Hawaiian Electric points finger at Maui County over devastating wildfires, stock jumps 40%

Hawaiian Electric is disputing a lawsuit filed by Maui County blaming the utility for the wildfires, stating that power lines toppled by high winds likely caused the initial fire but electricity had been off for hours when a second fire occurred, causing the company's stock to soar over 40%.

cnbc.com

Relevant topic timeline:

8/23/2023

Hawaii's economic toll from wildfires is up to $6 billion, Moody's estimates

Wildfires in Maui, Hawaii have caused an estimated $4 billion to $6 billion in losses for the local economy, including damage to insured properties and business interruptions, with rebuilding costs predicted to exceed $5.5 billion.

8/24/2023

Maui utility may have compromised evidence in probe of deadly fire, lawyers say

The Hawaii power utility, Hawaiian Electric, may have removed crucial evidence from the scene of the deadly Lahaina fire, potentially impeding the official investigation into the blaze's cause.

8/25/2023

Maui Alleges Hawaiian Electric Caused Lahaina Wildfire

Maui accuses Hawaiian Electric of causing the Lahaina wildfire.

8/25/2023

UPDATE 1-S&P downgrades Hawaiian Electric to 'B-' as wildfires raise market-access worries

S&P Global Ratings has downgraded Hawaiian Electric Industries and its subsidiaries due to the company's likely inconsistent access to capital markets following the Maui wildfires, which may result in adverse developments regarding its debt service capacity.

8/25/2023

Hawaiian Electric Suspends Dividend. Stock Drops on Legal, Cash Flow Troubles.

Hawaiian Electric has suspended its dividend and faced legal and cash flow troubles, resulting in a drop in its stock.

8/26/2023

Bare electrical wire and poles in need of replacement on Maui were little match for strong winds

The Maui fires were caused by bare, uninsulated power lines and deteriorating wooden power poles that did not meet safety standards, leaving the infrastructure compromised and vulnerable to high winds and sparking, according to videos and images analyzed by The Associated Press.

8/28/2023

Hawaiian Electric Stock Surges 40% After Pushing Back on Maui Wildfire Allegations

Hawaiian Electric Industries stock jumps 40% after denying allegations that its power lines caused a fatal wildfire in Maui.

8/29/2023

Hawaiian Electric says power lines sparked fire but firefighters fell short

Maui county firefighters are blamed for leaving the scene of a wildfire prematurely, allowing a second, more deadly wildfire to break out, despite Hawaii's electric utility admitting that its power lines caused the initial fire.

8/30/2023

SHAREHOLDER ALERT: The Gross Law Firm Notifies Shareholders of Hawaiian Electric Industries, Inc. of a Class Action Lawsuit and a Lead Plaintiff Deadline of October 23, 2023 – (NYSE: HE)

The Gross Law Firm issues a notice to shareholders of Hawaiian Electric Industries, Inc., encouraging them to contact the firm regarding a possible lead plaintiff appointment in a class action lawsuit alleging that the company's inadequate safety protocols and procedures placed Maui at a heightened risk of devastating wildfires, leading to materially false and misleading statements.

9/10/2023

Historic Disasters Fuel Insurance Woes, Leaving Homeowners With Soaring Costs and Shrinking Coverage

Deadly wildfires in Hawaii and a historic hurricane in Florida have caused significant damage and brought insurance risks to homeowners' attention, leading insurers to reconsider their risk exposure and potentially leave certain markets, creating an affordability crisis for insurance.