Hawaii Electric stock plunge raises climate change concerns for utilities

📆 8/16/2023 3:18 AM
📰 BNNBloomberg

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Investors are punishing a Hawaiian utility company that has come under scrutiny after wildfire ravaged part of the island of Maui, raising broader concerns about power grid operations as climate change brings on more intense natural disasters.

Hawaiian Electric Industries, Inc.’s stock sank roughly 40 per cent this week, wiping away US$1 billion from the company’s value, after allegations that one of its power lines started the fire that razed the town of Lahaina last week.

But Hawaiian Electric took another financial blow on Tuesday when S&P Global Ratings cut its bond rating to junk. "The problem these utilities face is that, in the context of a changing climate, what they have seen in the past is no longer a reliable guide to what may happen the future,” he explained.

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