AUSTIN, Texas, June 30, 2011 /PRNewswire/ -- Electric Transmission Texas, LLC (ETT), has executed master agreements with three construction firms for transmission and infrastructure services associated with the Competitive Renewable Energy Zone (CREZ) projects assigned to ETT by the Public Utility Commission of Texas (PUCT). The agreements with Quanta Services Inc, MYR Group Inc. and TIC Holdings Inc. ensure ETT has significant construction resources committed to help complete its CREZ program in west Texas.
ETT, a joint venture between subsidiaries of American Electric Power (NYSE: AEP) and MidAmerican Energy Holdings Company, will construct nearly $1.4 billion in CREZ projects by 2013. The PUCT awarded ETT the second largest share of CREZ projects throughout the state.
These master agreements ensure that Quanta Services, MYR and TIC will have the resources available to construct a total of 450 miles of transmission lines and facilities.
Over the last several months, the PUCT has approved the required Certificates of Convenience and Necessity for ETT's CREZ projects. Acquisition of rights-of-way from property owners will be completed over the next 18 months."Establishing this master agreement ensures the resources will be available to begin these important transmission projects as rights-of-way are secured," said ETT President Calvin Crowder. "Project specific pricing and terms will be further refined as we move closer to the start of construction; however, the agreement establishes that we will have three of our industry's leading transmission construction companies committed to these projects at a time when the number of similar projects throughout the country might make resources of this caliber unavailable. All three companies have proven capabilities, a strong safety focus and a commitment to the ETT CREZ program." The three construction firms will work under the direction of ETT and URS Corp. ETT contracted with URS in 2010 to serve as overall program manager for ETT's CREZ projects. Robert Wood, URS vice president and program manager, emphasized that Quanta, MYR and TIC companies have solid reputations for these types of construction projects. "We are very pleased that they will be joining these projects and look forward to working with all three companies," he said.
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
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
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
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 + 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