Power Producers' Shares Dip as Investors Favor Riskier Assets
Shares of power producers decline as investors turn towards riskier assets. Treasury yields ease, prompting interest in government debt. Hawaiian Electric Industries experiences a slight rise amid a lawsuit. Tropical Storm Idalia poses a potential hu...
Troy D. Hanson
August 28, 2023
Shares of power producers experienced a slight decline, underperforming the overall market as investors shifted their focus away from more conservative stocks.
Treasury Yields Ease, Encouraging Investors
The 2-year Treasury yield, which is closely monitored by policymakers, slipped from its highest level since March. This decline prompted renewed interest from buyers seeking government debt at the beginning of the week.
Hawaiian Electric Industries Sees Slight Rise Amid Lawsuit
In response to a lawsuit filed by Maui County regarding the destructive Lahaina fires, shares of Hawaiian Electric Industries recorded a nearly 10% increase. The electric company strongly denounced the lawsuit, referring to it as "factually and legally irresponsible."
Hawaiian Electric clarified that their power lines were not responsible for the devastating wildfire that claimed the lives of at least 115 individuals. Instead, they criticized Maui County firefighters for their insufficient response to the crisis.
This rebuttal was made public as a direct response to Maui County's lawsuit, which held Hawaiian Electric (HECO) accountable for the blaze and demanded compensation for the local government's incurred costs.