Ormet Gets Rate Break

Oct 18, 2012

The Public Utilities Commission of Ohio is allowing Hannibal-based aluminum manufacturer Ormet Corporation to defer electric bill payments for the remainder of the year.

The company  benefited from a unique rate subsidy with Columbus-based American Electric Power that has reduced its costs by more than 150 million dollars since 2009. The commission has approved the company's proposal to defer this year's remaining payments until 2014 and 2015, saying it wants to provide continuity to the employees and businesses dependent on Ormet.