Ormet Corporation Defers Electric Bills< < Back to
State regulators are allowing a large Ohio aluminum manufacturer to defer its electric bill payments for the remainder of the year.
Monroe County's Ormet Corporation is prolonging its October and November bills to American Electric Power.
That $27 million total will be paid in 17 monthly installments in 2014 and 2015.
Ormet Chief Executive Officer Mike Tanchuk confirmed the company lost $15 million in the first half of 2012.
"Ormet is a vital part of southeast Ohio's economy and the Administation has worked to encourage efforts among the independent stakeholders to craft a successful, sustainable future for the company and its employees. Today's ruling by the PUCO is an important part of the process and the governor applauds the commission's decision. There's still more work to do, but this was an encouraging step forward," said Rob Nichols, a spokesman for Governor John Kasich.
The Public Utility Commission of Ohio permitted the deferral Wednesday.
The commission says it agreed in order to provide continuity to the employees and businesses dependent on Ormet.