Norske Skog has in the past entered into Euro denominated energy contracts in Norway, reducing the group's exposure to the Norwegian krone. Financially, a contract combining energy prices and currency exposures is considered a hybrid instrument, containing a host contract and an embedded derivative. A hybrid instrument can be accounted for based on the host contract, or be split and accounted for by their separate elements. Norske Skog previously accounted for such contracts by their separate elements. In Q1 2015 Norske Skog changed the accounting principle to account for the host contract only. The change in accounting principle was agreed with the current auditor EY. However, on 1 April 2016 the company was informed by EY that the Norwegian Financial Supervisory Authority has made a preliminary assessment that such energy contracts should be accounted for by their separate elements.
Kruger Inc. unveiled the initial air emissions measurement results for its Wayagamack Mill since commissioning a new electrostatic precipitator there last June. The new equipment, installed at the Mill’s biomass boiler at a cost of $4.5 million, has already cut the boiler’s particulate matter emissions by 85%.
This improvement is consistent with the results achieved with a previous electrostatic precipitator installed on the Mill’s recovery boiler’s flue gas scrubbing system. That project had been completed in 2012 at a cost of $3.5 million.
Overall, the combined effect of both precipitators has resulted in a 75% drop in the Wayagamack Mill’s particulate emissions.
Since 2012, Kruger Inc. has invested approximately $10 million in its two paper mills in Trois-Rivières to make technological improvements that help the environment.
“Kruger continually invests in its facilities to lessen the impact of its operations on the environment, while ensuring the sustainability of its plants and therefore preserving quality jobs in the region,” says François D’Amours, Senior Vice President and Chief Operating Officer, Kruger Publication Papers Inc.
Both mills have significantly reduced their fossil fuel consumption by prioritizing the use of energy from renewable resources, which has led to a marked decrease in their GHG emissions, so much so that the mill on Gene H. Kruger Boulevard is no longer considered a major greenhouse gas (GHG) emitter.
From 2008 to 2013, the combined GHG emissions from the Trois-Rivières and Wayagamack Mills fell from 182,271 T to 58,478 T, which is the equivalent of taking some 26,000 cars off the road annually.