PCG - California asks for energy conservation warns of power shortages

California's grid operator issued a statewide Flex Alert on Wednesday, asking residents to voluntarily limit their electricity use from 4:00 p.m. to 9:00 p.m. in anticipation of increased energy demands with temperatures expected to soar above 100 degrees Fahrenheit.

The California Independent System Operator, which runs the energy grid, warned of possible power shortages during that time that could lead to blackouts, at the start of what is expected to be the year's worst heat wave, lasting almost a week.

Electricity use will build over the next week to top at 48 GW on Monday and Tuesday, which would be the highest demand on the state grid since 2017, according to California ISO.

California Governor Gavin Newsom also is asking residents to conserve electricity , warning that Sunday and Monday will be the most challenging days for the grid.

Relevant tickers include ( NYSE: PCG ), ( NYSE: EIX ), ( NYSE: SRE ), ( XLU )

The heat wave hits as Newsom tries to push a controversial bill through the state legislature to keep the Diablo Canyon nuclear plant open past its planned closure in 20 25.

For further details see: