Developing accurate construction estimates is critical for electric utilities to make reliable financial plans for their future. Parametric estimating is just one of several techniques available to help estimate the cost of a construction project. Other estimating methods may have some advantages over parametric estimating in the latter stages of a project but parametric estimating is possibly the most accurate method in the very early stages of a project. This report delves into the analysis and development of a parametric equation for use primarily in the very early stages of a construction project. The result of this research is a functional equation that can be used for estimating future electric substation construction cost with a fair level of confidence. / text