Shares of California utility Edison International drop more than 10% as wildfires rage
Shares of Edison International, whose Southern California Edison is the electricity utility for the areas immediately surrounding the city of Los Angeles, seem to be suffering from fear and uncertainty over the California wildfires.
Wednesday afternoon trading saw a 13% decline in the stock price.
The dip coincides with a number of big flames raging in the Los Angeles area, which may be challenging to suppress due to the strong winds predicted. Officials reported that at least five individuals had killed and that tens of thousands of people had been forced to flee.
According to the utility's website, as of Wednesday morning, around 70,000 Edison customers were without power.
For years, public utilities have struggled with difficulties related to preparedness and prevention of wildfires. Al...