | 867,151 |   |   |   | 10,290 |   |   |   | 13,216 |   |   |   | 890,657 |   |   |
| Current liabilities                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | Current liabilities |
|  Bank indebtedness                                            |   |   | 2,314 |   |   |   | - |   |   |   | - |   |   |   | 2,314 |   |   Bank indebtedness |
|  Accounts payable and accrued liabilities                     |   |   | 282,805 |   |   |   | (7,302 | ) |   |   | - |   |   |   | 275,503 |   |   Trade and other payables |
|  Accrued gas payable                                          |   |   | 19,353 |   |   |   | - |   |   |   | - |   |   |   | 19,353 |   |   Accrued gas payable |
|  Corporate taxes payable                                      |   |   | 9,788 |   |   |   | - |   |   |   | - |   |   |   | 9,788 |   |   Income taxes payable |
|  Current portion of long-term debt                            |   |   | 94,117 |   |   |   | - |   |   |   | - |   |   |   | 94,117 |   |   Current portion of long-term debt |
| Provisions                                                         |   |   | - |   |   |   | 4,006 |   |   |   | - |   |   |   | 4,006 |   |   Provisions |
| Current portion of future income tax liabilities                   |   |   | 13,216 |   |   |   | - |   |   |   | (13,216 | ) |   |   | - |   |   |
|  Other liabilities - current                                  |   |   | 485,406 |   |   |   | - |   |   |   | - |   |   |   | 485,406 |   | Other current financial liabilities |
|                                                               |   |   | 906,999 |   |   |   | (3,296 | ) |   |   | (13,216 | ) |   |   | 890,487 |   |   |
| TOTAL LIABILITIES                                                  |   | $ | 1,774,150 |   |   | $ | 6,994 |   |   | $ | - |   |   | $ | 1,781,144 |   | TOTAL LIABILITIES |
| TOTAL DEFICIT AND LIABILITIES                                      |   | $ | 1,588,644 |   |   | $ | 1,382 |   |   | $ | - |   |   | $ | 1,590,026 |   | TOTAL DEFICIT AND LIABILITIES |

----

| (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------|

----

|  (thousands of Canadian dollars, except where indicated and per share/unit amounts) |
|------------------------------------------------------------------------------------------|