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☆ AI boom in Silicon Valley is going to worsen the housing problem, says CEO of billionaire-backed company trying to build a new city near San Francisco
▼ + stars: | 2024-05-03 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Jan Sramek, CEO of California Forever, wants to build a new city in Solano County, California. The recent "AI boom" will only make the housing crisis worse, Sramek told Kara Swisher. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Previously published information from California Forever revealed that the city will be about 18,600 acres with a capacity to welcome 400,000 residents. A California Forever spokesperson didn't address the question in an emailed response to Business Insider.

Persons: Jan Sramek, Sramek, Kara Swisher, —, Goldman Sachs, didn't, The Lever Organizations: Service, Silicon, California Forever, Business, International Monetary Fund, IMF, Research Locations: California, Solano County , California, Northern California, Solano County, San Francisco, Golden State, Bay, Palo Alto

☆ Clear lets people skip the line at the airport. California lawmakers want to change it
▼ + stars: | 2024-04-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —Clear is a service that lets people skip the security line at airports with nothing but a biometric scan and $189. Clear, a publicly-traded security company, lets members jump the line at airports, sports, concerts and other venues. About 10% of California travelers are Clear members, according to a legislative analysis of the bill. The bill, which appears to be the first in the United States, won’t block Clear at California airports, Newman said. But Clear, and major airlines like Delta, California airports, and business groups like the California Chamber of Commerce oppose the bill.

Persons: Gavin Newsom, ” Sen, Josh Newman, ” Newman, Newman Organizations: New, New York CNN, Transportation Committee, California, Assembly, Gov, Transportation Security Administration, TSA, CNN, Travelers, ” Clear, Association of Flight, American Federation of Government Employees, California Chamber, Commerce, Airports, Committee Locations: New York, California, haves, United States, Delta

☆ It’s prime time to lock in yields on this tax-free income play, UBS says
▼ + stars: | 2024-04-23 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

UBS doesn't see the Federal Reserve embarking on rate cuts until September — and that means now is the time to snap up tax-free municipal bonds. Bond yields and prices move inversely, so a decline in rates will come with price appreciation for the underlying issues. "Against that backdrop, we believe that yields on quality municipal bonds look attractive at current levels," wrote UBS Wealth Management senior municipal bond strategist Kathleen McNamara in a report last week. The kicker of tax-free income Muni bonds are generally backed by the full faith and credit of the issuer, which makes them less of a default risk compared with corporates. Large diversified municipal bond funds can be cheap, but state-focused funds tend to be a little more costly.

Persons: Kathleen McNamara, McNamara, FKTFX Organizations: UBS, Federal, UBS Wealth Management, Bond, SEC, Vanguard California, Franklin, Franklin California Tax, Income Fund, Muni Bond ETF, Vanguard New Locations: There's, New York , California, New Jersey, California, Franklin California

☆ Trump and Mike Johnson zero in on noncitizen voting. It’s already illegal and very rare.
▼ + stars: | 2024-04-12 | by ( Jane C. Timm | ) www.cnbc.com time to read: +4 min

Former President Donald Trump and House Speaker Mike Johnson pitched new legislation to crack down on noncitizen voting on Friday, despite the fact the practice is already illegal and occurs rarely. It is already a crime to register or vote as a noncitizen in all state and federal elections, though Washington, D.C., and a handful of municipalities in California, Maryland and Vermont allow noncitizen voting in local elections. Many have investigated noncitizen voting and found little evidence of it. The Brennan Center found just 30 suspected noncitizen votes amid 23.5 million votes in 2016, suggesting that suspected noncitizen votes accounted for 0.0001 % of votes cast. But Johnson and Trump have both long advanced baseless claims about election integrity.

Persons: Donald Trump, Mike Johnson, Trump's, Johnson, Trump, Sean Morales, Doyle, " Morales, Brennan, Morales, he'd, Justin Levitt, Biden, Levitt, noncitizens Organizations: Mr, Mar, D.C, Brennan Center for Justice, Brennan, Trump Locations: Lago, Palm Beach , Florida, U.S, Washington, California , Maryland, Vermont, Arizona, California

☆ Lactose intolerant customers hit Starbucks with $5 mil lawsuit, calling dairy-free upcharges 'discrimination'
▼ + stars: | 2024-03-20 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +6 min

Lactose intolerant customers sue Starbucks for $5 million over "illegal price discrimination." Customers claim in the lawsuit Starbucks has violated the federal Americans with Disabilities Act. Additionally, customers can choose to customize any beverage with a non-dairy milk on the menu for an additional charge." Lactose intolerant customers don't want to pay more for plant-based milk alternatives. The 2022 Starbucks lawsuit, which was filed in Florida, was voluntarily dismissed by the plaintiff, Enica said.

Persons: —, Melissa Wells, Maria Bollinger, Dawn Miller, Shunda Smith —, Bogdan Enica, Enica, Dunkin, they've Organizations: Starbucks, Service, California Unruh Civil, Americano, Dairy, US Justice, PETA Locations: California, Florida, Europe

☆ Vanguard launches two new ETFs to hit this sweet spot of tax-free fixed income
▼ + stars: | 2024-02-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors with a focus on tax-free income have two new choices to consider from Vanguard as the asset manager launches a pair of municipal bond exchange-traded funds. Tax advantages The biggest selling point for municipal bond funds is the tax-free income they provide. VTEC follows the S & P California AMT-Free Municipal Bond Index, while VTEI tracks the S & P Intermediate Term National AMT-Free Municipal Bond Index. However, in November, $2.8 billion in assets flowed into intermediate-term muni bond funds, followed by another $2.3 billion in December, Morningstar found. said Foos of municipal bond funds.

Persons: Beth Foos, there's, VTEI, Jeffrey Johnson, Johnson, Morningstar, it's Organizations: Vanguard, California, Bond, Federal Reserve, Morningstar, York Life Investments, Free Municipal Bond Index, Free Municipal Bond, muni, Treasury Locations: California

☆ Here’s How the Next Two Atmospheric Rivers Will Affect California
▼ + stars: | 2024-01-30 | by ( Judson Jones | ) www.nytimes.com time to read: 1 min

An atmospheric river of moisture, stretching over 3,000 miles past Hawaii, was streaming into California on Wednesday. Forecasters have warned California residents that unsettled weather through Thursday is likely to bring heavy rains, strong winds and mountain snow as the storm moves down along the West Coast. A similar storm will threaten the region early next week. When the tail end of an atmospheric river stretches back toward Hawaii, like this one, it is often called a “Pineapple Express.”

Locations: Hawaii, California, West Coast

☆ American Airlines stole more than 1 million reward miles from AAdvantage members, fliers say in new lawsuit
▼ + stars: | 2024-01-30 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

American Airlines was sued by two fliers who alleged it stole 1.1 million bonus miles from them. The plaintiffs say their AAdvantage accounts were closed after they opened credit cards offering sign-up miles. American Airlines was sued by the California residents in a proposed class action suit. American Airlines did not immediately respond to a request for comment by Business Insider on Tuesday. "AA's decision to terminate AAdvantage accounts entirely was improper and denied AAdvantage members the benefits they had accrued through previous purchases," the suit says.

Persons: —, Ari, Shanna Nachison, it's Organizations: Airlines, Service, American Airlines, Court, Northern, Northern District of, Citibank, Barclays, Business, AAdvantage, AA, Citi Locations: California, Northern District, Northern District of California

TickPick's highest non-COVID Super Bowl was in 2020 at Miami Gardens, Florida, when the Chiefs and Niners met for the first time in the championship game. That average price was $6,370. “Location has always impacted demand for a Super Bowl, but Vegas takes things to a whole other level,” TickPick co-CEO Brett Goldberg said in a statement to The Associated Press. "It’s already the entertainment capital of the world, and could very well become the sports capital of the world after the Super Bowl. “With both teams having made at least one Super Bowl appearance in the past five years, we would typically expect there to be slight fatigue from fans, in turn causing prices to dip.

Persons: Taylor Swift, That's, It's, ” TickPick, Brett Goldberg, It’s, ” StubHub, ”, Adam Budelli, ___ Organizations: LAS VEGAS, Las Vegas, Kansas City Chiefs, San Francisco 49ers, Chiefs, Philadelphia Eagles, Buccaneers, Niners, Associated Press, “, Bowl, Los Angeles Rams, Cincinnati Bengals, Kansas City, 49ers Locations: West, Glendale , Arizona, Tampa , Florida, Miami Gardens , Florida, Vegas, Inglewood , California, San Francisco, California, Nevada, Kansas, Missouri, Miami

☆ IRS set to launch its free tax-filing pilot program for some taxpayers. Here's what to expect
▼ + stars: | 2024-01-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Known as Direct File, the agency's free filing software pilot will begin as an invitation-only service for a group of government workers before rolling out to certain taxpayers in 12 states by mid-March. Direct File comes after a feasibility report authorized by the Inflation Reduction Act. Internal Revenue ServiceDirect File is 'starting small' with 12 statesThe IRS Direct File pilot intentionally starts with a limited group of taxpayers with relatively simple filings, according to IRS officials. While Direct File won't cover state returns, Arizona, Massachusetts and New York residents can immediately continue to state filing by importing Direct File data. While only certain taxpayers can use Direct File, the bilingual software includes built-in live chat support with IRS assistors.

Persons: Daniel Werfel, Kevin Lamarque, Laurel Blatchford, Danny Werfel, Werfel Organizations: Reuters, U.S . Department, Treasury Department, IRS, CNBC, Internal Revenue, Social Locations: Arizona , California, Florida , Massachusetts, Nevada , New Hampshire , New York, South Dakota , Tennessee , Texas, Washington and Wyoming, Arizona , Massachusetts, New York, California

☆ Even wealthy Los Angeles residents are moving to (slightly) cheaper cities and mansions out of state
▼ + stars: | 2024-01-15 | by ( Dan Latu | Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

Many wealthy buyers say they were driven out by a so-called mansion tax in Los Angeles, among other tax-related issues. Los Angeles topped Redfin's list of US metropolitan areas that homeowners are most looking to leave, based on their user data of home searches. Wealthier Americans — those making more than $200,000 per year — are moving out of high-cost cities like New York and Los Angeles, according to personal finance site SmartAsset. San Diego real-estate agent Jennifer Janzen says she's recently had Los Angeles clients head south to trade up in style. Another client of Janzen's was a young family who grew tired of the city life in Los Angeles.

Persons: —, Gus Lira, Lira, Lira's, Summerlin, she's, Jennifer Janzen, Janzen, Sotheby's, grâce, Jade Mills, Rob Desantis, Mary Fitzgerald Organizations: Service, Getty, Hollywood, Las, Golden, LA, Bloomberg, Los, Netflix Locations: Los Angeles, Malibu, California, Orange County, Las Vegas, Nevada, Vegas, Red, Vegas from California, Seattle, Florida , Texas, Tennessee, New York, Diego, Angeles, Rancho Santa Fe, San Diego, LA, Santa Fe, Manhattan

☆ Best Banks and Credit Unions for 2024
▼ + stars: | 2023-12-18 | by ( Martha C. White | ) www.wsj.com time to read: +13 min

While its checking interest rate is set much lower, you do earn interest on every dollar of your balance—its flagship checking account was also Buy Side’s top pick in the Best Checking Account category. CaveatsCapital One’s savings account APY beats most national banks and is competitive among online banks. The Ally Online Savings and Ally Spending accounts (the latter is the bank’s flagship checking account) were our top picks for digital banks in Buy Side’s Best Checking and Best Savings rankings. In Buy Side’s roundups, Alliant took the top spot among credit unions in our Best Checking and Best Savings rankings. How we pickedTo pick Buy Side from WSJ’s Best Banks, we evaluated dozens of banks and credit unions, looking for institutions that offered the best combination of high interest, low fees and flexible account options for savings, checking and CDs.

Persons: Martha C, you’ll, —, Ally, Ivy, Ivy doesn’t, Ivy Bank’s, Alliant, Foster, — Alliant, Banks Organizations: Wall, Best, Capital, American Express, Ally, Savings, Synchrony, Alto, Ivy Bank, Cambridge Savings Bank, Ivy, Bank5 Connect, CIT Bank, First, Alliant, Bank, Foster Care, Credit Union, Lake, Best Bank, Best Credit Union, National Credit Union Administration Locations: U.S, American, Massachusetts, California, Golden State, Lake Michigan

Financial Partners Credit Union is paying 6.50% APY (Annual Percentage Yield) on an 8-month CD special. Financial Partners Credit Union is offering an 8-month CD special paying 6.50% APY for new members. How to get 6.50% APY on a CDThe Financial Partner Credit Union 8-month CD special is only available to new members. Financial Partners Credit Union FAQsWho owns Financial Partners Credit Union? Up to $250,000 per depositor, per account ownership category is insured in a Financial Partners Credit Union bank account.

Persons: There's Organizations: Financial Partners Credit Union, Partner, Financial Partners, Union, FDIC, Chevron, Financial Partners Credit Union FDIC, Partners Credit Union Locations: California, Los Angeles County, Orange County, Riverside County, San Diego County, San Francisco, Alameda , California, Chevron

Breton also is co-chair of a government working group on charging infrastructure. "People seem to forget that the backbone of the infrastructure is not public charging, it's home charging," Breton said. 'SERIOUS CHALLENGE'Breton said that 30% of the cost of installing a home EV charging station in the U.S. is covered by a federal tax credit, while California residents can receive rebates for upgrading charging stations and electric panels. Most Canadians drive short distances to work, meaning that public charging is mainly necessary for longer-haul travellers, Breton said. Canada had 19 EVs per public charging point in 2022, while the number was 24 in the U.S., according to the Paris-based International Energy Agency.

Persons: Chris Helgren, Justin Trudeau's, Canada's, Daniel Breton, Breton, Brian Kingston, Kingston, Joanna Kyriazis, Rod Nickel, Denny Thomas, Paul Simao Organizations: Volkswagen, Canadian, REUTERS, Companies Parkland Corp, Justin Trudeau's Liberal, Infrastructure Bank, Parkland Corp, EV, Electric Mobility Canada, Natural Resources, International Energy Agency, Clean Energy Canada, Simon Fraser University, Canadian Vehicle Manufacturers ' Association, Thomson Locations: Toronto , Ontario, Canada, WINNIPEG , Manitoba, British Columbia, Canadian, Parkland, Breton, U.S, California, Natural Resources Canada, Paris, Vancouver, Ottawa, Winnipeg , Manitoba

☆ Bye California: 7 people who fled the state share the culture shocks they've experienced and why they have no regrets
▼ + stars: | 2023-11-01 | by ( Manseen Logan | ) www.businessinsider.com time to read: +10 min

Over 800,000 people left California between 2021 and 2022, according to the Census Bureau. Since moving to San Antonio, Burse told Insider she spends less on gas and groceries and feels more comfortable sharing her opinions. But Hayes was finally able to purchase a home and told Insider he enjoys the cleaner air and clearer skies. "No one is really tackling the problem or communicating what can be done to help those in need," Cheng told Insider. Vered DeLeeuw and her husband left Palo Alto, California, for friendlier MemphisDeLeeuw and her husband recently relocated to Memphis, Tennessee.

Persons: —, Calli Edington, South Georgia Edington, Chelsea Jia Feng, Edington, she's, I'm, Jackie Burse, Antonio Burse, Burse, I've, Davrick Hayes, Bismarck , North Dakota Hayes, Hayes, Janelle Crossan, New Braunfels , Texas Crossan, Chelsea JIa Feng, Crossan, Elisabeth Wykert, Wykert, Joseph, there's, That's, Pengyu Cheng, Austin Cheng, Cheng, Austin, Vered DeLeeuw, DeLeeuw, it's Organizations: Census Bureau, Service, Golden State, Census, Chelsea, Orange County Wykert, Palo, Memphis Locations: California, Cali, Memphis , Missouri, North Dakota, Texas, Northern California, South Georgia, Chelsea, Magalia , California, Douglas , Georgia, Georgia, ultraliberal California, Orange County, San Antonio, LA, Bismarck , North Dakota, Los Angeles, Downey , California, Southern California, New Braunfels , Texas, Costa Mesa , California, Missouri, Kansas City, Brea , California, St, Francisco, Bay, San Francisco, Austin, Palo Alto , California, Memphis , Tennessee, Silicon Valley, Memphis, Southern, Tennessee

☆ We left California and have no regrets: 7 people who fled the state share why and the culture shocks they've experienced in their new locations
▼ + stars: | 2023-11-01 | by ( Manseen Logan | ) www.businessinsider.com time to read: +10 min

Over 800,000 people left California between 2021 and 2022, according to the Census Bureau. Read more: I left California and I'm never going back. Read more: I left California for Texas to begin my new life as a divorcée. But Hayes was finally able to purchase a home and told Insider he enjoys the cleaner air and clearer skies. Vered DeLeeuw and her husband left Palo Alto, California, for friendlier MemphisDeLeeuw and her husband recently relocated to Memphis, Tennessee.

☆ Texas transplants are coming from these 10 states
▼ + stars: | 2023-10-26 | by ( Alcynna Lloyd | Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

Over 668,300 people moved into Texas between 2021 and 2022, according to new Census data. Those moving in are coming from states like California, Florida, and New York. Texas has maintained a long-standing reputation for its favorable cost of living, making it a magnet for transplants. Californians are moving to Texas in drovesOf all states, Texas is receiving the most transplants from California — a state facing a severe housing affordability crisis and widening political division. Many Californians who arrived in Texas during the pandemic also realized the state's climate was less than ideal.

Persons: —, Rogelio Saenz, Saenz, Redfin, Hailey Eustace, San Francisco who've, Jackie Burse, Nicole Nabulsi Nosek, Danielle Fountain, she's, Fountain, Alcynna Lloyd Organizations: Service, Lone Star State, University of Texas, USA, Conservative, Liberal, Republican, Texans, Reasonable Solutions Locations: Texas, California, Florida, New York, Texas . Texas, San Antonio, Austin, San Francisco, Orange County, San Antonio , Texas, Texas . California, Oklahoma, alloyd@insider.com

☆ The 10 U.S. states where Americans leave the best—and worst—tips
▼ + stars: | 2023-10-25 | by ( Annie Probert | ) www.cnbc.com time to read: 1 min

But a new survey by USA Today Blueprint and OnePoll finds that some states are more generous than others when it comes to leaving a gratuity. The survey asked 5,000 Americans — 100 people per state — about their tipping behavior in situations like restaurants, food delivery, personal care and services rendered. California residents tended to leave the largest gratuity, with an average tip percentage of 22.69%. Overall, average tip percentage in the U.S. comes out to 17.94%. Here are the 10 most generous states when it comes to tipping, according to USA Today Blueprint and OnePoll.

Persons: LendingTree Organizations: USA Locations: California, Missouri, U.S

☆ Californians are fleeing amid sky-high housing costs. Here are the top 10 states they're flocking to.
▼ + stars: | 2023-10-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Over 102,000 people left California for Texas during this period, many citing the state's lower housing costs are reasons for making the move. This has forced many California residents to spend a significant portion of their income on housing, cutting away at their savings. Another 74,100 left California for Arizona, in contrast to 27,400 Arizona residents who moved to California. Many are likely moving to Arizona for the state's lower cost of living, lower taxes, and employment opportunities in sectors like semiconductor manufacturing. Over 50,700 former California residents made the move cross-country to Florida — and over 28,500 vice versa.

Persons: — Organizations: Service, American Community Survey, Florida —, New Locations: California, Texas, Arizona, Florida, Washington, Nevada, New Jersey, Idaho, Tennessee

☆ California just legalized affordable housing in church parking lots and coastal cities — and it could help solve the state's crisis
▼ + stars: | 2023-10-22 | by ( Eliza Relman | ) www.businessinsider.com time to read: +9 min

Many housing advocates are also disappointed that Newsom vetoed a bill — AB 309 — to create "social housing" on government-owned land. Resnikoff, whose organization endorsed the effort, noted that the state's current fiscal conditions make it very hard to pass housing policy that requires funding. Advocates are quick to point out that California housing policy has impacts far beyond its borders. How effectively California deals with its housing affordability issues also directly impacts other states' housing markets. The migration of California residents to places from Texas to Oregon has put additional pressure on those states to provide even more housing.

Persons: Gavin Newsom, —, Ned Resnikoff, Chris Elmendorf, State Sen, Scott Wiener, Elmendorf, San Francisco Mayor London Breed, Breed, that's, Resnikoff, Brittany Murray, Newsom, Alex Lee, Lee, Eric Adams Organizations: Service, California, UC Davis, UC Berkeley, State, San Francisco Mayor London, Bloomberg, UC Berkeley's Terner, Housing Innovation, Habitat, Getty, New York City Locations: California, Francisco, San Francisco, Washington, Long, Greater Los Angeles, Vienna, Austria, Singapore, Central, Southeast Asia, New, Texas, Oregon

☆ Three Californians got $40,000 to build tiny homes in their backyards. They share how it's made their lives better and easier.
▼ + stars: | 2023-10-03 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +11 min

Some California residents got $40,000 in grant money to build tiny homes on their properties. AdvertisementAdvertisementThousands of California homeowners got a $40,000 check from the state to build a tiny home in their backyard last year. California is reviving the ADU grant program again, but details are being worked out. Altogether, we paid $124,000 out of pocket, got the $40,000 from the state, and a forgivable loan of $67,500. I paid for the majority of the project with my savings, and the rest with the $40,000 California ADU grant.

Persons: —, Los Angeles —, Dan Romo, Daniel Romo, Kristin Romo, Dan, Kristin, Jakota Rivas, Eric Santucci, Rivas, shutdowns, wasn't, it's, we're, Rosario Organizations: Service, Housing, HPP, California ADU Locations: California, Orange County, Napa, Los Angeles, Whittier , California, New Hampshire, Napa , California, Northern California, Napa County, Rosario, Los Angeles , California

☆ Janney upgrades Sunrun to buy, sees nearly 80% upside as the solar company gains market share
▼ + stars: | 2023-08-03 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Investors should buy up shares of Sunrun , as it continues to stand out in the solar industry, according to Janney. The company's margins are expanding through higher battery attach rates and lower component pricing, for example. And while competitors are seeing the same, Meric sees Sunrun as being "structurally more well-positioned" through its high third-party owner percentage and incumbent tax-equity relationships. Sunrun is executing on its plan despite a volatile solar market, which Meric expects will come through in added customers and margins over the next several quarters. The most foreseeable problem for Sunrun is its costs, Meric said.

Persons: Janney, Thomas Meric, Meric, Sunrun, Michael Bloom Organizations: Enphase Energy Locations: Wednesday's, California

☆ Pacific Gas and Electric says it can meet California power demand this summer
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

July 21 (Reuters) - Pacific Gas and Electric Company (PG&E) on Friday said it is prepared to meet increased electricity demand in California this summer with new energy supply amid an ongoing heat waveThe company said it is bringing online new resources like battery energy storage, including an additional 700 megawatts (MW) than it had last summer. At the time, PG&E said it had just 6.5 MW of battery energy storage connected to the power grid. By September, it expects to have 1,700 MW online, or enough to meet the demand of 1.2 million homes at once, it said. PG&E said it is modifying programs that offer financial incentives for residential and business customers who reduce energy use during peak demand. PG&E also said it expects to have adequate hydropower to help meet peak summer demand periods.

Persons: Ashitha, Deepa Babington Organizations: Pacific Gas and Electric Company, Thomson Locations: California, Bengaluru

☆ California has enough power during heat wave after Thursday emergency
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

July 21 (Reuters) - California's power grid operator said it does not plan to ask consumers to conserve power on Friday after declaring an energy emergency late Thursday as homes and businesses cranked up their air conditioners to escape a lingering heat wave. The California Independent System Operator (ISO), which operates the grid serving more than 32 million consumers representing about 80% of the state's power load, has said it has enough resources available to meet demand. California residents have worried about the effect of extreme weather on the power grid since a brutal heat wave in August 2020 forced the ISO to impose a couple of days of rotating blackouts on around 800,000 homes and businesses. The ISO forecast demand would rise from 42,266 megawatts (MW) on Thursday to 43,512 MW on Friday. Gas is important in California since much of the power generated in the state comes from gas-fired plants.

Persons: Scott DiSavino, Barbara Lewis Organizations: Soaring, Columbia, Thomson Locations: California, Los Angeles, U.S, Pacific Northwest

☆ State Farm will no longer offer new home insurance policies in California over wildfire concerns
▼ + stars: | 2023-05-29 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

State Farm said it won't accept new applications for business and personal lines of property and casualty insurance in California. The change won't impact those with personal auto insurance, and current property and casualty insurance holders can still file claims for property that's already covered by State Farm. "Insurance companies prioritize their short-term financial goals, the long-term goal of the Department of Insurance is protecting consumers," California Department of Insurance spokesperson Michael Soller told CNN. Soller continued: "It's important to note that current State Farm customers are not affected, and no non-renewals are being issued as a result of this announcement." "We pledge to work constructively with the CDI and policymakers to help build market capacity in California," Friday's statement from State Farm said.

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