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.
About MYR Group Inc.
MYR Group Inc. (MYR) 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 turn-key construction and maintenance services for the nation's electrical infrastructure.
Forward-Looking Statements
Various statements in this announcement, including those that express a belief, expectation, or intention, as well as those that are not statements of historical fact, are forward-looking statements. The forward-looking statements may include projections and estimates concerning the timing and success of The One Nevada Transmission Line project, MYR's ability to complete the project in a timely manner and the impact of MYR's work on the project. Our forward-looking statements are generally accompanied by words such as ''estimate,'' ''project,'' ''predict,'' ''believe,'' ''expect,'' ''anticipate,'' ''potential,'' ''plan,'' ''goal'' or other words that convey the uncertainty of future events or outcomes. Management has based these forward-looking statements on our current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks, contingencies and uncertainties include, but are not limited to, significant variations in operating results from year to year, the competitive and cyclical nature of the industry, the company's ability to realize and profit from backlog, the implementation of the Energy Policy Act of 2005 by customers, the company's ability to obtain new contracts and/or replace completed or cancelled contracts, the company's ability to obtain adequate bonding for projects, the company's ability to hire and retain key personnel and subcontractors, limitations on the company's ability to hire or retain key personnel, work stoppages or other labor issues, and economic instability. A further list and description of risks, uncertainties and other matters can be found in MYR's Annual Report on Form 10-K for the fiscal year ended December 31, 2009. We do not undertake to update our forward-looking statements.
CONTACT: Dresner Corporate Services Investor Contacts: Philip Kranz 312-780-7240 pkranz@dresnerco.com Kristine Walczak 312-780-7205 kwalczak@dresnerco.com