Cali To Cut Power To 51,000 Customers, Macau Casino Stocks Plummet, 25% Increase To Food Stamps

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Pacific Gas & Electric (PG&E) in a press release said it made the decision to prevent winds from knocking down or fouling power lines and sparking new blazes, citing “dry offshore winds, extreme to exceptional drought conditions and extremely dry vegetation.”

Power will be shut off in small portions of 18 northern California counties, including the Sierra Nevada foothills, the North Coast, the North Valley and the North Bay mountains, the company said.

“With these high winds and extremely dry climate conditions, we are focused on customer and community safety. It’s never an easy decision to turn off the power for safety, but it is the right thing to do to keep everyone safe,” PG&E Executive Vice President and Chief Customer Officer Marlene Santos said in a statement.

The release notes that the company expects “all clears” will occur around Wednesday afternoon.

“We understand how disruptive and inconvenient it is to lose power. The sole focus of a PSPS [Public Safety Power Shutoff] is to keep our customers safe. As soon as this extreme weather passes, our crews will be inspecting our equipment and the vegetation around it, making repairs and restoring power as soon as it’s safe to do so,” Santos added.
After Housing Starts unexpectedly surged in June, July saw starts collapse, down 7.0% MoM (vs -2.6% expected). Building Permits went the other way, rising 2.6% MoM, better than the +1.0% expected (this is the first MoM rise in permits since March), Casino revenue collapses again as travel limited in Macau.