FERC did not respond to requests for comment, and the White House declined to comment. 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. Lightstone Generation LLC: Owner : LINKS. He said coal plants in the state ran like a freight train during the recent cold snap. 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. Barclays Adjusts Price Target on Blackstone to $86 From $80, Maintains Equalweight Rati.. Wells Fargo Upgrades Blackstone to Overweight From Equalweight, Adjusts Price Target to.. Analyst recommendations: BlackRock, Blackstone, Boeing, Bunzl, O.. Blackstone Expands Leadership Team in Growing Private Credit Business, Bayer flags new blood thinner as $5 billion-plus opportunity, Sector Update: Financial Stocks Give Back Most of Midday Gains. PO Box 271 Cheshire OH 45620. 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 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 . All rights reserved. . SIC Codes SIC Code . Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. Write to Soma Biswas at soma.biswas@wsj.com. Were pleased to be a part of the Gallia County community and strongly support the efforts of the Countys economic development organization. Lightstone Generation LLC - a joint venture between Bostons ArcLight Capital Partners LLC and New York-based Blackstone Group Inc - took on $2.1 billion in debt from Wall Street banks to buy the plant and three much smaller gas-fired units from American Electric Power Company Inc in 2017, according to term sheets viewed by Reuters. The project is currently owned by Lightstone Generation with a stake of 100%. Other private equity firms have also been betting on coal power capacity payments. Waterford Energy Center, 840 MW natural gas. 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. As per the deal signed in September 2016, Lightstone acquired power plants including 1,186MW gas-fired power plant in Lawrenceburg, Indiana; 840MW Waterford Energy Center in Waterford, Ohio; 507MW Darby gas-fired power plant in Mount Sterling, Ohio; and 2,665MW Gen. James M. Gavin coal-fired power plant in Cheshire, Ohio. The company is a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. (812) 532-2301. They are spending billions of dollars buying coal-fired plants on the cheap - and getting paid even when they are not providing power. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. 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.. Together the controls reduce mercury emissions by up to 91% and particulates by 99%. Unit Information. $75,000 - $85,000 a year. 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. 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 . What are you looking for? 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. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. If you continue using our website, we'll assume that you are happy to receive all cookies on this website. Lightstone Generation LLC, a joint venture between Blackstone and ArcLight Capital Partners LLC, has acquired four power plants from American Electric Power. It is owned by Lightstone Generation LLC, a 5050 joint venture of The Blackstone Group L.P. and ArcLight Capital Partners. Cision Distribution 888-776-0942 John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. 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. Lightstone Generation LLC: Owner : . The need for reserve power was on display during the utility crisis this month in Texas - the only U.S. grid system that operates without such an emergency system. 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. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. 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. Companies similar to Lightstone Generation LLC: Lightstone Labs . The price of the acquisition was about . that it had reached an agreement . Its everyone else who doesnt., Reporting by Tim McLaughlin; editing by Richard Valdmanis and Brian Thevenot. 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. While some of the weaker performance had been anticipated owing to lower PJM RTO capacity revenue earned in 2020 relative to 2019, the Project's underperformance was driven principally by lower energy margins caused by weak power and natural gas prices, which impacted economic dispatch at the important Gavin plant. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Sign In. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. 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. 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 . 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. The project got commissioned in June 2004. Its really that simple.. The sale is part of AEPs efforts to shift its focus from wholesale power markets to regulated utilities, reported Wall Street Journal earlier. Private equity activity related to environmental sustainability decreased by 7% in the power industry in Q3 2022, Whos innovating where? 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. 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. Learn how and when to remove this template message, United States Environmental Protection Agency, List of largest power stations in the United States, "For $20 Million, a Coal Utility Bought an Ohio Town and a Clear Conscience", https://www.eia.gov/electricity/monthly/xls/table_6_02_a.xlsx, "Midwest power plants face shutdown after EPA proposes denying requests to keep using unlined coal ash ponds", "EPA orders Ohio power plant to stop dumping toxic coal ash", https://en.wikipedia.org/w/index.php?title=Gavin_Power_Plant&oldid=1122962889, Buildings and structures in Gallia County, Ohio, All articles with bare URLs for citations, Articles with bare URLs for citations from April 2022, Articles with spreadsheet file bare URLs for citations, Articles needing additional references from October 2017, All articles needing additional references, Infobox mapframe without OSM relation ID on Wikidata, Thermal power station articles using Infobox power station, Pages using infobox power station with deprecated parameters, Articles with unsourced statements from December 2021, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 20 November 2022, at 22:42. 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. We are delighted that you'd like to resume your subscription. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. The fuel is procured from Texas Gas Transmission , LLC. 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. $100,000 to $120,000 Yearly. 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. In a major action to address toxic wastewater from coal-fired power plants, the Environmental . 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