Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation. 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. Open a newChase Private ClientChecking account and get a $2000 bonus! 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 . 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. 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 . See here for a complete list of exchanges and delays. Condenser failures can result in forced outages and loss of generation capacity. The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. 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. While Lightstone's hedging strategies provided some degree of mitigation through the sale of spark swaps (i.e., selling power forward and buying corresponding forward gas), it was not enough to offset the overall energy margin decline.As such, all of Lightstone's key financial metrics, which Moody's calculates after major maintenance and changes in working capital, were understandably lower than originally forecast. AND/OR ITS AFFILIATES. The power plant run on dual-fuel. Image: AEP headquarters in Columbus, Ohio, US. View Area in a Larger Map More nearby . General James M. Gavin Power Plant, originally owned by American Electric Power and sold to Lightstone Generation LLC in 2017, is in Cheshire, Ohio along the Ohio River in Galla County. Darby Electric Generating Station is a 564MW gas fired power project. 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. 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. Lightstone Generation, LLC, Waterford Energy Facility is located in Waterford, OH and is a supplier of Electric Utility Services. Gavin is the largest coal-fired power facility in Ohio. 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. John Cockerill Group supplied steam boiler for the project. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 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. $75,000 - $85,000 a year. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Compare pay for popular roles and read about the team's work-life balance. 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. Buy Business List - SIC 1629. The Lightstone Entities have the necessary technical, financial, and . 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. The project generated 2,984,381MWh of electricity. 3491 - Industrial Valves. 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. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. This practice constrained operating cash and required material quantities of plant staff's time and energy. Link; 1/30/2017 "AEP announced Sept. 14, 2016, that it had reached an agreement . 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. Power generation. Together the controls reduce mercury emissions by up to 91% and particulates by 99%. Although AEP no longer owns the Gavin plant - it sold it in 2017 to Lightstone Generation, a private equity firm, along with three gas-fired power plants as part of a $2.1bn (1.5bn) deal . By clicking the Download Free Report button, you accept the terms and conditions and acknowledge that your data will be used as described in the GlobalData privacy policy The credit facilities are comprised of a $1,862 million term loan B due in 2024 (approx. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. four power plants and a coal mine in Texas. Gavin Power, LLC/Lightstone Gen, LLC. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. We also work closely with other state and regional offices that can provide assistance to your growing company.. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. In keeping with this commitment, we strive to ensure that our online application process is accessible to everyone. SIC Codes SIC Code . Gavin's two units, rated at 1,300 MW each, were placed into service in 1974 and 1975. 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. . 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. As leader of the . FIND A SUPPLIER: GET A . The reserve coal plants create good jobs. 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. 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.. 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. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. All rights reserved. The plant contributes approximately $6 million a year in property taxes that support the Gallia County school system and government. 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. ArcLight did not respond to requests for comment. 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. The plant may have to pause or even cease operations in order to comply with the order. James Gheen (ICE) Senior Instrument, Control and Electrical technician for Lightstone Energy at Gavin Power Plant Visit our privacy policy for more information about our services, how we may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. But in April 2020, Longview filed for bankruptcy protection again, wiping out some $350 million in debt, as coronavirus lockdowns cut electricity demand. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. All these metrics score in the low to mid-B range in our published Power . 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 . Search for other Electric Companies in Cheshire on The Real Yellow Pages. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. . About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. 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. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? CAMS currently manages over 30 power plant facilities . . Strategic Business Manager. The Strategic Business Manager is responsible for . By NS Energy Staff Writer 30 Jan 2017. The company is a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group. This article about a United States power station is a stub. The company, a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group , is planning to launch a debt exchange within days that would push out the maturity of the bulk of its $1.7 billion term loan by three years to 2027, according to the people familiar with the matter. The project is currently owned by Lightstone Generation with a stake of 100%. The project got commissioned in May 2001. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. About 18 months after the Gavin acquisition, ArcLight and Blackstone went back to Wall Street to finance most of a $375 million special dividend they paid to themselves, according to credit rating agencies. Posted 30+ days ago. 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. Analysts and economists expect Bidens administration to crack down on rules that prolong the lifespan of dirty coal plants as part of sweeping measures to fight climate change. The Gavin Power Plant is located on the shore of the Ohio River at Cheshire, Ohio, and consists of two electric generating units. Its really that simple.. Duke Fluor Daniel was selected to render EPC services for the gas fired power project. John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. "For too long, communities already disproportionately impacted by high levels of pollution have been burdened by improper coal ash disposal, EPA Administrator Michael Regan said Friday. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. Our Standards: The Thomson Reuters Trust Principles. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. The project is currently owned by Lightstone Generation with a stake of 100%. The Trump administration weakened the Obama-era rule in 2020, allowing utilities to use cheaper technologies and take longer to comply with guidelines that were less stringent than the initial rule. Now they will be forced to clean it up.''. He said coal plants in the state ran like a freight train during the recent cold snap. 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. Customer Service. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. $100,000 to $120,000 Yearly. 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. Its everyone else who doesnt., Reporting by Tim McLaughlin; editing by Richard Valdmanis and Brian Thevenot. 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. Find company research, competitor information, contact details & financial data for Lightstone Generation LLC of Lawrenceburg, IN. The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. If you continue using our website, we'll assume that you are happy to receive all cookies on this website. Sign up to Stock Advisor for $79 for 1 year, All Jeans + Pants 25% off! Under rules established by the grid operator, PJM Interconnection, Gavin must request a planned outage at least 30 days in advance, EPA said. Meanwhile, mutual funds that invested in Lightstones debt are receiving payments pegged to a floating interest rate that has ranged from 4% to 6% - far higher than about 1.4% on the U.S. benchmark 10-year yield. EPA said Friday that its decision recognizes the importance of maintaining grid reliability. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects. 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]. 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. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. 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. . You can help Wikipedia by expanding it. [2] The plant was named in honor of James Maurice "Jumpin' Jim" Gavin, the third Commanding General (CG) of the 82nd Airborne Division during World War II. It is located in Ohio, the US. 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. $ + tax 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. (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.