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. 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. Campus coal plants. It is a combined cycle gas turbine (ccgt) power plant. The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. Get the latest business insights from Dun & Bradstreet. (812) 537-1191 (fax) 8. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. The facility's owners applied for a permit from the United States Environmental Protection Agency (EPA) to continue operating and using the unlined pits. 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. The Trump administration weakened the Obama-era rule in 2020, allowing utilities to use cheaper technologies and take longer to comply with guidelines that were less stringent than the initial rule. Power Plants. The order establishes a process for Gavin to seek additional time, if needed, to address demonstrated grid reliability issues. 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. The company, jointly owned by private equity firms ArcLight Capital Partners and the Blackstone Group launched a deal last month asking its lenders to extend the loan's maturity by three years to 2027 in return for a higher interest rate and other concessions, the people said. Its everyone else who doesnt., Reporting by Tim McLaughlin; editing by Richard Valdmanis and Brian Thevenot. Lawrenceburg Power is a wholly-owned subsidiary of Lightstone Generation, and Lightstone Generation in turn is a joint venture of the Blackstone Group LP and ArcLight Capital Partners LLC. The EPA order directs the power plant to stop placing coal ash and other waste streams into an on-site storage pond no later than 135 days after publication in the Federal Register, expected next week. 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 Strategic Business Manager is responsible for . Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. AEP also operates 224,000 miles of distribution lines. 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 . When typing in this field, a list of search results will appear and be automatically updated as you type. 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. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. Lightstone Generation LLC: Owner : . Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids capability to meet present and future requirements. A credit fund run by private equity firm KKR & Co Inc in 2015, for example, took a big stake in Longview Power LLC - whose major asset is a West Virginia coal plant plugged into the PJM electric grid - as part of a bankruptcy restructuring. 8 hour shift + 2. Approximately 5 mi S of the AEP Muskingum River Plant. 1988 Present. 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. The outlook could stabilize if there is a recovery in power market fundamentals resulting in metrics appropriate for a B1 rating, including the ratio of Project CFO to Debt at or above 7.0%, the DSCR at or above 2.0x, and/or the ratio of Debt to EBITDA at or below 6.0x, all on a prospective and sustained basis, and if Lightstone is able to maintain its current level of liquidity.Factors that could lead to a downgradeThe rating could be downgraded if we do not see a recovery in power market fundamentals and the Project continues to underperform such that Lightstone appears unlikely to achieve key financial metrics, including Project CFO to Debt of at least 7.0%, DSCR of at least 2.0x and/or Debt/EBITDA of 6.0x or below, all on a prospective and sustained basis. Drone Boats: Inside the U.S. Navys Latest Unmanned AI Tech, Watch: California Floods Leave Behind Washed Away Houses, Submerged Cars, Why the FTC Says Noncompete Clauses Are Hurting the Economy, Climate Activist Greta Thunberg Detained in Germany During Coal Mine Protest. 582 W. Eads Pky. The fuel is procured from Texas Gas Transmission , LLC. A spokesperson for Blackstone declined to comment, and the company didn't return calls. 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. from 8 AM - 9 PM ET. Our employees here at the Gavin Power Plant, have strong roots in the area and are proud . Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. 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. Enough for me banking industry & # x27 ; s birth flower is and! Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. 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. MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. We use them to give you the best experience. For example, the debt service coverage ratio (DSCR) for the twelve months ended 9/30/20 measured 1.50x vs. our 2020 forecast of 2.28x; the ratio of Debt to EBITDA was 7.57x vs. 4.59x in the Moody's case, and the ratio of Project Cash Flow from Operations (CFO) to Debt for the same period was 2.8% vs. 11.5% in the Moody's case. Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation, Industrial solutions for power generation, Scotlands hydrogen strategy: Building a green energy economy, Projects, pipelines and power: around the worlds tidal projects, Fusion, fission, and futureproofing UK nuclear, Ocean power: a running tide for renewables in Asia, Masdar to develop renewable energy projects in Azerbaijan, Iberdrola sells stake in Spanish renewable portfolio to NBIM, Power Capital Renewable Energy secures funding for solar assets, UK government sets out plan for smart electric vehicle charging, TenneT selects Hitachi Energy and Petrofac for HVDC projects, UK to collaborate with Saudi Arabia on diversifying critical minerals, Whos acquiring who? 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 . 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. The primary fuel being used to power the plant is natural gas. 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. Supplying electricity to the homes, farms, and businesses in California requires reliable electrical generation that delivers power to the grid. You may change your billing preferences at any time in the Customer Center or call Learn more Duke Fluor Daniel was selected to render EPC services for the gas fired power project. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. . AEP chairman, president and CEO Nicholas Akins earlier said: AEPs long-term strategy has been to become a fully regulated, premium energy company focused on investment in infrastructure and the energy innovations that our customers want and need. 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). 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. Post completion of construction, the project got commissioned in May 2001. The reserve coal plants create good jobs. (if applicable) for The Wall Street Journal. While Lightstone's hedging strategies provided some degree of mitigation through the sale of spark swaps (i.e., selling power forward and buying corresponding forward gas), it was not enough to offset the overall energy margin decline.As such, all of Lightstone's key financial metrics, which Moody's calculates after major maintenance and changes in working capital, were understandably lower than originally forecast. The sale is part of AEPs efforts to shift its focus from wholesale power markets to regulated utilities, reported Wall Street Journal earlier. 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. Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. The Gas fired project consists of 2 steam turbines, each with 268MW nameplate capacity. 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. 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. Full-Time. All quotes delayed a minimum of 15 minutes. Still, the plant only ran 47 percent of the year in 2021, according to . General Manager - Gavin Power Lightstone Generation Jun 2018 - Aug 2022 . Please feel free to contact us if you have any questions or need additional information. 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. Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. 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. Visit Website. We are delighted that you'd like to resume your subscription. Gavin is the largest coal-fired power facility in Ohio. Other private equity firms have also been betting on coal power capacity payments. Workers at Merrimack Station see their mission as a matter of life and death. 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. Lightstone Generation will, however, retain responsibility for operation and managementof the Facility, including ongoing regulatory compliance responsibilities. You may contact Power Plants for questions about: Types of Power Plants in Washington County, OH; Waterford power authority and electric companies; M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. We also work closely with other state and regional offices that can provide assistance to your growing company.. It has been developed in multiple phases. AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. 3491 - Industrial Valves. Lawrenceburg, IN 47025. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. 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. 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. 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. As a practical matter, the plant may have have to pause or even cease operations next year in order to comply with the order. AEP's headquarters are in Columbus, Ohio. Russian TV Touts a Big Victory in Ukraine. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. A cold snap knocked out several of the states generating plants and triggered widespread blackouts, leaving a wake of human suffering including several dozen deaths. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. 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. The project is currently owned by Lightstone Generation with a stake of 100%. ArcLight did not respond to requests for comment. Cision Distribution 888-776-0942 Sabatelle Associate Managing Director Project Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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. The company sold the plants to Lightstone Generation, a joint venture of two private equity firms, in 2017. The power plant run on dual-fuel. 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.
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