PRESS RELEASE
Published on November 2, 2006
Exhibit 99.1
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PRESS RELEASE |
FOR IMMEDIATE RELEASE
06-19
06-19
Contacts:
|
James Haddox, CFO | Frank Poirot | ||
Reba Reid | Northeast Utilities | |||
Quanta Services, Inc. | (860) 665-3409 | |||
713-629-7600 | poirofj@nu.com |
Quanta Services Secures Contract with Northeast Utilities
Quanta to Support Expansion of Connecticut Transmission Infrastructure
HOUSTON Nov. 2, 2006 Quanta Services, Inc. (NYSE: PWR) today announced that it
has secured a contract with Northeast Utilities (NU) for transmission infrastructure services
spanning some 45 miles in Connecticut. The contract is part of the Middletown-to-Norwalk project
and encompasses two project segments that extend the states overhead transmission system in
southwest Connecticut. Burns and McDonnell will serve as program manager for this project and was
involved in reaching this agreement.
Upon completion, this new transmission line will help improve reliability of the regions power
supply and provide benefits to customers in the state of Connecticut and those in New England.
The two project segments awarded to Quanta include the addition of new 345-kilovolt (kV) overhead
circuits to existing rights of way and rebuilding various 115-kilovolt (kV) overhead circuits on
new structures. The work will take place between the towns of Middletown and Milford, Conn., and
will be performed primarily by PAR Electrical Contractors, a wholly owned subsidiary of Quanta
Services.
This is the largest electric utility transmission contract in the history of our company and
signifies the increased focus on upgrading the New England region transmission grid, said
John R. Colson, chairman and chief executive officer of Quanta Services. Our market leadership
position, all-encompassing capabilities and proprietary services differentiate Quanta and enable us
to partner with our customers to get the job done.
more
Quanta will work closely with Kansas City-based Burns & McDonnell. Serving as the program manager
for the project, Burns & McDonnell will oversee construction and is also engineering the project,
leading the procurement effort, managing safety and handling community relations.
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Northeast Utilities (NYSE: NU), a Fortune 500 energy company based in Connecticut, operates New
Englands largest energy delivery system. NU is committed to safety, reliability, environmental
leadership and stewardship, and expanding energy options for its more than 2 million electricity
and natural gas customers. For more information on Northeast Utilities, visit www.nu.com.
Quanta Services, Inc. is a leading provider of specialized contracting services, delivering
end-to-end network solutions for electric power, gas, telecommunications and cable television
industries. The companys comprehensive services include designing, installing, repairing and
maintaining network infrastructure nationwide.
Founded in 1898, Burns & McDonnell is a full-service engineering, construction, environmental and
consulting solutions firm. The firm serves clients on a wide variety of transmission, distribution,
substation and communications related projects.
This press release contains various forward-looking statements, including managements
expectations of project scope and results, that are based on managements belief as well as
assumptions made by and information currently available to management. Although management
believes that the expectations reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been correct. Such statements are
subject to certain risks, uncertainties and assumptions including, among others, successful
performance and completion of the Northeast Utilities contract, future growth in the electric
utility industry, the inability of customers to pay for services, cancellation provisions within
contracts, and other risks detailed in Quantas Annual Report on Form 10-K for the fiscal year
ended December 31, 2005, Quantas Quarterly Reports on Form 10-Q for the quarters ended March 31,
2006 and June 30, 2006, and any other reports of the Company filed with the Securities and Exchange
Commission. 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. For a discussion of these risks, investors are urged to refer to the
Companys reports filed with the Securities and Exchange Commission.