From all indications, 2020 has been the worst wildfire season in California’s history. And the state is hardly alone in its misery, as an unprecedented combination of wind gusts and dry conditions have also inflicted record damages throughout the West and Rocky Mountain states.
The first three Portfolio electric utilities have announced Q3 results and delivered guidance, and the common thread for all three companies is they ignited robust underlying earnings growth by deploying new renewable energy generating capacity, despite pandemic-related pressures
Everyone loves a bargain. But when a stock trades at a big discount to market or sector averages, there’s always a reason. And to move to a higher price, the company must face its challenges.
It’s been a little more than 141 years since Thomas Edison threw the first switch on his famous light bulb. What at one time were literally thousands of electric operating companies have merged into just a few dozen of consequence. And not one deal failed to create a financially stronger utility, a record no other industry can match.
Final certification isn’t until May 22. But preliminary voting results show a strong majority in favor of PG&E Corp’s (NYSE: PCG) restructuring plan, allowing the California utility to exit the bankruptcy it entered in January 2019.
Heading into Q1 earnings reporting season, the big question for electric utilities was how big a hit COVID-19 fallout would deliver to demand for power. Now we have answers from first reporter NextEra Energy (NYSE: NEE).
Before COVID-19, renewable energy was a bona fide, red-hot global investment theme. But the prospect of a deep recession has caused many consumers to reconsider making big purchases like rooftop solar systems.
It’s still early days for US COVID-19 fallout. And most electric companies have yet to issue guidance. But so far, the US power industry is showing typical resilience in tough times.
That means future selloffs in the ongoing bear market are buying opportunities for best in class electric utilities, not a reason to sell.
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