"Turning to electric distribution. Due to spending reductions during the last recession and the significant allocation of capital to transmission, utility distribution investment has been inadequate. Major weather events over the past few years have highlighted system integrity and reliability challenges. As a result, we are seeing significant reinvestment in distribution assets across North America. The utilities are implementing system-hardening initiatives to better resist severe storm events, and utility regulators are increasingly showing a willingness to allow favorable rate treatment for those distribution upgrades.
In addition, utilities are enhancing distribution networks as distributed generation, demand response and other technologies are deployed. New-home construction strength in some markets is driving distribution activity as well.
We continue to add distribution crews to our customers' distribution systems because of these dynamics. Over the past year, Quanta has experienced a strong double-digit increase in distribution MSA backlog. We see opportunity for double-digit distribution revenue growth for the next several years as a result."
In corporate speak, "double digit" means anything above 10% but less than 15%. 15% - 20% is simply expected, not impressive. 21% - 29% is above average and will impress shareholders. 30+% will impress and attract new investors. Vagueries are always meant to appease the hopes of current shareholders. Good luck!