PUCO OKs rate hike for troubled Youngstown Thermal

YOUNGSTOWN, Ohio (WYTV) – A Youngstown business is getting some guidance and financial relief through the Public Utilities Commission of Ohio.

Youngstown Thermal, the company that provides heat and other services for large portions of the downtown area, was placed into receivership Tuesday by the Mahoning County Court.

The utility has been struggling financially and after a review by the PUCO is being allowed to put an emergency surcharge on customer’s bills to keep the company solvent.

“The Commission understands that this is a tough situation for the customers of Youngstown Thermal,” stated PUCO Chairman Asim Z. Haque. “With the work of the receiver, as well as Youngstown leadership, we will continue to make every effort to see Youngstown Thermal’s customers through to a more viable long-term solution.”

In the receivership order, Youngstown Thermal was directed to let their customers know of the changes within 30 days.

Youngstown Thermal chain of events:

June 14 – the PUCO received notification from Youngstown Thermal of the utilities financial troubles

  • June 29 – The PUCO filed a report of its review, finding that the utility is unable to pay its own utility suppliers, debt obligations and payroll
  • June 30 – The PUCU directed the Ohio Attorney General to seek authority from the local court to place Youngstown Thermal in receivership
  • July 21 – The PUCO developed an emergency surcharge to be established for Youngstown Thermal
  • Aug. 1 – Youngstown Thermal was placed into receivership by the Mahoning County Court