Con Edison, other utility stocks take a hit after customers lose power in heat wave

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The stocks of several utilities opened lower, after weekend power outages during a major heat wave and from severe storms.

as of Monday afternoon, after more than 52,000 lost electricity Sunday. Southeast Brooklyn was the worst hit area, with the utility saying it had to shut off power to 33,000 customers because of high usage.Public Service Enterprise Group shares were slightly lower in afternoon trading, after opening lower. The outages affected customers of both PSE&G andJersey Central Power and Light.

First Energy shares opened lower but edged slightly higher in afternoon trading. There were about 2,372 First Energy customers without power in New Jersey Monday afternoon. There were also about 1,500 without power in West Virgina, just under 1,600 affected in Pennsylvania and 1,700 in Ohio.said that severe storms Friday and Saturday caused 600,000 power outages in its Michigan service area, which includes Detroit.

New York City Mayor Bill de Blasio said Monday he is losing faith in Con Edison after prolonged outages in the middle of a heat wave. "I can't trust them at this point because I'm not getting any real answers," the mayor said, according to wire reports.The outage follows a high-profile blackout affecting tens of thousands of customers in midtown the weekend earlier, which darkened parts of Times Square and Broadway on a Saturday night.

 

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This is the cost of socialized utilities in NYC. I understand stand the possibility of abuse, however, price control hurts innovation, research and development investments.

No wonder. Ned the tall king hoarce talking. 4 stomps

Remember the Smart Electric Grid technology that died !!!

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