[NEWS] Maine’s Biomass Bailout Not Helping Loggers Much
– by Darren Fishell, August 18, 2017, Bangor Daily News
The biomass company in line for a state subsidy intended to help maintain a market for loggers purchased only half the wood it proposed buying under the subsidy arrangement.
Taxpayers are shielded somewhat from the deficiency, as the company stands to collect fewer state dollars for falling short under the agreement.
In newly required reports, Stored Solar LLC disclosed that in the first half of the year, it was only 31 percent of the way toward its year-end wood purchasing goal. It had purchased about 155,300 tons, while promising to purchase at least 500,000 tons by year’s end.
The company could still make up ground in the second half of the year.
The two-year subsidy arrangement depends on the company’s performance, potentially delivering millions in taxpayer subsidies to Stored Solar during the contract term.