|Bid||10.03 x 4000|
|Ask||10.14 x 1800|
|Day's Range||10.00 - 10.33|
|52 Week Range||3.55 - 18.34|
|Beta (5Y Monthly)||1.09|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 29, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Sep 28, 2017|
|1y Target Est||13.00|
Fast-moving wildfires forced evacuation orders for more than 100,000 people and seriously injured two firefighters in Southern California on Monday as powerful winds across the state prompted power to be cut to hundreds of thousands to prevent utility equipment from sparking new blazes.
(Bloomberg) -- California is grappling with yet another weather-driven disaster as a wildfire propelled by hurricane-force gusts more than doubled in size south of Los Angeles and forced 60,000 people to flee.The blaze, raging on the hills above Irvine, grew to 4,000 acres in just hours, becoming the largest and fastest-moving of more than two dozens fires that erupted as high winds swept the already bone-dry region. Two firefighters were critically injured as gusts topped 70 miles per hour, sending flames racing.“It’s a battle,” Orange County Fire Authority Captain Ed Gonzales said during a media briefing.The gusts and precariously-dry conditions make for some of the most dangerous weather the state has seen since the Camp Fire erupted in 2018, killing 85 people. They’re also the latest blow for a region that’s been battered by a succession of heat waves and wildfires that have burned a record 4.1 million acres this year.Edison International, which owns the electric utility that serves Irvine, filed a report Monday with state regulators saying it appeared a wire attached to a telecommunications line may have come in contact with one of its power lines, possibly starting the fire. The cause remains under investigation, and the company is cooperating with authorities, a spokesman said.Edison shares fell 3.8% Monday.The blazes came even after Edison, PG&E Corp. and other utilities cut power in some areas to prevent live wires from falling into dry brush during the windstorms. PG&E, the state’s largest utility, imposed the most widespread outages, cutting power to 355,000 homes and businesses.Edison turned off power to about 21,000 customers. Sempra Energy’s San Diego Gas & Electric Co. cut electricity to about 2,900. Both companies said additional power cuts could follow. High winds warnings are in effect for Southern California through Tuesday night.“This is the fire weather forecast I was hoping wouldn’t come to pass, given all that has already transpired in 2020,” climate scientist Daniel Swain tweeted before the power cuts.With winds raging, the Silverado fire near Irvine grew rapidly after erupting Monday, shutting roads and forcing nearby schools to evacuate. More than 500 firefighters are battling the blaze, said Orange County Fire Authority Captain Greg Barta. The injured firefighters suffered burns over 65% and 50% of their bodies, officials said at the briefing.Most of the two dozen or so fires that have erupted in California in recent days have been in the northern half of the state. Firefighters have managed to quickly bring nearly all of them under control.Climate change -- especially the impact on California -- has become one of the focal points of the upcoming election. Earlier this month, President Donald Trump granted the state’s request to declare a major disaster in seven counties hit by this year’s historic fire season, shortly after rejecting it. He has repeatedly blamed poor forest management for the fires.PG&E began resorting to preventative shutoffs after its equipment caused some of California’s worst blazes, forcing the company into bankruptcy last year. PG&E emerged from Chapter 11 in July after paying $25.5 billion to resolve fire claims.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A fast-burning wildfire triggered evacuation orders for 60,000 Southern California residents on Monday as hundreds of thousands elsewhere across the state endured a second straight day of power shutoffs due to heightened fire risks from high winds. The latest threats came amid California's worst wildfire season on record in terms of landscape burned, with more than 4 million acres (1.6 million hectares) scorched since the start of the year, along with thousands of homes destroyed and 31 lives lost. Red flag warnings for incendiary weather conditions remained posted across much of California due to extreme winds likely to produce gusts of up to 70 miles and 80 miles per hour (113 kph 129 kph), according to the California Department of Forestry and Fire Protection (Cal Fire).