Quanta Services Selected by ATCO Electric for the Eastern Alberta Transmission Line
HOUSTON, March 11, 2013 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) today announced that ATCO Electric has selected Valard Construction, a Quanta Services company, to install transmission infrastructure for the Eastern Alberta Transmission Line (EATL) project. Under the terms of the contract, Valard will install approximately 310 miles (500 kilometers) of 500-kilovolt high-voltage direct current (HVDC) transmission line between the Edmonton and Calgary regions.
"Increasing demand for electricity in southern and central Alberta is expected to exceed the capacity of the 240-kilovolt transmission system currently delivering power to the area," said Jim O'Neil, president and chief executive officer of Quanta Services. "The Eastern Alberta Transmission Line is a critical transmission infrastructure project designed to improve grid reliability now and in the future. We believe we are well positioned to safely execute this important project."
Valard has already initiated preconstruction activities on the project and construction activities are expected to begin immediately. Valard is responsible for all construction aspects of the project including foundation construction, tower assembly and erection, and conductor stringing. The EATL transmission line is expected to be complete by the end of 2014.
"We are proud to have been chosen by ATCO Electric for this critical project. Although Alberta has been growing rapidly for many years, there have been no major reinforcements to the north-south transmission infrastructure in the province for 20 years," said Adam Budzinski, president of Valard Construction. "Valard brings extensive experience, resources and a history of safe execution to the EATL project which, once in service, will be one of the first DC transmission lines in Alberta."
About Valard Construction and Quanta Services
Based in Edmonton, Alberta, Valard Construction is Quanta Services' largest operating unit in Canada. Valard is a leading full-service engineering, procurement and construction (EPC) contractor, skilled in providing turnkey solutions for power system requirements throughout Canada. Valard was founded in 1978 and comprises a workforce of 1,400 trades-related people and an experienced management team. For more information, visit www.valard.com.
Quanta Services is a leading specialized contracting services company, delivering infrastructure solutions for the electric power and natural gas and pipeline industries. 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 certain 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 ATCO Electric, the scope, services, terms and results of the project awarded under the contract, the anticipated completion date for the project, the safety, efficiency or success of the project, the impact of the project on the electric power grid and infrastructure reliability, and prospective growth in the demand for power and related infrastructure, 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; 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; 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.
Kip Rupp, CFA
SOURCE Quanta Services
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