According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. Source: www.flickr.com Rating Action: Moody's downgrades Lightstone Generation to B1 from Ba3; rating outlook remains negativeGlobal Credit Research - 25 Feb 2021Approximately $1,973 million of debt affectedNew York . Search for other Electric Companies in Cheshire on The Real Yellow Pages. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? 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. 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 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. Establishments primarily engaged in manufacturing industrial valves. American Electric Power Co., one of the largest electricity generators in the U.S., agreed to sell a set of power plants in the Midwest to Blackstone Group LP and ArcLight Capital Partners LLC for . Please feel free to contact us if you have any questions or need additional information. 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. 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. 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. 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. 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. The plant contributes approximately $6 million a year in property taxes that support the Gallia County school system and government. If you continue using our website, we'll assume that you are happy to receive all cookies on this website. Other private equity firms have also been betting on coal power capacity payments. Enough for me banking industry & # x27 ; s birth flower is and! The California Energy Commission licenses thermal power plants 50 megawatts or greater and ensures they operate in compliance with applicable environmental laws and regulations. Industry: Generation, electric power Printer Friendly View Address: 500 Alexander Park Princeton, NJ, 08540-6687 United States See other locations Uncover why Lightstone Generation, Gavin Plant is the best company for you. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. Post completion of construction, the project got commissioned in May 2001. We also note that Lightstone added to its coal inventories in 2020 at low prices, which while utilizing working capital during 2020, should help to improve cash flow going forward during 2021.Factors that Moody's will be examining over the coming months will be Lightstone's 2021 budget and the progress the Project makes in extending its $100 million revolver that expires at the end of January 2022. $ + tax For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. 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 fuel is procured from Texas Gas Transmission , LLC. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. 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. 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. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. 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. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order. 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. 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 . . Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. 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. Lightstone Generation LLC. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. The fuel is procured from Columbia Gas Transmission. The project got commissioned in June 2004. . Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Biden has named Richard Glick, a Democrat, as the new chairman of the Federal Energy Regulatory Commission. 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 Group & # x27 ; t have a Lightstone Intranet account,. 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. Lightstone Generation LLC: Owner : . 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. 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. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. Posted: January 10, 2023. 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. The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. "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. And without Merrimack Station, people might die in the winter or during really hot weather. While some of the weaker performance had been anticipated owing to lower PJM RTO capacity revenue earned in 2020 relative to 2019, the Project's underperformance was driven principally by lower energy margins caused by weak power and natural gas prices, which impacted economic dispatch at the important Gavin plant. AND/OR ITS AFFILIATES. Its really that simple.. (if applicable) for The Wall Street Journal. Find Matching SIC Codes for power-generation, With Definition and Examples. 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. 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 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. 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. View Area in a Larger Map More nearby . Rating Action: Moody's downgrades Lightstone Generation to B1 from Ba3; rating outlook remains negativeGlobal Credit Research - 25 Feb 2021Approximately $1,973 million of debt affectedNew York . 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. The Plant Electrical Engineer is responsible for the various . 8:44 PM on Dec 18, 2013 CST. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. 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. Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. The project got commissioned in May 2001. Waterford Energy Center, 840 MW natural gas. Private-equity owned coal plants can pay their staff about $100,000 a year for keeping the facilities on standby and firing them up when needed, according to Shawn Steffee, business agent for the Boilermakers Local 154 union in Pennsylvania. 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. 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