View Highlights of The Lightstone Story Below. The lucrative investments illustrate how fossil fuels will remain an important part of the energy mix - and continue spinning off cash for investors - even years after demand for them peaks as the world transitions toward cleaner energy sources. Policy changes could make it harder for highly-leveraged private equity owners of coal plants, like Lightstone, to refinance their debts, according to Richard Donner, a credit analyst at Moodys Investors Service. If the business does well, the debt gets paid off at a premium. The power plant is one of the largest coal-fired plants in the nation with two generating units capable of generating 1,300-MW of electricity each (2,600-MW total). The company, a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group , is planning to launch a debt exchange within days that would push out the maturity of the bulk of its $1.7 billion term loan by three years to 2027, according to the people familiar with the matter. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 A.J. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order. Rating Action: Moody's downgrades Lightstone Generation to B1 from Ba3; rating outlook remains negativeGlobal Credit Research - 25 Feb 2021Approximately $1,973 million of debt affectedNew York . Gavin Power, LLC/Lightstone Gen, LLC. Visit our privacy policy for more information about our services, how we may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. CHESHIRE, Ohio This week, the sale of the Gen. James M. Gavin Plant in Cheshire, along with three other electric-generating facilities in Ohio and Indiana, were finalized. The capacity power market is a certain source of revenue for coal plants that might otherwise be uneconomical, said Sylvia Bialek, an economist at New York Universitys Institute for Policy Integrity. As part of the effort, batteries are being deployed for a wide range of uses. Workers at Merrimack Station see their mission as a matter of life and death. 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As a means to demonstrate our commitment to employee empowerment, we offer opportunities to work on challenging projects, learn new skills, and be part of high-performing teams. John Cockerill Group supplied steam boiler for the project. Link; 1/30/2017 "AEP announced Sept. 14, 2016, that it had reached an agreement . (812) 532-2301. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. A credit fund run by private equity firm KKR & Co Inc in 2015, for example, took a big stake in Longview Power LLC - whose major asset is a West Virginia coal plant plugged into the PJM electric grid - as part of a bankruptcy restructuring. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and Arc Light Capital Partners. What are you looking for? COLUMBUS, Ohio, Jan. 30, 2017 /PRNewswire/ --American Electric Power (NYSE: AEP) today completed the sale of four competitive power plants to Lightstone Generation LLC, a joint venture of Blackstone (NYSE: BX) and an affiliate of ArcLight Capital Partners LLC (ArcLight), for approximately $2.1 billion. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. four power plants and a coal mine in Texas. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. Franais. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. Founded in 2001, we have over two decades of experience owning and operating infrastructure investments across the entire value chain, from the turbine to wall socket. American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. Description. Lightstone understands that diversity of thought drives growth and greater collaboration, develops stronger partnerships, and creates superior solutions. FERC did not respond to requests for comment, and the White House declined to comment. Uncover why Lightstone Generation, Gavin Plant is the best company for you. AEP also operates 224,000 miles of distribution lines. Lightstone Generation LLC: Owner : LINKS. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Lenders' appetite to hold on to coal assets has been in question as financial institutions face pressure to reduce investments in enterprises that contribute heavily to greenhouse gas emissions. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. For example, the debt service coverage ratio (DSCR) for the twelve months ended 9/30/20 measured 1.50x vs. our 2020 forecast of 2.28x; the ratio of Debt to EBITDA was 7.57x vs. 4.59x in the Moody's case, and the ratio of Project Cash Flow from Operations (CFO) to Debt for the same period was 2.8% vs. 11.5% in the Moody's case. Power generation. Analysts and economists expect Bidens administration to crack down on rules that prolong the lifespan of dirty coal plants as part of sweeping measures to fight climate change. As an organization, we nurture an entrepreneurial mindset and encourage our employees to do the same; always striving to raise the bar, think outside the box, and be world-class in all we do. . Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. The private equity owners of Ohios Gavin Power Plant in the PJM grid, for example, have squeezed hundreds of millions of dollars out of the facility since buying it four years ago, even though it only runs about 60% of the time. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. It generates and sells electric power. Darby Generating Station, 507 MW natural gas. The Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. from 8 AM - 9 PM ET. Lightstone Generation has acquired four power plants, with combined capacity of approximately 5,200MW, from US based utility American Electric Power (AEP) for approximately $2.17bn. Cheshire, OH. ArcLight is a leading infrastructure investment firm focused on investing in energy and related infrastructure. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. (812) 537-1191 (fax) Moodys SF Japan K.K. Full-Time. The EPA order directs the power plant to stop placing coal ash and other waste streams into an on-site storage pond no later than 135 days after publication in the Federal Register, expected next week. We could also take further negative rating action if Lightstone was unable to renew its revolver or if excess cash flow generation remained paltry leading to lower debt reduction through the excess cash flow sweep.PROFILELightstone is a joint venture owned by affiliates of Blackstone Group LP (50%) (Blackstone) and ArcLight Capital Partners LLC (50%) (ArcLight) (together the "Sponsors") and consists of a 5.3 GW portfolio of four generation facilities located in the PJM Interconnection market. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. The project is currently owned by Lightstone Generation with a stake of 100%. The project generated 29,989MWh of electricity. Unit Information. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. 8 Eastern Generation will provide select operating and management services Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . This article about a United States power station is a stub. Its everyone else who doesnt., Reporting by Tim McLaughlin; editing by Richard Valdmanis and Brian Thevenot. James Gheen (ICE) Senior Instrument, Control and Electrical technician for Lightstone Energy at Gavin Power Plant Such dividends are a way for private equity firms to lock in profits and shift risk to their debt-holders, which are often mutual funds. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. Image: AEP headquarters in Columbus, Ohio, US. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids capability to meet present and future requirements. If you are an individual with a disability or a disabled veteran who has an accommodation request, please: Call us at 1-877-363-5148. A 604-MW thermal generating facility in New Mexico was spending $107,000 per month and increasing its environmental footprint due to vehicle emissions and road dust from hauling wastewater offsite via a third-party contractor. By clicking the Download Free Report button, you accept the terms and conditions and acknowledge that your data will be used as described in the GlobalData privacy policy The Indiana Utility Regulatory Commission on Jan. 4 approved an Oct. 12, 2016, application from AEP Generating Co. (AEG), Lightstone Generation LLC and Lawrenceburg Power LLC for AEG's sale of a . Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector. John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. The plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. . See here for a complete list of exchanges and delays. The reserve coal plants create good jobs. Lightstone Generation LLC. . 1988 Present. learning and cutting edge science to develop novel drugs for patients with hard-to-treat diseases by harnessing the power of naturally protective antibodies and the adaptive immune system . About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. AEP NAMED ONE OF AMERICA'S MOST JUST COMPANIES FOR THIRD AEP ENERGY PARTNERS SEEKS SOLAR AND WIND PROJECTS IN PJM, SOLAR Lawrenceburg Generating Station, 1,186 MW natural gas. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. The company was formed as a joint venture of The Blackstone Group and ArcLight Capital Partners. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. Gavin is equipped with a suite of air quality controls. The fuel is procured from Texas Gas Transmission , LLC. Our employees here at the Gavin Power Plant, have strong roots in the area and are proud to give freely of their time and talents to support Gallia Countys continued growth and prosperity. AEP's headquarters are in Columbus, Ohio. As leader of the . AEP completed the sale of the plants to Lightstone Generation LLC, a joint venture of Blackstone and an affiliate of ArcLight Capital Partners LLC, for about $2.1 billion. Gen. James M. gavin plant in a package of three gas-fired power in. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. Somehow the private equity guys always make out OK, Peskoe said. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. You can help Wikipedia by expanding it. Easily apply. 8 hour shift + 2. TEi condensers represent an evolution of advanced technology, offering improved thermal efficiency and advanced mechanical design to reduce forced outages and increase availability. The price of the acquisition was about . Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. . On the Ground, Its More Complicated. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utility's request to continue disposing toxic coal ash after a deadline to stop such disposal has passed. We have recently upgraded our technology platform. $ + tax While Lightstone's hedging strategies provided some degree of mitigation through the sale of spark swaps (i.e., selling power forward and buying corresponding forward gas), it was not enough to offset the overall energy margin decline.As such, all of Lightstone's key financial metrics, which Moody's calculates after major maintenance and changes in working capital, were understandably lower than originally forecast. Sign In. The order becomes effective 135 days after publication in the Federal Register. But President Joe Biden, a Democrat, is likely to change those policies in the coming years as part of an effort to slash nearly all of the U.S. power sectors reliance on fossil fuels by 2035. The project is currently active. -, Emerson makes $7.6 billion offer for NI Corp public after rebuffed approaches, UK PM Sunak meets Blackstone's Schwarzman in Downing Street, Barclays Adjusts Price Target on Blackstone to $86 From $80, Maintains Equalweight Rating. Patent activity related to artificial intelligence decreased by 43% in the power industry in Q3 2022, Back to the future with coastal and maritime MF and HF radio systems, Cable and Connector Suppliers for the Power Industry, Alternative fuels and the role of carbon-free hydrogen, Direct Energy Services Acquires Astrum Solar, Renewable Energy Industry Scenario of The BRIC Nations, Electricity procurement contracts down 23% in November 2022, Global power industry contracts in November 2022: Solar technology down 68%, Power industry contracts in Europe for November 2022 down 73%, Global power industry contracts for November 2022 down 76%, The impact of the commodity price increase on the battery prices. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. At least five other plants, most in the Midwest, face similar action by the EPA under a crackdown proposed in January. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). A report issued this month by Earthjustice and the Environmental Integrity Project said 91% of U.S. coal-fired plants have ash landfills or waste ponds that are leaking arsenic, lead, mercury and other metals into groundwater at dangerous levels, often threatening streams, rivers and drinking water aquifers. Approximately 5 mi S of the AEP Muskingum River Plant. By downloading this Report, you acknowledge that we may share your information with our white paper partners/sponsors who may contact you directly with information on their products and services. GE Power was selected as the turbine supplier for the Gas fired project. The facility's owners applied for a permit from the United States Environmental Protection Agency (EPA) to continue operating and using the unlined pits. EPA's denial was based both on multiple violations of coal ash rules at Gavin and Lightstone's failure to demonstrate that its plan for replacing the unlined ponds was as fast as technically . Posted: January 10, 2023. General James M. Gavin Power Plant, originally owned by American Electric Power and sold to Lightstone Generation LLC in 2017, is in Cheshire, Ohio along the Ohio River in Galla County. Find Matching SIC Codes for power-generation, With Definition and Examples. The Plant Electrical Engineer is responsible for the various . Photo: courtesy of Tysto/Wikipedia. The EPA has proposed denial of requests for extensions of coal ash permits by several other power plants, including the Clifty Creek power plant in Madison, Indiana and the Ottumwa Generating Station in Ottumwa, Iowa. The primary fuel being used to power the plant is natural gas. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. Strategic Business Manager. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. The Gavin Plant is the largest coal-fired plant in Ohio and is capable of generating 2.6 gigawatts of power, enough for 2 million customers. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. The New York-based firm will buy three gas-fired power plants in the Lone Star State . The sale is part of AEPs efforts to shift its focus from wholesale power markets to regulated utilities, reported Wall Street Journal earlier. 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