Post completion of construction, the project got commissioned in May 2001. that it had reached an agreement . General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . 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. 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. 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. 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 . 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. Lightstone's EBITDA for the twelve months ended 9/30/20 measured $234.1 million, which was well below fiscal year 2019 results of $361.9 million and below Moody's expectations for full year 2020 of $349.0 million under our original base case forecast. 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 got commissioned in June 2004. It is a combined cycle gas turbine (ccgt) power plant. Workers at Merrimack Station see their mission as a matter of life and death. The project generated 2,984,381MWh of electricity. The power . from 8 AM - 9 PM ET. PO Box 271 Cheshire OH 45620. The credit facilities are comprised of a $1,862 million term loan B due in 2024 (approx. If you are an individual with a disability or a disabled veteran who has an accommodation request, please: Call us at 1-877-363-5148. Up to 50% of Gavins cash flow comes from being on standby for emergency power, according to several economists and credit analysts. 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. EPA said Friday that its decision recognizes the importance of maintaining grid reliability. Power plant construction - general contractors, See Companies for SIC 1629. Even so, Lightstones creditors are the ones with the greatest risk, according to Peskoe. All rights reserved. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. 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. We are delighted that you'd like to resume your subscription. The Indiana Utility Regulatory Commission on Jan. 4 approved an Oct. 12, 2016, application from AEP Generating Co., Lightstone Generation and Lawrenceburg Power for AEG's sale of a gas-fired power generating facility in Lawrenceburg, Indiana, to Lightstone Generation and Lawrenceburg Power.. 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. You may change your billing preferences at any time in the Customer Center or call The lucrative investments illustrate how fossil fuels will remain an important part of the energy mix - and continue spinning off cash for investors - even years after demand for them peaks as the world transitions toward cleaner energy sources. The project is currently owned by Lightstone Generation with a stake of 100%. It is a Gas Turbine power plant that is used for Peakload. The project is currently active. 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. 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.. 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. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Todays action reaffirms that surface impoundments or landfills cannot be closed with coal ash in contact with groundwater.''. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Please feel free to contact us if you have any questions or need additional information. 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. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. The project generated 29,989MWh of electricity. 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. 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 . 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. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. About $1.7 billion in the companys debt comes due in 2024. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. 1988 Present. Menu Close SIC Codes. 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. AEP also operates 224,000 miles of distribution lines. 8 Eastern Generation will provide select operating and management services [1] CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Visit Website. In 2002, to avoid lawsuits relating to air pollution in the village of Cheshire, the American Electric Power (AEP) corporation decided to buy out the town, by paying every homeowner 3.5 times the market value of their home to move. See here for a complete list of exchanges and delays. Franais. 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. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. The company is a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group. The plant may have to pause or even cease operations in order to comply with the order. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? The price of the acquisition was about . Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. The facility's owners applied for a permit from the United States Environmental Protection Agency (EPA) to continue operating and using the unlined pits. 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. learning and cutting edge science to develop novel drugs for patients with hard-to-treat diseases by harnessing the power of naturally protective antibodies and the adaptive immune system . Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. Uncover why Lightstone Generation, Gavin Plant is the best company for you. (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. 8 hour shift + 2. The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. The plant is Gallia County's largest taxpayer and makes annual contributions of more than $50,000 to local charities and non-profits[citation needed]. The contracted capacity is 1,232MW. It has been developed in multiple phases. 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 . Lightstone Generation LLC. Cision Distribution 888-776-0942 (812) 537-1191 (fax) environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. 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. By NS Energy Staff Writer 30 Jan 2017. The company sold the plants to Lightstone Generation, a joint venture of two private equity firms, in 2017. Cheshire, OH. This article about a United States power station is a stub. Still, the plant only ran 47 percent of the year in 2021, according to . Tenerife PV project: Establishing Europes first self-consumption energy community, Technip-led JV wins PCSA contract for ADNOCs Hail & Ghasha project, Masdar and SOCAR to develop 4GW clean energy projects in Azerbaijan, RWE signs PPAs to supply electricity from German offshore wind farms, Canada approves Galaxy Lithiums James Bay Lithium project, Advertise with us Advertising enquiries: Roy Morris, roy.morris@progressivemediainternational.com, +44 (0) 20 7406 6613. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 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 February 2017, the plant represented slightly more than 11% of the total electric generation capacity in Ohio according to the Energy Information Administration (EIA). Gavin is the largest coal-fired power facility in Ohio. The private equity firms backers have also been making money on the investments, according to filings. The outlook could stabilize if there is a recovery in power market fundamentals resulting in metrics appropriate for a B1 rating, including the ratio of Project CFO to Debt at or above 7.0%, the DSCR at or above 2.0x, and/or the ratio of Debt to EBITDA at or below 6.0x, all on a prospective and sustained basis, and if Lightstone is able to maintain its current level of liquidity.Factors that could lead to a downgradeThe rating could be downgraded if we do not see a recovery in power market fundamentals and the Project continues to underperform such that Lightstone appears unlikely to achieve key financial metrics, including Project CFO to Debt of at least 7.0%, DSCR of at least 2.0x and/or Debt/EBITDA of 6.0x or below, all on a prospective and sustained basis. 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. You will be charged 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. Link; 1/30/2017 "AEP announced Sept. 14, 2016, that it had reached an agreement . $75,000 - $85,000 a year. 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. 3491 - Industrial Valves. 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. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. 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. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. The H.L. 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. Industry: Generation, electric power Printer Friendly View Address: 500 Alexander Park Princeton, NJ, 08540-6687 United States See other locations 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. 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. Find Matching SIC Codes for power-generation, With Definition and Examples. 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. Somehow the private equity guys always make out OK, Peskoe said. Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation, Industrial solutions for power generation, Scotlands hydrogen strategy: Building a green energy economy, Projects, pipelines and power: around the worlds tidal projects, Fusion, fission, and futureproofing UK nuclear, Ocean power: a running tide for renewables in Asia, Masdar to develop renewable energy projects in Azerbaijan, Iberdrola sells stake in Spanish renewable portfolio to NBIM, Power Capital Renewable Energy secures funding for solar assets, UK government sets out plan for smart electric vehicle charging, TenneT selects Hitachi Energy and Petrofac for HVDC projects, UK to collaborate with Saudi Arabia on diversifying critical minerals, Whos acquiring who? 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. What are you looking for? $100,000 to $120,000 Yearly. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. 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. 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 power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. Posted: January 10, 2023. Its everyone else who doesnt., Reporting by Tim McLaughlin; editing by Richard Valdmanis and Brian Thevenot. ArcLight is a leading infrastructure investment firm focused on investing in energy and related infrastructure. 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 joint venture of Blackstone (NYSE: BX) and an affiliate of ArcLight Capital Partners LLC (ArcLight), for approximately $2.1 billion. TEi condensers represent an evolution of advanced technology, offering improved thermal efficiency and advanced mechanical design to reduce forced outages and increase availability. Buy Business List - SIC 1629. 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. 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. Our Standards: The Thomson Reuters Trust Principles. 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. 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. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. The fuel is procured from Texas Gas Transmission , LLC. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. The New York-based firm will buy three gas-fired power plants in the Lone Star State . It is located in Indiana, the US. Already a member? As an organization, we nurture an entrepreneurial mindset and encourage our employees to do the same; always striving to raise the bar, think outside the box, and be world-class in all we do. 582 W. Eads Pky. Lightstone Group & # x27 ; t have a Lightstone Intranet account,. 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. It is located in Ohio, the US. 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. We also work closely with other state and regional offices that can provide assistance to your growing company.. Power Plant Operator View email & phone. You may cancel your subscription at anytime by calling Together the controls reduce mercury emissions by up to 91% and particulates by 99%. 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. Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. The project is currently owned by Lightstone Generation with a stake of 100%. GE Power was selected as the turbine supplier for the Gas fired project. The reserve coal plants create good jobs. Learn more 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. Of Gavin plant from the project is currently owned by Lightstone Generation operates of. Is sold to Columbus Southern power under a power purchase agreement for a complete list exchanges. 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