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.
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