A US-based energy efficiency company, American Efficient, has been fined $722 million by the Federal Energy Regulatory Commission (FERC) for allegedly scamming clients and companies.
The company claims it was helping to incentivize energy savings at major companies. However, a FERC member said that the company's 'entire business is a scam.'
The fine is a result of an investigation that began in 2020 and found that American Efficient was charging clients for services that were not provided. The company was also accused of deceiving companies about the energy efficiency of their products.
FERC said that the fine is one of the largest ever imposed on an energy efficiency company in the US.
American Efficient said it is considering appealing the fine.
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