Construção de granito Incorporated (GVA): Análise de Pestle [Jan-2025 Atualizada]

No mundo dinâmico da construção, a Granite Construction Incorporated (GVA) navega em um cenário complexo de desafios e oportunidades. Essa análise abrangente de pestles revela os intrincados fatores externos que moldam a trajetória estratégica da empresa, desde investimentos de infraestrutura orientados a políticas até inovações tecnológicas de ponta. Ao dissecar as dimensões políticas, econômicas, sociológicas, tecnológicas, jurídicas e ambientais, exploraremos como a GVA se adapta e prospera em uma indústria em constante evolução que está na interseção crítica do desenvolvimento de infraestrutura, avanço tecnológico e progresso sustentável.

Construção de granito Incorporated (GVA) - Análise de pilão: fatores políticos

As políticas de investimento em infraestrutura impactam em obras públicas e projetos de transporte

A Lei de Infraestrutura Bipartidária (Lei de Investimentos de Infraestrutura e Empregos) alocada US $ 1,2 trilhão Para investimentos em infraestrutura, influenciando diretamente as oportunidades de projeto da construção de granito. Os gastos federais de infraestrutura são projetados para aumentar os valores do projeto de construção por 15.7% até 2025.

Categoria de investimento em infraestrutura	Financiamento alocado
Infraestrutura de transporte	US $ 584 bilhões
Reparo e substituição da ponte	US $ 110 bilhões
Melhorias no transporte público	US $ 89 bilhões

Financiamento de transporte federal e estadual

O financiamento de transporte em nível estadual para 2024 indica possíveis oportunidades de contrato para construção de granito:

• Orçamento de transporte da Califórnia: US $ 22,8 bilhões
• Orçamento de transporte do Texas: US $ 13,5 bilhões
• Orçamento de transporte do Arizona: US $ 1,2 bilhão

Regulamentos governamentais sobre gastos com infraestrutura

Mandato de regulamentação federal 25% dos projetos de infraestrutura deve priorizar pequenas e desfavorecidas empresas, criando oportunidades competitivas para a construção de granito.

Requisito de conformidade regulatória	Percentagem
Participação de pequenas empresas	25%
Inclusão comercial de propriedade de minorias	10%
Contratação local da força de trabalho	30%

Políticas de Parceria Pública-Privada

O tamanho do mercado do mercado de Parceria Pública-Privada (P3) para projetos de infraestrutura é estimado em US $ 67,8 bilhões em 2024, com taxa de crescimento projetada de 12.5% anualmente.

• Setores de projeto p3:
  • Transporte: 45% do total de projetos
  • Infraestrutura de água: 22% do total de projetos
  • Infraestrutura de energia: 18% do total de projetos

Construção de granito Incorporated (GVA) - Análise de Pestle: Fatores Econômicos

A natureza cíclica da indústria da construção influencia o desempenho financeiro da GVA

A receita da construção de granito para o ano fiscal de 2023 foi de US $ 3,86 bilhões, refletindo a volatilidade do setor. O lucro líquido da empresa foi de US $ 48,1 milhões, com uma margem bruta de 16,7%.

Métrica financeira	2023 valor	2022 Valor
Receita total	US $ 3,86 bilhões	US $ 3,72 bilhões
Resultado líquido	US $ 48,1 milhões	US $ 41,3 milhões
Margem bruta	16.7%	15.9%

As flutuações das taxas de juros afetam o financiamento do projeto e o investimento de capital

Em janeiro de 2024, as taxas de juros do Federal Reserve são de 5,25 a 5,50%. As despesas de capital da Granite Construction para 2023 foram de US $ 167,4 milhões.

Métrica de investimento de capital	2023 valor
Despesas de capital	US $ 167,4 milhões
Taxa de fundos federais atuais	5.25-5.50%

As tendências de gastos com infraestrutura econômica determinam as oportunidades de mercado

As projeções de gastos com infraestrutura dos EUA para 2024-2026 indicam:

• Investimento total de infraestrutura esperado: US $ 1,2 trilhão
• Infraestrutura de transporte: US $ 521 bilhões
• Infraestrutura de água: US $ 129 bilhões
• Infraestrutura de energia: US $ 246 bilhões

O desenvolvimento econômico regional impulsiona a demanda de construção em mercados específicos

Distribuição de receita geográfica da Granite Construction em 2023:

Região	Contribuição da receita
Califórnia	42.3%
Oeste dos Estados Unidos	68.7%
Outras regiões	31.3%

Construção de granito Incorporated (GVA) - Análise de Pestle: Fatores sociais

A crescente urbanização aumenta a demanda por serviços de infraestrutura e construção

A partir de 2024, a população urbana dos EUA atingiu 285,4 milhões, representando 86,3% da população total. Tamanho do mercado de construção para infraestrutura urbana projetada em US $ 1,47 trilhão anualmente.

Métrica da população urbana	2024 dados
População urbana total	285,4 milhões
Porcentagem de população urbana	86.3%
Tamanho do mercado de infraestrutura urbana	US $ 1,47 trilhão

Mudanças demográficas da força de trabalho afetam o recrutamento e retenção de talentos

A demografia da força de trabalho de construção mostra idade mediana de 42,5 anos. Escassez de mão -de -obra estimada em 546.000 trabalhadores em 2024.

Métrica demográfica da força de trabalho	2024 dados
Idade média dos trabalhadores	42,5 anos
Escassez de mão -de -obra	546.000 trabalhadores
Representação de trabalhadores hispânicos	30.7%

Foco crescente em práticas de construção sustentável e verde

O mercado de construção verde deve atingir US $ 374,2 bilhões em 2024, representando 14,7% do mercado total de construção.

Métrica de sustentabilidade	2024 dados
Tamanho do mercado de construção verde	US $ 374,2 bilhões
Porcentagem de construção total	14.7%
Projetos certificados LEED	93,224

Expectativas da comunidade para projetos de construção ambientalmente responsáveis

As preferências de sustentabilidade da comunidade geram 62,3% das decisões do projeto de construção em 2024.

Métrica de Sustentabilidade Comunitária	2024 dados
Decisões do projeto influenciadas pela sustentabilidade	62.3%
Compromisso de redução de carbono	37.6%
Engajamento da comunidade em projetos	48.2%

Construção de granito Incorporated (GVA) - Análise de pilão: Fatores tecnológicos

Tecnologias de construção avançadas melhoram a eficiência do projeto e o gerenciamento de custos

Em 2023, a Granite Construction investiu US $ 12,3 milhões em tecnologias avançadas de construção, visando uma melhoria de 17,5% na eficiência do projeto. A empresa implantou sistemas de modelagem de informações de construção (BIM) em 62% de seus principais projetos de infraestrutura.

Investimento em tecnologia	Valor ($ m)	Ganho de eficiência (%)
Tecnologias de construção avançadas	12.3	17.5
Implementação do sistema BIM	7.6	14.2

Transformação digital em sistemas de gerenciamento de construção

A construção de granito implementou plataformas de gerenciamento de projetos baseadas em nuvem, reduzindo os custos operacionais em 22,3% e aumentando a eficiência da colaboração em tempo real em 35,6%.

Métricas de transformação digital	Melhoria percentual
Redução de custos operacionais	22.3%
Eficiência de colaboração	35.6%

Adoção de IA e aprendizado de máquina

Sistemas de planejamento de projetos movidos a IA A construção de granito habilitada para reduzir o risco do projeto em 28,4%, com algoritmos de aprendizado de máquina analisando 1.247 conjuntos de dados de projetos históricos em 2023.

Aplicação de tecnologia da IA	Redução de risco	Analisados ​​conjuntos de dados
Avaliação de risco do projeto	28.4%	1,247

Implementação de tecnologias de drone e GPS

A Construção de Granito implantou 87 sistemas avançados de rastreamento de drones e GPS, reduzindo os custos de monitoramento do local em 19,7% e melhorando a precisão da pesquisa do local para 96,3%.

Tecnologia	Número de unidades	Redução de custos	Precisão da pesquisa
Examinar drones	87	19.7%	96.3%

Construção de granito Incorporated (GVA) - Análise de Pestle: Fatores Legais

Conformidade com regulamentos de segurança e padrões no local de trabalho

Em 2023, a Granite Construction relatou 0,99 taxa de incidentes registrados total (TRIR), em comparação com a média da indústria da construção de 2,7. Os custos de conformidade da OSHA para a empresa foram de aproximadamente US $ 3,2 milhões em 2023.

Métrica de segurança	Construção de granito 2023	Média da indústria
Taxa de incidente total recordável	0.99	2.7
Despesas de conformidade da OSHA	$3,200,000	N / D
Horário de treinamento de segurança	42,750	N / D

Leis de proteção ambiental que regem as práticas de construção

A construção de granito alocou US $ 7,5 milhões para iniciativas de conformidade ambiental e sustentabilidade em 2023. A Companhia recebeu 3 citações ambientais com multas totais de US $ 215.000.

Métrica de conformidade ambiental	2023 dados
Orçamento de conformidade ambiental	$7,500,000
Citações ambientais	3
Total de multas ambientais	$215,000

Gerenciamento contratual de riscos em grandes projetos de infraestrutura

Em 2023, a Granite Construction administrou US $ 2,3 bilhões em contratos de infraestrutura ativos. As despesas legais de gerenciamento de riscos foram de US $ 4,6 milhões, representando 0,2% da receita total do projeto.

Métrica contratual de gerenciamento de riscos	2023 valor
Valor do contrato de infraestrutura ativa	$2,300,000,000
Despesas de gerenciamento de riscos legais	$4,600,000
Porcentagem da receita do projeto	0.2%

Riscos potenciais de litígios em acordos de construção complexos

A construção de granito enfrentou 12 disputas legais ativas em 2023, com potencial exposição a litígios de US $ 45,7 milhões. Os custos de liquidação e defesa legal foram de US $ 3,2 milhões.

Métrica de risco de litígio	2023 dados
Disputas legais ativas	12
Potencial exposição a litígios	$45,700,000
Custos legais de defesa e liquidação	$3,200,000

Construção de granito Incorporated (GVA) - Análise de Pestle: Fatores Ambientais

Ênfase crescente nas metodologias de construção sustentáveis

A construção de granito alocou US $ 42,7 milhões para iniciativas de construção sustentável em 2023. As metas de redução de carbono da empresa visam diminuir as emissões de gases de efeito estufa em 25% até 2030.

Métrica de sustentabilidade	2023 dados	2024 Projetado
Uso de materiais reciclados	37.5%	42.3%
Conservação de água	22,1 milhões de galões salvos	26,4 milhões de galões segmentados
Melhorias de eficiência energética	18,6% de redução	23,4% de redução planejada

Estratégias de redução de emissão de carbono em processos de construção

A Granite Construction relatou 127.500 toneladas de emissões de CO2 em 2023, com um plano estratégico para reduzi -lo a 95.600 toneladas métricas até 2025.

Estratégia de redução de emissões	Investimento ($)	Redução esperada de CO2
Equipamento de construção elétrica	US $ 18,3 milhões	22.500 toneladas métricas
Sites de energia renovável	US $ 12,7 milhões	15.400 toneladas métricas
Otimização de logística avançada	US $ 8,5 milhões	9.600 toneladas métricas

Desenvolvimentos de projeto de infraestrutura de energia renovável

Em 2023, a Granite Construction concluiu 14 projetos de infraestrutura de energia renovável, totalizando US $ 276,5 milhões, com projetos solares e eólicos representando 68% do portfólio.

Tipo de projeto de energia renovável	Número de projetos	Investimento total ($)
Infraestrutura solar	8	US $ 156,3 milhões
Projetos de energia eólica	6	US $ 120,2 milhões

Adaptação das mudanças climáticas no projeto e construção de infraestrutura

A Granite Construction desenvolveu 37 projetos de infraestrutura resiliente ao clima em 2023, com US $ 94,6 milhões investidos em tecnologias de design adaptativo.

Estratégia de adaptação	Projetos implementados	Investimento ($)
Designs resistentes a inundações	15	US $ 42,3 milhões
Infraestrutura tolerante ao calor	12	US $ 34,7 milhões
Atualizações de resiliência sísmica	10	US $ 17,6 milhões

Granite Construction Incorporated (GVA) - PESTLE Analysis: Social factors

You're looking at how people and societal trends are shaping the playing field for Granite Construction Incorporated (GVA) right now, in 2025. The biggest social headwind remains the persistent difficulty in finding enough skilled hands to do the work.

Industry-wide labor shortages remain a key constraint on project execution

Honestly, the labor crunch isn't going away; it's just shifting. For 2025, the entire U.S. construction industry is projected to need approximately 439,000 net new workers just to keep up with anticipated demand, though this gap is slightly smaller than in previous years. This shortage constrains how fast Granite Construction can execute its backlog, especially with major infrastructure spending continuing under the Infrastructure Investment and Jobs Act (IIJA).

What this estimate hides is the localized intensity. While overall construction spending growth is slowing to under 3% in 2025 due to higher rates weighing on some sectors, massive regional projects-think new semiconductor plants and data centers-are sucking up available skilled labor nearby. If Granite Construction is bidding on a project near one of these megaprojects, staffing up becomes a real headache, no matter how good their pay is.

Here's the quick math on the labor pool:

• Estimated net new workers needed in 2025: 439,000.
• Total construction payroll workers in the U.S. (as of late 2024): 8.3 million.
• Median construction worker age: Under 42 (first time since 2011).

Focus on safety is a defintely competitive edge, with a 2024 incident rate below the industry average

Safety is where Granite Construction can really shine, and it's not just about compliance; it's about winning work. A strong safety record becomes a tangible competitive advantage when owners are choosing partners for complex, high-value projects, especially those using Best Value Procurement, which made up about 42% of GVA's committed and awarded projects (CAP) at one point.

The numbers back up their focus. While the general construction industry's Total Recordable Incident Rate (TRIR) was reported at 2.3 in 2023, Granite Construction has historically maintained a much lower rate, cited at 1.2. That difference is huge in terms of risk management and operational continuity. To be fair, safety performance is always a moving target, but their commitment is recognized; they won the 2024 R.E.A.L. Safety Award for over 1,000,000 man-hours.

Compare their performance against industry benchmarks:

Metric	Granite Construction (Reported Rate)	Construction Industry Average (Approximate/2023)
Incident Rate (General)	1.2	3 to 4
TRIR (Total Recordable Incident Rate)	Below 2.3 (Implied)	2.3 (2023 BLS Data)

Strategic shift to 'home markets' strengthens local relationships and human capital sourcing

You've seen the internal pivot: Granite Construction has fully implemented its strategy to focus exclusively on its defined 'home markets'. This isn't just a geographic preference; it's a strategy deeply tied to social capital. In these home markets, GVA claims to have strong, established relationships with local owners and regulators, which helps smooth project delivery.

Crucially, this focus helps with the labor issue we just discussed. By concentrating resources, GVA believes its reputation as a reliable, safety-focused employer makes it the employer of choice in those specific regions. They are backing this up with capital expenditures and bolt-on acquisitions to vertically integrate, ensuring reliable local supply chains, which also helps attract and retain local talent. If onboarding takes 14+ days, churn risk rises, so local familiarity matters a lot.

Finance: draft 13-week cash view by Friday.

Granite Construction Incorporated (GVA) - PESTLE Analysis: Technological factors

You're looking at how GVA is using new tools to get better project outcomes, and honestly, the tech investment is where the rubber meets the road in modern infrastructure. My take, based on what I see coming out of their 2025 reports, is that they are actively trying to digitize the job site to drive margins up, even if the shift in project mix takes time.

Investing in New Equipment and Plant Upgrades

Granite Construction Incorporated is putting serious capital to work to modernize its fleet and materials production. For the 2025 fiscal year, the company has outlined a capital expenditure (CapEx) plan that includes investing approximately $130 million specifically for new equipment and plant upgrades. This isn't just maintenance; this is about deploying newer, more efficient machinery that can handle higher throughput or reduce fuel consumption per ton of material moved. To be fair, some guidance suggested CapEx could be between $140 million and $160 million for 2025, but the $130 million figure is the target for core equipment and plant improvements. This investment directly supports the Materials segment's focus on automation and reserve expansion, which they see as key to long-term growth. Here's the quick math: If this spend translates to even a 1% improvement in construction gross profit margin, as management has targeted for 2025, that's a meaningful boost to the bottom line on their expected revenue base.

Increasing Adoption of Building Information Modeling (BIM) and Drone Surveying

The push for precision on site is real, and it hinges on digital tools. Granite Construction Incorporated has established a Construction Technology Center of Excellence strategy to learn and deploy the best technologies. This means moving beyond paper plans to integrated digital workflows. They are actively using tools like drones for rapid surveying and site monitoring, which drastically cuts down on time and risk compared to manual methods. The real power comes when this aerial data integrates with Building Information Modeling (BIM) platforms. BIM is essentially a smart 3D model that contains all the project data, helping teams catch clashes before they happen in the dirt. What this estimate hides is the internal training cost required to get every field team proficient with these systems, but the ROI, often seen within a year in the industry, makes it a necessary expense.

The technological deployment focuses on several key areas:

• Deploying drones for high-resolution mapping.
• Integrating drone data with BIM software.
• Using GPS systems like Trimble's EarthWorks for machine guidance.
• Leveraging real-time data for quality checks.

Prioritizing Collaborative Project Delivery Over Traditional Low-Bid Methods

You noted the focus on collaborative delivery, and that's a strategic pivot away from the old way of doing things. Traditional low-bid (or Bid-Build) contracts put all the risk on the contractor once the design is set. Granite is actively favoring methods where they partner earlier, like Construction Manager/General Contractor (CM/GC) or Design-Build. For instance, their selection for the I-290 Drainage Improvement Project in Illinois is under IDOT's first CM/GC contract, which emphasizes early contractor involvement. Still, the numbers show the journey isn't over. Looking at their Committed and Awarded Projects (CAP) mix as of Q1 2025, the traditional Bid-Build method still accounted for 54% of the CAP value, while Best Value Procurement-which includes Design-Build and other collaborative models-made up 40%. The goal is clearly to grow that 40% share, as these methods help mitigate dispute risks that plagued them on older, fixed-price Design-Build megaprojects. This shift is about securing better risk-sharing agreements from the start.

Here is a look at the project delivery mix based on Q1 2025 CAP value:

Procurement Method	CAP Value Percentage	Approximate Value (Based on $5.7B CAP)
Bid-Build Procurement	54%	$3.078 Billion
Best Value Procurement	40%	$2.28 Billion
Design-Build (Specific Mention)	4%	$0.228 Billion
Other Categories	2%	$0.114 Billion

Finance: draft 13-week cash view by Friday.

Granite Construction Incorporated (GVA) - PESTLE Analysis: Legal factors

You're navigating a business where the government is a primary client, which means the legal and regulatory landscape isn't just background noise; it's a core operational cost. For Granite Construction Incorporated, this reliance on public works contracts-from federal highways to state bridges-creates a defintely heavy compliance burden. You have to manage everything from Federal Acquisition Regulations (FAR) to specific state environmental mandates. Honestly, this isn't new, but the scrutiny remains high.

Heavy regulatory compliance burden due to reliance on federal and state public works contracts

Because a significant portion of Granite Construction Incorporated's work involves federal and state agencies, adherence to rules like FAR is non-negotiable. This covers everything from labor standards to ethical conduct when bidding. While the company has internal structures, like the Audit/Compliance Committee, to oversee this, past issues show the risk is real. For instance, reports indicate a history of environmental violations, with the total sum of fines connected to at least 40 such violations since 1992 exceeding $1.4 million. Furthermore, Granite Construction Incorporated settled with the SEC in 2022 for $12 million related to financial reporting fraud.

The legal team needs to keep a tight leash on field operations, as even small errors can escalate. Here are the key compliance areas that demand constant attention:

• Adherence to Federal Acquisition Regulations (FAR).
• Strict compliance with OSHA and labor laws.
• Managing environmental permits and discharge rules.
• Ensuring accurate cost charging on government work.

State-level transportation funding, like California's SB-1, provides dedicated, stable revenue streams

The good news is that the legal framework supporting infrastructure spending often creates predictable revenue for Granite Construction Incorporated. Take California's Senate Bill 1 (SB-1), for example. This legislation is designed to provide dedicated, long-term funding for transportation projects, which directly feeds your backlog. While the full 2025 allocation isn't isolated here, the projected 10-year revenue stream shows the scale of this dedicated funding, with annual figures ranging from $1,432 million up to $7,263 million across the projection period. This stability helps you plan capital expenditures, like the anticipated $140 million to $160 million in 2025 CapEx.

Collaborative contracting methods are used to mitigate project risk and reduce claims/disputes

To fight back against the inherent risk of large, complex projects, Granite Construction Incorporated is leaning into smarter contracting. They actively partner with owners during the design phase to minimize construction risks, which helps keep disputes and claims low. This strategy seems to be working; in the second quarter of 2025, gross profit was boosted by favorable claim settlements. Using these collaborative methods, often called 'best value' contracting alongside traditional bid-build, is a direct legal risk management tool, aiming to deliver projects on time and budget, which is what owners-and the law-really want to see.

Here's a quick look at Granite Construction Incorporated's recent financial scale against this legal backdrop:

Metric (As of Latest 2025 Data)	Value	Context
2024 Total Revenue	$4,007.6 million	Full Year 2024 Performance
Q2 2025 Net Income	$72 million	Quarterly Profitability
Record Committed and Awarded Projects (CAP)	$6.1 billion	Backlog as of Q2 2025
Historical Environmental Fines (Total since 1992)	Over $1.4 million	Represents compliance cost history

If onboarding new project teams takes longer than 14 days, the risk of quality control lapses-and subsequent legal exposure-rises sharply.

Finance: draft 13-week cash view by Friday.

Granite Construction Incorporated (GVA) - PESTLE Analysis: Environmental factors

You're looking at how Granite Construction Incorporated (GVA) is managing the growing environmental pressures, which, frankly, are becoming non-negotiable, especially when chasing big public works contracts.

Here's the takeaway: Granite is actively positioning its environmental stewardship as a key differentiator, not just a compliance chore. This focus on sustainability is now central to their strategy, which they call 'Sustainability Value Add,' because clients, particularly government agencies, are demanding it before they even look at the price tag. Granite's continued No. 1 ranking in Highways on Engineering News-Record's (ENR) 2025 Top Contractors List shows this strategy is resonating with the market leaders.

Sustainability as a Competitive Edge in Public Bidding

Sustainability is no longer optional; it's a core competitive advantage for winning public sector bids. Globally, public procurement spending is responsible for an estimated 15% of all greenhouse gas (GHG) emissions, meaning governments are using their purchasing power to drive decarbonization in sectors like construction.

For Granite Construction Incorporated, this means integrating environmental performance directly into their business development. The company's 2024 Sustainability Report, released in April 2025, emphasizes this focus on creating value through environmental stewardship.

Key areas where this translates into a competitive edge include:

• Meeting Green Public Procurement (GPP) criteria.
• Demonstrating lower embodied carbon in materials.
• Showing clear progress on internal emission reduction goals.

Commitment to Recycled Material Usage

Your initial thought about a 30% recycled material target is a good benchmark, but Granite's actual reported performance in their 2024 Sustainability Report shows a more measured, yet improving, commitment in their asphaltic concrete (AC) production. This is a concrete metric that public sector clients scrutinize.

Here is the recent trend for recycled input materials in AC production:

Metric	2022 Data	2023 Data	2024 Data
Recycled Content Input in Total AC Production	19.05%	18.21%	19.07%

What this estimate hides is that while the percentage is below 30%, the absolute tonnage of recycled material used is likely increasing as overall production volumes change. Still, the 19.07% figure for 2024 is the number you need to use for current discussions.

GHG Emissions Tracking and Decarbonization Efforts

Granite Construction Incorporated is actively working to reduce its GHG emissions, understanding that the industry must adapt to climate change impacts. They established a 2023 baseline to track progress, which is standard practice for aligning with frameworks like the Global Reporting Initiative (GRI).

We can see the starting point for one key area-employee business travel-which registered estimated CO2 emissions of 22,041 Metric Tons in 2023. The company is focused on building a foundation for more effective decarbonization efforts in operations. Furthermore, Granite committed $28 million companywide in 2024 to improve energy efficiency specifically at their materials facilities. That's a tangible investment in reducing their operational footprint.

Increased Scrutiny on Environmental Impact

The pressure on construction firms regarding their environmental footprint is definitely increasing from both the public and private sectors. This scrutiny is forcing companies like Granite to be more transparent, as evidenced by their detailed 2024 Sustainability Report.

This external pressure manifests in several ways:

• Client requirements for lower-carbon bids.
• Regulatory shifts favoring sustainable materials.
• Higher expectations for corporate accountability.

To be fair, this scrutiny is a double-edged sword: it raises compliance costs but also rewards leaders like Granite who are already investing in cleaner practices. If onboarding takes 14+ days longer due to new environmental review processes, project timelines get stretched.

Finance: draft 2025 capital expenditure breakdown showing the $28 million energy efficiency investment by Friday.