Hawaiian Electric Industries loses roughly $730 million in value on Tuesday, August 15, amid increasing scrutiny over whether its equipment might have played any role in the deadly wildfires
NEW YORK, USA – Shares of Hawaiian Electric Industries plunged 31% on Tuesday, August 15, as S&P downgraded the utility to junk status and investors fretted over the company’s potential liabilities in the wake of theThe stock is down 54% so far this week amid increasing scrutiny over whether the utility company’s equipment might have played any role in the deadly wildfires. It lost roughly $730 million in value on Tuesday, as the stock price hit its lowest level since 2009.
“The severity of these wildfires demonstrate higher wildfire risk for the company than previously contemplated,” S&P wrote. “The wildfires destroyed a significant segment of [Hawaiian Electric’s] customer base that will take many years to restore, and as such, we expect a long-term weakening in the company’s profitability measures.”
“While the full resolution of these lawsuits may take years, should the plaintiffs prevail, the company’s financial measures would materially deteriorate,” S&P wrote.
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