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. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. [ edit on Wikidata] Darby Generating Station is a 480 megawatt ( MW ), natural gas peaker plant located in Darby Township, Pickaway County near Mount Sterling, Ohio. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order. 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. 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. By continuing to access this document from within Australia, you represent to MOODYS that you are, or are accessing the document as a representative of, a wholesale client and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to retail clients within the meaning of section 761G of the Corporations Act 2001. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Riverstone did not return messages seeking comment. Menu Close SIC Codes. 8. Lightstone's EBITDA for the twelve months ended 9/30/20 measured $234.1 million, which was well below fiscal year 2019 results of $361.9 million and below Moody's expectations for full year 2020 of $349.0 million under our original base case forecast. 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 upcoming debt repayment, people familiar with the matter said. Lawrenceburg power station is a 1232-megawatt (MW) natural gas power station in the state of Indiana, . Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. The Gas fired project consists of 2 steam turbines, each with 268MW nameplate capacity. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. 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. The fuel is procured from Texas Gas Transmission, LLC. We have recently upgraded our technology platform. All these metrics score in the low to mid-B range in our published Power . 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. ArcLight did not respond to requests for comment. And without Merrimack Station, people might die in the winter or during really hot weather. Description. The order establishes a process for Gavin to seek additional time, if needed, to address demonstrated grid reliability issues. TEi condensers represent an evolution of advanced technology, offering improved thermal efficiency and advanced mechanical design to reduce forced outages and increase availability. In the Pennsylvania, Jersey, Maryland Power Pool (PJM), which has the largest standby market, capacity revenue payments average more than $100 per megawatt per day - an insurance policy that costs about $9 billion a year and aims to make sure the grids 65 million customers avoid blackouts during heat waves and Arctic blasts. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. 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. You can help Wikipedia by expanding it. 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. KKR declined to comment. 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. GE Power was selected as the turbine supplier for thermal power project. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. The Lightstone Entities have the necessary technical, financial, and . It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital. Copyright 2023 Gallia County Economic Development. Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. $100,000 to $120,000 Yearly. Lawrenceburg, IN 47025. EPA's denial was based both on multiple violations of coal ash rules at Gavin and Lightstone's failure to demonstrate that its plan for replacing the unlined ponds was as fast as technically . . 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. It is owned by the Lightstone Generation LLC, which . 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. Meanwhile, mutual funds that invested in Lightstones debt are receiving payments pegged to a floating interest rate that has ranged from 4% to 6% - far higher than about 1.4% on the U.S. benchmark 10-year yield. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. Now they will be forced to clean it up.''. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. Welcome to Gallia County, OH and we look forward to working with you. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and Arc Light Capital Partners. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. The Mission of the Gallia County Economic Development office is to promote economic growth in Gallia County through the attraction of new business and industry and the retention of existing businesses by providing resources that encourage investment and development resulting in economic vitality, diversification of Gallia Countys tax base, and improved quality of life for Gallia County residents. 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. The surface condenser is a critical component in the operation of a steam power plant. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. 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. You may cancel your subscription at anytime by calling Lightstone Group & # x27 ; t have a Lightstone Intranet account,. 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 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. The project is currently owned by Lightstone Generation with a stake of 100%. Coal mines in China. 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. James Gheen (ICE) Senior Instrument, Control and Electrical technician for Lightstone Energy at Gavin Power Plant The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. You will be charged 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Copyright 2023 Surperformance. COLUMBUS, Ohio, Jan. 30, 2017 /PRNewswire/ --American Electric Power (NYSE: AEP) today completed the sale of four competitive power plants to Lightstone Generation LLC, a joint venture of Blackstone (NYSE: BX) and an affiliate of ArcLight Capital Partners LLC (ArcLight), for approximately $2.1 billion. 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. 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. 8 Eastern Generation will provide select operating and management services The order finalized Friday follows through on a proposal issued in January that implements a 2015 rule aimed at reducing groundwater pollution from coal-fired power plants. As leader of the . AEP also operates 224,000 miles of distribution lines. Customer Service. You may change your billing preferences at any time in the Customer Center or call The reserve coal plants create good jobs. We are delighted that you'd like to resume your subscription. Even so, Lightstones creditors are the ones with the greatest risk, according to Peskoe. 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. PO Box 271 Cheshire OH 45620. 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 price of the acquisition was about . Power plant construction - general contractors, See Companies for SIC 1629. Electric Companies. 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. The state of Connecticuts retirement plan, for example, invested $85 million in ArcLights Energy Partners Fund VI, which holds stakes in the Gavin plant along with other energy investments, and has seen returns of about 8%. Lightstone Generation owns Gavin's nominally rated 1300megawatt Unit 1 and Unit 2. In the meantime, private equity firms are in a good position to compete for capacity payments because traditional utilities are under pressure from activist shareholders to reduce greenhouse gas emissions and to limit debt. Lightstone Generation will, however, retain responsibility for operation and managementof the Facility, including ongoing regulatory compliance responsibilities. 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 . 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. Posted 30+ days ago. 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 spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Find company research, competitor information, contact details & financial data for Lightstone Generation LLC of Lawrenceburg, IN. Gen. James M. gavin plant in a package of three gas-fired power in. 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. If additional time is needed, the order included a process to address demonstrated grid reliability issues.[5]. 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. The fuel is procured from Texas Gas Transmission , LLC. 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]. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. The Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. 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. four power plants and a coal mine in Texas. 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. They are spending billions of dollars buying coal-fired plants on the cheap - and getting paid even when they are not providing power. View Highlights of The Lightstone Story Below. MOODYS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. It is a combined cycle gas turbine (ccgt) power plant. The exception is solar power plants, which use photovoltaic . The Strategic Business Manager is responsible for . Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Learn more 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. We provide equal opportunity to all qualified individuals with disabilities and disabled veterans. Delayed Nyse (812) 532-2301. Post completion of construction, the project got commissioned in June 2004. Most power plants use one or more generators that convert mechanical energy into electrical energy [1] in order to supply power to the electrical grid for society's electrical needs. However, MOODYS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYS.To the extent permitted by law, MOODYS and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODYS or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYS IN ANY FORM OR MANNER WHATSOEVER.Moodys Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moodys Corporation (MCO), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moodys Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moodys Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. Blackstone declined to comment. Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. Already a member? You will be notified in advance of any changes in rate or terms. Lightstone Generation is a joint venture between private-equity firms Blackstone and ArcLight Capital Partners. It generates and sells electric power. It is located in Ohio, the US. Get the latest business insights from Dun & Bradstreet. What are you looking for? The project is currently active. . CAMS currently 6 manages over 30 power plant facilities representing over 8,000 MW of 7 generating capacity. The Plant Electrical Engineer is responsible for the various . The power plant run on dual-fuel. 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. In this case, the violations are very obvious and very severe,'' she said, adding that the plant's previous and current operators have continued their reckless and illegal disposal of toxic coal ash and contaminated groundwater. 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. [ 5 ] ; Bradstreet latest business insights from Dun & lightstone generation power plants ; Bradstreet on the -... 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