By Denny Jacob

Hawaiian Electric Industries shares tumbled 7.1% after a bill aimed to raise money from customers for wildfire mitigation stalled.

Shares were trading around $9.75. The stock is down 32% on the year so far.

A Hawaiian lawmaker blocked a plan by the banking and electric-utility company to issue bonds that would be backed by a proposed new fee on customers' bills to pay for subsidiary HECO's wildfire mitigation plans, according to a report by Honolulu Civil Beat. HECO has said it wants authorization to issue bonds and impose a fee of up to 5% on its customers' monthly bills to finance those bonds and raise money in a process known as securitization, according to the publication.

The report noted that hundreds of critics are opposed to HECO's plans and the proposed new fee. Members of grassroots organization Lahaina Strong said in testimony that HECO should not be allowed to "burden ratepayers with the consequences of its own mismanagement and negligence," it added.

A recent report issued by the Hawaii attorney general's office highlighted the role that a Hawaiian Electric power line played in the deadly August blaze which ultimately destroyed the historic Maui town and killed at least 101 people.

Write to Denny Jacob at

(END) Dow Jones Newswires

04-26-24 1134ET