It generates and sells electric power. Compare pay for popular roles and read about the team's work-life balance. PO Box 271 Cheshire OH 45620. 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. AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale. CAMS currently 6 manages over 30 power plant facilities representing over 8,000 MW of 7 generating capacity. 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. You may cancel your subscription at anytime by calling CAMS currently manages over 30 power plant facilities . 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. SIC Codes SIC Code . The plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. We provide equal opportunity to all qualified individuals with disabilities and disabled veterans. (if applicable) for The Wall Street Journal. The exception is solar power plants, which use photovoltaic . It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital. 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. It is located in Ohio, the US. 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. Russian TV Touts a Big Victory in Ukraine. . FERC did not respond to requests for comment, and the White House declined to comment. ArcLight is a leading infrastructure investment firm focused on investing in energy and related infrastructure. But in April 2020, Longview filed for bankruptcy protection again, wiping out some $350 million in debt, as coronavirus lockdowns cut electricity demand. 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). Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. . Gavin is the largest coal-fired power facility in Ohio. AEP's headquarters are in Columbus, Ohio. The Gallia County Economic Development Office is here to assist your company with its next business expansion including site and building selection, grant and tax incentives, labor force statistics, and other community information. John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. 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. 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. [1] . About $1.7 billion in the companys debt comes due in 2024. Condenser failures can result in forced outages and loss of generation capacity. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. The Gavin Power Plant is located on the shore of the Ohio River at Cheshire, Ohio, and consists of two electric generating units. The capacity market is absolutely vital, Sapienza said. The company is a . The project got commissioned in May 2001. Lightstone Generation LLC. AEP also operates 224,000 miles of distribution lines. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. 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. 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. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. If the business does well, the debt gets paid off at a premium. It is a combined cycle gas turbine (ccgt) power plant. It has been developed in multiple phases. Lightstone understands that diversity of thought drives growth and greater collaboration, develops stronger partnerships, and creates superior solutions. Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. Post completion of construction, the project got commissioned in May 2001. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). Lightstone Generation, LLC, Waterford Energy Facility is located in Waterford, OH and is a supplier of Electric Utility Services. Waterford Energy Center, 840 MW natural gas. The project generated 2,984,381MWh of electricity. Nameplate capacity. 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 . 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. The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. Lightstone Generation will, however, retain responsibility for operation and managementof the Facility, including ongoing regulatory compliance responsibilities. Tenerife PV project: Establishing Europes first self-consumption energy community, Technip-led JV wins PCSA contract for ADNOCs Hail & Ghasha project, Masdar and SOCAR to develop 4GW clean energy projects in Azerbaijan, RWE signs PPAs to supply electricity from German offshore wind farms, Canada approves Galaxy Lithiums James Bay Lithium project, Advertise with us Advertising enquiries: Roy Morris, roy.morris@progressivemediainternational.com, +44 (0) 20 7406 6613. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. 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 The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. The contracted capacity is 1,232MW. $100,000 to $120,000 Yearly. AEP chairman, president and CEO Nicholas Akins earlier said: AEPs long-term strategy has been to become a fully regulated, premium energy company focused on investment in infrastructure and the energy innovations that our customers want and need. Sign In. Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. By NS Energy Staff Writer 30 Jan 2017. The order establishes a process for Gavin to seek additional time, if needed, to address demonstrated grid reliability issues. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . The project is currently owned by Lightstone Generation with a stake of 100%. 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. 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. As leader of the . The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. Menu Close SIC Codes. Lightstone Generation LLC: Owner : LINKS. All rights reserved. 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. 582 W. Eads Pky. 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. Such dividends are a way for private equity firms to lock in profits and shift risk to their debt-holders, which are often mutual funds. This article about a United States power station is a stub. Find Matching SIC Codes for power-generation, With Definition and Examples. Workers at Merrimack Station see their mission as a matter of life and death. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. 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. 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 . 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. Get the latest business insights from Dun & Bradstreet. The plant may have to pause or even cease operations in order to comply with the order. Other private equity firms have also been betting on coal power capacity payments. Somehow the private equity guys always make out OK, Peskoe said. 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. What are you looking for? The coal plant hardly runs but has been eligible to receive up to $188 million in capacity payments from the New England ISO between 2018 and 2023, according to disclosures by regulators. In keeping with this commitment, we strive to ensure that our online application process is accessible to everyone. . Welcome to Gallia County, OH and we look forward to working with you. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. We could also take further negative rating action if Lightstone was unable to renew its revolver or if excess cash flow generation remained paltry leading to lower debt reduction through the excess cash flow sweep.PROFILELightstone is a joint venture owned by affiliates of Blackstone Group LP (50%) (Blackstone) and ArcLight Capital Partners LLC (50%) (ArcLight) (together the "Sponsors") and consists of a 5.3 GW portfolio of four generation facilities located in the PJM Interconnection market. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Together the controls reduce mercury emissions by up to 91% and particulates by 99%. The Plant Electrical Engineer is responsible for the various . Investment giant Blackstone Group is making a big bet on the Texas power market. A cold snap knocked out several of the states generating plants and triggered widespread blackouts, leaving a wake of human suffering including several dozen deaths. GE Power was selected as the turbine supplier for thermal power project. 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.