Hawaiian Electric Industries Inc. surged as much as 43% in premarket trading in New York after the utility released a statement: their power lines were de-energized for more than six hours in Lahaina when the “Afternoon Fire” broke out on Aug. 8 that ultimately leveled the resort town in West Maui.
Just last week, Maui County slapped Hawaiian Electric with a lawsuit, accusing the utility of negligence that sparked the devastating wildfire that leveled Lahaina and killed more than 100 people, with hundreds still missing.
“We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation,” said Shelee Kimura, president and CEO of Hawaiian Electric.
Kimura said,
We believe the complaint is factually and legally irresponsible. It is inconsistent with the path that we believe we should pursue as a resilient community committed and accountable to each other as well as to Hawaiʻi’s future. We continue to stand ready to work to that end with our communities and others. Unfortunately, the county’s lawsuit may leave us no choice in the legal system but to show its responsibility for what happened that day.
Shares of Hawaiian Electric surged as much as 43% in premarket trading.
Hawaiian Electric outlines important facts about what happened on Aug. 8:
- A fire at 6:30 a.m. (the “Morning Fire”) appears to have been caused by power lines that fell in high winds.
- The Maui County Fire Department responded to this fire, reported it was “100% contained,” left the scene and later declared it had been “extinguished.”
- At about 3 p.m., a time when all of Hawaiian Electric’s power lines in West Maui had been de-energized for more than six hours, a second fire (the “Afternoon Fire”) began in the same area.
- The cause of the devastating Afternoon Fire has not been determined.
Read More: Hawaiian Electric Soars After Statement: Power Lines “De-Energized” When Fire Started
