Ohio's PUCO approves Ormet power deal with some modifications

Reuters

NEW YORK, Oct 2 (Reuters) - The Public Utilities Commissionof Ohio voted on Wednesday to accept Ormet Corp's revised power deal with energy supplier American Electric PowerCo Inc., saving the U.S. aluminum producer from likelyclosure.

The commission added, however, that it was modifying someparts of Hannibal, Ohio-based Ormet's request for a uniquesubsidized power arrangement as it works to emerge frombankruptcy.

PUCO's commissioner said at the commission's weekly meeting,monitored by webcast, that PUCO's approval was also contingenton Ormet employing at least 600 workers for the duration of itsenergy subsidies.

In February, Ormet filed for bankruptcy protection inFebruary. Reducing the high cost of energy to run its270,000-tonne-per-year aluminum smelter was the final hurdle onthe company's path to emerging from bankruptcy.

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