Edison International stock falls on California wildfire concerns

Investing.com -- Edison International (NYSE: EIX) shares fell 1.75% on Monday, while PG&E Corporation (NYSE: PCG) dropped 1.5%, as a fast-moving wildfire in Southern California raised concerns about potential utility liability.

The Sandy Fire broke out around 10:50 a.m. in the 600 block of Sandy Avenue in southern Simi Valley, spreading to at least 180 acres by 11:30 a.m. with 0% containment. The wind-driven brush fire prompted evacuation orders as it burned several structures and threatened hundreds of homes.

At least 200 firefighters from Ventura County, L.A. County and CAL FIRE responded to the scene, dropping water and working to prevent the fire from spreading into thicker vegetation in the Simi Hills. A large plume of grey smoke was visible over the area as the fire spread quickly through the region.

California utilities have faced significant financial and legal exposure from wildfires in recent years, with liability concerns weighing on investor sentiment when fire activity increases in the state.

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