NEW YORK CITY—The tide is shifting in the power plant and energy sector, and Skanska has its eyes on making the most of that change.
The project development and construction firm launched its Power and Industrial Center of Excellence earlier this summer and plans to facilitate growth through that divison, Rich Cavallaro, president, Skanska USA Civil, tells GlobeSt.com.
“We see so many opportunities in the power and industrial sectors,” he says. “Fracking has created a lot of natural gas and the fact that there's cheap energy is causing lots of work.”
In fact, Cavallaro declares, the United States' days of relying on other countries for oil will soon come to an end; creating still more opportunities for Skanska. “We've been a net importer of energy for a long time but in the near future, we will become a net exporter. I'm happy to build those plants for whoever wants them.”
The company is looking to grow “internally,” he says, meaning it is “looking for new opportunities within its existing geographic footprint through past project experience, relationships and expertise.”
More specifically, Cavallaro states, “We would like to grow in the Midstream energy sector, particularly in the Northeast. We already have a big presence in that geographic market and it's work we understand. With the Downstream energy sector, huge opportunities are plants being planned in Louisiana and Texas. Those are the types of projects we'd love to be involved in—big processing plants where you need to know how to manage both engineering and construction.”
“Cheap energy,” as Cavallaro calls it, is good for more than just the power sector. “It also is driving industrial, especially in Houston and Louisiana, because there's an opportunity to export gas. There are a lot of good things going on.”
The only question is, could all of this good fortune spontaneously combust? Says Cavallaro, “There will be a bubble, for sure, but as long as we can deliver cheaper energy, we're going to bring industry back to the US.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
