Hawaiian Electric gains after federal report classifies Maui fire as accidental

Hawaiian Electric Industries

03/10/2024 17:38

** Shares of Hawaiian Electric Industries  HE.N , parent of
Hawaii's largest utility, gain 4.1% to $9.63
    ** A report by U.S. Bureau of Alcohol, Tobacco, Firearms and
Explosive said the Aug. 8 fire that killed over 100 people in
Hawaii's Maui county was accidental in nature
    ** Company had already agreed to pay $1.99 billion as part
of larger settlement after numerous lawsuits had blamed it for
negligence 
    ** "In our view, the ATF report's findings will not affect
the settlement," Evercore analysts say in a note
    ** They say the investment advisory firm also does not
expect HE to be penalized in future regulation given the
accidental nature of event and the fact that no one party is to
blame
    ** Including session's gains, stock down 32.1% YTD compared
with 27% gains of S&P 500 utilities index  .SPLRCU 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))