PARKERSBURG A decision by the West Virginia Public Service Commission on a rate proposal is not enough to restart the smelter at the closed Ravenswood Plant, Century Aluminum said Tuesday afternoon.
The company attempted to obtain a utility rate structure through the commission that would have allowed for the restart of the plant.
"Century Aluminum has reviewed the PSC's rate case decision," Century spokesman Lindsey Berryhill said. "The order includes several positive elements but, as it stands, is not sufficient for a smelter restart at this time. As previously stated, Century is seeking an enabling power contract that would allow us to operate the plant continuously, well into the future.
"We regret that the current order does not meet that need. Century is in the process of discussing modifications that would permit a restart at this time, and we plan to file a motion for reconsideration with the PSC," she said.
The commission said in its decision that the risks for opening the plant would be shifted from power customers to the company and requires Century to ensure the payment of any shortfalls with Appalachian Power, The electricity rate would have been based on the price of aluminum and after 10 years, over payments up to $200 million would be used for rate reductions for Appalachian Power's other customers and over payments above $200 million would be split 75 percent to the company and 25 percent to reduce power rates.
Read the story in The News and Sentinel on Wednesday.