Billion Dollar Energy Company Investigated Over Possible LA Fire link – EVOL

Energy company Edison International is being investigated over a possible link to one of the wildfires currently tearing through Los Angeles.

The $25 billion firm said it discovered a downed conductor at a tower close to where the Hurst Fire broke out on Tuesday evening following an intense Santa Ana windstorm.

However, Edison said it doesn’t know whether the damage happened before or after the fire, which has so far burned through almost 800 acres of land.

The conductor was found at the Eagle Rock Sylmar 220 kV circuit, the company said in a press release on Sunday, adding that the findings were preliminary.

Edison International’s market cap has already tumbled by $5.73 billion over the last week – from $30.89 billion on January 3 to $25.16 billion today.

The wildfires have put pressure on energy, utility and insurance firm shares more broadly, sending the stock market haywire. Edison shares plummeted 10 percent on Wednesday and 6.5 percent on Friday.

It comes as speculation swirls about what could have caused the worst cluster of wildfires ever seen in the United States – and Los Angelinos, who have lost everything, are demanding answers.

Faults along the LA power grid soared

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