Power grid

PG&E blackouts have Californians scrambling for generators

Kimberly Adams Oct 28, 2019
HTML EMBED:
COPY
A restaurant in Sonoma, California during the planned power outage by Pacific Gas & Electric in early October, 2019. Brittany Hosea-Small/AFP via Getty Images
Power grid

PG&E blackouts have Californians scrambling for generators

Kimberly Adams Oct 28, 2019
A restaurant in Sonoma, California during the planned power outage by Pacific Gas & Electric in early October, 2019. Brittany Hosea-Small/AFP via Getty Images
HTML EMBED:
COPY

The planned outages by California utility PG&E left hundreds of thousands without power this fall, as the company attempts to decrease the risk of wildfires. At least one company is reaping the benefits: Generac Holdings, which makes backup generators and hit a record-high stock value on Friday.

Generac currently has about a 75% market share for permanent home backup generators, and has seen a sharp spike in its California business since the blackouts started.

CEO of Generac Holdings, Aaron Jagdfeld told CNBC on Friday the company had seen its volume in the state up 300 to 400% as homeowners struggle with the frequent power disruptions.

Generac CEO on the impact of California’s recent blackouts. Credit: CNBC

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.