PG&E, SCE Warn of Power Shutoffs for 333K Customers Amid Wildfire Risk
EIX is trading near its 52-week low of $51.1 (7.6% above the low) on light trading volume (0.4× avg).
Summary
Southern California Edison (EIX) and PG&E (PCG) may cut power to a combined 333,000 customers due to heightened wildfire risk. SCE is considering shutoffs for about 245,000 customers (5% of its base) across five counties, while PG&E may cut power for 88,000 customers in 29 counties. The National Weather Service issued a red-flag warning, and a dry offshore wind event is forecast through Saturday afternoon. This follows a 24% collapse in EIX shares in August after California's wildfire bill failed, and a short-seller report yesterday alleging $4B+ in wildfire liabilities. Power shutoffs are a direct operational and financial risk for both utilities, potentially triggering customer compensation claims and further regulatory scrutiny.
At the time of this announcement, EIX was trading at $54.96 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $21.1B. The 52-week trading range was $51.10 to $81.62. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.