No indication Edison equipment started Palisades fire, says BofA
BofA notes that the Palisades fire that was last estimated to be 2,921 acres and at 0% containment, according to Cal Fire, is occurring in Edison International’s (EIX) Southern California Edison service territory. However, at this time, there is no indication that SCE equipment is believed to have started the fire and the utility has not filed an electric service incident report, the analyst noted. The legal and operating environment for wildfires in California is now “dramatically different” than what has been in place during previous catastrophic wildfires seen in the state before 2020 legislation passed and AB 1054 provides financial protections, added the analyst, who has a Buy rating and $95 price target on the shares.
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