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Researched by Industrial Info Resources (Sugar Land, Texas)--Engineering and consulting firm Tetra Tech Incorporated (NASDAQ:TTEK) (Pasadena, California) has weathered the COVID-19 pandemic to emerge with some of the highest-valued projects in the U.S. energy market on the cusp of completion. Tetra Tech is nearing the end of two major fossil fuel-related projects, and is planning or preparing several renewable-generation and energy-storage projects. Industrial Info is tracking more than $27.7 billion in active projects involving Tetra Tech worldwide, including about $20 billion in the U.S.
Click on the image at right for a graph detailing active U.S.-based projects involving Tetra Tech, by industry sector.
One of the largest, most widely anticipated projects involving Tetra Tech is coming to an end after nearly three years of construction: Cheniere Energy Incorporated's (NYSE:LNG) (Houston, Texas) $3 billion Train 3 at its LNG Liquefaction Plant in Corpus Christi, Texas. Tetra Tech served as environmental consultant on the 4.5 million-ton-per-year project. Train 3 has been operating in test mode since December, when the project entered its final commissioning phase and began loading cargo. Cheniere recently asked the U.S. Federal Energy Regulatory Commission (FERC) to approve its request to put Train 3 in service. For more information, see Industrial Info's project report.
Cheniere, the top U.S.-based LNG producer, recently said it expects demand for the fuel to improve as COVID-19 vaccines are distributed. The company points to recovering fuel demand in Asia, particularly in China, as an example. When Train 3 is fully operational, the Corpus Christi complex will have a production capacity of 15 million metric tons per year.
Among the other projects involving Tetra Tech that are set for completion by the end of the year is EQT Corporation's (NYSE:EQT) (Pittsburgh, Pennsylvania) Mountain Valley Pipeline (MVP), a 303-mile system that will run from West Virginia to Virginia and carry up to 2 billion feet per day of natural gas from the Marcellus and Utica shales. Among the phases to be completed by mid-year are a 104-mile, $510 million segment from Wetzel County, West Virginia, to Braxton County, West Virginia, and a 199-mile, $800 million segment from Braxton County to Pittsylvania County, Virginia.
"We are currently assuming MVP will be operational at the beginning of 2022, but are carefully watching as progress unfolds," said David Khani, the chief financial officer of EQT, in a recent earnings call. Developers say construction for the entire project is on schedule for completion by the end of 2021, and it received a boost last week when the U.S. Circuit Court of Appeals for the District of Columbia denied a request by several environmental organizations to halt the project. Tetra Tech served as an environmental consultant on the project. For more information, see Industrial Info's project reports on the 104-mile and 199-mile segments.
In the renewable-energy sector, Tetra Tech is preparing to begin construction in the coming months on Avangrid Incorporated's (NYSE:AGR) (Orange, Connecticut) long-delayed, estimated $330 million Golden Hills Windfarm in Moro, Oregon, which is expected to generate 200 megawatts (MW) from 125 Vestas turbines. The project lingered in its planning phase for nearly a decade before it received a much-needed boost last year, when Avangrid signed an offtake agreement with Puget Sound Energy (Bellevue, Washington). For more information, see Industrial Info's project report.
Tetra Tech also is playing a part in the growing use of battery energy storage systems (BESS), a key component of renewable energy generation. RWE AG (Essen, Germany) is seeking permits for a proposed, 40-MW BESS project at its Janus Solar plant in Williams, California, while NTE Energy (St. Augustine, Florida) is seeking permits for a 200-MW BESS at its gas-fired Killingly Energy Center in Windham, Connecticut. The projects are slated to begin construction in first-quarter 2022 and third-quarter 2023. Tetra Tech is an environmental consultant on both projects. For more information, see Industrial Info's reports on the Janus Solar and Killingly Energy projects.
Tetra Tech recently reported its fourth-quarter 2020 revenues stood at $765.1 million, a 4.1% decrease from fourth-quarter 2019; when excluding the effects of subcontractor costs, net revenues were reported to be $605.2 million, a 1.4% decrease from the same period last year.
"When compared to the first quarter of last year, our revenue and net revenue was impacted by the economic conditions resulting from the COVID-19 global pandemic, as well as our decision last year to dispose of our Canadian turnkey pipeline business," said Steven Burdick, the chief financial officer of Tetra Tech, in a recent earnings-related conference call.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
Click on the image at right for a graph detailing active U.S.-based projects involving Tetra Tech, by industry sector.One of the largest, most widely anticipated projects involving Tetra Tech is coming to an end after nearly three years of construction: Cheniere Energy Incorporated's (NYSE:LNG) (Houston, Texas) $3 billion Train 3 at its LNG Liquefaction Plant in Corpus Christi, Texas. Tetra Tech served as environmental consultant on the 4.5 million-ton-per-year project. Train 3 has been operating in test mode since December, when the project entered its final commissioning phase and began loading cargo. Cheniere recently asked the U.S. Federal Energy Regulatory Commission (FERC) to approve its request to put Train 3 in service. For more information, see Industrial Info's project report.
Cheniere, the top U.S.-based LNG producer, recently said it expects demand for the fuel to improve as COVID-19 vaccines are distributed. The company points to recovering fuel demand in Asia, particularly in China, as an example. When Train 3 is fully operational, the Corpus Christi complex will have a production capacity of 15 million metric tons per year.
Among the other projects involving Tetra Tech that are set for completion by the end of the year is EQT Corporation's (NYSE:EQT) (Pittsburgh, Pennsylvania) Mountain Valley Pipeline (MVP), a 303-mile system that will run from West Virginia to Virginia and carry up to 2 billion feet per day of natural gas from the Marcellus and Utica shales. Among the phases to be completed by mid-year are a 104-mile, $510 million segment from Wetzel County, West Virginia, to Braxton County, West Virginia, and a 199-mile, $800 million segment from Braxton County to Pittsylvania County, Virginia.
"We are currently assuming MVP will be operational at the beginning of 2022, but are carefully watching as progress unfolds," said David Khani, the chief financial officer of EQT, in a recent earnings call. Developers say construction for the entire project is on schedule for completion by the end of 2021, and it received a boost last week when the U.S. Circuit Court of Appeals for the District of Columbia denied a request by several environmental organizations to halt the project. Tetra Tech served as an environmental consultant on the project. For more information, see Industrial Info's project reports on the 104-mile and 199-mile segments.
In the renewable-energy sector, Tetra Tech is preparing to begin construction in the coming months on Avangrid Incorporated's (NYSE:AGR) (Orange, Connecticut) long-delayed, estimated $330 million Golden Hills Windfarm in Moro, Oregon, which is expected to generate 200 megawatts (MW) from 125 Vestas turbines. The project lingered in its planning phase for nearly a decade before it received a much-needed boost last year, when Avangrid signed an offtake agreement with Puget Sound Energy (Bellevue, Washington). For more information, see Industrial Info's project report.
Tetra Tech also is playing a part in the growing use of battery energy storage systems (BESS), a key component of renewable energy generation. RWE AG (Essen, Germany) is seeking permits for a proposed, 40-MW BESS project at its Janus Solar plant in Williams, California, while NTE Energy (St. Augustine, Florida) is seeking permits for a 200-MW BESS at its gas-fired Killingly Energy Center in Windham, Connecticut. The projects are slated to begin construction in first-quarter 2022 and third-quarter 2023. Tetra Tech is an environmental consultant on both projects. For more information, see Industrial Info's reports on the Janus Solar and Killingly Energy projects.
Tetra Tech recently reported its fourth-quarter 2020 revenues stood at $765.1 million, a 4.1% decrease from fourth-quarter 2019; when excluding the effects of subcontractor costs, net revenues were reported to be $605.2 million, a 1.4% decrease from the same period last year.
"When compared to the first quarter of last year, our revenue and net revenue was impacted by the economic conditions resulting from the COVID-19 global pandemic, as well as our decision last year to dispose of our Canadian turnkey pipeline business," said Steven Burdick, the chief financial officer of Tetra Tech, in a recent earnings-related conference call.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com/.
