Hawaiian Electric investors hit by Maui wildfires
Hawaiian Electric shares have lost over 62% in the last 5 days
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Fox News contributor Joe Concha discusses whether President Biden erred with his rhetoric in response to the Maui fire catastrophe.
Hawaiian Electric is defending itself over claims it did not do enough as wildfires in Maui raged in efforts to stem the stock's free fall.
The power provider has no plans to restructure but will begin seeking advice from experts on the matter, according to a company update released on Friday.
HAWAIIAN ELECTRIC SHARES TUMBLE AS UTILITY FACES SCRUTINY AMID DEADLY MAUI WILDFIRES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HE | HAWAIIAN ELECTRIC INDUSTRIES INC. | 10.44 | +0.30 | +3.01% |
Shares of Hawaiian Electric got a bump but are still hovering near a 37-year low with a 62.8% drop over the last five days.
Hawaiian Electric
"Hawaiian Electric’s primary focus right now is on supporting emergency response efforts, helping our customers and employees and continuing to restore power as quickly as possible," the company said in its update.
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"As of Aug. 17, 2023, approximately 1,900 customers in West Maui remained without electricity. Power has been restored to more than 80% of customers who have been without electricity since last week," the update continued. "Unlike in California, there is no precedent in Hawaii applying inverse condemnation to a private party like an investor-owned utility. It has only been applied to government entities."
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Hawaiian Electric has now been hit with two lawsuits by residents of the state, who claim it is responsible for the wildfires that killed at least 96 people. The proposed class-action lawsuits were filed on Saturday in state courts and seek to represent thousands of Hawaii residents affected by the devastating fires that left thousands homeless and Lahaina in ruins.
Members of the Hikianalia canoe club form a circle after off loading a boat with supplies at the Maalaea Harbor before heading into the burn area on Monday, Aug. 14, 2023 in Maalaea, Hawaii. The death toll continues to rise for the fires on Maui. (Photo by Matt McClain/The Washington Post via Getty Images / Getty Images)
Lahaina residents, in one of the lawsuits, claimed Hawaiian Electric is responsible for the fires after failing to shut off power lines despite warnings from the National Weather Service that high winds could blow those lines down and spark fast-spreading wildfires. The company defended those allegations.
"Like many utilities, a power shutoff program is not part of Hawaiian Electric’s high-wind management protocols" it said.
Hawaiian Electric also told investors it has now deployed over 400 employees and contractors to bring power back to communities in West Maui and Upcountry Maui and are working to replace poles and other equipment damaged by the fires and high winds.
Downed power lines block a road as people feed chickens outside a burnt home in the aftermath of a wildfire in Lahaina, western Maui, Hawaii on Aug. 11, 2023. Brushfires on Maui, fueled by high winds from Hurricane Dora passing to the south of Hawaii (Photo by PATRICK T. FALLON/AFP via Getty Images)
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