PG&E blackouts have Californians scrambling for generators
The planned outages by California’s PG&E left hundreds of thousands without power this fall, and at least one company is benefiting.
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.
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