Saturday, July 13, 2024

Why did Generac’s stock jump today? Texas may hold a clue

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Don

ABEMOS

Generac (NYSE:GNRC) rose the most in seven weeks Tuesday as the operator of Texas’s power grid asked customers to conserve electricity to prevent blackouts. The state is facing greater stress on its electrical system as a summer heat wave has people turning up their air conditioning to keep cool.

Generac (GNRC), which makes backup generators and solar equipment, rose 7.9%.

The Electric Reliability Council of Texas issued a voluntary conservation notice because of “extreme temperatures and forecasted record demand.”

Power prices for Tuesday surpassed $2,500 a megawatt hour in the state’s day-ahead market, Reuters reported.

The reliability council operates the electrical grid for more than 26 million customers, or about 90% of the state’s power load.

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