2023-06-20 13:54:03 ET
Generac ( NYSE: GNRC ) rose the most in seven weeks Tuesday as the operator of Texas’s power grid urged customers to conserve electricity to prevent blackouts. A summer heat wave is leading people to turn up their air conditioning, putting greater stress on the grid.
Generac ( GNRC ), which makes backup generators and solar equipment, rose as much as 8.1% to $129.15 a share Tuesday.
The Electric Reliability Council of Texas issued the voluntary conservation notice, effective 4 p.m. to 8 p.m. central time, because of “extreme temperatures and forecasted record demand.”
Power prices for Tuesday exceeded $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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Generac rises most in 7 weeks as Texas grid operator pleads to conserve power