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California’s power grid operator said this week the state will need to spend $9.3 billion over the next decade on grid upgrades to support its transition to renewable energy and electric vehicles.
in a draft transition planthe california The independent system operator has identified 46 projects that it says will be needed to help planned solar plants and offshore wind farms connect to the grid, as well as new transmission lines and other grid upgrades to help improve the grid. reliability in a state that has already been affected by blackouts.
Potentially relevant tickers include (PCG), (EIX), (SRE)
The transmission plan is based on projections that California will need to add between 40 and 70 GW of power generation over the next 10 years, depending on how quickly consumers switch to electric cars and appliances; The highest power demand ever recorded in California, set in September, was 52 GW.
Electricity prices in California increased 15% in 2022 and have increased ~80% since 2008.
Public service actions (NYSEARCA:XLU) have sold off since August as rising interest rates have given investors income alternatives, and many stocks in the sector are trading at double-digit discounts to historical valuations, Eric Landis writes in a published analysis. recently on Seeking Alpha.
