Quanta Services, Inc. and Northeast Utilities announced the addition of $200 million in services and an extension of two years to their existing multi-year contract under which Quanta is providing transmission infrastructure services related to NU's transmission build-out through 2015.
The anticipated value of the original contract, signed in December 2007, was $750 million and it extended from 2008 to 2013. With this recent expansion, the anticipated value of the contract is now $950 million through 2015. Under the now eight-year contract, Quanta will continue to provide labor, equipment and general project management for NU's transmission projects throughout New England.
"A strong transmission grid is vital to New England's safety, security and economic prosperity. Quanta's proven expertise in transmission infrastructure services, nationwide scope and large workforce are key elements in solving the transmission limitations in New England," said Charles W. Shivery, chairman, president and chief executive officer of Northeast Utilities.
"This arrangement builds on the ongoing success of the recently energized Middletown-Norwalk project, where Quanta's expertise in providing transmission construction services across 45 miles in Connecticut aided us in completing the major project ahead of schedule by one year and nearly $100 million below budget," Shivery said. "As New England's energy future becomes more complex and demanding, we are continuing efforts to improve the transmission system with infrastructure projects that strengthen the grid and provide benefits to the region's customers. We also see the possibility of renewable-related projects in the future. This extended agreement assures we have the expertise and resources available to meet our future project work."
John Colson, chairman and chief executive officer of Quanta Services stated: "We share NU's commitment to strengthening electric reliability and helping New England meet the region's aggressive energy, environmental and economic goals. As a regional and national transmission leader, NU is working to develop New England energy solutions from diverse sources. We are committed to enhancing the transmission infrastructure to improve that access."
