Someone Has To Pay For All That Electricity -- September 5, 2022

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All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.  

California: I have not been able to verify this but there are unsubstantiated reports there are already blackouts in northern California.

California:

• heatwave pushes state's power use to five-year high; link here;
• from the linked article:

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 p.m. and 9 p.m. local time.

"We have now entered the most intense phase of this heat wave," California ISO CEO Elliot Mainzer said at a news conference on Monday, adding the state faced a deficit of 2-4 MW, as much as 10% of the state's normal electricity demand.

Downtown Los Angeles reached a temperature 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 also is considering joint ventures and partnerships to build LNG import terminals in Europe and elsewhere, Brouillette said.

California: I would assume someone has to pay for all that electricity. 

Europe / LNG: that little snippet about SRE in preliminary talks with European .... this takes me back to Jim Cramer's list of five US companies that could benefit from US LNG being exported to Europe. 

Disclaimer: this is not an investment site.  Do not make any investment, financial, job, career, travel, or relationship decisions based on what you read here or think you may have read here. Full disclaimer at tabbed link.

All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.