Active Stocks
Fri May 24 2024 15:59:27
  1. Tata Steel share price
  2. 174.80 -0.37%
  1. NTPC share price
  2. 374.85 0.68%
  1. State Bank Of India share price
  2. 828.60 -0.45%
  1. ITC share price
  2. 436.10 -1.16%
  1. Power Grid Corporation Of India share price
  2. 318.50 -0.39%
Business News/ News / Hawaiian Electric Hits 40-Year Low Ahead of Maui Fire Report
BackBack

Hawaiian Electric Hits 40-Year Low Ahead of Maui Fire Report

Hawaiian Electric stock hit a 40-year low in the wake of a local news report that a probe of the devastating Maui fires does not find fault with first responders.

Hawaiian Electric Hits 40-Year Low Ahead of Maui Fire ReportPremium
Hawaiian Electric Hits 40-Year Low Ahead of Maui Fire Report

(Bloomberg) -- Hawaiian Electric stock hit a 40-year low in the wake of a local news report that a probe of the devastating Maui fires does not find fault with first responders.

Shares fell as much as 18% to $8.74, the lowest since October 1984. 

The utility has come under scrutiny for its possible role in last year’s wildfire, which killed 101 people, caused more than $5.5 billion in damages and wiped out the historic town of Lahaina. 

The report, following an investigation by State Attorney Anne Lopez and slated for release Wednesday, may help mitigate liability for Maui County in ongoing litigation based on the proper handling of the situation by first responders, said Josh Price, an analyst for Capstone. Maui News Now reported the contents of the report after markets closed Monday.

Hawaiian Electric has said high winds knocked down its power lines and caused a fire near Lahaina the morning of Aug. 8 and fire fighters contained that blaze. But it said its power lines didn’t cause the flames that burned down the historic town later that day.

Read More: Hawaiian Electric Drops as GOP Seeks More Details Over Fire

Attorneys for victims’ families have sued, alleging Hawaiian Electric was negligent for the blaze because the utility didn’t turn off the power despite forecasts of wildfire risk. The County of Maui also has sued over assertions the utility failed to properly prepare equipment for the threat of wildfires.

The Maui Fire Department is expected to release a separate report Tuesday detailing its response to the wildfires, according to news reports. 

(Updates with background starting in the third paragraph.)

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 17 Apr 2024, 12:30 AM IST
Next Story footLogo
Recommended For You