Hawaiian Electric falls to 40-year low amid Maui fire report

Shares of Hawaiian Electric (HE) fall to a 40-year low. The lows come as the Maui Fire Department is set to release its After Action Report which details how the agency responded to the Maui fires last August. According to a Bloomberg report. the leaked report clears first responders of responsibility, which raises questions about the liability that falls onto Hawaiian Electric.

According to a New York Times article, Hawaiian Electric acknowledged that one of its power lines fell and caused a fire in Lahaina the morning of Aug. 8 but denies that those are the same flames responsible for the fires that raged through the town later that day.

There is also an Attorney General report that is scheduled to be released this week on Wednesday, April 17.

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This post was written by John Tejada.

Video transcript

JULIE HYMAN: There is another training ticker that we have to mention. Not a frequent appearance on our trending ticker list, but it's Hawaiian Electric. Those shares are trading at a 40-year low. That's ahead of an expected After Action Report, as it's called, from the Maui Fire Department, detailing how the agency responded to those devastating Maui fires.

Now, according to a report from Bloomberg, the findings show first responders were not to blame, which raises concerns about what kind of liability Hawaiian Electric might face here. There is also an attorney general of first phase of an investigation that's slated to be released tomorrow. So there's anticipation of that as well.

JOSH LIPTON: Yeah. I mean, the utilities are dealing with these lawsuits alleging, listen, the power lines caused the fires, that the company can maintain its power grid during the storm that caused the deadly fires. And the stock down today, now down about 35% already this year.

JULIE HYMAN: Yeah. So we'll keep an eye out for that report.