PUCO seeks to place Youngstown Thermal into receivership
COLUMBUS, OHIO (June 30, 2017) – Today the Public Utilities Commission of Ohio (PUCO) took action to address Youngstown Thermal’s financial distress out of concern for the utility’s ability to continue providing safe and reliable service to its customers. The PUCO directed the Ohio Attorney General’s office to seek the appointment of a receiver for Youngstown Thermal.
“Service reliability is paramount to citizens and businesses in the state of Ohio,” stated PUCO Chairman Asim Z. Haque. “When the PUCO learned of Youngstown Thermal’s financial difficulties, we acted swiftly to determine the extent, and took action today to try and ensure that service remains viable for Youngstown Thermal’s customers.”
On June 14, 2017, the PUCO received notification from Youngstown Thermal of the utility’s financial troubles. Upon receiving notification, the PUCO began a review of Youngstown Thermal’s financial stability.
On June 29, 2017, PUCO staff filed a report of its review, finding that the utility is unable to pay its own utility suppliers, debt obligations and payroll. PUCO staff recommended the Commission direct the Ohio Attorney General to pursue appointing a receiver.
A copy of today’s Commission order and PUCO staff report are available on the PUCO website at www.PUCO.ohio.gov. Click on the link to the Docketing Information System and enter case 17-1534-HC-UNC in the search field.
The Public Utilities Commission of Ohio (PUCO) is the sole agency charged with regulating public utility service. The role of the PUCO is to assure all residential, business and industrial consumers have access to adequate, safe and reliable utility services at fair prices while facilitating an environment that provides competitive choices. Consumers with utility-related questions or concerns can call the PUCO Call Center at (800) 686-PUCO (7826) and speak with a representative.
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