Pacific Gas and Electric $PCG stock is in an uptrend channel and gave a MACD buy signal on November 25, 2022. The stock is testing horizontal resistance. In addition, we have what looks like bullish dark pool trading in the stock.
Unusual Dark Pool Trading in Pacific Gas and Electricity Stock
Unusual dark pool trading occurred in $PCG stock on November 21, 2022. The two dark pool trades were valued at $14 million and $15 million. We think the dark pool trades were buy orders because $PCG stock rose following the trades hitting the tape.
Make sure to review this lesson on dark pool trading so that you understand the chart above.
A narrative emerges that an institutional investor increased its position in Pacific Gas and Electric $PCG stock on the bet that the Federal Reserve is close to or at peak interest rates, after inflation indicators showed the pace of inflation slowing for the last four consecutive months.
US Department of Energy Confirms Diablo Canyon Power Plant’s Eligibility for Civil Nuclear Credit Program Funding
The Diablo Canyon Power Plant (DCPP) of Pacific Gas and Electric Company is qualified for federal funding under the Civil Nuclear Credit Program, the US Department of Energy (DOE) confirmed on November 21, 2022.
On September 2, 2022, California Governor Gavin Newsom signed Senate Bill 846 into law, which sought to extend operations at DCPP in San Luis Obispo County for an additional five years past its current license expiration in 2025. On the same day, Pacific Gas and Electric submitted its application for federal funding. While additional sources of renewable energy and carbon-free resources come online, the plant will be used to increase the statewide energy system’s dependability and lower greenhouse gas emissions.
The state approved a loan from the Department of Water Resources to Pacific Gas and Electric last month in the amount of up to $1.4 billion to support extending operations at the plant. If the plant’s operating license is renewed, SB 846 further instructed the company to seek funds from the DOE and any other potentially available federal funds in order to repay the loan and reduce costs for customers.
A total of about $1.1 billion has been conditionally awarded to Pacific Gas and Electric by the DOE.
Around 8.6 percent of California’s total electricity supply and 17 percent of the state’s zero-carbon electricity supply are currently supplied by DCPP, which has the capacity to produce 2,200 megawatts of baseload electricity.
“This is another very positive step forward to extend the operating life of Diablo Canyon Power Plant to ensure electrical reliability for all Californians,” said PG&E Corporation Chief Executive Officer Patti Poppe. “While there are key federal and state approvals remaining before us in this multi-year process, we remain focused on continuing to provide reliable, low-cost, carbon-free energy to the people of California, while safely operating one of the top performing plants in the country.”