The project is currently owned by Lightstone Generation with a stake of 100%. 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 . 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. Delayed Nyse Open a newChase Private ClientChecking account and get a $2000 bonus! Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. 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. The project is currently owned by Lightstone Generation with a stake of 100%. It has been developed in multiple phases. Welcome to Gallia County, OH and we look forward to working with you. All rights reserved. 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. 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. . Lightstone Generation owns Gavin's nominally rated 1300megawatt Unit 1 and Unit 2. (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. 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. . Write to Soma Biswas at soma.biswas@wsj.com. Existing coal plants in Europe. Franais. Power generation. 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. Establishments primarily engaged in manufacturing industrial valves. The power plant run on dual-fuel. 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. 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. Even so, Lightstones creditors are the ones with the greatest risk, according to Peskoe. 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. 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. A report issued this month by Earthjustice and the Environmental Integrity Project said 91% of U.S. coal-fired plants have ash landfills or waste ponds that are leaking arsenic, lead, mercury and other metals into groundwater at dangerous levels, often threatening streams, rivers and drinking water aquifers. 8:44 PM on Dec 18, 2013 CST. The project got commissioned in May 2001. The plant along the Ohio River today is owned by Lightstone Generation, a joint venture of The Blackstone Group hedge fund and private equity firm ArcLight Capital Partners, which bought the plant . And without Merrimack Station, people might die in the winter or during really hot weather. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. EPA said Friday that its decision recognizes the importance of maintaining grid reliability. Im confident, in the next couple of years, FERC will order changes, said Ari Peskoe, director of the Electricity Law Initiative at Harvard Law School. This practice constrained operating cash and required material quantities of plant staff's time and energy. The project generated 2,984,381MWh of electricity. Lightstone Generation LLC - a joint venture between Bostons ArcLight Capital Partners LLC and New York-based Blackstone Group Inc - took on $2.1 billion in debt from Wall Street banks to buy the plant and three much smaller gas-fired units from American Electric Power Company Inc in 2017, according to term sheets viewed by Reuters. 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. It is located in Ohio, the US. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. Lightstone Generation LLC [100%] Parent: ArcLight Capital Partners LLC [50%]; Blackstone Group LP . . 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 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 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. GE Power was selected as the turbine supplier for the Gas fired project. Link; 1/30/2017 "AEP announced Sept. 14, 2016, that it had reached an agreement . Posted: January 10, 2023. (if applicable) for The Wall Street Journal. 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. Post completion of construction, the project got commissioned in June 2004. The company is a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. 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 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. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. 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. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. Lightstone Generation LLC: Owner : . 3491 - Industrial Valves. 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. 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 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. The fuel is procured from Columbia Gas Transmission. 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. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. $75,000 - $85,000 a year. 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. 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. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. 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 . MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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 . In a major action to address toxic wastewater from coal-fired power plants, the Environmental . KKR declined to comment. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. We believe access to energy-related infrastructure is critical to . 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. 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. 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. You may change your billing preferences at any time in the Customer Center or call four power plants and a coal mine in Texas. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. Power plant construction - general contractors, See Companies for SIC 1629. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. 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). Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. Riverstone did not return messages seeking comment. We are delighted that you'd like to resume your subscription. 582 W. Eads Pky. The Strategic Business Manager is responsible for . 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. It is a combined cycle gas turbine (ccgt) power plant. 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. The order becomes effective 135 days after publication in the Federal Register. Spurlock plant in Maysville, Kentucky, is required to fix groundwater monitoring as a condition for continued operation of its coal ash pond, the EPA said. Power. General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . AEP's headquarters are in Columbus, Ohio. Lightstone also currently benefits from a relatively strong liquidity profile, which currently stands at about $180 million, composed of $100 million under the revolver (all of which is currently available), plus $54 million in the required 6-month debt service reserve (DSR), which is covered by the $100 million TLC that expires in January 2024, plus $26 million in unrestricted cash. American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. 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. 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. Condenser failures can result in forced outages and loss of generation capacity. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. By NS Energy Staff Writer 30 Jan 2017. 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. Nameplate capacity. Power Plants. Lightstone Generation LLC. You will be charged Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . 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. The reserve coal plants create good jobs. 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