You will be notified in advance of any changes in rate or terms. He said coal plants in the state ran like a freight train during the recent cold snap. . Industrial Construction was selected to render EPC services for the gas fired power project. The fuel is procured from Texas Gas Transmission, LLC. Lightstone understands that diversity of thought drives growth and greater collaboration, develops stronger partnerships, and creates superior solutions. . It generates and sells electric power. AEP chairman, president and CEO Nicholas Akins earlier said: AEPs long-term strategy has been to become a fully regulated, premium energy company focused on investment in infrastructure and the energy innovations that our customers want and need. From 2018 to 2020, Lightstone's power plant operations produced about $1.1 billion in operating profit, according to estimates from Moody's Investors Service. Fossil Fuel Electric Power Generation Operator Waterford Power, Llc Operator ID 61136 Operating Capacity (MW) 921.6 Summer Capacity (MW) 866 Winter Capacity (MW) 960 Generating Units 4 . The other three plants are natural gas-fired: the 1,211 MW Lawrenceburg combined-cycle facility in Indiana; the 894 MW Waterford combined-cycle facility in Ohio; and the 484 MW Darby peaking plant also in Ohio. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. We have recently upgraded our technology platform. 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. Of particular concern for such extension is the current financing environment for projects that include coal-fired generators as ESG considerations continue to factor into investor decisions.Balancing against these considerations are the benefits that Lightstone enjoys as a portfolio that includes three natural-gas fired plants and the natural hedge that follows, where recent financial results have been aided somewhat by the natural gas plants running more often providing incremental cash flow as well as the portfolio's strong operating performance and continuing maintenance program. The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. Industry: Generation, electric power Printer Friendly View Address: 500 Alexander Park Princeton, NJ, 08540-6687 United States See other locations 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. Coal mines in China. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. . ArcLight did not respond to requests for comment. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? BOSTON, Dec. 6, 2021 /PRNewswire/ -- On December 1st, Generation Bridge, a wholly owned subsidiary of ArcLight Energy Partners Fund VII, L.P., closed the previously announced acquisition of a 4.9 . 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 . [1] Delayed Nyse Gavin plant will be transferred to LightStone Generation (a joint venture between Blackstone and ArcLight Capital Partners, LLC) in 2017 after necessary regularity approvals. Write to Soma Biswas at soma.biswas@wsj.com. 1988 Present. 3491 - Industrial Valves. 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. Other private equity firms have also been betting on coal power capacity payments. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . Companies similar to Lightstone Generation LLC: Lightstone Labs . 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. As per the deal signed in September 2016, Lightstone acquired power plants including 1,186MW gas-fired power plant in Lawrenceburg, Indiana; 840MW Waterford Energy Center in Waterford, Ohio; 507MW Darby gas-fired power plant in Mount Sterling, Ohio; and 2,665MW Gen. James M. Gavin coal-fired power plant in Cheshire, Ohio. Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. The state of Connecticuts retirement plan, for example, invested $85 million in ArcLights Energy Partners Fund VI, which holds stakes in the Gavin plant along with other energy investments, and has seen returns of about 8%. AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. The project is currently owned by Lightstone Generation with a stake of 100%. 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. The need for reserve power was on display during the utility crisis this month in Texas - the only U.S. grid system that operates without such an emergency system. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 A.J. Biden has named Richard Glick, a Democrat, as the new chairman of the Federal Energy Regulatory Commission. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. Waterford Energy Center, 840 MW natural gas. Cision Distribution 888-776-0942 Full-time. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. Solon, OH. It is located in Indiana, the US. Gen. James M. Gavin Plant, a 2,665-megawatt coal-fired plant in, Cheshire, Ohio; Lawrenceburg Generating Station, a 1,186-megawatt natural gas plant in Lawrenceburg, Indiana, across from the Ohio . AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale. Private-equity owned coal plants can pay their staff about $100,000 a year for keeping the facilities on standby and firing them up when needed, according to Shawn Steffee, business agent for the Boilermakers Local 154 union in Pennsylvania. 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. 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. The take-private deal included stakes in several coal plants, including ones receiving PJM capacity payments, an important component of gross profits, according to an SEC disclosure. Now they will be forced to clean it up.''. 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. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. Gen. James M. gavin plant in a package of three gas-fired power in. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. This is the only Indiana plant in a package of three gas-fired power plants and one coal-fired plant . 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. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. FERC did not respond to requests for comment, and the White House declined to comment. Easily apply. Lightstone Generation LLC, a power company that operates one of the largest coal-fired electricity plants in the U.S., is preparing to ask lenders to let the struggling company push off an . The New York-based firm will buy three gas-fired power plants in the Lone Star State . 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. The Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. AND/OR ITS AFFILIATES. Learn how and when to remove this template message, United States Environmental Protection Agency, List of largest power stations in the United States, "For $20 Million, a Coal Utility Bought an Ohio Town and a Clear Conscience", https://www.eia.gov/electricity/monthly/xls/table_6_02_a.xlsx, "Midwest power plants face shutdown after EPA proposes denying requests to keep using unlined coal ash ponds", "EPA orders Ohio power plant to stop dumping toxic coal ash", https://en.wikipedia.org/w/index.php?title=Gavin_Power_Plant&oldid=1122962889, Buildings and structures in Gallia County, Ohio, All articles with bare URLs for citations, Articles with bare URLs for citations from April 2022, Articles with spreadsheet file bare URLs for citations, Articles needing additional references from October 2017, All articles needing additional references, Infobox mapframe without OSM relation ID on Wikidata, Thermal power station articles using Infobox power station, Pages using infobox power station with deprecated parameters, Articles with unsourced statements from December 2021, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 20 November 2022, at 22:42. Description. Up to 50% of Gavins cash flow comes from being on standby for emergency power, according to several economists and credit analysts. 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. Workers at Merrimack Station see their mission as a matter of life and death. Starting with an $89,000 investment in a two-family house in 1986, founder David Lichtenstein has grown Lightstone into one of the most innovative and diversified privately held real estate firms in the United States. 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. KKR declined to comment. Meanwhile, mutual funds that invested in Lightstones debt are receiving payments pegged to a floating interest rate that has ranged from 4% to 6% - far higher than about 1.4% on the U.S. benchmark 10-year yield. CAMS currently manages over 30 power plant facilities . All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. The power plant run on dual-fuel. Lawrenceburg Power is a wholly-owned subsidiary of Lightstone Generation, and Lightstone Generation in turn is a joint venture of the Blackstone Group LP and ArcLight Capital Partners LLC. Power Plants. Our Standards: The Thomson Reuters Trust Principles. Moodys SF Japan K.K. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. The market for battery energy storage is estimated to grow to $10.84bn in 2026. To the extent Lightstone continues to underperform, further rating action is likely to follow.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGSFactors that could lead to an upgradeIn light of this rating action and the near-term challenges facing the wholesale power market, limited prospects exist for the rating to be upgraded. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. 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 . All of the Lightstone plants are located in the RTO pricing region of the PJM Interconnection, which priced at $50/MW-day for the 2022/23 capacity year, well below the last capacity price of $140/MW-day for the 2021/22 capacity year and below our expectations. . It is a Gas Turbine power plant that is used for Peakload. Although AEP no longer owns the Gavin plant - it sold it in 2017 to Lightstone Generation, a private equity firm, along with three gas-fired power plants as part of a $2.1bn (1.5bn) deal . Atlas Holdings, for example, led a joint venture to buy New Hampshires Merrimack Station coal plant in 2018, the centerpiece of a $175 million acquisition of generators from New England-based utility Eversource Energy. The Mission of the Gallia County Economic Development office is to promote economic growth in Gallia County through the attraction of new business and industry and the retention of existing businesses by providing resources that encourage investment and development resulting in economic vitality, diversification of Gallia Countys tax base, and improved quality of life for Gallia County residents. Lightstone Generation LLC [100%] Parent: ArcLight Capital Partners LLC [50%]; Blackstone Group LP . A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. It has been developed in multiple phases. The capacity market is absolutely vital, Sapienza said. The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utilitys request to continue disposing toxic coal ash after a deadline to stop such disposal has passed. AEP also operates 224,000 miles of distribution lines. Since the end of 2014, at least five U.S. private equity firms have bought coal plants in markets where regulators pay them to be on standby to provide emergency power when demand surges with extreme hot or cold weather, according to a Reuters review of U.S. regulatory disclosures and credit-rating agency reports. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Sign In. GE Power was selected as the turbine supplier for the Gas fired project. Russian TV Touts a Big Victory in Ukraine. It is located in Ohio, the US. Barclays Adjusts Price Target on Blackstone to $86 From $80, Maintains Equalweight Rati.. Wells Fargo Upgrades Blackstone to Overweight From Equalweight, Adjusts Price Target to.. Analyst recommendations: BlackRock, Blackstone, Boeing, Bunzl, O.. Blackstone Expands Leadership Team in Growing Private Credit Business, Bayer flags new blood thinner as $5 billion-plus opportunity, Sector Update: Financial Stocks Give Back Most of Midday Gains. Gavin is the largest coal-fired power facility in Ohio,[1] and one of the largest in the US, capable of powering two million homes. Negative pressure could develop if the Lightstone plants were to experience prolonged operational issues causing a significant increase in expenses, or if capacity revenues from subsequent auctions are weaker than expected or if merchant energy gross margins deteriorate to where Lightstone's cash flow generating is impaired leading to a . Existing coal plants in Europe. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. Gavin Power, LLC/Lightstone Gen, LLC. You will be charged Welcome to Gallia County, OH and we look forward to working with you. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. 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. Cheshire, OH. The project is currently owned by Lightstone Generation with a stake of 100%. The coal plant hardly runs but has been eligible to receive up to $188 million in capacity payments from the New England ISO between 2018 and 2023, according to disclosures by regulators. Get the latest business insights from Dun & Bradstreet. A cold snap knocked out several of the states generating plants and triggered widespread blackouts, leaving a wake of human suffering including several dozen deaths. Under rules established by the grid operator, PJM Interconnection, Gavin must request a planned outage at least 30 days in advance, EPA said. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. We use them to give you the best experience. The exception is solar power plants, which use photovoltaic . The Lightstone Entities have the necessary technical, financial, and . The credit facilities are comprised of a $1,862 million term loan B due in 2024 (approx. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. Enough for me banking industry & # x27 ; s birth flower is and! The action on coal ash was among dozens of public health and environmental mandates that were weakened, rolled back or eliminated under former President Donald Trump. 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. The private equity firms backers have also been making money on the investments, according to filings. Sign up to Stock Advisor for $79 for 1 year, All Jeans + Pants 25% off! The total deal came to around $20 million. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. It is owned by Lightstone Generation LLC, a 5050 joint venture of The Blackstone Group L.P. and ArcLight Capital Partners. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. The order finalized Friday follows through on a proposal issued in January that implements a 2015 rule aimed at reducing groundwater pollution from coal-fired power plants. from 8 AM - 9 PM ET. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: the economic climate, growth or contraction within and changes in market demand and demographic patterns in AEP's service territory; inflationary or deflationary interest rate trends; volatility in the financial markets, particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material; electric load, customer growth and the impact of competition, including competition for retail customers; weather conditions, including storms and drought conditions, and AEP's ability to recover significant storm restoration costs; the cost of fuel and its transportation and the creditworthiness and performance of fuel suppliers and transporters; availability of necessary generating capacity and the performance of AEP's generating plants; AEP's ability to recover fuel and other energy costs through regulated or competitive electric rates; AEP's ability to build transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs; new legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances that could impact the continued operation, cost recovery, and/or profitability of AEP's generation plants and related assets; evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including nuclear fuel; a reduction in the federal statutory tax rate that could result in an accelerated return of deferred federal income taxes to customers; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation; AEP's ability to constrain operation and maintenance costs; AEP's ability to develop and execute a strategy based on a view regarding prices of electricity and gas; prices and demand for power generated and sold at wholesale; changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation; AEP's ability to recover through rates or market prices any remaining unrecovered investment in generating units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for capacity and electricity, coal, and other energy-related commodities, particularly changes in the price of natural gas and capacity auction returns; changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP; the market for generation in Ohio and PJM and the ability to recover investments in Ohio generation assets; AEP's ability to successfully and profitably manage competitive generation assets, including the evaluation and execution of strategic alternatives for these assets as some of the alternatives could result in a loss; changes in the creditworthiness of the counterparties with whom AEP has contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of AEP debt; the impact of volatility in the capital markets on the value of the investments held by AEP's pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements; accounting pronouncements periodically issued by accounting standard-setting bodies; and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, cyber security threats and other catastrophic events. 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