Bond.az - Edison International (NYSE:EIX) shares fell 1.75% on Monday, while PG&E Corporation (NYSE:PCG) dropped 1.5%, as a fast-moving wildfire in Southern California raised concerns about potential utility liability.
The Sandy Fire broke out around 10:50 a.m. in southern Simi Valley, spreading to at least 180 acres by 11:30 a.m. with 0% containment. The wind-driven blaze prompted evacuation orders and burned several structures, threatening hundreds of homes.
Over 200 firefighters from Ventura County, L.A. County, and CAL FIRE responded, dropping water to prevent the fire from spreading into thicker vegetation in the Simi Hills. A large plume of grey smoke was visible over the area.
California utilities have faced significant financial and legal exposure from wildfires in recent years, weighing on investor sentiment when fire activity increases.
