Shares of Edison International dropped after an investigation raised concerns over whether equipment from Southern California Edison contributed to the Hurst and Eaton fires in Los Angeles. The company’s stock fell 14% to $55.66 Monday, marking its biggest drop since March 16, 2020. For the month, shares are down 31%. Last week, SoCal began shutting off power to some customers to fight the fires, one of the biggest and most destructive fires in California history, adding pressure on the stock.
The electric utility holding company said in an announcement Sunday that Southern California Edison, its electric utility subsidiary, filed two electric safety reports. One filed on Jan. 10 regarding the Hurst fire revealed a downed power line was found near the fire but didn’t confirm whether the damage occurred before or after the fire started.
