Winter Storm Causes Widespread Power Outages on US East Coast
Quiver Quantitative — The U.S. East Coast is grappling with significant power disruptions following a massive winter storm, affecting over half a million homes and businesses from Florida to Maine. According to PowerOutage.us, New York has been the hardest hit, with nearly 143,000 customers without electricity. This is closely followed by Pennsylvania, North Carolina, and New Jersey, experiencing approximately 105,000, 70,000, and 58,000 outages respectively. The primary power companies in these states include Con Edison (ED) in New York, FirstEnergy (NYSE:FE) in Pennsylvania, Duke Energy (NYSE:DUK) in North Carolina, and Public Service Electric and Gas in New Jersey, a subsidiary of Public Service Enterprise Group (NYSE:PEG).
This extreme weather event is reminiscent of the February 2021 freeze that left millions in Texas and other central U.S. states without essential services like power, water, and heating for days. It also echoes the December 2022 winter storm, which nearly caused the collapse of power and natural gas systems in the eastern half of the country. According to data from financial firm LSEG, the current storm precedes what is expected to be the nation's coldest weather since December 2022.
Market Overview: -A monstrous winter storm claws its way across the US East Coast, leaving over 500,000 homes and businesses grappling with power outages. -New York, Pennsylvania, North Carolina, and New Jersey bear the brunt of the icy grip, with millions facing frigid nights and disrupted schedules. -Utility giants like Con Edison, FirstEnergy, Duke Energy, and PSE&G (PEG) scramble to restore power, echoing the vulnerabilities exposed in Texas in 2021 and the near-collapse of the eastern grid last December.
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