Generac Holdings’ ( GNRC Quick Quote GNRC - Free Report) subsidiary, ecobee has collaborated with San Diego Gas & Electric (SDG&E) to launch a program aimed at minimizing power outages caused by extreme weather change.
Per a research from
National Oceanic and Atmospheric Administration (NOAA), the United States recorded 22 weather and climate disasters in 2020, representing a rise of nearly 40% year over year. The disasters have caused losses worth approximately $95 billion in 2020., added the report.
The pilot program by ecobee is aimed at increasing grid stability by reducing the impact caused by heat waves, extreme weather and natural disasters. These events lead to an increase in energy demand and stress on the power grid, resulting in power shortages.
In an emergency, eligible ecobee customers in the SDG&E service area will get a notification on the ecobee mobile app and thermostat screens to make small, temporary temperature adjustments to lower demand and prevent a power outage.
Also, the thermostat will maintain comfort by pre-cooling the house before making the temperature adjustment. Customers can opt out of the program or skip the notification anytime.
In August, Generac
announced that it had been selected by Dominion Energy Virginia to modernize the electric grid. Dominion Energy planned to leverage Generac’s platform to efficiently manage smaller consumer-owned devices like battery storage and smart thermostats as well as large front-of-meter devices like solar and energy storage.
Prior to that, the company announced that it had been awarded a multi-year contract by Arizona Public Service. The contract involved leveraging the company’s Concerto distributed energy resource management system to provide additional grid capacity from residential battery storage and advanced grid services like real power orchestration, voltage management, targeted responses and fleet energy control.
Generac manufactures power generation equipment, energy storage systems and other power products, including portable, residential, commercial and industrial generators.
The company reported
second-quarter 2022 adjusted earnings of $2.99 per share, beating the Zacks Consensus Estimate by 12.8%. The bottom line also increased 25.1% year over year.
Net sales increased 40% year over year and came in at $1.29 billion, beating the consensus mark by 2.4%. The robust demand for Residential and Commercial & Industrial products boosted Generac’s second-quarter performance.
Generac currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 45.8% compared with the
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