Ormat Industries Heads for Lowest Close Since 2004 on Outlook

Ormat Industries (ORMT) Ltd. headed for the lowest close 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 2.7 percent to 17.47 shekels at 10:31 a.m. in Tel Aviv, poised for the lowest close since October 2004.

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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