- MYR Group (MYRG, Financial) secures a major five-year contract with Xcel Energy valued at over $500 million.
- This agreement strengthens their 70-year partnership and supports infrastructure modernization.
- The contract covers turnkey design-build services across multiple state territories.
MYR Group Inc. (MYRG), a leading specialty contractor in the electric utility infrastructure market, has announced a significant five-year Design-Build Electric Distribution Master Service Agreement (MSA) with Xcel Energy Inc. The agreement, expected to surpass $500 million in value, will be in effect through 2029.
The MSA includes comprehensive design-build distribution services such as permitting, right of way, public outreach, as well as the design and construction across various Xcel Energy service territories. This collaboration focuses on critical initiatives including wildfire mitigation, capacity expansion, and infrastructure modernization.
The new contract not only fortifies a nearly 70-year relationship between MYR Group and Xcel Energy but also ensures a steady long-term revenue stream until 2029. Rick Swartz, President and CEO of MYR Group, emphasized the opportunity to deploy high-performing teams to support Xcel Energy’s key initiatives, reflecting the strong market investments in national infrastructure.
MYR Group, through its subsidiaries, provides a wide array of electrical contracting services across the United States and Canada, focusing on both the Transmission & Distribution (T&D) and Commercial & Industrial (C&I) sectors. This new agreement with Xcel Energy demonstrates MYR Group's strategic positioning and capability in the electric utility industry.
