HOUSTON, Nov. 1, 2018 /PRNewswire/ -- Quanta Services, Inc. (NYSE:PWR) announced today that it was selected by PacifiCorp, a subsidiary of Berkshire Hathaway Energy, to provide engineering, procurement and construction solutions for the Aeolus – Jim Bridger Transmission Line Project. This new high-voltage electric transmission project consists of approximately 138 miles of single circuit 500-kilovolt (kV) transmission line that connects the new Aeolus substation near Medicine Bow, Wyoming, to the new Anticline substation located near Point of Rocks, Wyoming, and approximately five miles of single circuit 345 kV transmission line that connects the Anticline substation to a new line termination bay at the Jim Bridger Generating Station substation.
Quanta will include the project in its fourth quarter 2018 remaining performance obligations and backlog and expects to begin engineering and procurement activities for the project by year-end, with construction starting in the spring of 2019. Quanta expects to complete the project in late 2020.
The project is a segment of the Gateway West Transmission Line Project, which is part of PacifiCorp's Energy Vision 2020 plan. Energy Vision 2020 is a $3.5 billion plan that is also expected to add more than 1,000 megawatts of wind generation and the upgrade of existing wind generation facilities in Wyoming.
About Quanta Services
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power, oil and gas and communications industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Latin America, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.
Forward Looking Statements
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, statements relating to any expected value of the contract or project; the scope, services, terms and results of the project awarded under the contract; the expected economic impact of the project; the anticipated commencement and completion dates for the project; expected performance obligations or backlog; the size or scope of customer business plans and potential opportunities for Quanta under such plans; and the safety, efficiency or success of the project; 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, the effects of industry, economic or political conditions outside of the control of Quanta; successful performance and completion of the contract and the project awarded thereunder; failure to realize the anticipated value of the contract or the project; delays, reductions in scope or cancellations of the contract or the project awarded thereunder, including as a result of weather, regulatory or environmental issues, project performance issues, claimed force majeure events, protests or other political activity associated with the project, legal challenges to the project, or customer capital constraints; the potential for claims associated with schedule delays, performance shortfalls or Quanta's inability or failure to comply with the terms of the contract for the project, which may result in additional costs, unexcused delays, warranty claims, failure to meet performance guarantees, damages or contract termination; the inability or refusal of the customer to pay for Quanta's services; failure of the customer to comply with applicable regulatory requirements, which could result in delay or cancellation of the project; fluctuations in the prices of certain materials used for the project; the failure of suppliers, subcontractors or other third party contractors to perform their obligations, including warranty obligations, under their subcontracts; adverse changes in economic conditions and trends in relevant markets; cancellation and termination provisions present in the contract; and other risks and uncertainties detailed in Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2017, Quanta's Quarterly Reports on Form 10-Q for the quarters ended Mar. 31, 2018 and June 30, 2018 and any other documents that Quanta files with the Securities and Exchange Commission (SEC). 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 website at www.quantaservices.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. 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 by any third party regarding the subject matter of this press release.
Investors - Kip Rupp, CFA
Media – Lynn Hancock
Quanta Services, Inc.
SOURCE Quanta Services, Inc.