General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Delayed Nyse 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. Visit Website. 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, February 25, 2021 -- Moody's Investors Service, ("Moody's") has downgraded the rating on Lightstone Generation LLC's ("Lightstone" or "Project") senior secured credit facilities to B1 from Ba3. Columbus Southern Power Co: . $100,000 to $120,000 Yearly. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. AEP also operates 224,000 miles of distribution lines. 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. 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. 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. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. 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. 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 . The project is currently active. . 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 . 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. The fuel is procured from Columbia Gas Transmission. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Power Plants. that it had reached an agreement . Lightstone Generation LLC: Owner : LINKS. 8. Post completion of construction, the project got commissioned in June 2004. Workers at Merrimack Station see their mission as a matter of life and death. This article about a United States power station is a stub. 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 . 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. 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. 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%. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. 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]. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital. -, 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. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. You will be charged Atlas Holdings, for example, led a joint venture to buy New Hampshires Merrimack Station coal plant in 2018, the centerpiece of a $175 million acquisition of generators from New England-based utility Eversource Energy. 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. Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. . It is located in Indiana, the US. 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. "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. What are you looking for? Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. Image: AEP headquarters in Columbus, Ohio, US. About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. 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. 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. Even so, Lightstones creditors are the ones with the greatest risk, according to Peskoe. 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 company sold the plants to Lightstone Generation, a joint venture of two private equity firms, in 2017. 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. 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. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. 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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 Drone Boats: Inside the U.S. Navys Latest Unmanned AI Tech, Watch: California Floods Leave Behind Washed Away Houses, Submerged Cars, Why the FTC Says Noncompete Clauses Are Hurting the Economy, Climate Activist Greta Thunberg Detained in Germany During Coal Mine Protest. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? 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. Industrial Construction was selected to render EPC services for the gas fired power project. . Lightstone Generation LLC, a joint venture between Blackstone and ArcLight Capital Partners LLC, has acquired four power plants from American Electric Power. 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 . 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. 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. 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. [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. Moodys SF Japan K.K. Lightstone Generation LLC [100%] Parent: ArcLight Capital Partners LLC [50%]; Blackstone Group LP . MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. Franais. Over 30 years of experience. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. . TEi condensers represent an evolution of advanced technology, offering improved thermal efficiency and advanced mechanical design to reduce forced outages and increase availability. Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. 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. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . 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. The company was formed as a joint venture of The Blackstone Group and ArcLight Capital Partners. The project is currently owned by Lightstone Generation with a stake of 100%. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. The plant may have to pause or even cease operations in order to comply with the order. Gavin's two units, rated at 1,300 MW each, were placed into service in 1974 and 1975. KKR declined to comment. 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. The capacity market is absolutely vital, Sapienza said. The power plant run on dual-fuel. Open a newChase Private ClientChecking account and get a $2000 bonus! The largest of the four plants is Gavin, a 2,721 MW supercritical, pulverized coal-fired generating station located in Ohio. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. CHESHIRE, Ohio This week, the sale of the Gen. James M. Gavin Plant in Cheshire, along with three other electric-generating facilities in Ohio and Indiana, were finalized. 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. Other private equity firms have also been betting on coal power capacity payments. The project generated 2,984,381MWh of electricity. Were pleased to be a part of the Gallia County community and strongly support the efforts of the Countys economic development organization. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. Campus coal plants. Get the latest business insights from Dun & Bradstreet. 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. In February 2017, the plant represented slightly more than 11% of the total electric generation capacity in Ohio according to the Energy Information Administration (EIA). The H.L. Learn more Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. It is a Gas Turbine power plant that is used for Peakload. From 2018 to 2020, Lightstones power plant operations produced about $1.1 billion in operating profit, according to estimates from Moodys Investors Service. For example, the debt service coverage ratio (DSCR) for the twelve months ended 9/30/20 measured 1.50x vs. our 2020 forecast of 2.28x; the ratio of Debt to EBITDA was 7.57x vs. 4.59x in the Moody's case, and the ratio of Project Cash Flow from Operations (CFO) to Debt for the same period was 2.8% vs. 11.5% in the Moody's case. Copyright 2023 Surperformance. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. AEP completed the sale of the plants to Lightstone Generation LLC, a joint venture of Blackstone and an affiliate of ArcLight Capital Partners LLC, for about $2.1 billion. 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. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. 3491 - Industrial Valves. The take-private deal included stakes in several coal plants, including ones receiving PJM capacity payments, an important component of gross profits, according to an SEC disclosure. General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. Lightstone Generation LLC | 38 followers on LinkedIn. Power plant construction - general contractors, See Companies for SIC 1629. AND/OR ITS AFFILIATES. Customer Service. 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. Sign In. This is the only Indiana plant in a package of three gas-fired power plants and one coal-fired 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 President Joe Biden, a Democrat, is likely to change those policies in the coming years as part of an effort to slash nearly all of the U.S. power sectors reliance on fossil fuels by 2035. Copyright 2023 Gallia County Economic Development. The exception is solar power plants, which use photovoltaic . Gavin is the largest coal-fired power facility in Ohio,[1] and one of the largest in the US, capable of powering two million homes. All quotes delayed a minimum of 15 minutes. 8 Eastern Generation will provide select operating and management services Posted: January 10, 2023. As part of the effort, batteries are being deployed for a wide range of uses. The surface condenser is a critical component in the operation of a steam power plant. The project got commissioned in June 2004. The company is a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group. Description. FIND A SUPPLIER: GET A . 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. 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. 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