The administration of former President Donald Trump, a Republican, encouraged capacity market incentives for coal-fired generators. 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. Power Plants. Unit Information. Copyright 2023 Gallia County Economic Development. Im confident, in the next couple of years, FERC will order changes, said Ari Peskoe, director of the Electricity Law Initiative at Harvard Law School. 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 . Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector. They keep boilers warm and the plant in a constant state of readiness, said Tony Sapienza, business manager for Local 1837 of the International Brotherhood of Electrical workers. The primary fuel being used to power the plant is natural gas. About 18 months after the Gavin acquisition, ArcLight and Blackstone went back to Wall Street to finance most of a $375 million special dividend they paid to themselves, according to credit rating agencies. 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. Find Matching SIC Codes for power-generation, With Definition and Examples. And without Merrimack Station, people might die in the winter or during really hot weather. 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 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. 8 hour shift + 2. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. If the business does well, the debt gets paid off at a premium. 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. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. The Lawrenceburg facility which began commercial operation in 2004, is a 1,186MW gas-fired power plant. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Posted: January 10, 2023. 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. (812) 537-1191 (fax) Gen. James M. gavin plant in a package of three gas-fired power in. Customer Service. The facility's owners applied for a permit from the United States Environmental Protection Agency (EPA) to continue operating and using the unlined pits. 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. Gavin is the largest coal-fired power facility in Ohio. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. $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. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. Lightstone understands that diversity of thought drives growth and greater collaboration, develops stronger partnerships, and creates superior solutions. A spokesperson for Blackstone declined to comment, and the company didn't return calls. It is owned by the Lightstone Generation LLC, which . It is located in Indiana, the US. On the Ground, Its More Complicated. It is located in Ohio, the US. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. CHESHIRE, Ohio This week, the sale of the Gen. James M. Gavin Plant in Cheshire, along with three other electric-generating facilities in Ohio and Indiana, were finalized. Fossil Fuel Electric Power Generation Operator Waterford Power, Llc Operator ID 61136 Operating Capacity (MW) 921.6 Summer Capacity (MW) 866 Winter Capacity (MW) 960 Generating Units 4 . Cision Distribution 888-776-0942 You can help Wikipedia by expanding it. 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. Lightstone Generation LLC [100%] Parent: ArcLight Capital Partners LLC [50%]; Blackstone Group LP . Starting with an $89,000 investment in a two-family house in 1986, founder David Lichtenstein has grown Lightstone into one of the most innovative and diversified privately held real estate firms in the United States. Full-Time. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? [ 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. Under a Republican majority on the commission, Glick had been critical of FERC rules he contends unfairly favor coal over renewable energy sources in capacity power markets, saying they would have made the Kremlin economists in the old Soviet Union blush.. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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. . GE Power supplied electric generator for the Darby Electric Generating Station (Darby Electric Generating Station Phase II). Image: AEP headquarters in Columbus, Ohio, US. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. All rights reserved. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector. 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. Gavin is the largest coal-fired power facility in Ohio,[1] and one of the largest in the US, capable of powering two million homes. 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. Welcome to Gallia County, OH and we look forward to working with you. 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. 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 . Photo: courtesy of Tysto/Wikipedia. Nameplate capacity. 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 . 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 power plant is one of the largest coal-fired plants in the nation with two generating units capable of generating 1,300-MW of electricity each (2,600-MW total). According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. Together the controls reduce mercury emissions by up to 91% and particulates by 99%. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects. Companies similar to Lightstone Generation LLC: Lightstone Labs . 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 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. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients need! 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