Shares of power producers edged lower, lagging the broader market as investors shunned more conservative stocks.
The policy-sensitive 2-year Treasury yield slipped from its highest level since March as buyers for government debt re-emerged to kick off the week. S
hares of Hawaiian Electric Industries rose nearly 10% after the electric company responded to a lawsuit filed by Maui County over the deadly Lahaina fires, by calling the suit “factually and legally irresponsible.”
Hawaiian Electric said Monday that its power lines weren’t responsible for the wildfire that destroyed the town of Lahaina, killing at least 115 people, and blamed Maui County firefighters for an inadequate response.
The company made the statements in a public response to a lawsuit filed last week by Maui County that blamed Hawaiian Electric, the local electric utility known as HECO, for the blaze, and sought damages for costs the local government has incurred.
Meanwhile, Tropical Storm Idalia formed Sunday in the Gulf of Mexico and was on a potential track to come ashore as a hurricane in the southern U.S., the National Hurricane Center said.
Write to Amy Pessetto at [email protected]
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