71.25 0.00 (0.00%)
After hours: 4:43PM EST
|Bid||71.27 x 900|
|Ask||71.28 x 1000|
|Day's range||70.81 - 71.71|
|52-week range||52.30 - 76.45|
|Beta (3Y monthly)||0.08|
|PE ratio (TTM)||N/A|
|Earnings date||29 Oct 2019|
|Forward dividend & yield||2.45 (3.45%)|
|1y target est||77.92|
The traditional ways to plan for your retirement may mean income can no longer cover expenses post-employment. But what if there was another option that could provide a steady, reliable source of income in your nest egg years?
(Bloomberg) -- PG&E Corp. is restoring power to tens of thousands of Californians that went dark early Wednesday in an attempt by the company to keep power lines from starting fires.The bankrupt utility giant had begun returning service late Wednesday, the San Francisco-based company said at a press conference. It had earlier plunged as many as 150,000 people into darkness amid high winds that threatened to knock down live wires. As of 8 p.m. New York time, about 120,000 remained powerless.Improving weather conditions allowed the company to reduce the size of the blackout that, at one point, threatened to leave 800,000 people in the dark.PG&E’s recent blackouts have provoked widespread outrage in California, triggering a state investigation and intensifying calls for a government takeover of the power giant. The company has carried out nine shutoffs this year alone. It’s taking extreme measures to prevent blazes from breaking out after its equipment ignited deadly fires in Northern California in 2017 and 2018. In January, it filed for Chapter 11 to deal with an estimated $30 billion in wildfire liabilities.The National Weather Service said it’s still expecting gusts of up to 55 miles (90 kilometers) per hour in part of Northern California until 7 a.m. local time Thursday.Wednesday’s shutoffs paled in comparison to the mass blackouts PG&E carried out last month, which plunged millions of people into darkness for days.Read More: PG&E CEO Sees Government Takeover as a Tall Order for CaliforniaCalifornia has had little rain for months, and more than 81% of the state is abnormally dry, according to the U.S. Drought Monitor. The parched plants and soils, along with high winds, make fall one of the worst times for fires in the state.To contact the reporter on this story: Mark Chediak in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Tina Davis at email@example.com, Joe Ryan, Will WadeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A look at the shareholders of Edison International (NYSE:EIX) can tell us which group is most powerful. Large...
The traditional approaches to retirement planning are longer covering all expenses in nest egg years. So what can retirees do? Thankfully, there are alternative investments that provide steady, higher-rate income streams to replace dwindling bond yields.
(Bloomberg) -- Edison International once again will try to sway a California state court judge to rule that it can’t be held liable for all the damage to private property caused by a wildfire, if it isn’t allowed to pass on some costs to ratepayers.With this year’s fire season already causing havoc in communities up and down California, Edison is making a preemptive bid to limit its liability from the Woolsey Fire that tore through Malibu last year and destroyed 1,600 structures, including homes of singer Miley Cyrus, rocker Neil Young and actor Gerard Butler. Losses from the fire total $4 billion, according to a CoreLogic Inc. estimate.The hearing Tuesday in downtown Los Angeles comes a week after Edison’s Chief Executive Officer Pedro Pizarro disclosed on an earnings call with investors that county investigators have found that the Woolsey fire was caused by Southern California Edison’s equipment.The finding could leave Edison on the hook for billions of dollars in damages. California’s so-called inverse condemnation doctrine holds utilities 100% responsible for damage caused by their equipment whether or not they were negligent.The same legal principle has driven the state’s biggest utility, Pacific Gas and Electric Co., to file for bankruptcy protection after its equipment was linked to devastating wildfires in Northern California.It’s not the first time Edison has tried to avoid liability for a fire. The utility failed to convince a judge a year ago to dismiss inverse-condemnation claims for the massive 2017 Thomas Fire that scorched parts of Santa Barbara County and Ventura County. That fire was blamed for a subsequent mudslide that destroyed part of the affluent coastal enclave of Montecito. The first trials in both the Woolsey and Thomas Fire litigation are scheduled for next year.The strict liability the utilities face under California law for damage caused by their power lines has become an existential threat to them in recent years as widespread wildfires have become the new normal in the state. It’s become an even more pressing issue after the California Public Utilities Commission refused a request from Sempra Energy’s San Diego Gas & Electric to increase its rate to compensate for payouts over a 2007 wildfire.Sempra’s yearslong fight to overturn the state commission’s decision ended last month when the U.S. Supreme Court declined to take up the case.Inverse-condemnation liability is based on the idea that losses will be spread throughout society, Edison argued in the court filing. That’s something Edison can’t do on its own, the utility said.“Edison’s rates are regulated by the PUC and it lacks the power to control market price,” it said.Lawyers representing the people who lost their homes in the Woolsey Fire predictably weren’t impressed by Edison’s argument and have called it an “improper challenge to established California law and the California constitution” that has failed in all other wildfire lawsuits involving investor-owned utilities.Edison also can’t rely on the PUC’s decision in the Sempra case because each case is different, they said.“As Edison is well aware, that decision has no application outside that proceeding or those particular fires,” the plaintiffs’ lawyers said.What Bloomberg Intelligence SaysEPS in 3Q was hurt by 10 cents due to wildfire-related equity issuance, and 21 cents more from wildfire operating costs. The company is applying to regulators to recover these unauthorized costs, but that may be difficult. The outages now sweeping southern California make recovery potential more difficult.\-- Kit Konolige, Senior Analyst: UtilitiesFor full report click hereThe final investigation report on the causes of the Woolsey Fire hasn’t been made public yet and the company and the plaintiffs’ lawyers have only been given a redacted version. The California Forestry and Fire Protection Department and the Venture County Fire Department have fought requests to turn over the full report because it relates to an ongoing criminal investigation.Southern California Edison isn’t aware of any basis for felony liability related to the fires, Pizzaro said during the Oct. 28 earnings call.The case is Woolsey Fire Cases, JCCP 5000, California Superior Court, County of Los Angeles (Los Angeles).To contact the reporter on this story: Edvard Pettersson in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: David Glovin at email@example.com, Joe Schneider, Peter BlumbergFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A wildfire that erupted near Los Angeles has forced up to 8,000 people to flee as the tail end of a powerful windstorm takes its final swing at Southern California.The blaze in Ventura County has ripped through almost 9,000 acres and threatens 2,300 structures, according to local authorities. Edison International has cut power to 625 nearby homes and businesses to prevent live wires from toppling and sparking more infernos.“We are in the middle of a big fight,” Ventura County Fire Department Chief Mark Lorenzen said during a news conference. “The end is not yet in sight.”The Maria fire, in the hills above Camarillo, comes as California recovers from a wildfire season that’s upended much of the state. Utilities have cut electricity to millions of people from Sacramento to San Diego, in some cases for days at a clip, as some of the strongest winds in a decade ripped over power lines and drove flames across hillsides and vineyards.Southern California Edison said it had re-energized a power line shortly before the start of the Maria fire. The utility had shut power in the area before that due to high winds.It has filed a report related to the fire with the California Public Utilities Commission on Thursday, which it is required to do if its equipment may be involved with certain events, spokeswoman Susan Cox said in a telephone interview. The exact origin of the fire is unknown, Cox said.Edison shares rose 4.3% at the close Friday, the biggest gain in three months.The new outbreak underscores that wildfire season -- which runs through December -- still poses a dire threat. While the fierce winds have ebbed in most of the state, gusts in Los Angeles and Ventura counties were raging up to 35 miles (56 kilometers) per hour Friday, according to the National Weather Service. No rain is forecast for a week, and the chance of blazes remains high.“It is winding down out there, but there continues to be very dry conditions,” said Paul Walker, a meteorologist with AccuWeather Inc. “Unfortunately it remains very dry, so they are not getting a break as far as that goes.”The state’s largest utility, PG&E Corp., staged four massive blackouts in October to prevent wildfires. It has restored service to almost all of the 1.1 million customers impacted in its most recent outage.PG&E’s equipment sparked wildfires in Northern California in 2017 and 2018, saddling it with an estimated $30 billion in liabilities and eventually forcing it into bankruptcy. It’s strategy of preemptive outages this year has drawn anger from customers and state lawmakers who say they’ve gone too far.California Governor Gavin Newsom on Friday blasted PG&E for its handling of a series of the blackouts, saying they highlighted the company’s “culture of ineptitude – a behemoth that was slow to act and resistant to change.”As firefighters have contained once-raging blazes in Northern California, PG&E shares had their best week since the company filed for bankruptcy, rising 29%.Traditionally, the wildfire season doesn’t end until storms coming off the Pacific Ocean drench California’s lowlands with rains and its mountains with snow.The Kincade fire north of San Francisco that burned nearly 78,000 acres was 68% contained Friday, according to the California Department of Forestry and Fire Protection.(Adds comments from Edison in fifth paragraph.)\--With assistance from Mark Chediak, David R. Baker and Michael B. Marois.To contact the reporters on this story: Christopher Martin in New York at firstname.lastname@example.org;Brian K. Sullivan in Boston at email@example.com;Nic Querolo in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Joe Ryan, Reg GaleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Powerful Santa Ana winds are easing in Southern California after fanning wildfires and prompting blackouts as utilities fought to prevent live wires from sparking more. Edison International and Sempra Energy are preparing to wrap up their outages after leaving more than 300,000 people in the dark.In Northern California, PG&E has restored power to nearly all its customers blacked out earlier this week. Still, at least 10 large wildfires are burning across the state. Time stamps are New York time.PG&E Restores Power to 328,000 Customers (3:13 p.m.)PG&E Corp. has restored power to about 328,000 customers since a blackout that began on Oct. 29, according to a company statement.Fewer than 37,000 customers that were affected by the deliberate shutoffs remain in the dark, the company said. In the south, Edison International and Sempra Energy have about 76,000 customers without power.Sprawling Fire in Sonoma County 60% Contained (2:15 p.m.)The massive blaze north of San Francisco that forced 200,000 people to flee their homes is now 60% contained, according to California’s state fire agency. The blaze in Sonoma County, called the Kincade fire, has ripped through nearly 77,000 acres of vineyards and countryside, destroying about 280 structures.Meanwhile, blackouts are ebbing statewide. PG&E said it has restored power to 95% of customer impacted by its most recent shutoff in Northern California, leaving 53,000 homes and businesses without electricity. In the south, Edison International and Sempra Energy have about 76,000 customers still dark.“We are turning the corner,” Governor Gavin Newsom told reporters at a school in the foothills outside Sacramento that’s power was cut Monday.Edison Aims to End Its Blackout by End of Day (12:04 p.m.)Edison, whose outages near Los Angeles peaked overnight at about 87,000 homes and businesses, plans to restore power to most of its customers by the end of Thursday. As of 11:30, about 73,000 were without power in six counties.Restoring power to everyone may take longer in some areas, Edison spokesman Robert Laffoon-Villegas said in a telephone interview. “It may be into tomorrow if there are any repairs that need to be conducted,” he said. “Obviously, we’re going one circuit at a time.”The windstorm, meanwhile, is ebbing after gusts surged as high as 78 miles (126 kilometers) per hour Wednesday in Ventura County. “We expected it to be fairly substantial, and it was,” Laffoon-Villegas said.Smoke From One Wildfire Rivals 320,000 Cars (11:34 a.m.)Wildfires are burning a gaping hole in California’s effort to fight climate change.Take the Kincade fire raging north of San Francisco. It’s already spewed enough smoke to rival the annual tail-pipe emissions of 320,000 automobiles, according to preliminary estimates from the U.S. Forest Service. And it’s just one of nearly a dozen major blazes burning statewide.That poses a huge problem for California, which has some of the most ambitious goals anywhere to cut greenhouse gases. Even as the state aggressively promotes electric cars and forces new homes to install solar panels starting next year, smoke from wildfires is offsetting many of its emissions cuts.Many in Los Angeles Allowed to Go Home as Risk Ebbs (10 a.m.)Officials have lifted evacuation orders for the Hill Fire that burned more than 600 acres in Riverside County and most of the Getty Fire in Los Angeles, which forced celebrities including LeBron James and Arnold Schwarzenegger to flee.In Ventura County, 700 firefighters continue to battle the Easy Fire which expanded to 1,723 acres by dawn Thursday. Mandatory evacuations remained in place for a section of Ventura County that’s still burning and a reduced area for the Getty fire that destroyed 12 homes and damaged another five.Calm Coming After Days of Extreme Winds and Fire Risk (9 a.m.)The dangerous winds sweeping across California are dying down, in a relief to residents roiled by wildfires, power blackouts and evacuations.Whipping gusts that have raised fire risks may last only through Thursday, after which such extreme conditions are unlikely though the end of next week. The dry air that can turn grasses and brush into fuel will last much longer though.Powerful winds have disrupted life across the Golden State in October. With utilities deliberately blacking out customers and wildfires raging, millions of people have lost power and businesses have been forced to shut, as have schools.\--With assistance from David R. Baker, Mark Chediak, Brian K. Sullivan, Christopher Martin, John Gittelsohn, Nic Querolo and Michael B. Marois.To contact the reporters on this story: Joe Ryan in New York at firstname.lastname@example.org;Gerson Freitas Jr. in New York at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Joe Ryan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Swaths of Southern California are being plunged into darkness on purpose to prevent power lines from sparking fires during the state’s latest windstorm.But the lights are staying on in Los Angeles.Just like San Francisco, L.A. has avoided the intentional blackouts that have upended daily life for millions of Californians. Even when their suburbs go dark, they don’t.The reasons include fog, pavement and policy.The municipal utility that serves Los Angeles doesn’t shut off power during high winds. As the utility explained in a recent press release, the city’s miles of pavement, numerous fire stations and relatively limited open spaces help protect it from runaway fires. There’s also the chaos that could ensue from knocking out traffic lights in the capital of car culture.L.A.’s approach, however, isn’t foolproof. The Getty fire that’s chased celebrities from their hillside homes started when a broken eucalyptus branch sailing on the wind hit a live power line owned by the city’s utility. The Los Angeles Department of Water and Power did not return a call Wednesday asking if it would reconsider its no-blackout policy as a result.In contrast, Edison International’s southern California utility, whose service territory almost circles Los Angeles, has warned more than 370,000 homes and businesses to brace for blackouts this week.San Francisco, meanwhile, benefits from its famously odd climate. While the rest of California heats up and dries out during the summer, San Francisco shivers in a fog bank so much a part of city life that residents have given it a name (Karl). The fog typically vanishes by October, but even then, the city never gets as dry as most of its suburbs. And the dangerous Diablo winds striking this month rarely hit the city as hard as its hilly suburbs.As a result, San Francisco isn’t included on the state’s official map of high fire threat areas. So PG&E Corp. doesn’t cut its power when winds rise, said utility spokeswoman Ari Vanrenen. That’s not to say the city couldn’t someday lose electricity if PG&E takes down a transmission line that feeds it.“A line serving a community that’s not in a high fire risk area could rely on a line that runs through a high fire-risk area,” Vanrenen said.To contact the reporter on this story: David R. Baker in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Joe Ryan, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Extreme winds surging into Southern California are prompting utilities there to start blacking out customers, with a warning that as many as 1.1 million people from Los Angeles to San Diego could soon lose power.Santa Ana winds reaching 76 miles (122 kilometers) per hour were recorded around mid-day on a mountain in Ventura County, according to Dave Samuhel, a meteorologist with AccuWeather Inc. That’s roughly 15 miles southwest of the Ronald Reagan Presidential Library, where firefighters are battling one of two major Southern California wildfires that have erupted over the last three days.‘We’re just getting under way with this major Santa Ana event,” Samuhel said by telephone, adding that the region will experience peak winds through early Thursday evening. “It’s going to be a rough 24 hours.”As the winds whip Southern California, PG&E Corp. workers in the northern part of the state have started inspecting power lines in preparation to restore electricity from a blackout Tuesday that left 516,000 homes and businesses dark, the company said in a statement.The Ventura County fire that began shortly before dawn on Wednesday has quickly spread over 1,300 acres, and has prompted evacuations throughout the area. In neighboring Los Angeles County, the Getty fire that began on Monday has now spread to 745 acres, and only 27% of it is contained. An evacuation order affecting about 20,000 residents near that blaze remains intact for a third day.“It is really some of the worst conditions for fire-growth behavior in recent memory,” said Bryan Jackson, a forecaster at the U.S. Weather Prediction Center. “It is a desert wind that is coming across the area. It is a bone-dry desert wind.”Santa Ana winds are created by high pressure over Nevada’s Great Basin as cool weather arrives in the fall. Low pressure systems in warmer California pull them along, and as they twist their way west through passes and canyons, they heat up, lose moisture and gain speed. The good news is that there’s a chance conditions will improve by the weekend, Jackson said by telephone.The National Weather Service’s “extreme red flag warning” for the state is scheduled to end at 6 p.m. Thursday.Edison shut off 71,000 homes and businesses as of noon local time, marking its largest deliberate outage ever to prevent wildfires. The utility is warning it may black out 304,000 more. Sempra Energy’s San Diego Gas & Electric cut off 26,000 customers in its biggest preemptive wildfire blackout.This round of blackouts marks the fourth time in a month that California utilities are resorting to mass outages to prevent live wires from toppling in high winds and sparking wildfires. The strategy has drawn widespread outrage, and it hasn’t stopped blazes from erupting.In Northern California, about 80% of homes and businesses served by PG&E have been without power since an earlier blackout last weekend. In all, 365,000 PG&E customers, or about 1 million people, were blacked out as of 10 a.m. local time.PG&E, meanwhile, has agreed to issue one-tbio ime $100 credits to residential customers affected by an Oct. 9 blackout, heeding a call from California Governor Gavin Newsom. Businesses will get $250. The utility said it was the “right thing to do” after its website crashed several times leading up to the shutoffs and customers reported long wait times at call centers.The state’s utilities are taking increasingly extreme measures to keep their equipment from igniting blazes after a series of devastating fires in 2017 and 2018 were blamed on PG&E power lines. The wildfires saddled the company with an estimated $30 billion in liabilities and forced it into bankruptcy.PG&E’s power lines are already being probed in connection with some of this year’s fires, including the Kincade fire in Sonoma County. The blaze, which has burned 77,000 acres, was reported minutes after a PG&E line in the area malfunctioned.On Wednesday, Citigroup analysts projected that the Kincade fire is unlikely to be costly enough to derail two competing plans for getting PG&E out of bankruptcy. The utility’s shares jumped as much as 26%. Meanwhile, shares of Edison International fell as much as 7.8% as fires spread through its territory in Southern California.“These large-scale shutoffs are not the way we want to serve customers -- we want these shutoffs to end as bad as anybody,” PG&E Chief Executive Officer Bill Johnson said at a media briefing late Tuesday. “We’re living in extraordinary times here in California.”(Adds high-speed winds in second paragraph)\--With assistance from Christopher Martin, Brian Eckhouse, John Gittelsohn, Dave Merrill and Michael B. Marois.To contact the reporters on this story: David R. Baker in San Francisco at email@example.com;Mark Chediak in San Francisco at firstname.lastname@example.org;Brian K. Sullivan in Boston at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Reg Gale, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Edison International's (EIX) Q3 revenues of $3.74 billion miss the Zacks Consensus Estimate by 12.7% and decline 12.4% year over year.
(Bloomberg) -- A Los Angeles fire that has burned more than 650 acres and destroyed a dozen homes was sparked by a tree branch that fell on power lines, according to Mayor Eric Garcetti.“It was an act of God,” Garcetti said Tuesday at a press conference.The Los Angeles Department of Water and Power, a city-controlled utility, owns the lines hit by the branch that sparked the Getty Fire. Fanned by strong winds, the blaze threatened some of the city’s highest-priced real estate, forcing celebrities including LeBron James and former Governor Arnold Schwarzenegger to flee their homes.The branch was from a eucalyptus tree and the initial fire was captured on a dashboard camera of a vehicle passing on the nearby 405 Freeway, Garcetti said. Investigators are still trying to determine who owns the tree, which was more than 20 feet from the power line, he said.California’s investor-owned utilities, Pacific Gas & Electric and Edison International’s Southern California Edison, have faced lawsuits and been found negligent for fires caused by tree branches striking power lines. The state’s municipally-owned utilities have an edge over their corporate counterparts: even though all are subject to the same liability rules, public utilities have the ability to set their own rates.To contact the reporter on this story: John Gittelsohn in Los Angeles at email@example.comTo contact the editors responsible for this story: Alan Mirabella at firstname.lastname@example.org, Michael B. MaroisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Edison International (EIX) delivered earnings and revenue surprises of -2.61% and -12.68%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- Edison International said its equipment has been identified as the cause of one of the most destructive fires in California history, which killed three people and burned parts of Malibu.County fire officials have determined that the Woolsey Fire, which raged for weeks in Los Angeles and Ventura counties in November 2018, was sparked by the utility’s electrical equipment, Edison Chief Executive Officer Pedro Pizarro said in a call with investors on Tuesday. The company had previously taken a $1.8 after-tax charge in connection to wildfires in 2017 and 2018. It said on Tuesday that it doesn’t anticipate the need for another one at this time.Edison shares plunged as much as 19% to $52.75 in after-hours trading before recovering much of the losses. Investors had expected the company would be blamed for the fire. The firm said earlier this year that it believed equipment owned by its Southern California Edison utility may be cited as the cause.The finding comes as California is grappling with yet another devastating wildfire season. Fires have erupted at both ends of the state. One in the Los Angeles area has scorched more than 600 acres and spurred evacuations of thousands of people in some of the city’s wealthiest neighborhoods. In Northern California, another blaze ripping through wine country has burned 75,000 acres and destroyed 124 structures.Read More: California Faces Strongest Winds in a Decade as Blackout SpreadsThe intensifying wildfire risk became a crisis for California’s utilities after the state’s largest, PG&E Corp., ignited a series of devastating blazes in 2017 and 2018 and wound up in bankruptcy with an estimated $30 billion worth of liabilities. Governor Gavin Newsom got lawmakers to pass legislation over the summer designed to prevent another power company from spiraling into Chapter 11 by setting up a $21 billion utility fire insurance fund for future claims.Edison has made a $2.4 billion payment into that fund, Pizarro said.Junk StatusEdison had warned that it faced downgrades into junk status without the fund.The Woolsey Fire broke out Nov. 8 and ripped through almost 100,000 acres, forcing Malibu to be evacuated, before being contained. It destroyed about 1,600 structures and was the seventh-most destructive wildfire in state history, according to Cal Fire.Edison, based in the Los Angeles suburb of Rosemead, had reported a power failure on its system near the fire’s origin, where it found a loose wire had come in contact with one of its power lines.Earlier this year, investigators said Edison’s equipment started the 2017 Thomas Fire, the 10th most destructive in state history. The company has contested part of that finding. The California attorney general is probing the utility’s role in both blazes.Edison said it was “not aware of any basis for felony liability” tied to the Thomas or Woolsey fires.(Updates with Edison comment in last paragraph.)To contact the reporter on this story: Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- A fast-paced brush fire has forced evacuation of some of the ritziest neighborhoods in the Los Angeles area and shut a major thoroughfare as high winds wreak havoc in California.The areas being evacuated stretch from Mulholland Drive south to the Pacific Ocean and east to the 405 Freeway, an area with about 20,000 residents, according to a spokesman with the Los Angeles Fire Department. The Getty Fire, now covering more than 618 acres, erupted at 1:34 a.m. local time on Monday in an area managed by the Los Angeles Department of Water and Power.The freeway, a major commuter route that cuts through the L.A. area, has been shut southbound to Interstate 10, Mayor Eric Garcetti said Monday in a news conference. One of the areas of investigation into the start of the fire includes a downed power pole, Garcetti said.The investigation is in early stages and it’s premature to determine whether the downed pole was a cause or a casualty of the fire, according to Los Angeles Fire Department spokesman Brian Humphrey.“We just don’t have a definitive answer,” Humphrey said. “Our focus right now is getting people back in their homes.”Michael Ventre, a spokesman for LADWP, referred questions about an investigation to the fire department. LADWP, unlike other utilities, doesn’t cut off power during high wind events, according to an Oct. 9 press release.Meanwhile, a neighboring utility, Edison International, has shut off power to almost 25,000 homes and businesses and is considering 350,000 more blackouts, largely in Los Angeles and Ventura counties.Councilman Paul Koretz, whose district is impacted, had a stark message for residents who received an evacuation warning. “Don’t be an idiot,” he said during the news conference. “Get the hell out of there.”The Getty Center museum -- an L.A. landmark that overlooks the freeway and the city from its perch near the top of the Santa Monica Mountains -- is just inside the evacuation area, but has been spared damage from the fire, according to a Twitter post. It is closed on Monday.In L.A., the mandatory evacuation zone includes the seaside community of Pacific Palisades and parts of Brentwood, once home to O.J. Simpson. The mandatory evacuations affected residents including Los Angeles Lakers basketball star LeBron James, who said he struggled to find housing for his family immediately after the order to leave.In a tweet, actor and former governor Arnold Schwarzenegger said he evacuated his home at 3:30 a.m. local time. The premier for Schwarzenegger‘s most recent movie, Terminator: Dark Fate, was canceled due to the fire, according to a tweet by Variety.Mulholland Drive meanders through the Santa Monica Mountains, with the homes of celebrities and other wealthy people on side streets nearby. The evacuation zone includes more than 10,000 structures, fire officials said. Eight homes have been lost in the fire, and five were damaged, Garcetti said.California Governor Gavin Newsom on Monday said the state is getting federal assistance to help fight the Getty fire as part of a statewide emergency.Dry winds will whip California’s fire-scarred landscape through at least Thursday with little letup in the interim, according to Marc Chenard, a senior branch forecaster with the U.S. Weather Prediction Center in College Park, Maryland.In Southern California conditions “should be gradually improving today and tonight, but the next event Tuesday night into Thursday could be worse than the current one,” Chenard said.Closed Monday as a result of the fire:University of California, Los AngelesSanta Monica CollegeLos Angeles Unified School District, 20 schoolsSanta Monica and Malibu Unified School District, all schoolsSkirball Cultural Center(Updates with comments from Los Angeles mayor and fire department beginning in third paragraph)\--With assistance from Brian K. Sullivan, Christopher Palmeri, Daniel Taub, David R. Baker and Mark Chediak.To contact the reporters on this story: Christopher Martin in New York at email@example.com;John Gittelsohn in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Lynn Doan at email@example.com, Catherine Traywick, Millie MunshiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- PG&E Corp. will deliberately cut the lights to as many as 1.8 million Californians on Tuesday -- the latest in an unprecedented string of mass blackouts that the bankrupt California utility giant has orchestrated to prevent wildfires.PG&E will start cutting the lights to as many as 605,000 homes and businesses early Tuesday in parts of the San Francisco Bay Area, California’s iconic wine country and areas around Sacramento, to keep high winds from knocking down its equipment and sparking blazes. The company was trying to shrink the scope of the shutoff late Monday by returning some high-voltage lines to service, but made no promises. Gusts were forecast to pick up early Tuesday and die down by Wednesday.The San Francisco-based company has taken increasingly extreme measures to avoid fires after its equipment was blamed for a string of deadly blazes in 2017 and 2018 that saddled it with an estimated $30 billion in liabilities and forced it into bankruptcy. Its recent decisions to carry out widespread shutoffs -- four in this month alone -- has drawn outrage customers and heightened calls on state lawmakers to find a more viable solution, especially as fires keep erupting.More than 3 million people are still recovering from PG&E’s last blackout. Over the weekend, the utility carried out its largest yet, plunging as much as one-sixth of its total customers into darkness. More than half of those affected remained in the dark on Monday and some may not get their power back by the time the next outage hits.“This event will start to impact the same people again in certain areas,” PG&E utility chief Andy Vesey said in a media briefing late Monday. “It is the weather -- it’s not something we can control.”PG&E’s power lines are, meanwhile, already being probed in connection with several fires that have broken out during the recent wind storms. The company disclosed on Monday that its equipment may have ignited a fire that destroyed a tennis club in a city near San Francisco and another blaze that damaged four homes.A fast-moving wildfire in Sonoma County, called the Kincade fire, was reported minutes after a PG&E line in the area malfunctioned last week. That one is still raging across wine country, triggering an historic evacuation of almost 200,000 people. It has burned more than 66,000 acres and destroyed almost 100 structures.PG&E shares sank 24% Monday to $3.80, a record low. Its bonds plummeted as investors feared more disaster-related charges are looming for the company.Blazes have also erupted in Southern California, prompting residents in affluent parts of Los Angeles to flee. Governor Gavin Newsom has declared an emergency.“Leave,” Los Angeles Mayor Eric Garcetti said at a press conference Monday. “The only thing you cannot replace is you and your family. So get your loved ones, your pets and leave.”One brush fire in the Los Angeles area that’s burned more than 600 acres forced evacuations from the upscale Mulholland Drive south to the Pacific Ocean. The nearby Getty Center art museum has thus far been spared. A second blaze in the region, called the Tick fire, sent tens of thousands fleeing. As fires engulfed hillsides, scrub land and vineyards, smoke is blanketing some cities. Commuters walked through San Francisco wearing face masks Monday. At one point, Oakland had the fourth-worst air quality in the U.S.Other highlights from the blackouts and fires:If PG&E can get a collection of transmission lines back into service by tomorrow, there’s a chance the company could limit its next blackout to as few as 240,000 customers.The outages are extending to Southern California, where Edison International said about 25,000 customers were without power and another 350,000 homes and businesses could follow.California regulators began an investigation Monday into the mass blackouts to ensure rules are being followed.The fires raging across California have already damaged about $25.4 billion in property, said Chuck Watson, disaster modeler at Enki Research. The Kincade fire has cost $10.6 billion. In Southern California, the tally is $14.8 billion, mainly from the Tick, Getty and Saddle Ridge blazes.\--With assistance from Christopher Martin, Brian Eckhouse, John Gittelsohn and Dave Merrill.To contact the reporters on this story: David R. Baker in San Francisco at firstname.lastname@example.org;Mark Chediak in San Francisco at email@example.comTo contact the editors responsible for this story: Lynn Doan at firstname.lastname@example.org, Joe Ryan, Kara WetzelFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- As wildfires rage and utilities race to restore power, the worst may be yet to come for California residents.PG&E Corp. has restored power to about 165,000 customers in portions of 18 counties, or about 93% of those affected, the company said in a statement. Meanwhile, it is preparing to cut electricity again across much of its territory this weekend in anticipation of the strongest wind storm in years. If so, it may prove to be the biggest blackout yet.PG&E’s shares fell 24% to $5.42 at 8:13 a.m. in pre-market trading. If they open regular trading at that level, it will be the lowest price ever for California’s largest utility, which declared bankruptcy in January. The stock plunged after PG&E told the state late Thursday that a transmission line went down where a major fire began in Northern California.Utilities are taking extreme measures to prevent wildfires since PG&E’s equipment sparked a series of blazes in 2017 and 2018, saddling the company with an estimated $30 billion in liabilities and forcing it into bankruptcy. The broad nature of the latest shutoffs has ignited a debate over how far California must go to prevent fires amid increasingly warm and dry weather.The blaze known as the Kincade fire is raging amid the vineyards of Sonoma County, prompting authorities to order more than 2,000 people to evacuate. As of late Thursday, it had destroyed 49 structures and scorched 16,000 acres and was 5% contained. In canyons north of Los Angeles, another fire had spread to 5,000 acres Thursday, burning several structures and forcing evacuations.More than 50,000 people had been evacuated as of 7 p.m. local time Thursday, according to Eric Ortiz, deputy sheriff with the Los Angeles County Sheriff’s Department. The total now is probably higher, he said.“None of us wants to be living without power,” PG&E Chief Executive Officer Bill Johnson said at a media briefing late Thursday. “But we have a single, simple and I think really important objective at work here, which is to avoid catastrophic wildfire.”Sempra Energy, which serves the San Diego area, is reporting that about 16,000 of its customers remain without power, while Edison International has just over 28,000 still dark in Southern California, according to their websites.PG&E is warning that this weekend’s shutoffs could rival those of Oct. 9, when a record 2 million people lost service for about a day. This time, the company is warning counties that the power may be out for two days.Earlier on Thursday, California Gavin Newsom said this week’s blackouts seemed necessary, given how strong winds blew, but questioned the scale of the shutoffs.The National Weather Service said gusts were expected to die down across the state by Friday -- only to pick back up this weekend.According to the agency, the next wind storm, set to last from late Saturday through early Monday, was shaping up to be the strongest of the year and the biggest since deadly wildfires devastated California’s Wine Country in 2017.PG&E warned Thursday that the region could see wind gusts of as high as 80 miles (130 kilometers) an hour. “We are preparing in full force,” Johnson said.(Updates restorations, shares in the third paragraph, adds fire details in the fifth and sixth.)\--With assistance from Will Wade.To contact the reporters on this story: Mark Chediak in San Francisco at email@example.com;David R. Baker in San Francisco at firstname.lastname@example.org;Brian K. Sullivan in Boston at email@example.comTo contact the editors responsible for this story: Tina Davis at firstname.lastname@example.org, ;Lynn Doan at email@example.com, Reg Gale, Jessica SummersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Half a million Californians have gone dark this week in a mass blackout designed to keep power lines from sparking wildfires. And blazes continue to erupt, including one that may have involved a PG&E Corp. power line and is burning uncontrollably through Wine Country.Despite that, the state is bracing for another deliberate blackout -- one that could prove to be its biggest and longest one yet. PG&E is preparing to cut the lights across much of its territory on Saturday in anticipation of the strongest wind storm in years. The company is warning shutoffs could rival those of Oct. 9, when 2 million people lost service for about a day. Except, these may last as long as two days.“None of us wants to be living without power,” PG&E Chief Executive Officer Bill Johnson said at a media briefing late Thursday. “But we have a single, simple and I think really important objective at work here, which is to avoid catastrophic wildfire.”Utilities have been taking more extreme measures to prevent wildfires since PG&E’s equipment sparked a series of blazes that devastated California in 2017 and 2018, saddling it with an estimated $30 billion in liabilities and forcing the company into bankruptcy. The widespread nature of the latest shutoffs, however, has ignited a debate over how far California is willing to go to keep fires from erupting amid increasingly warm and dry weather.Earlier on Thursday, California Gavin Newsom said this week’s blackouts seemed necessary, given how strong winds blew, but questioned the scale of the shutoffs. PG&E brought down almost 180,000 customers starting Wednesday and had restored power to most by late Thursday. Edison International and Sempra Energy have kept about 40,000 homes and businesses near Los Angeles and San Diego in the dark as winds shift south.Meanwhile, a blaze known as the Kincade fire is raging amid the vineyards of Sonoma County, prompting authorities to order more than 2,000 people to evacuate. PG&E disclosed to state regulators late Thursday that one of its transmission lines went down in the area just minutes before the blaze was reported to have begun. California’s fire agency is investigating the line, it said. PG&E’s shares slid 12%.In canyons north of Los Angeles, the Tick fire had scorched more than 3,700 acres, burning homes and forcing evacuations. Edison International serves the area, but a spokeswoman said the company had shut its local power lines long before the blaze began.The National Weather Service said gusts were expected to die down across the state by Friday -- only to pick back up this weekend. The agency said late Thursday that the wind storm, set to last from late Saturday through early Monday, was shaping up to be the strongest of the year and the biggest since a series of deadly wildfires devastated California’s Wine Country in 2017.PG&E warned Thursday that the region could see wind gusts of as high as 80 miles (130 kilometers) an hour.“We are preparing in full force,” Johnson said.\--With assistance from Robert Tuttle and Will Wade.To contact the reporters on this story: Mark Chediak in San Francisco at firstname.lastname@example.org;David R. Baker in San Francisco at email@example.com;Brian K. Sullivan in Boston at firstname.lastname@example.orgTo contact the editors responsible for this story: Tina Davis at email@example.com, Lynn DoanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Edison International's (EIX) third-quarter revenues are likely to get a boost from warm weather conditions. However increasing expenses can hamper the bottom line.
AES Corp's (AES) subsidiary starts commercial operation at its 20-MW AC Antelope DSR 3 solar project, for providing energy to Edison International's subsidiary.
If you buy and hold a stock for many years, you'd hope to be making a profit. Furthermore, you'd generally like to see...