MYR Group subsidiary wins $500 million Xcel Energy contract

MYR Group Inc. (NASDAQ: MYRG) announced that one of its subsidiaries has secured a five-year Design-Build Electric Distribution Master Service Agreement with Xcel Energy Inc. The contract, effective through 2029, is expected to generate work valued at more than $500 million over the five-year period.

The master service agreement encompasses turnkey design-build distribution services across multiple states within Xcel Energy's service territories. Services include permitting, right of way acquisition, public outreach, design and construction activities.

The contract supports Xcel Energy's initiatives in wildfire mitigation, capacity expansion, and infrastructure modernization. MYR Group has maintained a business relationship with Xcel Energy for nearly 70 years.

"We are proud to have been awarded an MSA as part of this significant program," said Rick Swartz, President and Chief Executive Officer of MYR Group. "This opportunity not only enhances our nearly 70-year relationship with Xcel Energy but also allows us to deploy our high-performing teams with a strong track record of successful project execution."

MYR Group operates as a holding company for specialty electrical contractors serving the electric utility infrastructure, commercial and industrial construction markets in the United States and Canada. The company operates through two business segments: Transmission & Distribution and Commercial & Industrial.

The information is based on a press release statement from MYR Group.

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