California power outages swell to 400,000 as fires multiply

(Reuters) -The number of California homes and businesses without electricity ballooned to more than 400,000 on Wednesday, as multiple wildfires raged uncontrollably around Los Angeles.

At least six fires have erupted since Tuesday in Los Angeles and Ventura counties, so far claiming two lives and burning homes, schools and businesses over more than 20,000 acres (8,094 hectares), as seasonal winds fuel the blazes, according to state fire officials.

Virtually all of the state's outages were in southern California, primarily in Los Angeles, according to PowerOutage.us.

Southern California Edison, a subsidiary of U.S. utility Edison International (NYSE:EIX ) operating in California, shut off power to more than 169,000 homes and businesses, or more than 3% of its 5 million customers, across six counties. The company had issued notices to 8.5% of its customers that they were being considered for additional shutoffs.

So-called power safety shutoffs happen, in part, to reduce the risk that airborne objects spark additional blazes when they strike power lines, said company spokesperson Jeff Monford, who implored the public to stay away from any downed lines.

It was unknown when power would be restored as the company would have to wait for the period of concern to pass to get crews to fix power lines and other distribution facilities in the affected areas, Monford said.

Shares of utility tumbled as much as 13.8% to $66.70, hitting its lowest levels since April and on track for the biggest one-day percent drop since the onset of the COVID-19 pandemic.

The Palisades wildfire has so far burned nearly 12,000 acres in the Pacific Palisades area between the beach towns of Santa Monica and Malibu.

Other wildfires have sprung up in neighboring areas, including a 10,500-acre fire near the city of Pasadena. Parts of Malibu and Santa Monica are also under evacuation orders.

Tens of thousands of people have been affected by mandatory evacuation orders.

Source: Investing.com