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What you need to know
- The shares of Edison International fell Wednesday after its Southern California Edison subsidiary had to cut off electricity to thousands of Los Angeles area customers due to wildfires.
- Tens of thousands have been forced to flee.
- According to Southern California Edison's website, there currently are more than 100 power outages and nearly 70,000 customers affected.
Edison International’s (EIX), a subsidiary of Southern California Edison, saw its shares plummet Wednesday when it was forced by the Los Angeles wildfires to turn off electricity for nearly 70,000 clients.
At least two people have died because of the blazes, and the Los Angeles Fire Department said that the winds associated with the Palisades Fire "are forecasted to remain extreme today and all residents are asked to follow evacuation orders."
There have been more than 100 power outages reported
According to Southern California Edison's website recently on Wednesday, there currently are 107 power outages and 69,601 customers affected.
"This is the third time in as many months that strong Santa Ana winds have prompted Southern California Edison to cut power to its customers," the Los Angeles Times reported.
Edison International shares were down nearly 13% in recent trading, leading S&P 500 decliners. Edison International shares have now fallen to negative territory in the last year after Wednesday’s steep declines.
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