Hawaiian Electric utility company sees its stock price plunge 49% after devastating Maui fires
The Honolulu-based utility company engages in the production, transmission, and distribution of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai and serves 95% of the state's residents.killed at least 96 people and destroyed or damaged thousands of buildings, making it the deadliest US wildfire in over a century. Factors that likely contributed to the destructive fire include high winds, low levels of rainfall, and dry vegetation.
Lawyers investigating the cause of the Maui wildfire are now claiming that damaged equipment operated by Hawaii Electric sparked the blaze. The ongoing plunge in Hawaiian Electric's stock price is a shoot first and ask questions later scenario similar to prior wildfires that ensnared utility companies, including the plunge in California utility companyIn an e-mailed statement to Bloomberg, Hawaiian Electric said it doesn't have information on what caused the fires and that it would work with officials to investigate the fire once the immediate emergency has passed.
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