MYR Group Inc. Awarded Contract With Great Basin Transmission, LLC To Construct The One Nevada Transmission Line (ON Line)
ROLLING MEADOWS, Ill., Dec. 16, 2010 (GLOBE NEWSWIRE) -- MYR Group Inc. (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, announced it has executed a contract with Great Basin Transmission, LLC, an affiliate of LS Power, to construct 235 miles of 500-kilovolt (kV) transmission line in the State of Nevada. The One Nevada Transmission Line (ON Line) project formerly known as the Southwest Intertie Project (SWIP) – South will run from Ely, Nevada to just north of Las Vegas, the first phase of Great Basin's 510-mile SWIP Project. The line will carry approximately 600 megawatts of electricity and provide access to renewable energy resources in northern and eastern Nevada. Under a separate agreement with Great Basin, NV Energy plans to own 25 percent of the line and purchase Great Basin's share of the capacity under a long term arrangement. The construction contract is valued at approximately $120 million.
"We are proud to be playing a significant role on this project and look forward to working with Great Basin Transmission and NV Energy to deliver renewable energy, improve reliability and enhance the affordability and efficiency of power for the people of Nevada," said William A. Koertner, Chairman and Chief Executive Officer of MYR Group. He added, "This project will also provide other significant economic benefits to the State of Nevada. In addition to the jobs that will be created, it will produce indirect benefits to the local economy, including hotels, RV parks, restaurants, and fuel providers, to name a few."
Under the contract, Sturgeon Electric Company, Inc., an MYR Group subsidiary, will provide construction management, a skilled workforce, and specialty equipment to deliver transmission line construction services, including right-of-way clearing, environmental controls, foundation installation, structure installation and conductor stringing in a safe and timely manner. Construction planning has begun, and actual construction is expected to begin in early 2011 with a substantial completion date of November 2012.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV