The securities of US energy utilities are supposed to be safe investments. Consumer prices for power are set by regulators with the aim of producing solid returns. In parts of the US, climate change has upended that bargain.
Shares of Hawaiian Electric Industries have fallen nearly 70 per cent this month. Investors fear electricity transmission equipment may be implicated in wildfires claiming more than a hundred lives and causing property damage running into billions of dollars.
For the moment, the focus should be on how to best help survivors. Soon enough, questions about the viability of old business models will need answering.
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