MYR Group Inc. Awarded Transmission Contract With Central Maine Power Company
ROLLING MEADOWS, Ill., Dec. 20, 2010 (GLOBE NEWSWIRE) -- MYR Group Inc. (Nasdaq:MYRG), a leading specialty contractor serving the electrical infrastructure market in the United States, announced it has entered into a contract with Central Maine Power Company, a subsidiary of Iberdrola USA, to construct and rebuild approximately 210 miles of 345-kilovolt (kV) and 115kV transmission lines throughout northeastern Maine. The contract value is approximately $200 million. The project includes the "Northern Loop" of the $1.4 billion Maine Power Reliability Program (MPRP), the largest energy infrastructure project in the state's history.
Under the contract, MYR Transmission Services, Inc. ("MYRT"), an MYR subsidiary, will provide transmission line construction services including environmental controls, foundation installation, structure installation and conductor stringing for the new line segments. Construction planning is already underway and actual construction is expected to begin in early 2011. Substantial completion is scheduled for August 2014.
"MYR Group is proud to be part of this exciting undertaking," said William A. Koertner, chairman and chief executive officer of MYR. "Not only will we be playing a part in the commitment to improve the electrical infrastructure for Maine and the surrounding region, we also will be contributing to new job creation and helping to stimulate the region's economy. It is encouraging to see major projects like this moving forward to the construction phase."The work MYRT will perform under the contract will contribute to Central Maine Power Company's commitment to improving the reliability of its bulk electric transmission system while bolstering Maine's economy and improving access to greater sources of renewable energy. About MYR Group Inc. MYR Group Inc. is a holding company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and Distribution customers include electric utilities, cooperatives and municipalities. The Company also provides Commercial and Industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group's comprehensive services include turnkey construction and maintenance services for the nation's electrical infrastructure.
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