{"id":2004718,"date":"2023-08-18T11:10:02","date_gmt":"2023-08-18T15:10:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hawaiian-electric-takes-expert-help-but-says-goal-not-to-restructure\/"},"modified":"2023-08-18T11:14:11","modified_gmt":"2023-08-18T15:14:11","slug":"hawaiian-electric-takes-expert-help-but-says-goal-not-to-restructure","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hawaiian-electric-takes-expert-help-but-says-goal-not-to-restructure\/","title":{"rendered":"Hawaiian Electric seeks expert assistance, but no plans for restructuring."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhawaiian-electric-takes-expert-help-but-says-goal-not-to-restructure%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2004718&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Seeking Expert Advice: Hawaiian\u200b Electric Industries Faces Scrutiny<\/h2>\n<p>By Arunima Kumar and Arshreet Singh<\/p>\n<p>(Reuters) &#8211; Hawaiian Electric Industries, the largest power \u200bsupplier in the\u2064 US <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/enes-kanter-prods-beijing-taiwan-is-not-a-part-of-china-and-never-will-be\/\" title=\"Enes Kanter Prods Beijing: 'Taiwan Is Not a Part of China and Never Will Be!'\">island state<\/a>, is under increasing scrutiny following the devastating Maui wildfires. However, \u200dthe company made it\u2064 clear\u200b on Friday that \u200btheir goal is not to restructure the utility.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Despite recent challenges, Hawaiian Electric Industries\u2062 saw a\u200d surge in its shares, rising over\u200d 7% to $12.91 in volatile early trading.\u2063 This comes after the company&#8217;s shares had\u2063 plummeted by more than half since the \u2062Aug. 8 wildfires \u200cthat ravaged\u200c the coastal Maui town of Lahaina, claiming the lives of at least 110 people.<\/p>\n<p>Moody&#8217;s Investors Service, a prominent ratings agency, downgraded Hawaiian Electric Industries&#8217; \u200bcredit rating\u2062 to \u2064junk status earlier in the day. This follows a similar downgrade by S&#038;P Global Ratings. Investors are\u200b concerned about\u200d the \u200cpotential financial and legal repercussions \u2062related\u200d to\u200c the wildfires.<\/p>\n<p>While the company did not explicitly state \u2064the \u2064purpose of\u2063 seeking \u200dexpert advice,\u2064 it emphasized that\u2064 it is a standard \u200cpractice for\u2063 companies\u200d in such situations. In a filing, Hawaiian Electric Industries stated, \u200d&#8221;Like any\u200c company \u2064in \u2064this situation would do, \u200cand\u200b as we do in the normal course of business,\u2064 we are\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-dem-at-top-of-cuomos-line-of-succession-preparing-should-he-resign\/\" title=\"Report: Dem At Top Of Cuomo\u2019s Line Of Succession Preparing Should He Resign\">seeking advice<\/a> from various\u200b experts.&#8221;<\/p>\n<p>When asked \u2063for further details \u200cabout their \u2062decision to seek \u200dexpert help,\u200c Hawaiian Electric Industries did not respond.<\/p>\n<p>The Honolulu-based company is\u2064 currently facing class-action lawsuits that\u2063 allege its\u2064 culpability for the fires. The lawsuits claim that the utility \u2063failed to shut off power lines despite warnings of high \u2063winds that could potentially cause wildfires.<\/p>\n<p>Hawaiian\u200b Electric\u2062 Industries defended its actions, stating that shutting off power was \u2062not part of its high-wind management protocol. \u2062The company explained, &#8220;Preemptive, short-notice power shutoffs \u200chave to be coordinated\u2064 with\u200c first \u2063responders, and in Lahaina, electricity powers some of the pumps \u200bthat provide the water \u200dneeded for firefighting.&#8221;<\/p>\n<p>According to\u200c Wells \u2063Fargo analyst Jonathan Reeder, most North\u2062 American utilities\u200c do not have a formal\u2064 Public Safety Power Shutoff program that outlines when and if such a drastic measure should be taken. He\u200c added, &#8220;Shutting off\u200b power is not an easy decision for a utility to make as there\u2063 are widespread ramifications to\u200c safety when doing so.&#8221;<\/p>\n<p>Unlike California,\u2064 Hawaiian Electric Industries stated that there is no precedent in Hawaii for \u200capplying \u2062&#8221;inverse condemnation&#8221; to a private party like an investor-owned\u2062 utility. In California, this legal concept exposes utilities to liabilities from wildfires regardless of their negligence, \u2062as long as their\u200b equipment is involved.<\/p>\n<p>While Hawaiian Electric Industries may not have a real precedent to rely\u200b on, there is <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hawaiian-electric-takes-expert-help-but-says-goal-not-to-restructure\/\" title=\"Hawaiian Electric seeks expert assistance, but no plans for restructuring.\">significant legal uncertainty surrounding<\/a> the situation, according to Reeder.<\/p>\n<p>As of Thursday, approximately 1,900 customers in West Maui were still \u200dwithout electricity, according to \u200cHawaiian Electric Industries. \u200dThis\u2062 figure does not\u2063 include the approximately 2,600 homes and businesses \u2064that\u2063 were destroyed, representing less than 1% of the company&#8217;s customers.<\/p>\n<p>  (Reporting by Arshreet \u2063Singh, Arunima \u200bKumar and Shreyashi Sanyal\u2064 in Bengaluru; Editing by\u2063 Arun Koyyur)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/hawaiian-electric-takes-expert\/attachment\/file-photo-file-photo-homes-damaged-by-fire-are-seenin\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Major Break \u2063in Murder Case of Microsoft Executive Jared Bridegan<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>President \u2063Robert L.\u2062 Peters Faces Scrutiny, Georgia State Senator \u200cDefends\u2064 Trump<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Biden Challenges Critics on Anniversary of \u2063&#8217;Inflation-Reduction Act&#8217;<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Former White \u200dHouse Chief of Staff Mark Meadows Moves Case to Federal Court<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Applied Materials Forecasts Strong Fourth-Quarter Profit<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Microsoft to Release New Version \u2064of Databricks \u2064Software<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Judge Dismisses Lawsuit\u200d Accusing YouTube of Restricting Videos<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Increasing Use of Artificial Intelligence \u2064in Cybersecurity,\u2062 Says Mandiant<\/h3>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hawaiian Electric Industries seeks guidance amidst Maui wildfires scrutiny, but denies plans for utility restructuring. Shares surge over 7% to $12.91, as the largest power supplier in the US island state clarifies its intentions.<\/p>\n","protected":false},"author":66,"featured_media":2004719,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2004718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2004718"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2004718\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2004719"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2004718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2004718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2004718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}