Hawaiian Electric lays out plan to reduce wildfire risk
Tweet
Share
E-mail
FILE PHOTO: The shells of burned houses and buildings are left after wildfires driven by high winds burned across most of the town in Lahaina, Maui, Hawaii, U.S. August 11, 2023. Hawai'i Department of Land and Natural Resources/Handout via REUTERS/File Ph
(Reuters) - Electricity provider Hawaiian Electric on Monday laid out a plan to fortify the power grid to help reduce the risk of a wildfire started by its equipment.
The utility has faced intense scrutiny in the past for its role in the deadly 2023 Maui wildfire. The fires killed over 100 people, destroyed the historic coastal town of Lahaina and caused damage estimated at $5 billion.
Several destructive U.S. blazes in the past have been linked to power infrastructure, leading to devastating financial and legal problems for utilities.
Hawaiian Electric said its wildfire safety plan would cost about $450 million from 2025 to 2027, with $137 million already budgeted for work this year.
The company added that some of the costs have already been funded through existing programs, including a federal grant it received in 2024 for grid resiliency.
Shares of the company were up about 1.2% in trading after the bell.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Alan Barona)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Admiral praises USS Lincoln crew amid reports of worsening conditions during long deployment
- Zambia's Hichilema leads presidential vote count
- In Spain's Ceuta, hundreds of migrants stage protest and demand asylum
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
