According to an update by PG&E Corp, 7,000 customers were without power Thursday evening.
California utilities have shut off the power supply to thousands of customers statewide to prevent the ignition of wildfires amid powerful dry winds.
According to an update by PG&E Corp, 7,000 customers were without power Thursday evening after the company initiated a preemptive shutdown due to severe weather and wildfire risk. According to a Bloomberg report, Southern California Edison also shut power lines to nearly 2,400 customers in three counties.
The report stated that hot, dry conditions through the San Joaquin Valley have raised the threat of wildfire spreading in the region.
Several parts of California’s Sierra Nevada range, most of Nevada, and large parts of Utah, Arizona, Colorado, and New Mexico are on watch for fires. Conditions remain conducive for wildfires for most of California, but reportedly only a few red-flag warnings have been issued.
Utilities in California have a history of wildfire-related troubles. Some of these fires, ignited from fallen electricity lines, have led to devastating blazes that have claimed the lives of dozens and charred several acres.
In January, California witnessed intense wildfires, which are estimated to have caused billions of dollars worth of damage.
Retail sentiment around PG&E was in the ‘bullish’ territory on Stocktwits, while sentiment for Southern California Edison-parent Edison International (EIX) was in the ‘neutral’ zone.
In March, S&P Global cut the rating outlook of seven listed California utilities to negative, citing the risks associated with wildfires.
PG&E Corp stock has fallen 30.6% this year while Edison International has declined 37.5%.
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