Stantec selected by Los Angeles Department of Water & Power for 5-year US $104-million Master Services Agreement
Rhea-AI Summary
Stantec (TSX, NYSE:STN), a global leader in sustainable design and engineering, has been selected by the Los Angeles Department of Water & Power (LADWP) for a five-year master services agreement worth US$104 million. The firm will support LADWP's Power System Reliability Program (PSRP) to upgrade, expand, and modernize electrical infrastructure in greater Los Angeles, focusing on:
- Renewing aging infrastructure
- Driving the clean energy transition
- Providing power system and resource development services
- Conducting transmission planning studies and reliability assessments
- Offering consulting services for construction, maintenance, and safety
- Performing planning and feasibility studies for renewable resources
This agreement highlights Stantec's role in supporting utilities worldwide in modernizing electrical infrastructure and integrating renewable energy sources.
Positive
- Secured a US$104 million master services agreement with LADWP for 5 years
- Expanding presence in the renewable energy and power infrastructure sector
- Opportunity to contribute to large-scale clean energy transition in California
- Diversification of services including transmission planning, reliability assessments, and renewable resource studies
Negative
- None.
News Market Reaction
On the day this news was published, STN gained 1.45%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
The firm will support LADWP’s efforts to bolster reliability and enable the large-scale transition to renewable energy in California
LOS ANGELES and EDMONTON, Alberta and NEW YORK, Aug. 15, 2024 (GLOBE NEWSWIRE) -- TSX, NYSE:STN
Stantec, a global leader in sustainable design and engineering, has been selected by the Los Angeles Department of Water & Power (LADWP) for a new five-year master services agreements (MSA) to upgrade, expand, and modernize the electrical infrastructure in greater Los Angeles. The firm will support LADWP’s Power System Reliability Program (PSRP) projects to renew aging infrastructure and assist LADWP in driving the clean energy transition forward.
Stantec will serve as one of the Owner’s Representatives (OE) for the duration of the US
As part of the resource development services, Stantec will perform planning and feasibility studies, renewable resources assessments, reliability and cost evaluations, as well as assessments of best practices for the management of LADWP’s power supply as requested. Engineering services for conventional generation, renewable energy, and supporting projects, including all aspects of civil, electrical, mechanical, structural, and geotechnical engineering may also be provided.
“Renewable power generation is only part of the energy transition leading to a lower carbon future. Utilities around the world must also modernize and expand the electrical infrastructure needed to deliver power to our communities, safely and reliably,” says Mario Finis, executive vice president of Energy & Resources at Stantec. “Our power delivery teams understand the diverse set of challenges associated with integrating large amounts of renewables onto the grid, and we’re proud to support LADWP as they drive the transition to clean energy.”
Stantec’s Energy & Resources team is an industry leader in power delivery services and solutions designed to support the changing needs of global communities. The global firm’s work involves evaluating, designing, and commissioning generation, transmission, substation, distribution, energy storage, and grid modernization projects. Earlier this year, Stantec signed a CAD
To learn more about Stantec’s Power Delivery services, click here.
About Stantec
Stantec empowers clients, people, and communities to rise to the world’s greatest challenges at a time when the world faces more unprecedented concerns than ever before.
We are a global leader in sustainable architecture, engineering, and environmental consulting.
Our professionals deliver the expertise, technology, and innovation communities need to manage aging infrastructure, demographic and population changes, the energy transition, and more.
Today’s communities transcend geographic borders. At Stantec, community means everyone with an interest in the work that we do—from our project teams and industry colleagues to our clients and the people our work impacts. The diverse perspectives of our partners and interested parties drive us to think beyond what’s previously been done on critical issues like climate change, digital transformation, and future-proofing our cities and infrastructure.
We are designers, engineers, scientists, project managers, and strategic advisors. We innovate at the intersection of community, creativity, and client relationships to advance communities everywhere, so that together we can redefine what’s possible.
Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at stantec.com or find us on social media.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding the initiatives and projects described above. Forward-looking statements also include any other statements that do not refer to historical facts. By their nature, forward-looking statements are based on assumptions and subject to inherent risks and uncertainties. There is a risk that the initiatives and projects described above may be delayed, cancelled, suspended or terminated. This could cause future results to differ materially from the forward-looking statements made in this news release. Except as may be required by law, Stantec undertakes no obligation to publicly update or revise any forward-looking statements. Forward-looking statements are provided herein for the purpose of giving information about the initiatives and projects referred to above and their expected impact. Readers are cautioned that such information may not be appropriate for other purposes.
| Media Contact Ashley Warnock Stantec Corporate Media Relations Ph: (780) 969-6610 ashley.warnock@stantec.com | Investor Contact Jess Nieukerk Stantec Investor Relations Ph: (403) 569- 5389 ir@stantec.com | Project Media Contact Tyler McCalpin Stantec Energy & Resources PR Ph: (780) 917-8513 tyler.mccalpin@stantec.com |
FAQ
What is the value and duration of Stantec's agreement with LADWP?
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