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Hawaiian Electric CEO Shelee Kimura on Thursday defended the utility's decision not to de-energize power lines before high winds precipitated a deadly wildfire that killed at least 115 people and razed the historic town of Lahaina.
Hawaiian Electric's stock has suffered a significant decline due to potential liability for the Maui wildfires, similar to PG&E's situation in California. There are significant differences between HE and PCG including the two companies and their situations, including the states they reside in and the direct evidence linking them to the wildfires. The outcome for Hawaiian Electric remains uncertain, with possibilities ranging from being found not liable to facing fines in excess of $5 billion and potential bankruptcy.
Investors need to pay close attention to Hawaiian Electric (HE) stock based on the movements in the options market lately.
The U.S. House Energy and Commerce Committee on Thursday asked utility company Hawaiian Electric CEO Shelee Kimura to testify at a hearing investigating the causes of the wildfire that killed at least 115 people and razed the historic town of Lahaina.
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Hawaiian Electric shares fell as much as 75% in the days following the Maui fires after lawsuits claimed it failed to shut down its power lines ahead of a hurricane. The utility this week said its lines were shut down prior to the start of the blaze that swept through the town of Lahaina.
Hawaiian Electric Company said that power lines falling in high winds seem to have caused a fire during the early morning of August 8, but power lines in West Maui had been de-energized for more than six hours by the time a second afternoon fire began in the Lahaina area.
Hawaiian Electric's stock surged by more than 44% during Monday's trading session as the utility released an update on its response to the deadly Maui wildfires and pushed back on a lawsuit.
Hawaiian Electric Industries Inc. soared after the utility pushed back against a lawsuit filed by Maui County that accused the company of starting the deadly Lahaina fire. The utility says its lines were de-energized when a fire began that swept through the town of Lahaina on Aug. 8.