In addition, power prices and generation could strengthen when COVID-19 related regional lock-down measures subside. The private equity firms backers have also been making money on the investments, according to filings. 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 upcoming debt repayment, people familiar with the matter said. FIND A SUPPLIER: GET A . The fuel is procured from Texas Gas Transmission, LLC. As part of the effort, batteries are being deployed for a wide range of uses. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. [4] In November 2022, the EPA ordered the utility to stop dumping coal ash into unlined storage ponds and speed cleanup of the site. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. The project is currently owned by Lightstone Generation with a stake of 100%. 1988 Present. Image: AEP headquarters in Columbus, Ohio, US. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. See the Plan - for a further description of plant activities and fugitive dust controls. 4 plants that Lightstone Generation will purchase from AEG and AEG 5 Generating Resources, Inc., including the Facility. Its everyone else who doesnt., Reporting by Tim McLaughlin; editing by Richard Valdmanis and Brian Thevenot. Delayed Nyse The project generated 29,989MWh of electricity. AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale. 8 hour shift + 2. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Jan 30, 2017, 10:48 ET. It is a Gas Turbine power plant that is used for Peakload. What are you looking for? Already a member? 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. Some power companies are illegally manipulating data and monitoring systems to avoid cleanup requirements and have proposed inadequate cleanup strategies that will not restore groundwater quality, the report said. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. Find Matching SIC Codes for power-generation, With Definition and Examples. The company, jointly owned by private equity firms ArcLight Capital Partners and the Blackstone Group launched a deal last month asking its lenders to extend the loan's maturity by three years to 2027 in return for a higher interest rate and other concessions, the people said. In keeping with this commitment, we strive to ensure that our online application process is accessible to everyone. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. Although AEP and each of its Registrant Subsidiaries believe that their expectations are based on reasonable assumptions, any such statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. While some of the weaker performance had been anticipated owing to lower PJM RTO capacity revenue earned in 2020 relative to 2019, the Project's underperformance was driven principally by lower energy margins caused by weak power and natural gas prices, which impacted economic dispatch at the important Gavin plant. You may contact Power Plants for questions about: Types of Power Plants in Washington County, OH; Waterford power authority and electric companies; The sale is part of AEPs efforts to shift its focus from wholesale power markets to regulated utilities, reported Wall Street Journal earlier. 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. . The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. The project is currently owned by Lightstone Generation with a stake of 100%. Condenser failures can result in forced outages and loss of generation capacity. Over 30 years of experience. The project is currently active. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. About $1.7 billion in the companys debt comes due in 2024. GE Power supplied electric generator for the Darby Electric Generating Station (Darby Electric Generating Station Phase II). 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. The contracted capacity is 1,232MW. Somehow the private equity guys always make out OK, Peskoe said. The Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. Solon, OH. Search for other Electric Companies in Cheshire on The Real Yellow Pages. It is a combined cycle gas turbine (ccgt) power plant. Uncover why Lightstone Generation, Gavin Plant is the best company for you. It has been developed in multiple phases. Lightstone Generation LLC: Owner : LINKS. Capital Power, the company behind the city's existing gas plant, hopes to build two new gas-fired turbines, adding around 100 megawatts of electrical generation. (812) 532-2301. WASHINGTON, D.C.-Today, EPA denied Lightstone Generation 's request to continue dumping toxic coal as h waste into unlined storage ponds at the General James M. Gavin Power Plant in Cheshire, Ohio. You can help Wikipedia by expanding it. from 8 AM - 9 PM ET. 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 power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Full-time. 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. The primary fuel being used to power the plant is natural gas. The rating outlook remains negative.RATINGS RATIONALEToday's rating action reflects the Project's continued weak financial performance through the first nine months of 2020 and the expectation that Lightstone will continue to underperform original expectations during 2021 owing to weak power market fundamentals caused by lower natural gas and power prices and lower generation output, particularly at the coal-fired Gavin plant. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects. Find company research, competitor information, contact details & financial data for Lightstone Generation LLC of Lawrenceburg, IN. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. The capacity market is absolutely vital, Sapienza said. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. The project is currently active. CAMS currently 6 manages over 30 power plant facilities representing over 8,000 MW of 7 generating capacity. Existing coal plants in Europe. Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. (740) 925-3102. 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. American Municipal Power, Inc., Bowling Green Generating Station (Bowling Green, OH) The order establishes a process for Gavin to seek additional time, if needed, to address demonstrated grid reliability issues. 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. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . 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. 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. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. All rights reserved. ArcLight is a leading infrastructure investment firm focused on investing in energy and related infrastructure. 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. Campus coal plants. 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. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. 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. $75,000 - $85,000 a year. He said coal plants in the state ran like a freight train during the recent cold snap. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. Cision Distribution 888-776-0942 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). 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. 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. The fuel is procured from Columbia Gas Transmission. The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. Post completion of construction, the project got commissioned in May 2001. Waterford Energy Center, 840 MW natural gas. Photo: courtesy of Tysto/Wikipedia. The plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. FERC did not respond to requests for comment, and the White House declined to comment. The Gallia County Economic Development Office is here to assist your company with its next business expansion including site and building selection, grant and tax incentives, labor force statistics, and other community information. Power Plants. Lightstone Generation LLC, a joint venture between Blackstone and ArcLight Capital Partners LLC, has acquired four power plants from American Electric Power. 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. You may cancel your subscription at anytime by calling Industrial Construction was selected to render EPC services for the gas fired power project. Get the latest business insights from Dun & Bradstreet. As leader of the . . AND/OR ITS AFFILIATES. 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 action is intended to ensure that local water resources are safe while protecting the public health and ensuring a reliable electricity supply, Regan said. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. All four facilities are located in the AEP-Dayton zone and bid as a Capacity Performance product into the forward PJM capacity auction.The principal methodology used in these ratings was Power Generation Projects Methodology published in July 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1236893. Copyright 2023 Gallia County Economic Development. Description. 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. If additional time is needed, the order included a process to address demonstrated grid reliability issues.[5]. 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. Lightstone Generation LLC, which operates one of the largest coal-fired power plants in the country, closed on a refinancing of its $1.7 billion loan, according to people familiar with the matter. Customer Service. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? It is a combined cycle gas turbine (ccgt) power plant. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. 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. 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 . American Electric Power Co., one of the largest electricity generators in the U.S., agreed to sell a set of power plants in the Midwest to Blackstone Group LP and ArcLight Capital Partners LLC for . 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. 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. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. The Gas fired project consists of 2 steam turbines, each with 268MW nameplate capacity. View Area in a Larger Map More nearby . 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. The company sold the plants to Lightstone Generation, a joint venture of two private equity firms, in 2017. The Gavin plant is housed by a city that has become synonymous with the human effects of toxic waste American Electric Power paid its 221 residents $20 million to dissolve the town and agree not to sue AEP. 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. 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. Compare pay for popular roles and read about the team's work-life balance. The order becomes effective 135 days after publication in the Federal Register. We invite you to explore careers at CAMS that will expose you to new opportunities and help you grow as a professional in your respective field. Write to Soma Biswas at soma.biswas@wsj.com. See here for a complete list of exchanges and delays. Riverstone did not return messages seeking comment. 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