Dive Summary:

• Ohio’s Public Utilities Commission (PUC) unanimously approved a proposal to defer up to $20 million worth of electricity costs that Ormet Corp. was due to pay in the coming weeks; Ormet hopes the deferment will help it avoid deep layoffs.
• Ormet is the single-largest customer of American Electric Power (AEP), who had agreed to this proposal prior to the PUC.
• The current costs, which reflect a $54 million discount already given to it by AEP and state regulators, can now be deferred to at least 2014.

From the article:

Utility regulators said yesterday that Ormet Corp. can defer up to $20 million worth of electricity costs that otherwise would be due in the next few weeks, a move that the aluminum smelter hopes will help it avoid deep layoffs.

The Public Utilities Commission unanimously voted for the proposal, which had been submitted by Ormet and agreed to by its electricity provider, American Electric Power. ...