MW California wildfires send power company Edison International's stock falling
By Steve Gelsi
Power company's share price continues its slide after losing 13% this week
Investors continued to bid down the stock price of California-based power company Edison International Inc. on Friday as wildfires continued to rage in the Los Angeles area.
Edison International's stock $(EIX)$ was down an additional 2.7% in premarket trading on Friday.
As of Thursday's close, Edison International's stock had fallen 12.9% this week, after wildfires broke out in the region on Tuesday and worsened on Wednesday amid high winds.
Edison International, which owns the utility Southern California Edison, or SCE, said as of Thursday morning that 327,654 customers were without power.
The company will likely face questions over whether any of its power lines may have contributed to the fires. No officials have made any statements on this issue.
Wall Street had a similar reaction to Hawaiian Electric Industries Inc.'s stock $(HE)$ last year when wildfires broke out in Maui.
Prior to the Hawaii fires, Hawaiian Electric's stock plunged after falling from nearly $40 a share. It has been around $10 per share since the fires, and closed Wednesday at $8.91 per share.
Also read: L.A. wildfires have caused more than $135 billion in economic losses - and counting
-Steve Gelsi
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January 10, 2025 07:44 ET (12:44 GMT)
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