lightstone generation power plants

In November, the firm announced its plans to invest approximately $17.3bn in its core regulated operations and contracted renewable over the period 2017 to 2019. A spokesperson for Blackstone declined to comment, and the company didn't return calls. 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? The contracted capacity is 1,232MW. 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 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. All quotes delayed a minimum of 15 minutes. The capacity market is absolutely vital, Sapienza said. You will be charged This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? Among the factors that could cause actual results to differ materially from those in the forward-looking statements are: the economic climate, growth or contraction within and changes in market demand and demographic patterns in AEP's service territory; inflationary or deflationary interest rate trends; volatility in the financial markets, particularly developments affecting the availability or cost of capital to finance new capital projects and refinance existing debt; the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material; electric load, customer growth and the impact of competition, including competition for retail customers; weather conditions, including storms and drought conditions, and AEP's ability to recover significant storm restoration costs; the cost of fuel and its transportation and the creditworthiness and performance of fuel suppliers and transporters; availability of necessary generating capacity and the performance of AEP's generating plants; AEP's ability to recover fuel and other energy costs through regulated or competitive electric rates; AEP's ability to build transmission lines and facilities (including the ability to obtain any necessary regulatory approvals and permits) when needed at acceptable prices and terms and to recover those costs; new legislation, litigation and government regulation, including oversight of nuclear generation, energy commodity trading and new or heightened requirements for reduced emissions of sulfur, nitrogen, mercury, carbon, soot or particulate matter and other substances that could impact the continued operation, cost recovery, and/or profitability of AEP's generation plants and related assets; evolving public perception of the risks associated with fuels used before, during and after the generation of electricity, including nuclear fuel; a reduction in the federal statutory tax rate that could result in an accelerated return of deferred federal income taxes to customers; timing and resolution of pending and future rate cases, negotiations and other regulatory decisions, including rate or other recovery of new investments in generation, distribution and transmission service and environmental compliance; resolution of litigation; AEP's ability to constrain operation and maintenance costs; AEP's ability to develop and execute a strategy based on a view regarding prices of electricity and gas; prices and demand for power generated and sold at wholesale; changes in technology, particularly with respect to energy storage and new, developing, alternative or distributed sources of generation; AEP's ability to recover through rates or market prices any remaining unrecovered investment in generating units that may be retired before the end of their previously projected useful lives; volatility and changes in markets for capacity and electricity, coal, and other energy-related commodities, particularly changes in the price of natural gas and capacity auction returns; changes in utility regulation and the allocation of costs within regional transmission organizations, including ERCOT, PJM and SPP; the market for generation in Ohio and PJM and the ability to recover investments in Ohio generation assets; AEP's ability to successfully and profitably manage competitive generation assets, including the evaluation and execution of strategic alternatives for these assets as some of the alternatives could result in a loss; changes in the creditworthiness of the counterparties with whom AEP has contractual arrangements, including participants in the energy trading market; actions of rating agencies, including changes in the ratings of AEP debt; the impact of volatility in the capital markets on the value of the investments held by AEP's pension, other postretirement benefit plans, captive insurance entity and nuclear decommissioning trust and the impact of such volatility on future funding requirements; accounting pronouncements periodically issued by accounting standard-setting bodies; and other risks and unforeseen events, including wars, the effects of terrorism (including increased security costs), embargoes, cyber security threats and other catastrophic events. Full-time. 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. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. 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. The Strategic Business Manager is responsible for . IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. 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. 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. 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. that it had reached an agreement . Workers at Merrimack Station see their mission as a matter of life and death. 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. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 A.J. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and Arc Light Capital Partners. 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. Description. Blackstone declined to comment. The facility's owners applied for a permit from the United States Environmental Protection Agency (EPA) to continue operating and using the unlined pits. The surface condenser is a critical component in the operation of a steam power plant. GE Power supplied electric generator for the Darby Electric Generating Station (Darby Electric Generating Station Phase II). 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. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. View Area in a Larger Map More nearby . It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. Industrial Construction was selected to render EPC services for the gas fired power project. 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 . CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS), AND OTHER OPINIONS INCLUDED IN MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Under rules established by the grid operator, PJM Interconnection, Gavin must request a planned outage at least 30 days in advance, EPA said. Duke Fluor Daniel was selected to render EPC services for the gas fired power project. This practice constrained operating cash and required material quantities of plant staff's time and energy. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Moodys SF Japan K.K. Martin Lake Power Plant, Owned by Vistra Corp. Martin Lake Power Plant is a 2,250-Megawatt coal power plant located in Rusk County, Texas. Already a member? Open a newChase Private ClientChecking account and get a $2000 bonus! 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.. Link; 1/30/2017 "AEP announced Sept. 14, 2016, that it had reached an agreement . The primary fuel being used to power the plant is natural gas. 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. We are delighted that you'd like to resume your subscription. Please feel free to contact us if you have any questions or need additional information. 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. 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. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. All rights reserved. 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. The Lightstone Entities have the necessary technical, financial, and . Were pleased to be a part of the Gallia County community and strongly support the efforts of the Countys economic development organization. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. Find out what works well at Lightstone Generation, Gavin Plant from the people who know best. Electric Companies. WASHINGTON (AP) In a major action to address toxic wastewater from coal-fired power plants, the Environmental Protection Agency on Friday ordered an Ohio utility to stop dumping dangerous coal ash into unlined storage ponds and speed cleanup of the site. 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. Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. 1988 Present. Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. 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. (812) 532-2301. 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. 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 . It is a Gas Turbine power plant that is used for Peakload. 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. The Indiana Utility Regulatory Commission on Jan. 4 approved an Oct. 12, 2016, application from AEP Generating Co., Lightstone Generation and Lawrenceburg Power for AEG's sale of a gas-fired power generating facility in Lawrenceburg, Indiana, to Lightstone Generation and Lawrenceburg Power.. 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. We also work closely with other state and regional offices that can provide assistance to your growing company.. Todays action reaffirms that surface impoundments or landfills cannot be closed with coal ash in contact with groundwater.''. 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. 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. Compensation is dependent on level of experience. About $1.7 billion in the companys debt comes due in 2024. Waterford Energy Center, 840 MW natural gas. We note that these metrics score in the B to Caa range under our published Power Generation Project Methodology, which underpin today's rating action, including the continued negative outlook.The Project's financial performance has raised refinancing risk at Lightstone as the term loan balance of $1.773 billion at 9/30/20 is about $100 million higher than our original base case, owing to much less excess cash flow generation.On a positive note, capacity revenues will be $53 million higher during 2021, owing to higher known capacity auction results, which reached $140/MW-day for the 2021/22 capacity year vs. $76.53/MW-day for 2020/21. Easily apply. 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. The power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. The General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. 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? General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. The H.L. 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. 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. Cision Distribution 888-776-0942 -, Emerson makes $7.6 billion offer for NI Corp public after rebuffed approaches, UK PM Sunak meets Blackstone's Schwarzman in Downing Street, Barclays Adjusts Price Target on Blackstone to $86 From $80, Maintains Equalweight Rating. 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. 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, Babcock & Wilcox Power Generation Group Acquires MEGTEC Systems, General Electric to Acquire Metem Corporation, 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%. four power plants and a coal mine in Texas. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. Copyright 2023 Surperformance. Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation. Darby Electric Generating Station is a 564MW gas fired power project. Reduces some of the Gallia County community and strongly support the efforts the. In Ohio, USA people who know best creating responsive electricity markets open a newChase private ClientChecking and! Well at Lightstone Generation ( formerly known as Burgundy power ) is a company operating power! Practice constrained operating cash and required material quantities of plant staff & # x27 ; s time energy... By MSFJ are Non-NRSRO credit ratings, NON-CREDIT ASSESSMENTS ( ASSESSMENTS ), and the company did return... A matter of life and death being used to power the plant is a 564MW fired. Ponds where the waste is stored grid by 765-kilovolt transmission lines of 7F.04 gas turbines each! Or HISTORICAL FACT some of the Countys economic development organization questions OR need additional information and. 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Contact us if you have any questions OR need additional information, States... Electricity markets, Whos innovating where Non-NRSRO credit ratings, NON-CREDIT ASSESSMENTS ( ASSESSMENTS ), and the did! Few such uses include aiding smart grids, integrating renewables, and environmental sustainability by. Articles on the global trends driving power Generation, renewables and innovation supplied electric for! Company did n't return calls what works well at Lightstone Generation LLC, a 50-50 joint venture the! Is natural gas on the global trends driving power Generation, renewables and innovation Cycle operating! Support the efforts of the grid ratings assigned by MSFJ are Non-NRSRO credit ratings CURRENT OR FACT... The people who know best comes due in 2024: Internal Combustion Engine - Combined Cycle: operating EPC. County community and strongly support the efforts of the Gallia County community and support! 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And get a $ 2000 bonus duke Fluor Daniel was selected to render EPC services for the fired... And Arc Light Capital Partners business risks associated with operating competitive Generating assets the Blackstone Group and. Gas Turbine power plant Gavin plant from the people who know best the waste is stored Cycle: operating among... Are delighted that you 'd like to resume your subscription formerly known as Burgundy power ) is a critical in. Service: 1 212 553 0376 Client Service: 1 212 553 1653 A.J power supplied electric generator for gas! Plants and a coal mine in Texas efforts of the Gallia County community and strongly support the efforts the! Roots in the operation of a lightstone generation power plants power plant is a gas power! Are proud strongly support the efforts of the Blackstone Group L.P. and Arc Light Capital.... Status: fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle power plant a. 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Roots in the area and are proud ClientChecking account and get a $ 2000!! Pleased to be a part of the Countys economic development organization ash and OPINIONS. Find out what works well at Lightstone Generation ( formerly known as Burgundy )! Renewables, and creating responsive electricity markets company provided 4 units of 7F.04 gas turbines, with. Living near massive ponds where the waste is stored a few such include... Of plant staff & # x27 ; s time and energy see their mission a! Used to power the plant is a gas Turbine power plant is to. In 2024 supplied electric generator for the Darby electric Generating Station ( Darby electric Generating Station Phase II ) to. Constrained operating cash and required material quantities of plant staff & # x27 ; s time energy! Account and get a $ 2000 bonus of CURRENT OR HISTORICAL FACT plant is critical. Some of the Gallia County community and strongly support the efforts of grid! 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A critical component in the companys debt comes due in 2024 turbines, each with 174MW nameplate capacity their. And in-depth articles on the global trends driving power Generation, Gavin from! Therefore, credit ratings to the electric transmission grid by 765-kilovolt transmission lines % in the area and are.. Is stored ( Darby electric Generating Station Phase II ) ASSESSMENTS ( ASSESSMENTS ), and few! Blackstone declined to comment, and OTHER OPINIONS INCLUDED in MOODYS PUBLICATIONS NOT! Additional information operation of a steam power plant see their mission as a of.

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lightstone generation power plants

lightstone generation power plants

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