California heatwave pushes state’s power use to five-year high (NYSE:PCG)

MarianVejcik/iStock via Getty Images

California declared a power grid emergency for Monday and expects all-time record demand on Tuesday, as a heatwave that has pushed temperatures past 110 degrees Fahrenheit in some areas threatens to stretch the state’s electricity system to its limit.

The California Independent System Operator, which runs the energy grid, forecasts electricity use in the state to hit 48.9 GW Monday, the most since 2017, with an energy deficiency expected between 5 pm and 9 pm local time.

Downtown Los Angeles reached a temperature of 103 on Sunday, the area’s first break above 100 this year, and state capital Sacramento could reach 113 on Monday and 115 on Tuesday, which would be record highs for those days.

Relevant tickers include (NYSE:PCG), (NYSE: EIX), (NYSE:SRE), (XLU)

Separately, Sempra Energy (SRE) is in preliminary talks with European companies to sell the fuel from the next phases of its plant in Texas, President Dan Brouillette said at a conference in Milan.

The company is also considering joint ventures and partnerships to build LNG import terminals in Europe and elsewhere, Brouillette said.

Last week, the California legislature passed a bill approving a $1.4B government loan to keep the Diablo Canyon nuclear power plant open for five more years.

MarianVejcik/iStock via Getty Images California declared a power grid emergency for Monday and expects all-time record demand on Tuesday, as a heatwave that has pushed temperatures past 110 degrees Fahrenheit in some areas threatens to stretch the state’s electricity system to its limit. The California Independent System Operator, which runs the energy grid, forecasts electricity…

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