PCG - PG&E applies to extend life of California's Diablo Canyon nuclear plant

PG&E ( NYSE: PCG ) formally asked U.S. regulators Monday to extend the life of Diablo Canyon , the last operating nuclear plant in California, the Sacramento Bee reported.

The utility said it applied to the U.S. Nuclear Regulatory Commission to renew Diablo Canyon's license and postpone the planned 2025 shutdown of the plant, which supplies ~9% of California's electric power.

Governor Gavin Newsom reversed his earlier opposition to prolonging Diablo Canyon's lifespan in signing legislation in September that would keep the plant open until 2030 to help prevent rolling blackouts in the state.

PG&E ( PCG ) had planned to close the 37-year-old plant in favor of cheaper energy sources such as wind and solar, but it relented as Newsom decided the state's electricity grid would become increasingly vulnerable without Diablo Canyon.

California narrowly avoided blackouts shortly after Newsom signed the legislation, during a September string of 110-degree-plus days .

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