PWR closed at $21.72.
This is one of the companies that should have benefitted from all the "shovel-ready" talk of a couple years ago but, of course, that was just talk.
One of these days the country will get around to upgrading the electrical grid, hopefully before the brownouts start.
From the press release:
Quanta Services, Inc. (NYSE: PWR) today announced that it has been selected by American Electric Power (NYSE: AEP) to provide transmission infrastructure services for two AEP Transmission Company subsidiaries. Under agreements with AEP Ohio Transmission Company and AEP Oklahoma Transmission Company, Quanta will rebuild or replace existing transmission infrastructure including, but not limited to, structures, conductor and shield wire. The infrastructure services provided by Quanta will be performed on over 900 miles of existing transmission lines for an estimated aggregate value of more than $300 million. Work has begun and should be completed in 2014. The final terms and conditions of the agreements are expected to be finalized shortly.
"AEP's initiatives to improve their transmission infrastructure are part of a nationwide trend by utilities to improve the U.S. electric grid, and Quanta is proud to have been selected to play an important role in this effort," said Jim O'Neil, president and chief executive officer of Quanta Services. "These projects build on the long-term relationship that Quanta has with AEP, and we appreciate their confidence in our ability to complete these important projects on time and on budget."...