Why EIX Stock Is Down 5% Today

California-based electric utility owner Edison International (EIX) is sinking 5% today after insurers asked its subsidiary, Southern California Edison, to retain evidence involving one of the wildfires that has broken out in Los Angeles.  A number of the customers of  Southern California Edison have been affected by the California wildfires.

Insurers Seek Evidence, But Edison Has Not Been Accused

Insurance firms’ lawyers requested that Southern California Edison keep evidence related to the Eaton Fire that is occurring in Los Angeles. The Eaton Fire started in the  “service area” of Edison’s electric utility subsidiary, Southern California Edison,  Edison reported. The company stated that its subsidiary “has transmission facilities near the reported ignition site” of another blaze, the Hurst Fire,  and added that it is assessing the latter blaze.

However, according to Edison International, no fire departments or agencies have suggested that its equipment helped start the Eaton Fire. Moreover, no fire departments or agencies have asked the company to remove or retain its equipment.

Also importantly, Edison stated that there were no unusual events involving its equipment until the Eaton Fire had been raging for an hour. The firm made the statements in a filing with California regulators yesterday.

California authorities have not yet reported how any of the blazes started.

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Disclosure: None. This article is originally published at Insider Monkey.