lightstone generation power plants

American Electric Power sold the four plants to Lightstone Generation LLC, a joint venture of Blackstone (NYSE: BX) and an affiliate of ArcLight Capital Partners LLC . 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. In addition, power prices and generation could strengthen when COVID-19 related regional lock-down measures subside. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. The project is currently active. Lightstone Generation LLC, a joint venture between Blackstone and ArcLight Capital Partners LLC, has acquired four power plants from American Electric Power. . News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. 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. Lightstone Generation LLC: Owner : . A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. AEP also operates 224,000 miles of distribution lines. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. Pursuant to the sales agreement, the gavin plant will be transferred to lightstone generation (a joint venture between blackstone and. 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. 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. Atlas Holdings, for example, led a joint venture to buy New Hampshires Merrimack Station coal plant in 2018, the centerpiece of a $175 million acquisition of generators from New England-based utility Eversource Energy. 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. 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. It is located in Indiana, the US. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. The so-called capacity payments are given out in most U.S. power markets, and regulators tend to favor coal-fired generators that store heaps of coal on site when other power sources might be disrupted. 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. The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. AND/OR ITS AFFILIATES. The order becomes effective 135 days after publication in the Federal Register. 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. . Gavin power plant, originally owned by american electric power and sold to lightstone generation in 2017, is located along the ohio river in cheshire, ohio. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. 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 power plant is connected to the electric transmission grid by 765-kilovolt transmission lines. It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital. It is a Gas Turbine power plant that is used for Peakload. 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. Strategic Business Manager. Menu Close SIC Codes. 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. General James M. Gavin Power Plant is a 2,600-megawatt supercritical coal-fired power station in the village of Cheshire, Ohio, United States. If additional time is needed, the order included a process to address demonstrated grid reliability issues.[5]. 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 plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. The other three plants are natural gas-fired: the 1,211 MW Lawrenceburg combined-cycle facility in Indiana; the 894 MW Waterford combined-cycle facility in Ohio; and the 484 MW Darby peaking plant also in Ohio. 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). The capacity power market is a certain source of revenue for coal plants that might otherwise be uneconomical, said Sylvia Bialek, an economist at New York Universitys Institute for Policy Integrity. In the meantime, private equity firms are in a good position to compete for capacity payments because traditional utilities are under pressure from activist shareholders to reduce greenhouse gas emissions and to limit debt. Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . 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. $75,000 - $85,000 a year. 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. Even so, Lightstones creditors are the ones with the greatest risk, according to Peskoe. CHESHIRE, Ohio This week, the sale of the Gen. James M. Gavin Plant in Cheshire, along with three other electric-generating facilities in Ohio and Indiana, were finalized. It generates and sells electric power. (if applicable) for The Wall Street Journal. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Coal transport and infrastructure. 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. Enough for me banking industry & # x27 ; s birth flower is and! View Highlights of The Lightstone Story Below. As an organization, we nurture an entrepreneurial mindset and encourage our employees to do the same; always striving to raise the bar, think outside the box, and be world-class in all we do. 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. Description. 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. A power plant is an industrial facility that generates electricity from primary energy. This practice constrained operating cash and required material quantities of plant staff's time and energy. 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. 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. $1,773 million outstanding as of 9/30/20), a $100 million term loan C for cash collateralized letters of credit due in 2024, and a $100 million revolving credit facility due in 2022. 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. Capital Power, the company behind the city's existing gas plant, hopes to build two new gas-fired turbines, adding around 100 megawatts of electrical generation. 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. By 765-kilovolt transmission lines transferred to Lightstone Generation LLC, a 50-50 joint of... Effective 135 days after publication in the power generated from the sale will be transferred to Lightstone Generation,. Plant will be used by AEP for its regulated businesses, including transmission and contracted renewable projects Columbus Southern under... Owner, Lightstone Generation LLC, a 50-50 joint venture of the Blackstone Group L.P. ArcLight. 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