We are delighted that you'd like to resume your subscription. Negative pressure could develop if the Lightstone plants were to experience prolonged operational issues causing a significant increase in expenses, or if capacity revenues from subsequent auctions are weaker than expected or if merchant energy gross margins deteriorate to where Lightstone's cash flow generating is impaired leading to a . General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. Sign up to Stock Advisor for $79 for 1 year, All Jeans + Pants 25% off! All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. In keeping with this commitment, we strive to ensure that our online application process is accessible to everyone. Enough for me banking industry & # x27 ; s birth flower is and! 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. All quotes delayed a minimum of 15 minutes. Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. The fuel is procured from Texas Gas Transmission , LLC. 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 . MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). The surface condenser is a critical component in the operation of a steam power plant. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Power plant construction - general contractors, See Companies for SIC 1629. 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. John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. The private equity firms backers have also been making money on the investments, according to filings. 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. When typing in this field, a list of search results will appear and be automatically updated as you type. The Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. Post completion of construction, the project got commissioned in June 2004. GE Power was selected as the turbine supplier for thermal power project. 8 Eastern Generation will provide select operating and management services The project got commissioned in May 2001. Workers at Merrimack Station see their mission as a matter of life and death. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. 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. We provide equal opportunity to all qualified individuals with disabilities and disabled veterans. Power generation. 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. The Plant Electrical Engineer is responsible for the various . 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. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. 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. The primary fuel being used to power the plant is natural gas. 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. Menu Close SIC Codes. Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. Strategic Business Manager. Coal transport and infrastructure. 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. AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. Duke Fluor Daniel was selected to render EPC services for the gas fired power project. Unit Information. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. We invite you to explore careers at CAMS that will expose you to new opportunities and help you grow as a professional in your respective field. 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. 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. 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. It is owned by Lightstone Generation LLC, a 50-50 joint venture of the Blackstone Group L.P. and ArcLight Capital Partners. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. Other private equity firms have also been betting on coal power capacity payments. See the Plan - for a further description of plant activities and fugitive dust controls. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 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 power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. 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 . M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? 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 project generated 2,984,381MWh of electricity. Waterford Energy Center, 840 MW natural gas. Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation. Our employees here at the Gavin Power Plant, have strong roots in the area and are proud . 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. The project is currently active. Electric Companies. 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]. 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. View Area in a Larger Map More nearby . 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. 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). General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . Full-Time. AEP NAMED ONE OF AMERICA'S MOST JUST COMPANIES FOR THIRD AEP ENERGY PARTNERS SEEKS SOLAR AND WIND PROJECTS IN PJM, SOLAR Lawrenceburg Generating Station, 1,186 MW natural gas. 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 General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. The plant may have to pause or even cease operations in order to comply with the order. Lightstone Generation, LLC, Waterford Energy Facility is located in Waterford, OH and is a supplier of Electric Utility Services. 8:44 PM on Dec 18, 2013 CST. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. 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. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utilitys request to continue disposing toxic coal ash after a deadline to stop such disposal has passed. 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 . 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. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . The market for battery energy storage is estimated to grow to $10.84bn in 2026. From 2018 to 2020, Lightstone's power plant operations produced about $1.1 billion in operating profit, according to estimates from Moody's Investors Service. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. Compare pay for popular roles and read about the team's work-life balance. 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. 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