(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. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. Full-Time. Lightstone Generation LLC: Owner : . (812) 532-2301. 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 Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. Customer Service. Up to 50% of Gavins cash flow comes from being on standby for emergency power, according to several economists and credit analysts. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. 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 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 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. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? 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. The project is currently owned by Lightstone Generation with a stake of 100%. Lightstone Generation LLC | 38 followers on LinkedIn. 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). Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Easily apply. 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. Already a member? If the business does well, the debt gets paid off at a premium. 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. 480 MW. 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. Coal transport and infrastructure. In addition, power prices and generation could strengthen when COVID-19 related regional lock-down measures subside. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. 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. The project is currently owned by Lightstone Generation with a stake of 100%. Since the end of 2014, at least five U.S. private equity firms have bought coal plants in markets where regulators pay them to be on standby to provide emergency power when demand surges with extreme hot or cold weather, according to a Reuters review of U.S. regulatory disclosures and credit-rating agency reports. By NS Energy Staff Writer 30 Jan 2017. 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. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. Get the latest business insights from Dun & Bradstreet. Enough for me banking industry & # x27 ; s birth flower is and! GE Power was selected as the turbine supplier for thermal power project. 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. 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. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. 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. The contracted capacity is 1,232MW. [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 Gas fired project consists of 2 steam turbines, each with 268MW nameplate capacity. 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. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. 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. All quotes delayed a minimum of 15 minutes. Workers at Merrimack Station see their mission as a matter of life and death. SIC Codes SIC Code . Condenser failures can result in forced outages and loss of generation capacity. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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. 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. Find Matching SIC Codes for power-generation, With Definition and Examples. This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. 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 . Establishments primarily engaged in manufacturing industrial valves. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. 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. Gavin plant will be transferred to LightStone Generation (a joint venture between Blackstone and ArcLight Capital Partners, LLC) in 2017 after necessary regularity approvals. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. 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. [1] 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 project is currently active. FILE- A tower for the Gen. James Gavin power plant is seen in Cheshire, Ohio, on April 16, 2002. About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. 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. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 A.J. -, Emerson makes $7.6 billion offer for NI Corp public after rebuffed approaches, UK PM Sunak meets Blackstone's Schwarzman in Downing Street, Barclays Adjusts Price Target on Blackstone to $86 From $80, Maintains Equalweight Rating. The Plant Electrical Engineer is responsible for the various . (if applicable) for The Wall Street Journal. You will be notified in advance of any changes in rate or terms. And without Merrimack Station, people might die in the winter or during really hot weather. 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. 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. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. 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. James Gheen (ICE) Senior Instrument, Control and Electrical technician for Lightstone Energy at Gavin Power Plant The capacity power market is a certain source of revenue for coal plants that might otherwise be uneconomical, said Sylvia Bialek, an economist at New York Universitys Institute for Policy Integrity. Coal ash, the substance that remains when coal is burned to generate electricity, contains a toxic mix of mercury, cadmium, arsenic and other heavy metals. The credit facilities are comprised of a $1,862 million term loan B due in 2024 (approx. 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. 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. 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, Babcock & Wilcox Power Generation Group Acquires MEGTEC Systems, General Electric to Acquire Metem Corporation, 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 latest business insights from Dun & amp ; Bradstreet [ 3 ], the plant. Generation with a stake of 100 % of a $ 1,862 million term loan B due in 2024 (.... 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