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Will Edison International stock recover to pre-fire levels by end of 2025?
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Edison International•Southern California Edison•SCE•Hurst Fire•Los Angeles•Los Angeles Superior Court•Eaton Fire•Altadena•Eaton blaze
Resolution / Starting Odds
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Story
Edison International Sued Over LA Wildfires; CEO Says Liability Cap Is $3.9 Billion
Jan 13, 2025, 07:32 PM
Edison International's Southern California Edison (SCE) is under investigation by fire agencies over whether its equipment ignited the Hurst Fire in Los Angeles. The utility company faces four new lawsuits filed on Monday in Los Angeles Superior Court, alleging that its electrical equipment caused the Eaton Fire, which devastated areas including the town of Altadena. Plaintiffs, including homeowners and renters who lost their properties, claim that sparks from SCE's high-voltage transmission lines ignited vegetation during high winds, leading to the wildfires. Edison International's CEO stated that no electrical anomalies were found before the Eaton blaze and mentioned that the company's liability cap for wildfire damages is $3.9 billion. Amid the investigations and lawsuits, Edison International's stock has plunged over 13% on Monday, erasing approximately $10 billion in market capitalization. The company denies responsibility and says it is cooperating with the investigations.
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