But if the business fails, the debt-holders end up with equity stakes in plants of declining value. It is located in Indiana, the US. 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. Lightstone Generation has acquired four power plants, with combined capacity of approximately 5,200MW, from US based utility American Electric Power (AEP) for approximately $2.17bn. Workers at Merrimack Station see their mission as a matter of life and death. 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. We also work closely with other state and regional offices that can provide assistance to your growing company.. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. 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. 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. The Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. It is located in Ohio, the US. During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. GE Power supplied electric generator for the Darby Electric Generating Station (Darby Electric Generating Station Phase II). The Gas fired project consists of 2 steam turbines, each with 268MW nameplate capacity. A power plant is an industrial facility that generates electricity from primary energy. These include selective catalytic reduction units that reduce nitrogen oxide (.mw-parser-output .template-chem2-su{display:inline-block;font-size:80%;line-height:1;vertical-align:-0.35em}.mw-parser-output .template-chem2-su>span{display:block;text-align:left}.mw-parser-output sub.template-chem2-sub{font-size:80%;vertical-align:-0.35em}.mw-parser-output sup.template-chem2-sup{font-size:80%;vertical-align:0.65em}NOx) emissions by 82%; flue-gas desulfurization (FGD) units (scrubbers) that remove 94% of sulfur dioxide (SO2) emissions and electrostatic precipitators for particulate control. . It is owned by Lightstone Generation LLC, a 50-50 joint venture of the Blackstone Group L.P. and ArcLight Capital Partners. American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. Jan 30, 2017, 10:48 ET. On the Ground, Its More Complicated. 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. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. At least five other plants, most in the Midwest, face similar action by the EPA under a crackdown proposed in January. The order becomes effective 135 days after publication in the Federal Register. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. 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. 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). The surface condenser is a critical component in the operation of a steam power plant. Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . 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. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. American Municipal Power, Inc., Bowling Green Generating Station (Bowling Green, OH) "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. The Plant Electrical Engineer is responsible for the various . Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. 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. The project generated 2,984,381MWh of electricity. Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. Uncover why Lightstone Generation, Gavin Plant is the best company for you. 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. . WASHINGTON (AP) In a major action to address toxic wastewater from coal-fired power plants, the Environmental Protection Agency on Friday ordered an Ohio utility to stop dumping dangerous coal ash into unlined storage ponds and speed cleanup of the site. It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. Darby Generating Station, 507 MW natural gas. 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. Private-equity owned coal plants can pay their staff about $100,000 a year for keeping the facilities on standby and firing them up when needed, according to Shawn Steffee, business agent for the Boilermakers Local 154 union in Pennsylvania. It is owned by Lightstone Generation LLC, a 5050 joint venture of The Blackstone Group L.P. and ArcLight Capital Partners. Welcome to Gallia County, OH and we look forward to working with you. 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. Of particular concern for such extension is the current financing environment for projects that include coal-fired generators as ESG considerations continue to factor into investor decisions.Balancing against these considerations are the benefits that Lightstone enjoys as a portfolio that includes three natural-gas fired plants and the natural hedge that follows, where recent financial results have been aided somewhat by the natural gas plants running more often providing incremental cash flow as well as the portfolio's strong operating performance and continuing maintenance program. The project is currently active. Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. 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 . 4 plants that Lightstone Generation will purchase from AEG and AEG 5 Generating Resources, Inc., including the Facility. $100,000 to $120,000 Yearly. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. 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). 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 . 8 hour shift + 2. Learn how and when to remove this template message, United States Environmental Protection Agency, List of largest power stations in the United States, "For $20 Million, a Coal Utility Bought an Ohio Town and a Clear Conscience", https://www.eia.gov/electricity/monthly/xls/table_6_02_a.xlsx, "Midwest power plants face shutdown after EPA proposes denying requests to keep using unlined coal ash ponds", "EPA orders Ohio power plant to stop dumping toxic coal ash", https://en.wikipedia.org/w/index.php?title=Gavin_Power_Plant&oldid=1122962889, Buildings and structures in Gallia County, Ohio, All articles with bare URLs for citations, Articles with bare URLs for citations from April 2022, Articles with spreadsheet file bare URLs for citations, Articles needing additional references from October 2017, All articles needing additional references, Infobox mapframe without OSM relation ID on Wikidata, Thermal power station articles using Infobox power station, Pages using infobox power station with deprecated parameters, Articles with unsourced statements from December 2021, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 20 November 2022, at 22:42. 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. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. Nameplate capacity. 8 Eastern Generation will provide select operating and management services The company is a . It generates and sells electric power. AEP's headquarters are in Columbus, Ohio. 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. Richard E. Donner VP - Senior Credit Officer Project Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 1988 Present. Condenser failures can result in forced outages and loss of generation capacity. It has been developed in multiple phases. Strategic Business Manager. Lightstone Generation has acquired four power plants, with combined capacity of approximately 5,200MW, from US based utility American Electric Power (AEP) for approximately $2.17bn. 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 owns Gavin's nominally rated 1300megawatt Unit 1 and Unit 2. . Cision Distribution 888-776-0942 The Gavin Power Plant is located on the shore of the Ohio River at Cheshire, Ohio, and consists of two electric generating units. The price of the acquisition was about . 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. When typing in this field, a list of search results will appear and be automatically updated as you type. 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. . See here for a complete list of exchanges and delays. 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. Power generation. Gavin is the largest coal-fired power facility in Ohio. Moodys SF Japan K.K. Customer Service. But in April 2020, Longview filed for bankruptcy protection again, wiping out some $350 million in debt, as coronavirus lockdowns cut electricity demand. The other three plants are natural gas-fired: the 1,211 MW Lawrenceburg combined-cycle facility in Indiana; the 894 MW Waterford combined-cycle facility in Ohio; and the 484 MW Darby peaking plant also in Ohio. $1,773 million outstanding as of 9/30/20), a $100 million term loan C for cash collateralized letters of credit due in 2024, and a $100 million revolving credit facility due in 2022. We are delighted that you'd like to resume your subscription. Other private equity firms have also been betting on coal power capacity payments. Our employees here at the Gavin Power Plant, have strong roots in the area and are proud . .
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