Edison International Stock Sinks as Los Angeles Wildfires Cause Power Shutoffs

Key Takeaways

Shares of Edison International ( EIX ) plunged Wednesday as its Southern California Edison subsidiary was forced to shut off power to nearly 70,000 customers because of the Los Angeles -area wildfires .

At least two people have died because of the blazes, and the Los Angeles Fire Department said that the winds associated with the Palisades Fire "are forecasted to remain extreme today and all residents are asked to follow evacuation orders."

More Than 100 Power Outages Reported

According to Southern California Edison's website recently on Wednesday, there currently are 107 power outages and 69,601 customers affected.

"This is the third time in as many months that strong Santa Ana winds have prompted Southern California Edison to cut power to its customers," the Los Angeles Times reported.

Edison International shares were down nearly 13% in recent trading, leading S&P 500 decliners. With Wednesday's sharp declines, shares of Edison International have fallen into negative territory over the past year.

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