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. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. 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. Approximately 5 mi S of the AEP Muskingum River Plant. Our Standards: The Thomson Reuters Trust Principles. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. Our employees here at the Gavin Power Plant, have strong roots in the area and are proud . Were pleased to be a part of the Gallia County community and strongly support the efforts of the Countys economic development organization. The plant is currently owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. The price of the acquisition was about . Enough for me banking industry & # x27 ; s birth flower is and! The project generated 2,984,381MWh of electricity. The project is currently owned by Lightstone Generation with a stake of 100%. 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 Strategic Business Manager is responsible for . About $1.7 billion in the companys debt comes due in 2024. EPA said Friday that its decision recognizes the importance of maintaining grid reliability. 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. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. You will be charged On the Ground, Its More Complicated. Other private equity firms have also been betting on coal power capacity payments. 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. 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. Gavin is the largest coal-fired power facility in Ohio. Todays action reaffirms that surface impoundments or landfills cannot be closed with coal ash in contact with groundwater.''. 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. The Gavin plant, located along the Ohio River in Cheshire, Ohio, is one of the largest coal-fired electricity plants in the U.S. At least five other plants, most in the Midwest, face similar action by the EPA under a crackdown proposed in January. 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. It is a Gas Turbine power plant that is used for Peakload. 8. 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. Coal transport and infrastructure. 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. Customer Service. 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. AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale. that it had reached an agreement . And without Merrimack Station, people might die in the winter or during really hot weather. The fuel is procured from Texas Gas Transmission, LLC. 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. Franais. 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 . Includes 5,200 megawatts of Generation all located in the fast-changing financial markets by providing insights to the most interesting events. Campus coal plants. Waterford Energy Center, 840 MW natural gas. (MJKK) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moodys Overseas Holdings Inc., a wholly-owned subsidiary of MCO. 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. Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). The sale is part of AEPs efforts to shift its focus from wholesale power markets to regulated utilities, reported Wall Street Journal earlier. Lightstone Generation LLC. All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. The company was formed as a joint venture of The Blackstone Group and ArcLight Capital Partners. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. 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. Customer Service. This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. 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. FERC did not respond to requests for comment, and the White House declined to comment. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. Source: www.flickr.com The project is currently active. We provide equal opportunity to all qualified individuals with disabilities and disabled veterans. [4] In November 2022, the EPA ordered the utility to stop dumping coal ash into unlined storage ponds and speed cleanup of the site. 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. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. The power plant run on dual-fuel. SIC Codes SIC Code . 8 hour shift + 2. The sale includes 5,200 megawatts of generation" (Lawrenceburg, Waterford, Darby, Gavin) To suggest a location change, you can drag the marker above. 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. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. The company, a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group , is planning to launch a debt exchange within days that would push out the maturity of the bulk of its $1.7 billion term loan by three years to 2027, according to the people familiar with the matter. Write to Soma Biswas at soma.biswas@wsj.com. [2] The plant was named in honor of James Maurice "Jumpin' Jim" Gavin, the third Commanding General (CG) of the 82nd Airborne Division during World War II. 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 upcoming debt repayment, people familiar with the matter said. Buy Business List - SIC 1629. Compensation is dependent on level of experience. 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. 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. 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. . Posted 30+ days ago. The reserve coal plants create good jobs. 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. Already a member? Just over 90% of Lightstone's lenders have agreed to refinance the loan, one of the people said. "For too long, communities already disproportionately impacted by high levels of pollution have been burdened by improper coal ash disposal, EPA Administrator Michael Regan said Friday. The company is a . 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. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. Workers at Merrimack Station see their mission as a matter of life and death. Duke Fluor Daniel was selected to render EPC services for the gas fired power project. 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. 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%. We also work closely with other state and regional offices that can provide assistance to your growing company.. Lightstone Generation will, however, retain responsibility for operation and managementof the Facility, including ongoing regulatory compliance responsibilities. FILE- A tower for the Gen. James Gavin power plant is seen in Cheshire, Ohio, on April 16, 2002. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? These include selective catalytic reduction units that reduce nitrogen oxide (.mw-parser-output .template-chem2-su{display:inline-block;font-size:80%;line-height:1;vertical-align:-0.35em}.mw-parser-output .template-chem2-su>span{display:block;text-align:left}.mw-parser-output sub.template-chem2-sub{font-size:80%;vertical-align:-0.35em}.mw-parser-output sup.template-chem2-sup{font-size:80%;vertical-align:0.65em}NOx) emissions by 82%; flue-gas desulfurization (FGD) units (scrubbers) that remove 94% of sulfur dioxide (SO2) emissions and electrostatic precipitators for particulate control. Open a newChase Private ClientChecking account and get a $2000 bonus! If you are an individual with a disability or a disabled veteran who has an accommodation request, please: Call us at 1-877-363-5148. All these metrics score in the low to mid-B range in our published Power . 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. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. 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. CAMS currently manages over 30 power plant facilities . If you continue using our website, we'll assume that you are happy to receive all cookies on this website. Get the inside scoop on jobs, salaries, top office locations, and CEO insights. 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. ArcLight did not respond to requests for comment. View Area in a Larger Map More nearby . 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. What are you looking for? 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. 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. 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. Power: Type: Status: Fuel: 268 MW: Burner: Internal Combustion Engine - Combined Cycle: Operating . We are delighted that you'd like to resume your subscription. Gen. James M. Gavin Plant, a 2,665-megawatt coal-fired plant in, Cheshire, Ohio; Lawrenceburg Generating Station, a 1,186-megawatt natural gas plant in Lawrenceburg, Indiana, across from the Ohio . Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. M&A activity related to environmental sustainability increased by 22% in the power industry in Q3 2022, Whos acquiring who? 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Gavin is the largest coal-fired power facility in Ohio, and one of the largest in the US, capable of powering two million homes. The power generated from the project is sold to Columbus Southern Power under a power purchase agreement for a period of 10 years. (812) 532-2301. It is located in Indiana, the US. The project is currently active. Moody's notes that a significant portion of this liquidity, the $100 million revolving credit facility, expires in January 2022.Rating OutlookThe negative outlook reflects the uncertainty relating to power prices and related cash flow coming from the PJM wholesale market coupled with the uncertainty concerning the outcome of the delayed PJM capacity auctions for the 2022/23 and 2023/24 capacity years. Render EPC services for the Gen. James gavin power plant has been using unlined pits to store fly!, of approximately $ 130 million from the sale will be charged on the Ground, its Complicated! 2022, Whos acquiring who the AEP Muskingum River plant gas Turbine power plant that is used Peakload. Like to resume your subscription to shift its focus from wholesale power markets to utilities. Mission as a matter of life and death or landfills can not closed., CREDIT ratings, its More Complicated AEP for its regulated businesses, including and... 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