NOTIFICATION: The Technology Channels will soon be discontinued.
Click here to download complimentary copies of Fastmarkets RISI’s pulp and paper newsletters.

 

NewPage’s Rumford mill in Maine to pay $3 million to settle federal allegations it manipulated regional energy market

Read so far

NewPage’s Rumford mill in Maine to pay $3 million to settle federal allegations it manipulated regional energy market

March 26, 2013 - 13:02
Posted in:

RUMFORD, ME, March 26, 2013 (Bangor Daily News) -Rumford Paper Co., which operates the paper mill in town, has agreed to pay more than $3 million to settle allegations brought by the Federal Energy Regulatory Commission that it profited from manipulating New England's energy market.

In the consent agreement published Friday, Rumford Paper, which is a subsidiary of Ohio-based NewPage Corp., agreed to a total fine of $10 million and return of more than $3 million in payments FERC maintains the Rumford mill received fraudulently through the manipulation of an electricity program administered by ISO-New England that compensated large industrial electricity users for reducing their electricity consumption during peak demand hours.

However, because NewPage filed for bankruptcy in September 2011, FERC has agreed to accept a cash payment of slightly more than $3 million to settle the case.

Bangor Daily News - Rumford mill owner to pay $3 million to settle allegations it manipulated energy market

RISI is not responsible for the reliability or availability of content on external websites.