A unit of United Co. Rusal (486), the world’s biggest aluminum producer, has lost a dispute with Russia’s government over electricity payments, Vedomosti reported today, citing documents from the country’s high court.
New rules approved for the wholesale electricity market last year forced Rusal to pay the difference between market prices and the price at which it buys power from generators owned by its chief executive officer and major shareholder, Oleg Deripaska, Vedomosti said.
Rusal lost its case after filing a claim disputing the rules last year, the newspaper said.
A Rusal press official, who declined to be identified due to the company policy, declined to immediately comment when contacted by Bloomberg News.
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