Southern California Edison Selects Quanta Services for Construction of Devers-Palo Verde 2 Transmission Project
HOUSTON, Nov. 16, 2011 /PRNewswire/ — Quanta Services, Inc. (NYSE: PWR) today announced that Southern California Edison (SCE) has selected PAR Electrical Contractors, Inc., a Quanta Services operating unit, to construct transmission infrastructure for SCE’s Devers-Palo Verde 2 (DPV2) transmission project. Quanta’s scope of services for the project consists of the construction of a new, 153-mile, 500 kilovolt electric transmission line in an existing corridor. Construction is expected to begin by the end of the fourth quarter of 2011 and line construction activities are estimated to be complete in the third quarter of 2013.
“Under the contract, Quanta will perform construction activities related to the construction of the transmission line portion of the project,” said David Mead, Edison senior vice president, transmission and distribution. “The Devers-Palo Verde No. 2 project will provide interconnection and electrical transmission for numerous solar energy generators proposed for construction near Blythe, Calif.”
The main component of the project consists of building a new 111-mile, transmission line between SCE’s Devers substation near Palm Springs and the new Colorado River Substation, near Blythe, Calif. The project also includes a new 42-mile, 500 kilovolt transmission line between Devers Substation and SCE’s Valley Substation in Menifee, Calif.
“We are proud to have been chosen for the transmission line portion of the DPV2 project by SCE, which, once completed, will contribute to California meeting its aggressive renewable energy goals by 2020,” said Jim O’Neil, president and chief executive officer of Quanta Services. “SCE is a longtime customer of Quanta, and the DVP2 project expands on the existing transmission work we are performing for them.”
About Southern California Edison
An Edison International (NYSE:EIX) company, Southern California Edison is one of the nation’s largest electric utilities, serving a population of nearly 14 million via 4.9 million customer accounts in a 50,000-square-mile service area within Central, Coastal and Southern California.
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. The company’s comprehensive services include designing, installing, repairing and maintaining network infrastructure nationwide. Additionally, Quanta licenses point-to-point fiber optic telecommunications infrastructure in select 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 contract with Southern California Edison, the scope, services, term and results of the project awarded under the agreement and the impact of the project on the local economy, 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; the potential for incurrence of damages or other claims for schedule delays or performance shortfalls, including as a result of warranty claims following completion; 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 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 this contract; 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, 2010, Quanta’s Quarterly Reports on Form 10-Q for each quarter ended in fiscal year 2011 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. You 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.
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SOURCE Quanta Services, Inc.