California Fires Highlight Cracks in Utility Infrastructure

From the time of the onset of the Southern California fires to Friday, January 10, Edison International (EIX) stock fell 14%, meaning a $4.3 billion loss in market value. (EIX’s principal subsidiary, Southern California Edison, provides electricity in the region.)  The loss in stock market value is even greater than the probable loss that the utility would have incurred under California rules if it is found responsible in some way for the fires. We should point out that Wall Street’s skittishness in this regard likely stems from…