Latest news with #GrainBeltExpress
Yahoo
09-05-2025
- Business
- Yahoo
Largest U.S. electric line set for 2026 start in Kansas
WICHITA, Kan. (KSNW) —The Grain Belt Express has awarded $1.7 billion in contracts to Quanta Services and Kiewit Energy Group to begin work on the largest electric transmission project in U.S. history—an 800-mile line connecting Kansas to Indiana. Phase 1, linking Kansas and Missouri, is set to begin construction in 2026. According to its planners, the line will deliver 5,000 megawatts of power, lower energy costs, and is expected to create more than 4,000 jobs. Work continues on transmission line across Kansas Developed by Invenergy, the project uses high-voltage direct current technology to connect four grid regions. More than 1,500 land agreements have been signed in Kansas and Missouri, with $105 million committed to landowners. In a news release, Invenergy says local materials will be sourced when possible, and the project won't rely on ratepayer funding. Kansas lawmakers are backing the initiative as a major infrastructure investment with long-term benefits for the state. For more Kansas news, click here. Keep up with the latest breaking news by downloading our mobile app and signing up for our news email alerts. Sign up for our Storm Track 3 Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
07-05-2025
- Business
- Yahoo
Grain Belt Express awards $1.7B in contracts for transmission line through Kansas, other states
Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Yahoo is using AI to generate takeaways from this article. This means the info may not always match what's in the article. Reporting mistakes helps us improve the experience. Generate Key Takeaways The Grain Belt Express announced $1.7 billion in contractor awards on Wednesday to build a transmission line through Kansas, Missouri, Illinois and Indiana. (Robert Zullo/States Newsroom) TOPEKA – The Grain Belt Express, an 800-mile electric transmission line to be built through Kansas, Missouri, Illinois and Indiana, announced $1.7 billion in contractor awards on Wednesday. The awards were made to Quanta Services of Houston and Kiewit Energy Group Inc. of Omaha. Grain Belt Express is an Invenergy project expected to add 5,000 megawatts of U.S. energy delivery capacity, according to an Invenergy press release. It's also expected to provide $52 billion in energy cost savings to Americans over 15 years. 'Quanta Services and Kiewit have strong local presences and expect to source raw materials locally in Kansas and Missouri when possible, including concrete, aggregate, civil materials, conduit, and piping,' the press release said. 'Main construction, engineering, and procurement offices for Grain Belt Express Phase 1 will be based out of Overland Park and Lenexa, Kansas.' Kansas Senate President Ty Masterson said the Grain Belt Express is a multimillion dollar investment that will pay off for Kansans. 'The selection of contractors and suppliers with a local presence is just one of the many sizable economic benefits Grain Belt Express brings, in addition to greater energy cost savings and reliability,' he said. In April, the Kansas Corporation Commission modified the route for one of two transmission lines that will connect wind and solar farms to the Grain Belt Express that was originally planned to run for 46 miles through parts of Ford, Meade and Gray counties. 'The new route reduces the length of the line by 12 miles and avoids 24 parcels of land resulting in fewer landowners being impacted,' a KCC press release said. 'The 16-mile Bucklin-Dodge City Line remains unchanged.' A map showing the new route of the Meade-Dodge City line can be viewed here. The Invenergy press release said 1,500 agreements have been executed with landowners for easement rights. More than $105 million is part of executed easement agreements, including $19 million already paid to landowners and an additional $86 million due at construction, the company said. More than 95% of Grain Belt Express Phase 1 main line land acquisition is complete. 'Kansans working to balance household budgets and run businesses want energy that's affordable and reliable, and that's what we are getting with Grain Belt Express, all without ratepayers being forced to pay for it,' said Kansas House Speaker Dan Hawkins.
Yahoo
07-05-2025
- Business
- Yahoo
Quanta Services (NYSE:PWR) Wins Part Of US$1.7 Billion Contract For HVDC Line Project
Quanta Services saw a 33% upward price movement over the past month, largely reflecting the boost from securing nearly $1.7 billion in awards for the Grain Belt Express project. The announcement highlighting enhanced U.S. grid security and job creation added weight to this surge. The company's strong Q1 earnings report, with a significant rise in sales, and increased year-end guidance further fueled optimism, even as broader markets remained mixed amid pending Fed interest rate decisions and trade negotiations. These elements collectively supported the company's price movement compared to the market's flat performance. You should learn about the 1 risk we've spotted with Quanta Services. NYSE:PWR Revenue & Expenses Breakdown as at May 2025 These 16 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. The recent 33% surge in Quanta Services' share price, spurred by the effective communication of a US$1.7 billion win from the Grain Belt Express project, underscores the positive investor sentiment around its growth initiatives. This move is anticipated to reinforce Quanta's narrative of revenue and margin expansion driven by increased grid security efforts and job creation. However, it's pertinent to consider how this will translate into sustained financial performance. The anticipated boost in revenue and earnings forecasts aligns with Quanta's strategic expansion and acquisition efforts, particularly in Australia and through the Cupertino acquisition, which broaden service lines and enhance revenue consistency. Over the past five years, Quanta has achieved a very large total return of 906.67%, highlighting its capacity for long-term growth. Over the past year, Quanta has outperformed the US market's 7.2% return and the US Construction industry's 17% return, reflecting positively on its resilience and growth potential. The company's recent news may potentially drive revenue to US$33.5 billion by 2028, with earnings expected to grow towards US$1.5 billion, bolstering analyst confidence, as reflected in a consensus price target of US$319.60. Currently, Quanta's share price stands at US$292.38, indicating an 8.5% potential upside relative to the target. This proximity to the target suggests a market view that the stock is appropriately valued, aligning with analyst projections. Gain insights into Quanta Services' historical outcomes by reviewing our past performance report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Axios
24-04-2025
- Business
- Axios
A power titan calls transmission key to Trump's agenda
Michael Polsky, founder and CEO of independent power giant Invenergy, has plenty on his plate. But one priority stands out. "If I could only be allowed to give one [piece of] advice to the administration, what to do, what's most important, I would say, 'Support transmission development. Everything else will come,'" he tells Axios. Why it matters: The breadth of the privately held firm's assets and plans gives Polsky a wide-angle view as the U.S. faces newly rising power demand. Invenergy is among the country's largest renewable and storage developers. Its assets and pipeline also include large transmission and gas projects, and solar panel manufacturing. Driving the news: Polsky called interregional transmission a tech-neutral key to unlocking and moving power needed for supporting AI and other large industries, and re-shoring manufacturing. That dovetails with the heavy White House emphasis on energy infrastructure — including grid updates — but Polsky has some specifics in mind. What we're watching: In late November, the Biden-era DOE announced a conditional $4.9 billion loan guarantee for phase 1 of Invenergy's proposed five-gigawatt Grain Belt Express line from Kansas to Indiana. The first 2.5 gigawatt phase would run nearly 600 miles from Kansas to Missouri, but faces some political opposition, notably from GOP Sen. Josh Hawley (R-Mo.). Invenergy is in discussions with the administration about the loan financing, a spokesperson said. "President [Trump] said we want to unleash American energy, we want to have abundance, low cost, independence. This is what Grain Belt is all about," Polsky said. Asked about other policy goals, he said FERC has historically not been "proactive" on large-scale transmission. "Perhaps the politicians have to take things in their hands and create some political enablers, legislation to support these initiatives," he said. The big picture: Permitting help is key, but not enough, Polsky said. Independent developers need access to cost-recovery mechanisms to make the economics work — and reflect the resilience and reliability benefits the lines provide, he argues. Catch up quick: The multinational Invenergy's 209 generation and storage projects total 33 gigawatts of capacity to date, mostly in the U.S. Roughly 20% comes from natural gas, according to a spokesperson. Its project pipeline has an estimated value of $150 billion, private equity giant Blackstone, a major investor, told the WSJ. Gas is playing a growing role thanks to customer demand from data centers and other factors, the Invenergy spokesperson said via email. Threat level: Polsky warned that nixing IRA incentives could raise consumer costs for two reasons. One is that it makes solar, wind and storage less expensive. Another is that killing IRA subsidies would lessen competition with fossil fuels at a time of rising demand, which would also be inflationary for energy costs, he said. "If we remove all IRA support, prices for energy would go up, definitely," Polsky said. The bottom line: Meeting Trump's energy goals will require a mix of sources, he said.
Yahoo
22-03-2025
- Business
- Yahoo
Bill aims at eminent domain reform
Mar. 21—TOPEKA — A bill has targeted eminent domain laws in Kansas as a Barton County landowner awaits a decision on a taking affecting construction of Grain Belt Express's electric transmission line. Senate Bill 262, authored and introduced by the Senate Committee on Federal and State Affairs on Feb. 11, was referred to the Committee on Judiciary on Feb. 14. Sen. Tory Marie Blew (R-Great Bend) is the vice-chair of the Affairs Committee. Sen. Blew was in Topeka Thursday attending a long session on the Senate Floor; after a recess Friday the Senate resumes on Monday at 10 a.m. She explained that her Affairs committee is exempt from certain procedural deadlines. "Anyone can introduce a bill in any committee, but Fed and State is an exempt committee so the bill never 'dies,'" she said. A hearing on the bill has yet to be scheduled. The bill in similar form was introduced in the House as HB 2187 by Kansas Rep. Brett Fairchild (R-St. John) on Jan. 31 and referred to the House Committee on Judiciary. About SB 262 Senate Bill 262 is an extensive revision of K.S.A. 26-501, 502 and 507, which have been on the books since 1963 with some definitions revised in 2007. As introduced on Feb. 11, 2025, the bill seeks to eliminate the legislature's authority to seize private property for economic development purposes and to narrow the definition of "public use" in eminent domain cases. One of the key provisions of Senate Bill 262 mandates that any agency intending to acquire private property must provide a good faith offer of compensation to the property owner at least 30 days before filing an eminent domain petition. This offer must be the minimum compensation amount and cannot be reduced or revoked once made. The bill also prohibits the taking of private property for the purpose of transferring it to a private entity, reinforcing the notion that eminent domain should only be used for public benefit. This change addresses growing concerns among property owners and advocates who argue that previous laws allowed for excessive government overreach in property acquisition. Additionally, of a good faith offer exceeds the appraiser's award, the greater amount may be subject to appeal only by the property owner. Debate surrounding Senate Bill 262 has been notable, with proponents arguing that it protects property rights and ensures fair compensation for landowners. Critics, however, express concerns that the bill may hinder necessary economic development projects by making it more difficult for agencies to acquire land for public infrastructure or community improvements. A landowner's support Tammy Hammond, founder, owner and CEO of Rosewood Services in Barton County, this week submitted written testimony to Sen. Kellie Warren, chair of the Senate Committee on Judiciary to be offered at a future hearing in consideration of the bill. Currently, Hammond is awaiting the decision of a court-appointed panel of appraisers charged with determination of the contested value of approximately 30 acres of Rosewood Ranch being sought as easement property for Invenergy's Grain Belt Express. GBE plans to construct a 780-mile, 5,000-volt direct current transmission line through Kansas, which includes locating and building several support towers averaging 150 feet in height on four tracts of Rosewood property. After filing a petition invoking eminent domain, GBE and Hammond participated in a condemnation hearing held March 7 and Barton County Courthouse. Along with hearing testimony from witnesses on both sides, the panelists adjourned the hearing to view the Ranch where staked-out locations indicated where the towers were planned to be placed. In her testimony, Hammond noted that she was "encouraged to see that the current senate bill addresses fair compensation, especially since Invenergy has not compensated landowners adequately. In my own case, the easement agreement is not even written correctly and does not properly describe the prior use of the land for which compensation is being sought. "I want to make sure that any legislation that is passed cannot simply be circumvented by corporate interest that run counter to the welfare of Kansans. It's crucial that lawmakers understand the future threats to our land, given strategies on the part of private developers to take property for new projects with the encouragement of state and federal governmental agencies."
