Over 30 years of experience. It has been developed in multiple phases. Starting with an $89,000 investment in a two-family house in 1986, founder David Lichtenstein has grown Lightstone into one of the most innovative and diversified privately held real estate firms in the United States. Our Standards: The Thomson Reuters Trust Principles. If the business does well, the debt gets paid off at a premium. 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. (if applicable) for The Wall Street Journal. The Strategic Business Manager is responsible for . Somehow the private equity guys always make out OK, Peskoe said. All power projects included in this report are drawn from GlobalDatas Power Intelligence Center. Please feel free to contact us if you have any questions or need additional information. Blackstone declined to comment. Strategic Business Manager. The Gallia County Economic Development Office is here to assist your company with its next business expansion including site and building selection, grant and tax incentives, labor force statistics, and other community information. Riverstone did not return messages seeking comment. Im confident, in the next couple of years, FERC will order changes, said Ari Peskoe, director of the Electricity Law Initiative at Harvard Law School. Learn more Since the end of 2014, at least five U.S. private equity firms have bought coal plants in markets where regulators pay them to be on standby to provide emergency power when demand surges with extreme hot or cold weather, according to a Reuters review of U.S. regulatory disclosures and credit-rating agency reports. Get the latest business insights from Dun & Bradstreet. Negative pressure could develop if the Lightstone plants were to experience prolonged operational issues causing a significant increase in expenses, or if capacity revenues from subsequent auctions are weaker than expected or if merchant energy gross margins deteriorate to where Lightstone's cash flow generating is impaired leading to a . Search for other Electric Companies in Cheshire on The Real Yellow Pages. Campus coal plants. Lightstone Generation LLC, a joint venture between Blackstone and ArcLight Capital Partners LLC, has acquired four power plants from American Electric Power. 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. 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.. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. The fuel is procured from Columbia Gas Transmission. Lawrenceburg Combined Cycle Power Plant is a 1,232MW gas fired power project. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. We also work closely with other state and regional offices that can provide assistance to your growing company.. The California Energy Commission licenses thermal power plants 50 megawatts or greater and ensures they operate in compliance with applicable environmental laws and regulations. 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. Industry: Generation, electric power Printer Friendly View Address: 500 Alexander Park Princeton, NJ, 08540-6687 United States See other locations Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address. Power generation. The plant may have to pause or even cease operations in order to comply with the order. The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utility's request to continue disposing toxic coal ash after a deadline to stop such disposal has passed. The New York-based firm will buy three gas-fired power plants in the Lone Star State . KKR declined to comment. GE Power was selected as the turbine supplier for thermal power project. EPA said Friday that its decision recognizes the importance of maintaining grid reliability. Under rules established by the grid operator, PJM Interconnection, Gavin must request a planned outage at least 30 days in advance, EPA said. AEP also operates 224,000 miles of distribution lines. Delayed Nyse The company was formed as a joint venture of The Blackstone Group and ArcLight Capital Partners. Post completion of construction, the project got commissioned in May 2001. Russian TV Touts a Big Victory in Ukraine. 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. Proceeds from the sale will be used by AEP for its regulated businesses, including transmission and contracted renewable projects. You can help Wikipedia by expanding it. 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. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. Lightstone Generation operates one of the country's largest coal-fired power generating units in Cheshire, OH. Power industry news, data and in-depth articles on the global trends driving power generation, renewables and innovation. The primary fuel being used to power the plant is natural gas. 8 Eastern Generation will provide select operating and management services It is a combined cycle gas turbine (ccgt) power plant. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 A.J. The company is investing the proceeds from the sale in its regulated businesses, including transmission and contracted renewable projects. It generates and sells electric power. Other private equity firms have also been betting on coal power capacity payments. The project generated 29,989MWh of electricity. four power plants and a coal mine in Texas. Power Plants. Coal mines in China. Description. 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. Image: AEP headquarters in Columbus, Ohio, US. Still, the plant only ran 47 percent of the year in 2021, according to . $75,000 - $85,000 a year. Customer Service. 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. Condenser failures can result in forced outages and loss of generation capacity. Solon, OH. (812) 537-1191 (fax) 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. 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. 480 MW. Lawrenceburg power station is a 1232-megawatt (MW) natural gas power station in the state of Indiana, . 1988 Present. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. 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 exception is solar power plants, which use photovoltaic . (740) 925-3102. 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. Its really that simple.. 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. Darby Generating Station, 507 MW natural gas. A spokesperson for the plant's owner, Lightstone Generation LLC, could not be reached for comment. SEE APPLICABLE MOODYS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYS CREDIT RATINGS. Copyright 2023 Gallia County Economic Development. Todays action reaffirms that surface impoundments or landfills cannot be closed with coal ash in contact with groundwater.''. The Indiana Utility Regulatory Commission on Jan. 4 approved an Oct. 12, 2016, application from AEP Generating Co. (AEG), Lightstone Generation LLC and Lawrenceburg Power LLC for AEG's sale of a . You may change your billing preferences at any time in the Customer Center or call It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group and ArcLight Capital Partners. We believe access to energy-related infrastructure is critical to . 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. The power generation assets considered for sale are located in the region served by the PJM Interconnection, a regional transmission organization in the US. 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 plant contributes approximately $6 million a year in property taxes that support the Gallia County school system and government. The Plant Electrical Engineer is responsible for the various . Lightstone Generation owns Gavin's nominally rated 1300megawatt Unit 1 and Unit 2. By NS Energy Staff Writer 30 Jan 2017. The order to the Gen. James Gavin Power Plant in southern Ohio marks the first time the EPA has formally denied a utility's request to continue disposing toxic coal ash after a deadline to stop such disposal has passed. 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. The company is a joint venture between private-equity firms ArcLight Capital Partners and Blackstone Group. 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. . We have recently upgraded our technology platform. Cision Distribution 888-776-0942 Get reviews, hours, directions, coupons and more for Gavin Power Plant at 7397 State Route 7 N, Cheshire, OH 45620. 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 General James M. Gavin Power Plant is a 2,600-megawatt (MW) coal-fired power station in Ohio, USA. (812) 532-2301. This practice constrained operating cash and required material quantities of plant staff's time and energy. 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. Cheshire, OH. 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, [email protected], +44 (0) 20 7406 6613. 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 . During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. Photo: courtesy of Tysto/Wikipedia. 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. Jan 30, 2017, 10:48 ET. 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