|Bid||61.00 x 800|
|Ask||62.50 x 900|
|Day's Range||60.20 - 62.00|
|52 Week Range||43.63 - 78.93|
|Beta (5Y Monthly)||0.54|
|PE Ratio (TTM)||64.31|
|Earnings Date||Feb 25, 2021 - Mar 01, 2021|
|Forward Dividend & Yield||2.65 (4.28%)|
|Ex-Dividend Date||Dec 30, 2020|
|1y Target Est||70.31|
(Bloomberg) -- In an unprecedented move, California utilities are warning they may need to cut power to more than 280,000 homes and businesses to prevent live wires from sparking wildfires as high winds are set to sweep through the drought-weary state.Edison International’s Southern California Edison said 277,078 customers in multiple counties including Los Angeles face blackouts within 48 hours due to a forecast of a strong Santa Ana wind event. None of its customers that had been affected by earlier cuts are facing power outage as of Sunday afternoon, according to Southern California Edison’s website.PG&E Corp. said that it notified 6,100 customers living in the southern part of the state’s Central Valley and Sierra Nevada foothills about a possible shutoff, down from an earlier estimate of about 21,000.These power cuts are extremely rare in the winter and the utilities have never warned of a possible shutoff of this size in January. The blackouts planned this week could affect more than 800,000 people, based on the average size of the state’s households.The unusual prospect of January shutoffs underscores how wild California’s weather has become as climate change brings about increasingly extreme warmth and drought. Last year, record temperatures took down large swaths of the state’s power grid and wildfires torched more acreage than ever before.During a regular winter, public safety power shutoffs “would not be under consideration, but this winter has been anything but normal,” PG&E meteorologists said on the utility’s website. Only 22% of the average rainfall this winter has fallen in the southern Sierra, they said.High winds, along with low humidity that has dried brush and grasses making them easier to burn, will create critical conditions Monday and Tuesday, the U.S. Storm Prediction Center said in a forecast. There’s a less severe elevated risk for Sunday.“Recent fuel sampling indicates that the vegetation is still unseasonably dry and ripe for larger wildfires during windy periods,” Edison’s spokesman Reggie Kumar said by phone. “The last two months of 2020 were part of the worst fire season that California has seen, with near-record levels of dryness in November and December.”While the winter months usually mark California’s rainy season, much of the state remains gripped by drought conditions, according to the U.S. Drought Monitor.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Southern California is again facing the threat of wildfires, with high winds forecast to rake the parched region into next week.The dry and windy conditions prompted utility Southern California Edison to warn nearly 25,000 Los Angeles-area customers that they could lose power as the company tries to prevent live electrical lines from sparking blazes. The outages could start Thursday afternoon, said David Song, a spokesman for the utility.“Even though it has rained last month, it hasn’t rained enough,” Song said.After a respite of several days, dry winds gusting up to 50 miles (81 kilometers) per hour will sweep through Los Angeles and Ventura counties, creating critical wildfire conditions Thursday, Evan Bentley, a fire weather forecaster at the U.S. Storm Prediction Center, wrote in his outlook. The state usually gets much of its rain during the winter months.Close to 3.5 million people live in the affected area that includes Riverside, San Bernardino, and Santa Clarita, said the agency, which also tracks severe thunderstorms and tornadoes across the U.S.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Utilities, with their steady performance and consistent dividend, can offer steady income to investors even during turbulent market conditions.