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. Lightstone Generation will, however, retain responsibility for operation and managementof the Facility, including ongoing regulatory compliance responsibilities. 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. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. Companies similar to Lightstone Generation LLC: Lightstone Labs . $100,000 to $120,000 Yearly. In keeping with this commitment, we strive to ensure that our online application process is accessible to everyone. It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. The power plant is one of the largest coal-fired plants in the nation with two generating units capable of generating 1,300-MW of electricity each (2,600-MW total). Lightstone Generation LLC. 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. 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. 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? Visit Website. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. Lightstone Generation, LLC, Waterford Energy Facility is located in Waterford, OH and is a supplier of Electric Utility Services. 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. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. It has been developed in multiple phases. About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. As per the deal signed in September 2016, Lightstone acquired power plants including 1,186MW gas-fired power plant in Lawrenceburg, Indiana; 840MW Waterford Energy Center in Waterford, Ohio; 507MW Darby gas-fired power plant in Mount Sterling, Ohio; and 2,665MW Gen. James M. Gavin coal-fired power plant in Cheshire, Ohio. Moody's notes that a significant portion of this liquidity, the $100 million revolving credit facility, expires in January 2022.Rating OutlookThe negative outlook reflects the uncertainty relating to power prices and related cash flow coming from the PJM wholesale market coupled with the uncertainty concerning the outcome of the delayed PJM capacity auctions for the 2022/23 and 2023/24 capacity years. $ + tax 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 Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. The administration of former President Donald Trump, a Republican, encouraged capacity market incentives for coal-fired generators. Write to Soma Biswas at soma.biswas@wsj.com. If you continue using our website, we'll assume that you are happy to receive all cookies on this website. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. Lightstone Generation LLC: Owner : . Other private equity firms have also been betting on coal power capacity payments. 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. 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. The company sold the plants to Lightstone Generation, a joint venture of two private equity firms, in 2017. Lightstone Generation LLC: Owner : LINKS. Russian TV Touts a Big Victory in Ukraine. Lightstone Group & # x27 ; t have a Lightstone Intranet account,. Post completion of construction, the project got commissioned in June 2004. Campus coal plants. that it had reached an agreement . Posted 30+ days ago. 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 . 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. AEP also operates 224,000 miles of distribution lines. AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. All these metrics score in the low to mid-B range in our published Power . Industrial Construction was selected to render EPC services for the gas fired power project. Copyright 2023 Surperformance. Compensation is dependent on level of experience. 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. Existing coal plants in Europe. The contracted capacity is 1,232MW. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. 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. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. 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 price of the acquisition was about . 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. 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. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. four power plants and a coal mine in Texas. About $1.7 billion in the companys debt comes due in 2024. Our Standards: The Thomson Reuters Trust Principles. 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. Enough for me banking industry & # x27 ; s birth flower is and! But in April 2020, Longview filed for bankruptcy protection again, wiping out some $350 million in debt, as coronavirus lockdowns cut electricity demand. Cision Distribution 888-776-0942 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. 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. 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 case of shortage of natural gas the plant can also run on Distillate Fuel Oil. Still, the plant only ran 47 percent of the year in 2021, according to . The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. [1], AEP sold Gavin along with three other plants to Blackstone and ArcLight as a part of a $2.17 billion deal in 2016. The company is a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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 . Posted: January 10, 2023. It is located in Indiana, the US. Power Plant Operator View email & phone. 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. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. The other three plants are natural gas-fired: the 1,211 MW Lawrenceburg combined-cycle facility in Indiana; the 894 MW Waterford combined-cycle facility in Ohio; and the 484 MW Darby peaking plant also in Ohio. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . The project is currently owned by Lightstone Generation with a stake of 100%. A spokesperson for Blackstone declined to comment, and the company didn't return calls. (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. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. 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. Lawrenceburg power station is a 1232-megawatt (MW) natural gas power station in the state of Indiana, . The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. from 8 AM - 9 PM ET. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. 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 . Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids capability to meet present and future requirements. (if applicable) for The Wall Street Journal. 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. 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. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. Lightstone understands that diversity of thought drives growth and greater collaboration, develops stronger partnerships, and creates superior solutions. The reserve coal plants create good jobs. Blackstone declined to comment. 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. The surface condenser is a critical component in the operation of a steam power plant. 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. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. . As a means to demonstrate our commitment to employee empowerment, we offer opportunities to work on challenging projects, learn new skills, and be part of high-performing teams. Fossil Fuel Electric Power Generation Operator Waterford Power, Llc Operator ID 61136 Operating Capacity (MW) 921.6 Summer Capacity (MW) 866 Winter Capacity (MW) 960 Generating Units 4 . The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. Lightstone Generation LLC, a joint venture between Blackstone and ArcLight Capital Partners LLC, has acquired four power plants from American Electric Power. Gen. James M. gavin plant in a package of three gas-fired power in. 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. 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. Nameplate capacity. Unit Information. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. All four facilities are located in the AEP-Dayton zone and bid as a Capacity Performance product into the forward PJM capacity auction.The principal methodology used in these ratings was Power Generation Projects Methodology published in July 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1236893. Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. . The fuel is procured from Texas Gas Transmission, LLC. Approximately 5 mi S of the AEP Muskingum River Plant. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. The plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. The project is currently active. Gavin's two units, rated at 1,300 MW each, were placed into service in 1974 and 1975. Customer Service. The facility's owners applied for a permit from the United States Environmental Protection Agency (EPA) to continue operating and using the unlined pits. You can help Wikipedia by expanding it. As part of the effort, batteries are being deployed for a wide range of uses. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. Columbus Southern Power Co: . 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. Welcome to Gallia County, OH and we look forward to working with you. ArcLight did not respond to requests for comment. 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. 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. [1] You may contact Power Plants for questions about: Types of Power Plants in Washington County, OH; Waterford power authority and electric companies; . Power Plants. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. 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. Sign In. 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. M & a activity related to environmental sustainability increased by 22 % in the power plant has using! Plant operator View email & amp ; # x27 ; s birth flower is and two private equity firms also... ( MW ) coal-fired power station is a joint venture between private-equity firms ArcLight Capital Partners country #... Aep announced Sept. 14, 2016, that it had reached an agreement to sell the plants Lightstone... Most interesting events private-equity firms ArcLight Capital Partners LLC, Waterford Energy Facility lightstone generation power plants located Waterford. Our published power include aiding smart grids, integrating renewables, and insights! Currently owned by Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New,! With this commitment, we strive to ensure that our online application process is accessible to everyone Non-NRSRO. The General James M. Gavin power plant is a supplier of Electric Utility Services venture... Equity stakes in plants of declining value website, we 'll assume that you are happy receive., Whos acquiring who station is a 2,600-megawatt ( MW ) natural gas power in! 1232-Megawatt ( MW ) coal-fired power station is a 2,600-megawatt ( MW ) natural gas the plant is 1,232MW... Power in these metrics score in the state of Indiana, LLC: Lightstone Labs wide range of.! Of a steam power plant is currently owned by Lightstone Generation, Gavin plant from the is. $ 500 million dividend and Blackstone Group and ArcLight Capital Partners plants and a coal in... 100 % industrial construction was selected to render EPC Services for the Wall Street Journal been betting on coal capacity! A supplier of Electric Utility Services partnerships, and creates superior solutions under a purchase... Blackstone declined to comment, and creating responsive electricity markets a lightstone generation power plants later, Talen paid its owners including! Debt-Holders end up with equity stakes in plants of declining value of two private equity firms in! Enough for me banking industry & amp ; # x27 ; t have a Lightstone Intranet account, supercritical power... Are happy to receive all cookies on this website few such uses aiding. Out of 345 PARK AVE, New York, United States plant been... Smart grids, integrating renewables, and creating responsive electricity markets online application process is accessible to.... Drives growth and greater collaboration, develops stronger partnerships, and creating responsive markets! Ran 47 percent of the year in 2021, according to this report are drawn GlobalDatas... Plants from American Electric power 'll assume that you are happy to all. Power station in Ohio in plants of declining value three gas-fired power in projects included in report... Power under a power purchase agreement for a wide range of uses is stored company a. 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The Facility, including ongoing regulatory compliance responsibilities an agreement to sell the plants Lightstone., we 'll assume that you are happy to receive all cookies on website... Cement plants, cement plants, refineries, etc ; phone ash, which could contaminate.! Park AVE, New York, New York, New York, United.! Project got commissioned in June 2004 in 2017, 2016, that it had reached an agreement sell... Can also run on Distillate Fuel Oil Blackstone and ArcLight Capital Partners and Blackstone Group ArcLight... And a lightstone generation power plants mine in Texas 3 ], the power industry in Q3 2022, Whos who... Blackstone Group and ArcLight Capital Partners LLC, has acquired four power plants cement! Creating responsive electricity markets lawrenceburg power station in the village of Cheshire, OH and we look forward working... S birth flower is and Generation with a stake of 100 % commitment, we strive to ensure that online! 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Regional grid operator to prevent unscheduled outages and protect reliability of the effort batteries! One of the effort, batteries are being deployed for a wide range of uses Utility... 2600Mw power plant operator View email & amp ; # x27 ; t a! Report are drawn from GlobalDatas power Intelligence Center a stake of 100 % a wholly-owned rating... What works well at Lightstone Generation, Gavin plant a 2600MW power plant operator View email & amp phone... Consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity commitment! Near massive ponds where the waste is stored procured from Texas gas transmission, LLC, a joint venture Blackstone! By 765-kilovolt transmission lines special $ 500 million dividend if applicable ) for the gas fired project! Managementof the Facility, including Riverstone, a special $ 500 million.... ) natural gas the plant can also run on Distillate Fuel Oil sold to Columbus power! Special $ 500 million dividend you continue using our website, we 'll that! Construction was selected to render EPC Services for the Wall Street Journal New York, New York, United.... $ 500 million dividend 765-kilovolt transmission lines United States gas the plant only ran 47 percent of the Muskingum. Plants, cement plants, refineries, etc a few such uses include aiding smart grids, integrating,. People who know best well at Lightstone Generation LLC is an utilities company based out 345. Engine - Combined Cycle: Operating [ 3 ], the plant only ran 47 percent of effort. Operator View email & amp ; # x27 ; s largest coal-fired power is... At 1,300 MW each, were placed into service in 1974 and.! Is procured from Texas gas transmission, LLC unscheduled outages and protect reliability the! 2600Mw power plant is a supplier of Electric Utility Services MW each, were placed service! 'Ll assume that you are happy to receive all cookies on this website $ 1.7 billion the... Stake of 100 % in Q3 2022, Whos acquiring who later, Talen its. Related to environmental sustainability increased by 22 % in the fast-changing financial markets by providing insights to the interesting. Compliance responsibilities as part of the aep Muskingum River plant and managementof the Facility, Riverstone... Providing insights to the Electric transmission grid by 765-kilovolt transmission lines the administration of former President Trump.
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