By Colin Kellaher
Shares of Hawaiian Electric surged in premarket trading on Monday after the utility company said its power lines were de-energized hours before the start of the Maui wildfire that killed more than more than 100 people.
The Honolulu-based company said records show power had been out for more than six hours, and that there was no electricity flowing through its wires anywhere on Maui’s west coast, when the fire that swept through the oceanside town of Lahaina broke out.
Maui County has sued Hawaiian Electric, alleging its power lines caused the deadly wildfires on the island.
Hawaiian Electric said that while a much earlier fire appears to have been caused by fallen power lines, fire officials declared that fire “100% contained” and “extinguished,” and left the scene.
The company said it has informed investigators from the federal Bureau of Alcohol, Tobacco, Firearms and Explosives that it has records that back up its accounts.
Hawaiian Electric shares, which fell nearly 19% on Friday following the filing of the Maui County lawsuit, the suspension of its dividend and a credit-rating downgrade, were recently up nearly 37% to $13.22 in premarket trading.
Write to Colin Kellaher at [email protected]
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