In an interview with CNBC’s Jim Cramer, Generac CEO Aaron Jagdfeld highlighted the escalating strain on the U.S. power grid, exacerbated by burgeoning data centers and intensifying weather conditions. Jagdfeld emphasized the critical nature of this issue, noting that it is “only going to get worse.” He reported that U.S. power outages in the first nine months of 2024 led to the loss of 1.2 billion hours. Generac’s reliance on commercial and industrial products, like backups for manufacturing plants and hospitals, constitutes 40% of its business.
Despite expanding solar and wind energy, Jagdfeld pointed out their inherent intermittency. He stressed that the rising technology demand, particularly from AI and electric vehicles, further burdens the grid. The current hurricane season’s severity, marked by catastrophic storms like Hurricane Helene and the recent Category 5 Hurricane Milton, underscores these challenges. Milton is anticipated to inflict up to $175 billion in damages and may become Tampa Bay’s most destructive hurricane in a century.
Jagdfeld concluded by acknowledging the undeniable reality of warming temperatures contributing to extreme weather, while encouraging dialogue on their causes but focusing on the pressing need to address their impacts.
Original Story https://www.cnbc.com/2024/10/08/generac-ceo-says-pressure-on-the-power-grid-only-going-to-get-worse.html
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