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. Gen. James M. gavin plant in a package of three gas-fired power in. John Amos' power generation rebounded slightly after 2020, when electricity demand was depressed due to Covid-19 lockdowns. environmentally conscientious and efficient operation of Gavin Plant a 2600MW power plant in Ohio. Uncover why Lightstone Generation, Gavin Plant is the best company for you. (812) 537-1191 (fax) $75,000 - $85,000 a year. In case of shortage of natural gas the plant can also run on Distillate Fuel Oil. CAMS currently 6 manages over 30 power plant facilities representing over 8,000 MW of 7 generating capacity. It is owned by Lightstone Generation LLC, a 50-50 joint venture of the Blackstone Group L.P. and ArcLight Capital Partners. This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 2001. Plus, 60% off clearance with American Eagle promo code, 20% off your next online order - Walmart coupon code. Gavin plant will be transferred to LightStone Generation (a joint venture between Blackstone and ArcLight Capital Partners, LLC) in 2017 after necessary regularity approvals. Biden has named Richard Glick, a Democrat, as the new chairman of the Federal Energy Regulatory Commission. [ edit on Wikidata] Darby Generating Station is a 480 megawatt ( MW ), natural gas peaker plant located in Darby Township, Pickaway County near Mount Sterling, Ohio. 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. Learn more 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. And without Merrimack Station, people might die in the winter or during really hot weather. 8 Eastern Generation will provide select operating and management services Lisa Evans, a senior attorney for the environmental group Earthjustice, called the Gavin plant a super-polluter and said EPA's action was overdue. The plant contributes approximately $6 million a year in property taxes that support the Gallia County school system and government. About a year later, Talen paid its owners, including Riverstone, a special $500 million dividend. Gavin is equipped with a suite of air quality controls. Compare pay for popular roles and read about the team's work-life balance. Blackstone declined to comment. 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. 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. Lightstone Generation (formerly known as Burgundy Power) is a company operating electric power plants. It has been developed in multiple phases. 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. [3], The power plant has been using unlined pits to store its fly ash, which could contaminate groundwater. FERC did not respond to requests for comment, and the White House declined to comment. 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. 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. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. In this case, the violations are very obvious and very severe,'' she said, adding that the plant's previous and current operators have continued their reckless and illegal disposal of toxic coal ash and contaminated groundwater. Todays action reaffirms that surface impoundments or landfills cannot be closed with coal ash in contact with groundwater.''. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. 1988 Present. According to management, about 75% of the gross margin in 2021 is "contracted" through known capacity revenues and an ongoing hedging program. AND/OR ITS AFFILIATES. Photo: courtesy of Tysto/Wikipedia. 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.. 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. 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. 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. 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. It generates and sells electric power. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. EPA said it is working with a regional grid operator to prevent unscheduled outages and protect reliability of the grid. 582 W. Eads Pky. 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. 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. About 18 months after the Gavin acquisition, ArcLight and Blackstone went back to Wall Street to finance most of a $375 million special dividend they paid to themselves, according to credit rating agencies. Enough for me banking industry & # x27 ; s birth flower is and! 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 . Existing coal plants in Europe. AEP NAMED ONE OF AMERICA'S MOST JUST COMPANIES FOR THIRD AEP ENERGY PARTNERS SEEKS SOLAR AND WIND PROJECTS IN PJM, SOLAR Lawrenceburg Generating Station, 1,186 MW natural gas. Founded in 2001, we have over two decades of experience owning and operating infrastructure investments across the entire value chain, from the turbine to wall socket. Under rules established by the grid operator, PJM Interconnection, Gavin must request a planned outage at least 30 days in advance, EPA said. [1], AEP sold Gavin along with three other plants to Blackstone and ArcLight as a part of a $2.17 billion deal in 2016. 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. AEP chairman, president and CEO Nicholas Akins earlier said: AEPs long-term strategy has been to become a fully regulated, premium energy company focused on investment in infrastructure and the energy innovations that our customers want and need. 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 . 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. The project got commissioned in June 2004. 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. Cision Distribution 888-776-0942 four power plants and a coal mine in Texas. During this interim period, AEP is doing project management and engineering support work and also providing transitioning support to LightStone Generation. 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. The Gas fired project consists of 2 steam turbines, each with 268MW nameplate capacity. But if the business fails, the debt-holders end up with equity stakes in plants of declining value. 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. 8. Welcome to Gallia County, OH and we look forward to working with you. 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 . Lawrenceburg power station is a 1232-megawatt (MW) natural gas power station in the state of Indiana, . Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. The largest of the four plants is Gavin, a 2,721 MW supercritical, pulverized coal-fired generating station located in Ohio. Darby Electric Generating Station is a 564MW gas fired power project. Lightstone also operates three gas-fired plants in addition to the James M. Gavin coal-fired plant in Cheshire, Ohio. Posted: January 10, 2023. The project is currently owned by Lightstone Generation with a stake of 100%. Get the latest business insights from Dun & Bradstreet. . Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Generating capacity, Ohio with 268MW nameplate capacity ArcLight Capital Partners 537-1191 ( fax ) 75,000! Pay for popular roles and read about the team & # x27 ; Generation. 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