{"id":54067,"date":"2023-08-28T16:55:21","date_gmt":"2023-08-28T20:55:21","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/hawaiian-electric-stock-surges-45-after-maui-wildfire-pushback\/"},"modified":"2023-08-28T16:55:23","modified_gmt":"2023-08-28T20:55:23","slug":"hawaiian-electric-stock-surges-45-after-maui-wildfire-pushback","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54067","title":{"rendered":"Hawaiian Electric Stock Surges 45% After Maui Wildfire Pushback"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000730137\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:66.66666666666666%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\"><\/div>\n<\/figure><\/div>\n<p>\n        Hawaiian Electric Industries<br \/>\n       shares surged Monday after the company pushed back against accusations its power lines caused a deadly wildfire on the island of Maui in Hawaii.\u00a0<\/p>\n<p>\n        Hawaiian Electric<br \/>\n       (ticker: HE) shares were up 45% to $13.97 after the utility suggested it intends to defend itself as it faces lawsuits around the devastating wildfires in Hawaii earlier this month.\u00a0\u00a0<\/p>\n<div class=\"paywall\">\n<p>The company\u2019s shares were down 67% this year as of Monday\u2019s close as it grapples with the fallout from the fires, which caused it to suspend its dividend in an effort to boost its cash position.  <\/p>\n<p>Monday\u2019s move is the largest percentage increase on record for the stock, according to Dow Jones Market Data.  <\/p>\n<p>Maui County alleged in a lawsuit last Thursday that the company acted negligently by failing to power down equipment on the island despite a National Weather Service warning.<\/p>\n<p>\u201cWe were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation,\u201d Hawaiian Electric\u2018s CEO Shelee Kimura said. \u201cWe believe the complaint is factually and legally irresponsible.\u201d\u00a0 <\/p>\n<p>Hawaiian Electric said that, while one fire appeared to have been caused by power lines that fell in high winds, it was later extinguished by the local fire department. The utility said all its power lines in West Maui had been de-energized for more than six hours by the time the second fire began that destroyed the town of Lahaina and caused at least 115 deaths.<\/p>\n<p>\u201cUnfortunately, the county\u2019s lawsuit may leave us no choice in the legal system but to show its responsibility for what happened that day,\u201d Kimura said. <\/p>\n<p>The County of Maiu\u2019s legal representatives told <em>Barron\u2019s<\/em>: \u201cTo the extent HECO [Hawaiian Electric] has information of a second ignition source, HECO should offer that evidence now. The ultimate responsibility rests with HECO to de-energize, ensure its equipment and systems are properly maintained, and ensure downed power lines are not energized.\u201d<\/p>\n<p>Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/hawaiian-electric-stock-maui-wildfire-d4565245?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hawaiian Electric Industries shares surged Monday after the company pushed back against accusations its power lines caused a deadly wildfire on the island of Maui in Hawaii.\u00a0 Hawaiian Electric (ticker: HE) shares were up 45% to $13.97 after the utility suggested it intends to defend itself as it faces lawsuits around the devastating wildfires in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-54067","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hawaiian Electric Stock Surges 45% After Maui Wildfire Pushback | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Hawaiian Electric Industries shares surged Monday after the company pushed back against accusations its power lines caused a deadly wildfire on the island\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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