Southern California Fire Sends Edison International (EIX) Stock Down

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Edison International (NYSE:EIX) shares fell on Tuesday as southern California was hit with a fire that caused hundreds of thousands to lose their power.

Edison International (EIX)

Power was restored soon after, but not before more than 260,000 residents lost their electricity as a 31,000 acre fire hit through the Ventura Country hills north of Los Angeles. Officials said some would be without power for days.

The fire was dubbed the Thomas fire as it was burning out of control someplace south of Thomas Aquinas College. The university issued a fire alert Monday evening around 8 p.m., evacuating all students to nearby homes as a precaution.

The fire spread quickly as by around 5 a.m., roughly 180,000 people were without power in the Ventura county area, while 83,000 customers in Santa Barbara county also lost power, according to southern California’s Edison International statement from 12:30 a.m.

By 7 a.m., this figure had dropped even further to 20,000, but not before officials examined the damage and noted that some customers would not have power for days due to damage to their transmission lines.

When the fire was first reported, officials thought it was only 500 acres long, but by 4:40 a.m., the fire had scorched 31,000 acres, which led to the mandatory evacuation of over 27,000 residents, the Ventura County Fire Department said.

The blaze neared the city limits of Ventura and toward Highway 33, with 500 firefighters making it to the scene.

EIX stock fell 10.8% on Tuesday.


Article printed from InvestorPlace Media, https://investorplace.com/2017/12/edison-international-eix/.

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