Adds developments for Aug. 30 onwards
Sept 15 (Reuters) - The U.S. House Energy and Commerce Committee on Thursday asked Hawaiian Electric's HE.N CEO Shelee Kimura to testify at a hearing investigating the causes of the wildfire that killed at least 115 people and razed the historic town of Lahaina.
The Honolulu-based power company's market value has slumped by more than 60% to $1.45 billion since Aug. 8, when the wildfires began, amid scrutiny over its involvement.
Here is a sequence of key events involving the troubled utility:
Date | Development |
Aug. 8 | Wildfires begin at and wreak destruction in Lahaina, a city of 13,000 people in Maui. |
Aug. 11 | Hawaiian Electric says it is working with the county to investigate the cause of wildfires. |
Aug. 12 | Residents file two class-action lawsuits in state courts claiming that the utility is responsible for the wildfires. |
Aug. 15 | Ratings agency S&P downgrades Hawaiian Electric to junk status as investor concerns grow. |
Aug. 16 | The Wall Street Journal reports Hawaiian Electric is speaking with restructuring advisory firms to address potential financial and legal challenges. |
Aug. 17 | Hawaiian Electric shares briefly hit their lowest since 1985. |
Aug. 18 | Moody's also downgrades the company's credit rating to junk status. |
Hawaiian Electric says it was looking to restructure but was seeking expert advice amid questions over its role in the wildfires. | |
Aug. 21 | Fitch also downgrades its ratings, saying the potential liabilities are an "existential threat." |
Aug. 22 | Hawaiian Electric says it has sought advice from boutique advisory firm Guggenheim Securities. |
Aug. 24 | Shareholders file a lawsuit against the utility provider in a San Francisco federal court. |
The county of Maui sues Hawaiian Electric for that led to the fires. | |
Hawaiian Electric suspends its dividend and announces steps to strengthen its balance sheet. | |
S&P further downgrades Hawaiian Electric's credit rating, citing its likely inconsistent access to capital markets. | |
Aug. 28 | Hawaiian Electric says it had shut off its power lines more than six hours before the Lahaina fire began, disputing claims of its involvement. |
Aug. 30 | The White House says the Department of Energy would provide $95 million to Hawaiian Electric through the Bipartisan Infrastructure Law to strengthen its power grids. |
Sept. 5 | A victim's kin files a lawsuit against the state of Hawaii, Maui county as well as Hawaiian Electric for leading to the wildfires. |
Sept. 14 | U.S. Congress asks Hawaiian Electric CEO Shelee Kimura to testify at a hearing to find out the cause of the deadly wildfire. |
(Reporting by Sourasis Bose in Bengaluru; Editing by Arun Koyyur and Shounak Dasgupta)