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Paper Mills Join JPMorgan as U.S. Probes Power-Market Games

The U.S. Federal Energy Regulatory Commission proposed penalties of $29.8 million for alleged manipulation of New England’s power market in the agency’s expanding investigations that also ensnared JPMorgan Chase & Co.

Rumford Paper Co. and Lincoln Paper and issue LLC, two paper mills, along with consultant Competitive Energy Services LLC and an employee were ordered to pay fines and give up financial gains made by claiming “phantom” cuts in electricity use in 2007-2008, according to documents released July 17.