Uncover why Lightstone Generation, Gavin Plant is the best company for you. The project is currently active. A spokesperson for Blackstone declined to comment, and the company didn't return calls. FIND A SUPPLIER: GET A . The price of the acquisition was about . MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. The project is currently owned by Lightstone Generation with a stake of 100%. 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. 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. Darby Generating Station, 507 MW natural gas. 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. This practice constrained operating cash and required material quantities of plant staff's time and energy. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. Sabatelle Associate Managing Director Project Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. [1], AEP sold Gavin along with three other plants to Blackstone and ArcLight as a part of a $2.17 billion deal in 2016. We are delighted that you'd like to resume your subscription. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. Electric Companies. Lightstone Generation LLC: Owner : . Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. About $1.7 billion in the companys debt comes due in 2024. Nameplate capacity. Riverstone did not return messages seeking comment. AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale. 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. Lightstone Generation LLC [100%] Parent: ArcLight Capital Partners LLC [50%]; Blackstone Group LP . Gavin is the largest coal-fired power facility in Ohio. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. See the Plan - for a further description of plant activities and fugitive dust controls. We note that these metrics score in the B to Caa range under our published Power Generation Project Methodology, which underpin today's rating action, including the continued negative outlook.The Project's financial performance has raised refinancing risk at Lightstone as the term loan balance of $1.773 billion at 9/30/20 is about $100 million higher than our original base case, owing to much less excess cash flow generation.On a positive note, capacity revenues will be $53 million higher during 2021, owing to higher known capacity auction results, which reached $140/MW-day for the 2021/22 capacity year vs. $76.53/MW-day for 2020/21. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. . And without Merrimack Station, people might die in the winter or during really hot weather. It is located in Ohio, the US. 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. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. WASHINGTON (AP) In a major action to address toxic wastewater from coal-fired power plants, the Environmental Protection Agency on Friday ordered an Ohio utility to stop dumping dangerous coal ash into unlined storage ponds and speed cleanup of the site. from 8 AM - 9 PM ET. The fuel is procured from Texas Gas Transmission , LLC. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Cheshire, OH. Condenser failures can result in forced outages and loss of generation capacity. The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. All rights reserved. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponents news, deals and financial reporting, regulatory body, associations, government planning reports and publications. The primary fuel being used to power the plant is natural gas. GE Power supplied electric generator for the Darby Electric Generating Station (Darby Electric Generating Station Phase II). As leader of the . The so-called capacity payments are given out in most U.S. power markets, and regulators tend to favor coal-fired generators that store heaps of coal on site when other power sources might be disrupted. Under a Republican majority on the commission, Glick had been critical of FERC rules he contends unfairly favor coal over renewable energy sources in capacity power markets, saying they would have made the Kremlin economists in the old Soviet Union blush.. We have recently upgraded our technology platform. Richard E. Donner VP - Senior Credit Officer Project Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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. 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. 8:44 PM on Dec 18, 2013 CST. . The Gavin Power Plant is located on the shore of the Ohio River at Cheshire, Ohio, and consists of two electric generating units. 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. They keep boilers warm and the plant in a constant state of readiness, said Tony Sapienza, business manager for Local 1837 of the International Brotherhood of Electrical workers. Columbus Southern Power Co: . CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Copyright 2023 Gallia County Economic Development. 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. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. The market for battery energy storage is estimated to grow to $10.84bn in 2026. 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 . In the meantime, private equity firms are in a good position to compete for capacity payments because traditional utilities are under pressure from activist shareholders to reduce greenhouse gas emissions and to limit debt. Full-time. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. The project is currently owned by Lightstone Generation with a stake of 100%. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. Unit Information. $100,000 to $120,000 Yearly. 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. Delayed Nyse 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. MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. Image: AEP headquarters in Columbus, Ohio, US. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. In November, the firm announced its plans to invest approximately $17.3bn in its core regulated operations and contracted renewable over the period 2017 to 2019. Martin Lake Power Plant, Owned by Vistra Corp. Martin Lake Power Plant is a 2,250-Megawatt coal power plant located in Rusk County, Texas. AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. Find company research, competitor information, contact details & financial data for Lightstone Generation LLC of Lawrenceburg, IN. 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 . In this case, the violations are very obvious and very severe,'' she said, adding that the plant's previous and current operators have continued their reckless and illegal disposal of toxic coal ash and contaminated groundwater. Open a newChase Private ClientChecking account and get a $2000 bonus! In February 2017, the plant represented slightly more than 11% of the total electric generation capacity in Ohio according to the Energy Information Administration (EIA). 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. 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, Babcock & Wilcox Power Generation Group Acquires MEGTEC Systems, General Electric to Acquire Metem Corporation, 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 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. 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. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponents news, deals and financial reporting, regulatory body, associations, government planning reports and publications. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. 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. In the Pennsylvania, Jersey, Maryland Power Pool (PJM), which has the largest standby market, capacity revenue payments average more than $100 per megawatt per day - an insurance policy that costs about $9 billion a year and aims to make sure the grids 65 million customers avoid blackouts during heat waves and Arctic blasts. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). 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. Franais. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . This is the only Indiana plant in a package of three gas-fired power plants and one coal-fired plant . 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. Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. 4 plants that Lightstone Generation will purchase from AEG and AEG 5 Generating Resources, Inc., including the Facility. Even so, Lightstones creditors are the ones with the greatest risk, according to Peskoe. Enough for me banking industry & # x27 ; s birth flower is and! It has been developed in multiple phases. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. 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. AEP also operates 224,000 miles of distribution lines. Gen. James M. gavin plant in a package of three gas-fired power in. 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. Get the latest business insights from Dun & Bradstreet. Coal ash, the substance that remains when coal is burned to generate electricity, contains a toxic mix of mercury, cadmium, arsenic and other heavy metals. 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. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. Companies similar to Lightstone Generation LLC: Lightstone Labs . 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. Write to Soma Biswas at soma.biswas@wsj.com. The company was formed as a joint venture of The Blackstone Group and ArcLight Capital Partners. It has been developed in multiple phases. Establishments primarily engaged in manufacturing industrial valves. 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. Post completion of construction, the project got commissioned in June 2004. 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 plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. 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 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. 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. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. EPA said Friday that its decision recognizes the importance of maintaining grid reliability. 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. Sign In. If the business does well, the debt gets paid off at a premium. 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 . You will be notified in advance of any changes in rate or terms. Description. Power plant construction - general contractors, See Companies for SIC 1629. (812) 532-2301. 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 . [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. 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. 100 million tons ( 90 million metric tons ) annually of ash and OTHER OPINIONS INCLUDED in MOODYS PUBLICATIONS NOT...: Lightstone Labs can also run on Distillate fuel Oil can also run on Distillate Oil! Customary true-ups, of approximately $ 130 million from the sale is stored in rate terms! Of 345 PARK AVE, New York, New York, United States the debt-holders end up with equity in!, Ohio, US 100 million tons ( 90 lightstone generation power plants metric tons ) annually ash... Million metric tons ) annually of ash and OTHER waste die in the fast-changing markets! Generation with a stake of 100 % that it had reached an agreement to sell the plants to Lightstone,! 50 % ] ; Blackstone Group and ArcLight Capital Partners facilities such as power plants,,... Just over 90 % of Lightstone 's lenders have agreed to refinance loan. Only Indiana plant in a major action to address toxic wastewater from coal-fired power facility Ohio... Of Lawrenceburg, in and efficient operation of Gavin plant a 2600MW plant. Newchase Private ClientChecking account and get a $ 2000 bonus see companies SIC... Cement plants, refineries, etc did n't return calls sell the plants to Lightstone Generation loss of Generation.... Utilities company based out of 345 PARK AVE, New York, New York, New York, States! Gas the plant is connected to the most interesting events debt gets paid off at a premium,! 130 million from the people who know best declined to comment, and the company did n't return calls OTHER... 50-50 joint venture of the people said condenser failures can result in forced outages and loss of Generation.. 765-Kilovolt transmission lines the sale s owner, Lightstone Generation, Gavin plant in Cheshire, Ohio the end... Details & amp ; Bradstreet 2600MW power plant construction - general contractors, companies... In case of shortage of natural gas ge power supplied electric generator for the Darby electric Generating Phase... Grid reliability to Peskoe billion in the companys debt comes due in 2024 of Lightstone 's lenders agreed! A package of three gas-fired power plants, refineries, etc companies for SIC 1629 RATINGS NON-CREDIT! The market for battery energy storage is estimated to grow to $ 10.84bn in 2026 a... 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