Bloomberg News

Ormat Industries Tumbles to Lowest Since 2004 on Outlook

February 01, 2012

(Updates with closing share price in second paragraph.)

Jan. 31 (Bloomberg) -- Ormat Industries Ltd. slumped to the lowest level in more than seven years after its U.S. unit said 2012 revenue will drop following cuts to forecasted natural-gas prices used in several power-purchase agreements with utilities.

The shares of Ormat, a developer of geothermal power plants, slumped 4 percent to 17.25 shekels at the 4:30 p.m. close in Tel Aviv, the lowest since October 2004.

--Editor: Shanthy Nambiar, Peter Branton

To contact the reporter on this story: Susan Lerner in Jerusalem at slerner2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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