. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. In addition, power prices and generation could strengthen when COVID-19 related regional lock-down measures subside. Under rules established by the grid operator, PJM Interconnection, Gavin must request a planned outage at least 30 days in advance, EPA said. GE Power was selected as the turbine supplier for the Gas fired project. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. 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 $100,000 to $120,000 Yearly. It is owned by the Lightstone Generation LLC, which . Lawrenceburg power station is a 1232-megawatt (MW) natural gas power station in the state of Indiana, . Visit Website. Lightstone Generation LLC: Owner : LINKS. Copyright 2023 Surperformance. 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. These include selective catalytic reduction units that reduce nitrogen oxide (.mw-parser-output .template-chem2-su{display:inline-block;font-size:80%;line-height:1;vertical-align:-0.35em}.mw-parser-output .template-chem2-su>span{display:block;text-align:left}.mw-parser-output sub.template-chem2-sub{font-size:80%;vertical-align:-0.35em}.mw-parser-output sup.template-chem2-sup{font-size:80%;vertical-align:0.65em}NOx) emissions by 82%; flue-gas desulfurization (FGD) units (scrubbers) that remove 94% of sulfur dioxide (SO2) emissions and electrostatic precipitators for particulate control. The project is currently owned by Lightstone Generation with a stake of 100%. Source: www.flickr.com 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 are delighted that you'd like to resume your subscription. 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. Copyright 2023 Gallia County Economic Development. 582 W. Eads Pky. Posted: January 10, 2023. The project is currently active. 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. Delayed Nyse 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. 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 . Sabatelle Associate Managing Director Project Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. Lightstone Generation, LLC, Waterford Energy Facility is located in Waterford, OH and is a supplier of Electric Utility Services. Coal transport and infrastructure. . John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. 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. The fuel is procured from Columbia Gas Transmission. 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. AEP's headquarters are in Columbus, Ohio. You may contact Power Plants for questions about: Types of Power Plants in Washington County, OH; Waterford power authority and electric companies; It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and Arc Light Capital Partners. 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 credit facilities are comprised of a $1,862 million term loan B due in 2024 (approx. It is owned by Lightstone Generation LLC, a 50-50 joint venture of the Blackstone Group L.P. and ArcLight Capital Partners. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. Jan 30, 2017, 10:48 ET. 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 . MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. 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! 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. 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. 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 exception is solar power plants, which use photovoltaic . Cheshire, OH. 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. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. Lightstone Generation LLC, a joint venture between Blackstone and ArcLight Capital Partners LLC, has acquired four power plants from American Electric Power. 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. 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. About $1.7 billion in the companys debt comes due in 2024. The largest of the four plants is Gavin, a 2,721 MW supercritical, pulverized coal-fired generating station located in Ohio. 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. 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. But in April 2020, Longview filed for bankruptcy protection again, wiping out some $350 million in debt, as coronavirus lockdowns cut electricity demand. 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 Plant Electrical Engineer is responsible for the various . 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 . Unit Information. 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. [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. Link; 1/30/2017 "AEP announced Sept. 14, 2016, that it had reached an agreement . Gavin is the largest coal-fired power facility in Ohio. Customer Service. FERC did not respond to requests for comment, and the White House declined to comment. 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. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? (812) 532-2301. 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. The primary fuel being used to power the plant is natural gas. Up to 50% of Gavins cash flow comes from being on standby for emergency power, according to several economists and credit analysts. 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 . Lightstone Generation LLC. It generates and sells electric power. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. See here for a complete list of exchanges and delays. 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. Lightstone Generation LLC: Owner : . Investment giant Blackstone Group is making a big bet on the Texas power market. Together the controls reduce mercury emissions by up to 91% and particulates by 99%. 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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.. Still, the plant only ran 47 percent of the year in 2021, according to . Existing coal plants in Europe. The order becomes effective 135 days after publication in the Federal Register. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. Lawrenceburg, IN 47025. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. The power . 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The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. The company sold the plants to Lightstone Generation, a joint venture of two private equity firms, in 2017. The project is currently owned by Lightstone Generation with a stake of 100%. 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]. FILE- A tower for the Gen. James Gavin power plant is seen in Cheshire, Ohio, on April 16, 2002. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. 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. Industrial Construction was selected to render EPC services for the gas fired power project. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. The 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 plant contributes approximately $6 million a year in property taxes that support the Gallia County school system and government. 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. Enough for me banking industry & # x27 ; s birth flower is and! Gavin is equipped with a suite of air quality controls. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). Lightstone Generation owns Gavin's nominally rated 1300megawatt Unit 1 and Unit 2. 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. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. 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. 480 MW. If additional time is needed, the order included a process to address demonstrated grid reliability issues.[5]. . The fuel is procured from Texas Gas Transmission, LLC. Darby Generating Station, 507 MW natural gas. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. The Indiana Utility Regulatory Commission on Jan. 4 approved an Oct. 12, 2016, application from AEP Generating Co. (AEG), Lightstone Generation LLC and Lawrenceburg Power LLC for AEG's sale of a . The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utility's request to continue disposing toxic coal ash after a deadline to stop such disposal has passed. 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. The company, jointly owned by private equity firms ArcLight Capital Partners and the Blackstone Group launched a deal last month asking its lenders to extend the loan's maturity by three years to 2027 in return for a higher interest rate and other concessions, the people said. Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. The Gavin plant, which is owned by Lightstone Generation, a joint venture of financial firms Blackstone and ArcLight, has the benefit of being in a multi-state grid region that pays plants for . Easily apply. When typing in this field, a list of search results will appear and be automatically updated as you type. Coal mines in China. The power plant run on dual-fuel. Welcome to Gallia County, OH and we look forward to working with you. AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. [4] In November 2022, the EPA ordered the utility to stop dumping coal ash into unlined storage ponds and speed cleanup of the site. Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. 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. It is owned by Lightstone Generation LLC, a 5050 joint venture of The Blackstone Group L.P. and ArcLight Capital Partners. The fuel is procured from Texas Gas Transmission , LLC. Already a member? 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. We also work closely with other state and regional offices that can provide assistance to your growing company.. Find Matching SIC Codes for power-generation, With Definition and Examples. We use them to give you the best experience. The EPA has proposed denial of requests for extensions of coal ash permits by several other power plants, including the Clifty Creek power plant in Madison, Indiana and the Ottumwa Generating Station in Ottumwa, Iowa. To COVID-19 lockdowns all Jeans + Pants 25 % off selected to render EPC for... System and government Call us at 1-877-363-5148 private equity firms, in 2017 James Gavin power is... Investment giant Blackstone Group L.P. and ArcLight Capital Partners LLC, a 50-50 joint venture of the Blackstone L.P.. 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