Shares of Edison International (NYSE:EIX) rebounded more than 12% by 10:30 a.m. EST on Friday after the utility provided an update on its restoration efforts following the Woolsey and Hill wildfires in Southern California. However, even after the rebound, shares of the company have lost nearly a quarter of their value in the past month due to the impact of the wildfires.
Southern California Edison (SCE), which is a subsidiary of Edison International, updated the market on the company's efforts to restore power to the communities impacted by fires in Southern California. SCE noted that it had restored power to 39,094 of the customers that lost it due to the wildfires, which was 86% of the total. Further, the company stated that it had replaced 249 of the 775 power poles and other electric equipment that the fires damaged or destroyed and that its crews had installed nearly 19 miles of wire.
The company also noted that fire officials were investigating the causes of the fires, which includes areas near its facilities as well as the possible role of those facilities in causing the fires. SCE stated that it would likely take a considerable amount of time to complete these investigations.
Investors are breathing a sigh of relief today. Not only is Edison International's subsidiary making progress on restoring power to those impacted by the wildfires, but the state's Public Utilities Commission chief stated last night that he doesn't want to see fellow California utility PG&E declare bankruptcy due to its potential role in the wildfires in the northern part of the state. However, that doesn't mean that investors can rest easy, since the wildfire-related issues are far from over.