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Utility firm Hawaiian Electric Industries said on Friday it was in discussions with the government and other parties to implement a new policy to de-energize power lines as a preventive measure to mitigate wildfire risks.
Hawaiian Electric operates a utility in Hawaii. The company is under intense scrutiny over its role in the massive fires in that state.
Hawaiian Electric's stock has undergone a substantial two-thirds decline, attributed to potential liability arising from the Maui wildfires.
Hawaiian Electric CEO Shelee Kimura told the U.S. House Energy and Commerce Committee on Thursday that the company did not de-energize its power lines while anticipating high winds ahead of the deadly Maui wildfires because the pre-emptive shutdown of power lines was not part of its protocols.
Hawaiian Electric is facing lawsuits filed by Maui residents and the county, and has been sued by its investors, all largely claiming that the utility was responsible.
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.
HEI (HE) reported earnings 30 days ago. What's next for the stock?