lightstone generation power plants

Write to Soma Biswas at soma.biswas@wsj.com. 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. . It is owned by the Lightstone Generation LLC, which . AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. Lightstone Generation operates one of the countrys largest coal-fired power generating units in Cheshire, OH. Some power companies are illegally manipulating data and monitoring systems to avoid cleanup requirements and have proposed inadequate cleanup strategies that will not restore groundwater quality, the report said. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 A.J. $75,000 - $85,000 a year. 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. Ohio Lumex. 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. Unit Information. 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 . ArcLight is a leading infrastructure investment firm focused on investing in energy and related infrastructure. 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. Gavin is equipped with a suite of air quality controls. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. Customer Service. Lightstone Generation will, however, retain responsibility for operation and managementof the Facility, including ongoing regulatory compliance responsibilities. The plant contributes approximately $6 million a year in property taxes that support the Gallia County school system and government. 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. Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. FTC Plan to Ban Noncompete Clauses Shifts Companies Focus, Greta Thunberg Detained by Police in Germany During Mine Protest, Bonds Over Stocks: The New 60-40 Portfolio, Rebellion Against Higher Prices Helps Slow Inflation, Deal Slump Dents Profits at Goldman Sachs, Morgan Stanley, Opinion: The Hard Reality of a Debt-Ceiling Showdown, Opinion: Ph.D. Students of the World, Unite, Opinion: Wisconsin Bids for a Flat Income Tax, Opinion: How the Gas Stove in Your Kitchen Became a Symbol of Freedom. Sign up to Stock Advisor for $79 for 1 year, All Jeans + Pants 25% off! 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). We believe access to energy-related infrastructure is critical to . . The administration of former President Donald Trump, a Republican, encouraged capacity market incentives for coal-fired generators. 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. 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 . AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. 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. Image: AEP headquarters in Columbus, Ohio, US. Existing coal plants in Europe. 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. 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. The market for battery energy storage is estimated to grow to $10.84bn in 2026. [4] In November 2022, the EPA ordered the utility to stop dumping coal ash into unlined storage ponds and speed cleanup of the site. 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. The project generated 2,984,381MWh of electricity. WASHINGTON, D.C.-Today, EPA denied Lightstone Generation 's request to continue dumping toxic coal as h waste into unlined storage ponds at the General James M. Gavin Power Plant in Cheshire, Ohio. 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. 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. Please feel free to contact us if you have any questions or need additional information. Although AEP no longer owns the Gavin plant - it sold it in 2017 to Lightstone Generation, a private equity firm, along with three gas-fired power plants as part of a $2.1bn (1.5bn) deal . 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 company is a . The project got commissioned in May 2001. Our employees here at the Gavin Power Plant, have strong roots in the area and are proud . General James M. Gavin Power Plant, originally owned by American Electric Power and sold to Lightstone Generation LLC in 2017, is in Cheshire, Ohio along the Ohio River in Galla County. 8. Coal ash, the substance that remains when coal is burned to generate electricity, contains a toxic mix of mercury, cadmium, arsenic and other heavy metals. . Nameplate capacity. 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. GE Power was selected as the turbine supplier for the Gas fired project. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. Compensation is dependent on level of experience. Buy Business List - SIC 1629. Moodys SF Japan K.K. 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. 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. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. . 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. 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. Full-Time. 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. 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. Full-time. Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. You will be charged 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. As part of the effort, batteries are being deployed for a wide range of uses. 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. Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . Photo: courtesy of Tysto/Wikipedia. What are you looking for? 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. Uncover why Lightstone Generation, Gavin Plant is the best company for you. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. It is located in Ohio, the US. About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. 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. If you continue using our website, we'll assume that you are happy to receive all cookies on this website. 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 plant will be transferred to LightStone Generation (a joint venture between Blackstone and ArcLight Capital Partners, LLC) in 2017 after necessary regularity approvals. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. Somehow the private equity guys always make out OK, Peskoe said. Read this report for expert insights into: 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? We also work closely with other state and regional offices that can provide assistance to your growing company.. The primary fuel being used to power the plant is natural gas. 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. 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 plant along the Ohio River today is owned by Lightstone Generation, a joint venture of The Blackstone Group hedge fund and private equity firm ArcLight Capital Partners, which bought the plant . Power Plants. 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. [1], AEP sold Gavin along with three other plants to Blackstone and ArcLight as a part of a $2.17 billion deal in 2016. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? 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. . The Strategic Business Manager is responsible for . This practice constrained operating cash and required material quantities of plant staff's time and energy. About $1.7 billion in the companys debt comes due in 2024. This report made by American Electric Power and its Registrant Subsidiaries contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. 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. Coal transport and infrastructure. Industry: Generation, electric power Printer Friendly View Address: 500 Alexander Park Princeton, NJ, 08540-6687 United States See other locations Jan 30, 2017, 10:48 ET. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. 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. Enough for me banking industry & # x27 ; s birth flower is and! 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