American Electric Power Selects Quanta Services For Nation's Longest Energized Transmission Line Reconductor
Houston, TX /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that American Electric Power (NYSE: AEP) has selected Quanta Services to rebuild 66 miles of its 345,000-volt power line near Corpus Christi, Texas. Quanta will perform this work in an energized state utilizing proprietary processes and equipment to avoid service outages to AEP's customers during construction.
Currently projected for completion in March 2016, this project is the first of five phases of energized transmission upgrades planned in the area by AEP. This phase represents the longest span of transmission line in the U.S. to be rebuilt while remaining in an energized state. Pre-construction activities are underway and construction is expected to start in the fourth quarter and ramp up throughout 2013.
"We believe Quanta is the only infrastructure service provider that has the technology and trained resources to complete an energized reconductoring project of this magnitude," said Jim O'Neil, president and chief executive officer of Quanta Services. "Our energized services solution can allow AEP to avoid service disruption, reduce cost, and ultimately strengthen power delivery to the region."
This work is part of a program to upgrade a total of 240 miles of line in South Texas spanning from Harlingen, Texas, to Corpus Christi, Texas, and ending in Edinburg, Texas. Once in service, the transmission line upgrade is expected to increase the line's power capacity by more than 40 percent.
About Quanta Energized Services
Quanta Energized Services (QES) has specialized capability to maintain, upgrade or rebuild virtually any voltage line or any facility without interrupting power service. Recognized as an industry leader in electrical energized services, QES utilizes it patents for the LineMaster robotic arm and extensive training and experience in barehand techniques and hotstick technology to maintain live lines and to provide energized reconductoring services.
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, natural gas and pipeline and telecommunication industries in North American and certain international markets. Quanta's comprehensive services include designing, installing, repairing and maintaining network infrastructure. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in certain markets and offers related design, procurement, construction and maintenance services. With operations throughout North America and in select international markets, Quanta has the manpower, resources and expertise to complete projects that are local, regional, national or international in scope.
This press release (and any oral statements regarding the subject matter of this press release) contains forward-looking statements intended to qualify for the "safe harbor" from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to: any expected value of the contracts with American Electric Power, the scope, services, terms and results of the project awarded under the contract, the anticipated completion date for the project, the ability to complete the project without service disruptions, and the impact of the project on the electric power grid and infrastructure reliability, as well as statements reflecting expectations, intentions, assumptions or beliefs about future events and other statements that do not relate strictly to historical or current facts. Although Quanta's management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements can be affected by inaccurate assumptions and by a variety of risks and uncertainties that are difficult to predict or beyond our control, including, among others, successful performance and completion of the contract and the project awarded thereunder; failure to realize the anticipated value of the contract or the project; the potential for incurrence of damages or other claims for schedule delays or performance shortfalls, including as a result of warranty claims following completion of the project; the failure of Quanta's subcontractors to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; future growth in the electric utility and renewable energy industries; delays, reductions in scope or cancellations of the contract or the project awarded thereunder, including as a result of weather, regulatory or environmental issues; dependence on fixed-price contracts and the potential to incur losses with respect to the projects; the inability of customers to pay for services; cancellation and termination provisions present in the contract; and other factors affecting the business of the Quanta generally, including risks detailed in Quanta's Annual Report on Form 10-K for the year ended December 31, 2011, Quanta's Quarterly Reports on Form 10-Q for the applicable quarters in 2012 and any other documents of Quanta filed with the Securities and Exchange Commission (SEC). Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed or implied in any forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which are current only as of this date. Quanta does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Quanta further expressly disclaims any written or oral statements made regarding the subject matter of this press release by any third party. For a discussion of these risks, uncertainties and assumptions, investors are urged to refer to Quanta's documents filed with the SEC that are available through the company's web site at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov.
SOURCE: Quanta Services, Inc.Copyright 2012 PR Newswire. All Rights Reserved