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Ormat Industries Tumbles to Lowest Since 2004 on Outlook

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.

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