$50M Contract for Granite in PG&E Dam Spillway Replacement — Granite Construction Incorporated

Event summary

$50M contract awarded to Granite by PG&E for Tiger Creek Regulator Dam spillway replacement.
Project part of PG&E’s Mokelumne River Hydroelectric Project, replacing a 1931 structure.
Construction began in May 2026, expected completion by May 2028.
Granite previously secured $600K preconstruction contract for early planning in 2024.

The big picture

Granite’s $50M contract with PG&E underscores the growing demand for infrastructure upgrades in the energy sector. The project aligns with broader trends in dam safety and regulatory compliance, positioning Granite as a key player in critical infrastructure development. This deal also highlights the company’s ability to secure large-scale contracts in a competitive market.

What we're watching

Execution Risk: Whether Granite can deliver the project on time and within budget, given its complexity.
Regulatory Compliance: How the project aligns with updated regulatory and engineering standards for dam safety.
Strategic Partnerships: The potential for Granite to secure additional contracts from PG&E or other utility companies.