Generac Holdings Inc. GNRC shares are trading higher after the company reportedly said it is seeing increased demand for backup generators in Texas.
What To Know: The demand appears to be correlated to the strain on the reliability of the state’s main electric grid due to the intense heat.
“We’ve seen a dramatic increase in the Texas region in sales leads for our generators and battery backup systems,” CEO Aaron Jagdfeld said in an interview Monday. “Texas has been a great market for a long time, so this will only add to that in the future.”
Generac shares hit a four-month high last week amid the Texas grid operator urging residents to conserve electricity to prevent blackouts, in addition to issuing a weather advisory for this week due to heat waves.
Jagdfeld went on to tout how Generac customers provided about 1 megawatt of backup power from their home generators to the Texas grid last week, enough to power about 200 Texas homes.
Related Link: Why Spirit Airlines (SAVE) Shares Are Seeing Blue Skies Today
GNRC Price Action: Shares of GNRC were up 9.11% at $142.95 at the time of publication, according to Benzinga Pro.
Image by Michael Schwarzenberger from Pixabay
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