SCE Stock Plunges After It Admits Its Line Associated With Woolsey Ignition
Written by 991KBU on October 31, 2019
Southern California Edison told government officials yesterday that the Easy Fire in Simi Valley broke out in its service territory near one of its subtransmission lines.
That line had not been switched off at the time of the eruption.
The exact cause of the fire remains officially under investigation … but TV station chopper pictures early yesterday morning showed the power lines apparently starting the fire.
And the parent company of SCE … Edison International … saw its stock prices slump as much as 19 percent yesterday.
This … after president of the company revealed to investors that the Ventura County Fire Department believes that SCE electrical equipment caused last year’s Woolsey Fire.
And late yesterday … SCE notified the California Public Utilities Commission that there was activity on a subtransmission line near the reported time of this morning’s Easy Fire,.
“SCE is conducting a review into the circumstances surrounding the fire and will cooperate with all investigations into the origin and cause” … a spokesman said.
He told the LA Times that the utility’s top priority is the safety of its customers, employees and communities.
