Hawaiian Electric shares tumble as utility faces scrutiny amid deadly Maui wildfires
Shares of Hawaiian Electric utility company fell 35%
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Shares of Hawaiian Electric tumbled 35% on Monday as the questions loom over whether the utility company's equipment played any role in the deadly Maui wildfires.
The utility company, which oversees Maui Electric and provides service to 95% of the state’s residents, reportedly did not utilize the "public power shutoff plan," a preemptive strategy dictating power companies shut off electricity in areas where strong enough winds could spark fires, according to the Washington Post.
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California employed the strategy after wildfires hit the state in 2017 and 2018.
Power and energy officials told the Post that documents show Hawaiian Electric was aware that a power shutoff was an effective strategy but has yet to include it in its fire mitigation plans. According to the report, the electric company did not act "in the face of predicted winds."
Davilynn Severson looks through the ashes of their family's home on Malolo Place in the aftermath of a wildfire in Lahaina, western Maui, Hawaii, on Aug. 11, 2023. (Patrick T. Fallon/AFP via Getty Images)
"The decision to avoid shutting off power is reflective of the utility’s struggles to bolster its aging and vulnerable infrastructure against wildfires," Lahaina resident and former member of the Hawaii Public Utilities Commission Jennifer Potter said, according to the Post.
A smokestack stands amongst the ashes of a burned neighborhood in the aftermath of a wildfire in Lahaina, western Maui, Hawai,i on Aug. 11, 2023. (Patrick T. Fallon/AFP via Getty Images)
"They were not as proactive as they should have been," Potter said about Hawaiian Electric’s fire-prevention planning.
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Hawaiian Electric was hit with two lawsuits by residents of the state who claim it is responsible for the wildfires that killed at least 96 people. The proposed class action lawsuits were filed on Saturday in state courts and seek to represent thousands of Hawaii residents affected by the devastating fires that left thousands homeless and Lahaina in ruins.
Lahaina residents in one of the lawsuits claimed Hawaiian Electric is responsible for the fires after failing to shut off power lines despite warnings from the National Weather Service that high winds could blow those lines down and spark fast-spreading wildfires.
In this photo illustration, the Hawaiian Electric Company logo seen displayed on a smartphone. (Igor Golovniov/SOPA Images/LightRocket via Getty Images)
"By failing to shut off the power during these dangerous fire conditions, defendants caused loss of life, serious injuries, destruction of hundreds of homes and businesses, displacement of thousands of people, and damage to many of Hawaii‘s historic and cultural sites," the plaintiffs said in the lawsuit, which raises gross negligence and private nuisance claims, among others.
Last week, high winds caused widespread damage to Maui’s utility infrastructure, with roughly 30 utility poles knocked onto trees and over roads throughout the region, making the evacuations even more difficult, according to Maui County Mayor Richard Bissen.
Bissen also confirmed that some electrical lines were energized when they hit the ground.
The cause of the wildfires remains under investigation, which could take weeks or even months to produce an official result.
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Hawaiian Electric did not respond to FOX Business' request for comment.
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