Company will provide engineering, procurement and construction services
LOWELL, MASS. – October 22, 2015 -- TRC Companies, Inc. (NYSE: TRR), a recognized leader in engineering, consulting and construction management services to the energy, environmental and infrastructure markets, announced today it has been awarded a contract to engineer, procure and construct a new electric substation in downtown Providence, Rhode Island, to replace National Grid’s existing South Street Station. This award represents the primary outsourced solution to completing a four-year, multi-faceted project, which includes the installation of 165 Megawatts of 115kV transformation. The new substation will support National Grid’s customers, including the City of Providence and much of the downtown Providence area, with safe, efficient and reliable electricity for years to come.
“TRC is proud to expand our long-standing relationship with National Grid by supporting them on this critical project,” said Chris Vincze, Chairman and Chief Executive Officer. “As energy companies continue to tackle the issue of aging infrastructure and reliable service, TRC is dedicated to providing our utility clients with technical expertise and creative solutions to better serve their customers and the communities in which they work.”
Under the contract, TRC will construct a new South Street Substation. Among other things, the work is planned to include an all new Control and Switchgear Building and adjacent yard; conversion of existing overhead line supply circuits to underground cable circuits; re-route of the existing underground feeder facilities to the new substation; performance of related substation modifications at remote substation terminals; and removal of existing overhead line circuits, unused portions of existing feeder getaways and substation facilities including the existing switchgear building.
Replacing the aging substation with new equipment and materials will improve efficiency and support National Grid’s delivery of safe and reliable electricity to its customers. The project will also improve the environment and enhance skyline and river views by removing existing steel transmission towers.
Design and engineering for the project has begun and is expected to be complete in early 2016. The project is well into the permitting phase for regulatory and municipal approvals. The remaining construction, transmission installation and demolition activities will take place over three years and will commence upon receiving all needed permits. The new station is expected to be fully functional and the site restored to its original state by the end of summer 2019.
Certain statements in this press release may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You can identify these statements by forward-looking words such as "may," "expects," "plans," "anticipates," "believes," "estimates," or other words of similar import. You should consider statements that contain these words carefully because they discuss TRC’s future expectations, contain projections of the Company’s future results of operations or of its financial condition, or state other "forward-looking" information. TRC believes that it is important to communicate its future expectations to its investors. However, there may be events in the future that the Company is not able to accurately predict or control and that may cause its actual results to differ materially from the expectations described in its forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and actual results may differ materially from those discussed as a result of various factors, including, but not limited to, the uncertainty of TRC’s operational and growth strategies; circumstances which could create large cash outflows, such as contract losses, litigation, uncollectible receivables and income tax assessments; regulatory uncertainty; the availability of funding for government projects; the level of demand for TRC’s services; product acceptance; industry-wide competitive factors; the ability to continue to attract and retain highly skilled and qualified personnel; the availability and adequacy of insurance; and general political or economic conditions. Furthermore, market trends are subject to changes, which could adversely affect future results. See the risk factors and additional discussion in TRC’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015, and other factors included from time to time in the Company’s other subsequent filings with the Securities and Exchange Commission.