- Hawaiian Electric says power lines de-energized before fire
- Wildfire killed at least 115 people in Maui County this month
Hawaiian Electric Industries Inc. soared after the utility it owns said its power lines had been de-energized hours before a wildfire that killed at least 115 people in Maui earlier this month.
While a fire on the morning of Aug. 8 was apparently caused by power lines falling in high winds, the second, deadly blaze that swept through the town of Lahaina in the afternoon started more than six hours after Hawaiian Electric Co.’s power lines in the area had been turned off, the utility said Monday in a statement
Shares of parent company Hawaiian Electric Industries surged as much as 50% in pre-market trading. They had tumbled more than 70% following the disaster. Investors and Maui County sued the parent company last week, claiming the utility didn’t cut power and take safety measures to contain the fire.
Hawaiian Electric Co. said it’s “surprised and disappointed” it’s being sued by Maui County and that it has yet to be shown that the utility bears responsibility for the deadly blaze.
The utility believes Maui County’s complaint “is factually and legally irresponsible,” Hawaiian Electric Co. Chief Executive Officer Shelee Kimura said in the statement.
“Unfortunately, the county’s lawsuit may leave us no choice in the legal system but to show its responsibility for what happened that day,” Kimura said.
By Simon Casey
Read Original Article from Bloomberg.com
Hawaiian Electric Industries Major Shareholders
08-14-2023: State Street Corp has ownership of 3,759,096 shares of Hawaiian Electric Industries, Inc. (US:HE). This represents 3.429 percent ownership of the company.
08-11-2023: BlackRock Inc has ownership of 10,254,114 shares of Hawaiian Electric Industries, Inc. (US:HE). This represents 9.355 percent ownership of the company.
08-11-2023: Geode Capital Management LLC has ownership of 1,717,133 shares of Hawaiian Electric Industries, Inc. (US:HE). This represents 1.567 percent ownership of the company.
08-11-2023: Northern Trust Corp has ownership of 1,227,078 shares of Hawaiian Electric Industries, Inc. (US:HE). This represents 1.119 percent ownership of the company.
08-10-2023: Charles Schwab Investment Management Inc has ownership of 1,383,809 shares of Hawaiian Electric Industries, Inc. (US:HE). This represents 1.263 percent ownership of the company.
08/9/2023: Dimensional Fund Advisors LP has ownership of 1,285,788 shares of Hawaiian Electric Industries, Inc. (US:HE). This represents 1.17 percent ownership of the company.
08/3/2023: Bank of New York Mellon Corp has ownership of 1,577,737 shares of Hawaiian Electric Industries, Inc. (US:HE). This represents 1.440 percent ownership of the company.
See Hawaiian Electric Industries Major Shareholders & Ownership History
