PUCO approves sale of Youngstown Thermal to SOBE Thermal Energy Systems
YOUNGSTOWN, Ohio - The Public Utilities Commission of Ohio (PUCO) approved the transfer of assets from Youngstown Thermal, LLC and Youngstown Thermal Cooling, LLC to SOBE Thermal Energy Systems, LLC.
According to the release, SOBE will continue to provide thermal services to Youngstown Thermal's customers at the same rates, terms and conditions.
The sale to SOBE comes after more than four years of events leading to this point.
In August 2017, PUCO sought to have Youngstown Thermal placed under a court-appointed receiver to operate the facility as it faced insolvency.
A year and a half later, the court-appointed receiver entered into a purchase agreement to sell all business and assets of Youngstown Thermal and Youngstown Cooling to SOBE.
According to the release, SOBE and Youngstown Thermal jointly filed an application to transfer customers to SOBE. A PUCO staff review found SOBE capable of providing services to customers on October 27, 2021.
The review found that SOBE made several investments to improve system services and is financially healthy enough to continue service to area customers.
