IESO Recovers Payments and Imposes Sanctions on ArcelorMittal Dofasco G.P.
April 13, 2023
On March 10, 2023, the IESO entered into a settlement agreement with ArcelorMittal Dofasco G.P. (“Dofasco”) in relation to matters under investigation, for which the IESO determined breaches of the Market Rules during the period from January 1, 2012 to June 28, 2022.
As part of the settlement agreement, Dofasco has agreed to the recovery by the IESO of certain operating reserve (“OR”) standby payments received by Dofasco, totaling $5,200,000, to reconcile OR payments made in respect of OR schedules to actual OR available. Dofasco has also agreed to pay a financial penalty of $500,000. (The foregoing amounts are subject to applicable taxes.) More details can be found on the IESO website.