While investors in bankrupt California utility Pacific Gas & Electric worry about losing their money and customers grapple with brownouts intended to reduce wildfire risk, one maker of backup generators is benefiting from the upheaval. Stock in Generac Holdings, which supplies power generators for residential, light commercial and industrial markets, surged nearly 10 percent on Wednesday as more than 700,000 people affected by the public-safety outage sought alternatives For the week, Generac rose $4.49 to close at $82.49, and it’s one of the best performers of the year. Generac, based in Wisconsin, is the largest seller of backup home-electricity generators in the U.S. The company estimates that it sells more than 75 percent of all residential generators in the country and as much as 30 percent of portable generators. The firm began advertising in California after news that PG&E will manage wildfire risk during its bankruptcy by shutting down power in dry, hot and windy weather. Generac is expecting the Golden State to add $100 million to the company’s revenues by 2023. The business provides the “best growth outlook in U.S. machinery by a country mile,” wrote Bank of America Merrill Lynch analyst Ross Gilardi. “California was never much of an addressable market for Generac… Read full this story
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