Wildfires in Maui cause sharp drop in Hawaiian Electric shares

Key Points:

• Fast-spreading wildfires in Maui have resulted in a significant decline in shares of Hawaiian Electric.
• The company’s stock has plummeted by over 60% following the devastating impact of the wildfires.
• Investors are concerned about the potential damage to Hawaiian Electric’s infrastructure, leading to uncertainty about the company’s future performance.
• The fires have not only caused immediate losses for shareholders but also raised doubts about the utility company’s ability to recover in the long run.

Hot take:

Well, it seems like Hawaiian Electric has had a real meltdown! Who knew wildfires could have such an electrifying effect on the stock market? With shares dropping like hot potatoes, investors are in for a fiery ride. Let’s hope Hawaiian Electric can find a way to bounce back and keep the lights on.

Original article: https://www.cnbc.com/2023/08/21/has-climate-change-made-utilities-a-risky-bet.html