Blackstone declined to comment. The power . 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. 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. It is a combined cycle gas turbine (ccgt) power plant. Gavin plant will be transferred to LightStone Generation (a joint venture between Blackstone and ArcLight Capital Partners, LLC) in 2017 after necessary regularity approvals. Russian TV Touts a Big Victory in Ukraine. Private equity ventures into coal-fired power dont always turn out well, with some deals getting caught up in the broader decline of the coal industry. FILE- A tower for the Gen. James Gavin power plant is seen in Cheshire, Ohio, on April 16, 2002. Post completion of construction, the project got commissioned in May 2001. 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. Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. Get the latest business insights from Dun & Bradstreet. 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. (812) 537-1191 (fax) As leader of the . Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). 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. 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. Lightstone Generation LLC. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. View Highlights of The Lightstone Story Below. 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. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. 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 . 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. 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. In keeping with this commitment, we strive to ensure that our online application process is accessible to everyone. Now they will be forced to clean it up.''. Most power plants use one or more generators that convert mechanical energy into electrical energy [1] in order to supply power to the electrical grid for society's electrical needs. 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. John Cockerill Group supplied steam boiler for the project. Gavin power plant, originally owned by american electric power and sold to lightstone generation in 2017, is located along the ohio river in cheshire, ohio. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. BOSTON (Reuters) - Private equity firms are proving theres still plenty of profit in the U.S. coal industry despite a decade of falling demand for the fossil fuel. 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. 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. 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. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects. ArcLight did not respond to requests for comment. (812) 532-2301. Copyright 2023 Gallia County Economic Development. Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. . 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. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. American Electric Power sold the four plants to Lightstone Generation LLC, a joint venture of Blackstone (NYSE: BX) and an affiliate of ArcLight Capital Partners LLC . The Plant Electrical Engineer is responsible for the various . 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. Full-Time. Write to Soma Biswas at soma.biswas@wsj.com. Gavin is equipped with a suite of air quality controls. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. 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 power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. FTC Plan to Ban Noncompete Clauses Shifts Companies Focus, Greta Thunberg Detained by Police in Germany During Mine Protest, Bonds Over Stocks: The New 60-40 Portfolio, Rebellion Against Higher Prices Helps Slow Inflation, Deal Slump Dents Profits at Goldman Sachs, Morgan Stanley, Opinion: The Hard Reality of a Debt-Ceiling Showdown, Opinion: Ph.D. Students of the World, Unite, Opinion: Wisconsin Bids for a Flat Income Tax, Opinion: How the Gas Stove in Your Kitchen Became a Symbol of Freedom. General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . Strategic Business Manager. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. Link; 1/30/2017 "AEP announced Sept. 14, 2016, that it had reached an agreement . A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. View Area in a Larger Map More nearby . 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. Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. The New York-based firm will buy three gas-fired power plants in the Lone Star State . PO Box 271 Cheshire OH 45620. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Campus coal plants. The power plant run on dual-fuel. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. 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. 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 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. Posted: January 10, 2023. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order. . Lightstone Generation LLC [100%] Parent: ArcLight Capital Partners LLC [50%]; Blackstone Group LP . Power Plant Operator View email & phone. Lightstone Generation will, however, retain responsibility for operation and managementof the Facility, including ongoing regulatory compliance responsibilities. that it had reached an agreement . It is owned by Lightstone Generation LLC, a 50-50 joint venture of the Blackstone Group L.P. and ArcLight Capital Partners. 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. 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. AEP's headquarters are in Columbus, Ohio. Posted 30+ days ago. Power plant construction - general contractors, See Companies for SIC 1629. You may contact Power Plants for questions about: Types of Power Plants in Washington County, OH; Waterford power authority and electric companies; 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. Lightstone understands that diversity of thought drives growth and greater collaboration, develops stronger partnerships, and creates superior solutions. 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. During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. Compare pay for popular roles and read about the team's work-life balance. . In another profitable investment, private equity firm Riverstone Holdings LLC paid $1.8 billion in late 2016 to buy the remaining stake in electricity producer Talen Energy Corp. Easily apply. The sale includes 5,200 megawatts of generation all located in the region served by the PJM Interconnection: AEP will net approximately $1.2 billion in cash after taxes, repayment of debt associated with these assets and transaction fees. (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. 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. Gavin's two units, rated at 1,300 MW each, were placed into service in 1974 and 1975. Approximately 5 mi S of the AEP Muskingum River Plant. Investment giant Blackstone Group is making a big bet on the Texas power market. KKR declined to comment. Search for other Electric Companies in Cheshire on The Real Yellow Pages. The plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. 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. Cheshire, OH. 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. Waterford Energy Center, 840 MW natural gas. Menu Close SIC Codes. A power plant is an industrial facility that generates electricity from primary energy. Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. . The power plant run on dual-fuel. . Coal mines in China. The reserve coal plants create good jobs. Source: www.flickr.com 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. 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 capacity market is absolutely vital, Sapienza said. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. The project is currently owned by Lightstone Generation with a stake of 100%. 1988 Present. 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. Franais. 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. 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