Nameplate capacity. 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. 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This transaction advances that strategy and reduces some of the business risks associated with operating competitive generating assets.. The order finalized Friday follows through on a proposal issued in January that implements a 2015 rule aimed at reducing groundwater pollution from coal-fired power plants. FERC did not respond to requests for comment, and the White House declined to comment. The power plant is one of the largest coal-fired plants in the nation with two generating units capable of generating 1,300-MW of electricity each (2,600-MW total). Moodys SF Japan K.K. "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 . It can pollute waterways, poison wildlife and cause respiratory illness among those living near massive ponds where the waste is stored. 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. The California Energy Commission licenses thermal power plants 50 megawatts or greater and ensures they operate in compliance with applicable environmental laws and regulations. Electric Companies. All rights reserved. The project consists of 6 units of 7E.03 turbines, each with 94MW nameplate capacity. 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. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. $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. Compare pay for popular roles and read about the team's work-life balance. GE Power was selected as the turbine supplier for the Gas fired project. U.S. coal plants produce about 100 million tons (90 million metric tons) annually of ash and other waste. 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. John Cockerill Group supplied steam boiler for the project. Lightstone Ventures was founded in 2012 to empower big-thinking founders with vision and commitment to bring innovative therapeutics to patients in need. 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. Darby Generating Station, 507 MW natural gas. The project got commissioned in June 2004. Approximately 5 mi S of the AEP Muskingum River Plant. For example, the debt service coverage ratio (DSCR) for the twelve months ended 9/30/20 measured 1.50x vs. our 2020 forecast of 2.28x; the ratio of Debt to EBITDA was 7.57x vs. 4.59x in the Moody's case, and the ratio of Project Cash Flow from Operations (CFO) to Debt for the same period was 2.8% vs. 11.5% in the Moody's case. 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. GE Power was selected as the turbine supplier for thermal power project. The project is currently owned by Lightstone Generation with a stake of 100%. AEP announced Sept. 14, 2016, that it had reached an agreement to sell the plants to Lightstone Generation. The price of the acquisition was about . 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 Gavin plant, which is owned by Lightstone Generation, a joint venture of financial firms Blackstone and ArcLight, has the benefit of being in a multi-state grid region that pays plants for . It is owned by Lightstone Generation LLC, a 50-50 joint venture of The Blackstone Group L.P. and ArcLight Capital. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. 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. Copyright 2023 Gallia County Economic Development. Gavin plant will be transferred to LightStone Generation (a joint venture between Blackstone and ArcLight Capital Partners, LLC) in 2017 after necessary regularity approvals. 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. Post completion of construction, the project got commissioned in May 2001. The power plant run on dual-fuel. The contracted capacity is 1,232MW. It is located in Indiana, the US. Power generation. Compensation is dependent on level of experience. The order becomes effective 135 days after publication in the Federal Register. 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 . The rating outlook remains negative.RATINGS RATIONALEToday's rating action reflects the Project's continued weak financial performance through the first nine months of 2020 and the expectation that Lightstone will continue to underperform original expectations during 2021 owing to weak power market fundamentals caused by lower natural gas and power prices and lower generation output, particularly at the coal-fired Gavin plant. Industrial Construction was selected to render EPC services for the gas fired power project. AEP recorded an after-tax gain, subject to customary true-ups, of approximately $130 million from the sale. The project generated 29,989MWh of electricity. Lightstone Generation LLC is an utilities company based out of 345 PARK AVE, New York, New York, United States. CAMS currently 6 manages over 30 power plant facilities representing over 8,000 MW of 7 generating capacity. Full-Time. You may change your billing preferences at any time in the Customer Center or call 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. The company provided 4 units of 7F.04 gas turbines, each with 174MW nameplate capacity. BOSTON, Dec. 6, 2021 /PRNewswire/ -- On December 1st, Generation Bridge, a wholly owned subsidiary of ArcLight Energy Partners Fund VII, L.P., closed the previously announced acquisition of a 4.9 . PO Box 271 Cheshire OH 45620. 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. 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