Quanta Services, Inc. announced that it has signed a memorandum of understanding (MOU) with Northeast Utilities that establishes the general framework for a contract under which Quanta will provide transmission infrastructure services related to NU's transmission build out. The contract intended by the MOU, which is expected to be finalized by the end of the year, will be valued at approximately $750 million starting in 2008 and extending through 2013.
"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 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 Middletown-Norwalk project where Quanta is providing transmission construction services across 45 miles in Connecticut. Quanta shares our commitment to strengthening electric reliability and reducing costly congestion in this region through upgrading the transmission infrastructure."
"We are eager to again join with NU to make power reliability a reality in New England," said John R. Colson, chairman and chief executive officer of Quanta Services. "We are committed to enhancing the nation's transmission infrastructure by strategically leveraging our expertise, our workforce and our resources."