Copyright 2023 Gallia County Economic Development. 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. 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 . American Municipal Power, Inc., Bowling Green Generating Station (Bowling Green, OH) You may change your billing preferences at any time in the Customer Center or call 8:44 PM on Dec 18, 2013 CST. Gavin's two units, rated at 1,300 MW each, were placed into service in 1974 and 1975. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. Customer Service. 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. Lightstone Group & # x27 ; t have a Lightstone Intranet account,. In another profitable investment, private equity firm Riverstone Holdings LLC paid $1.8 billion in late 2016 to buy the remaining stake in electricity producer Talen Energy Corp. Spurlock plant in Maysville, Kentucky, is required to fix groundwater monitoring as a condition for continued operation of its coal ash pond, the EPA said. Visit Website. (MSFJ) is a wholly-owned credit rating agency subsidiary of MJKK. Menu Close SIC Codes. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States.It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital Partners. Post completion of construction, the project got commissioned in May 2001. 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. 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 Lightstone Entities have the necessary technical, financial, and . Establishments primarily engaged in manufacturing industrial valves. The primary fuel being used to power the plant is natural gas. GE Power was selected as the turbine supplier for thermal power project. 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. Russian TV Touts a Big Victory in Ukraine. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. 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 . Now they will be forced to clean it up.''. 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. Approximately 5 mi S of the AEP Muskingum River Plant. Even so, Lightstones creditors are the ones with the greatest risk, according to Peskoe. Our Standards: The Thomson Reuters Trust Principles. 3491 - Industrial Valves. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. The contracted capacity is 1,232MW. Our employees here at the Gavin Power Plant, have strong roots in the area and are proud to give freely of their time and talents to support Gallia Countys continued growth and prosperity. AND/OR ITS AFFILIATES. In keeping with this commitment, we strive to ensure that our online application process is accessible to everyone. Gen. James M. Gavin Plant, a 2,665-megawatt coal-fired plant in, Cheshire, Ohio; Lawrenceburg Generating Station, a 1,186-megawatt natural gas plant in Lawrenceburg, Indiana, across from the Ohio . Still, the plant only ran 47 percent of the year in 2021, according to . Install and service instruments at industrial facilities such as power plants, cement plants, refineries, etc. 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). Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. The fuel is procured from Columbia Gas Transmission. 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. All quotes delayed a minimum of 15 minutes. Gavin plant will be transferred to LightStone Generation (a joint venture between Blackstone and ArcLight Capital Partners, LLC) in 2017 after necessary regularity approvals. 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. As leader of the . Find Matching SIC Codes for power-generation, With Definition and Examples. The company is a . This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Columbus Southern Power Co: . Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? The primary fuel being used to power the plant is natural gas. 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. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. 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. The private equity firms backers have also been making money on the investments, according to filings. Copyright 2023 Surperformance. 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. 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. The sale includes 5,200 megawatts of generation all located in the region served by the PJM Interconnection: AEP will net approximately $1.2 billion in cash after taxes, repayment of debt associated with these assets and transaction fees. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. The project generated 2,984,381MWh of electricity. Photo: courtesy of Tysto/Wikipedia. FIND A SUPPLIER: GET A . Its really that simple.. The market for battery energy storage is estimated to grow to $10.84bn in 2026. 582 W. Eads Pky. James Gheen (ICE) Senior Instrument, Control and Electrical technician for Lightstone Energy at Gavin Power Plant 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. And without Merrimack Station, people might die in the winter or during really hot weather. Over 30 years of experience. The capacity market is absolutely vital, Sapienza said. The plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. It is located in Indiana, the US. 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. Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. (812) 537-1191 (fax) In addition, power prices and generation could strengthen when COVID-19 related regional lock-down measures subside. 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. 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. Write to Soma Biswas at soma.biswas@wsj.com. As an organization, we nurture an entrepreneurial mindset and encourage our employees to do the same; always striving to raise the bar, think outside the box, and be world-class in all we do. 8. Lawrenceburg, IN 47025. The Strategic Business Manager is responsible for . 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 sale is part of AEPs efforts to shift its focus from wholesale power markets to regulated utilities, reported Wall Street Journal earlier. Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . We are delighted that you'd like to resume your subscription. Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order.
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