lightstone generation power plants
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 action on coal ash was among dozens of public health and environmental mandates that were weakened, rolled back or eliminated under former President Donald Trump. Since the end of 2014, at least five U.S. private equity firms have bought coal plants in markets where regulators pay them to be on standby to provide emergency power when demand surges with extreme hot or cold weather, according to a Reuters review of U.S. regulatory disclosures and credit-rating agency reports. 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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. 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. The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. 582 W. Eads Pky. He said coal plants in the state ran like a freight train during the recent cold snap. The take-private deal included stakes in several coal plants, including ones receiving PJM capacity payments, an important component of gross profits, according to an SEC disclosure. (if applicable) for The Wall Street Journal. 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]. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. Find company research, competitor information, contact details & financial data for Lightstone Generation LLC of Lawrenceburg, IN. 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. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. It is located in Ohio, the US. If additional time is needed, the order included a process to address demonstrated grid reliability issues.[5]. Such dividends are a way for private equity firms to lock in profits and shift risk to their debt-holders, which are often mutual funds. 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. 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 action is intended to ensure that local water resources are safe while protecting the public health and ensuring a reliable electricity supply, Regan said. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. 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. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. Industry: Generation, electric power Printer Friendly View Address: 500 Alexander Park Princeton, NJ, 08540-6687 United States See other locations Customer Service. 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. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . 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. $75,000 - $85,000 a year. 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 . It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. 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. We use them to give you the best experience. Welcome to Gallia County, OH and we look forward to working with you. 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. All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. FILE- A tower for the Gen. James Gavin power plant is seen in Cheshire, Ohio, on April 16, 2002. Solon, OH. The Gavin plant is housed by a city that has become synonymous with the human effects of toxic waste American Electric Power paid its 221 residents $20 million to dissolve the town and agree not to sue AEP. 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%. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. Investment giant Blackstone Group is making a big bet on the Texas power market. The H.L. The project is currently active. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. 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. Lightstone Group & # x27 ; t have a Lightstone Intranet account,. General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . 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. 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. Power generation. John Cockerill Group supplied steam boiler for the project. Approximately 5 mi S of the AEP Muskingum River Plant. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. AND/OR ITS AFFILIATES. It is a combined cycle gas turbine (ccgt) power plant. Lightstone also currently benefits from a relatively strong liquidity profile, which currently stands at about $180 million, composed of $100 million under the revolver (all of which is currently available), plus $54 million in the required 6-month debt service reserve (DSR), which is covered by the $100 million TLC that expires in January 2024, plus $26 million in unrestricted cash. American Electric Power Co., one of the largest electricity generators in the U.S., agreed to sell a set of power plants in the Midwest to Blackstone Group LP and ArcLight Capital Partners LLC for . The order establishes a process for Gavin to seek additional time, if needed, to address demonstrated grid reliability issues. 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. 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). In 2002, to avoid lawsuits relating to air pollution in the village of Cheshire, the American Electric Power (AEP) corporation decided to buy out the town, by paying every homeowner 3.5 times the market value of their home to move. The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. 480 MW. Full-time. Compare pay for popular roles and read about the team's work-life balance. Gavin Power, LLC/Lightstone Gen, LLC. $100,000 to $120,000 Yearly. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moodys Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYS affiliate, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). 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. See the Plan - for a further description of plant activities and fugitive dust controls. ArcLight did not respond to requests for comment. 8 Eastern Generation will provide select operating and management services Compensation is dependent on level of experience. 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 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.
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