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Edison International Stock Sinks as Los Angeles Wildfires Cause Power Shutoffs
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Main points
- Shares of Edison International plunged Wednesday after its Southern California Edison subsidiary was forced to cut power to thousands of customers due to wildfires in the Los Angeles area.
- At least two people died and tens of thousands of residents had to be evacuated.
- According to Southern California Edison’s website, there are currently more than 100 power outages, affecting nearly 70,000 customers.
Edison International’s stock (axis) plunged on Wednesday as its Southern California Edison unit was forced to turn off power to nearly 70,000 customers. Los Angeles-area wildfire.
At least two people have died as a result of the fire, and the Los Angeles Fire Department said winds associated with the Palisades fire are “expected to remain strong today and all residents are asked to comply with evacuation orders.”
More than 100 outages reported
According to the latest update on the Southern California Edison website on Wednesday, there are currently 107 power outages, affecting 69,601 customers.
“This is the third time in as many months that Santa Ana winds have prompted Southern California Edison to cut power to its customers,” Los Angeles Times reported.
Edison International shares fell nearly 13% in recent trading, leading the S&P 500 index lower. Following Wednesday’s sharp decline, Edison International stock It fell into negative territory over the past year.
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