Shares of power producers moved higher.
Maui County filed a lawsuit Thursday against utility company Hawaiian Electric, alleging that its power lines caused recent wildfires on the island -including one that destroyed the town of Lahaina and killed at least 115 people. Separately, Hawaiian Electric said it is suspending its dividend, starting in the third quarter, “to further increase its cash position.”
Saudi Arabia is weighing a Chinese bid to build a nuclear-power plant in the kingdom, Saudi officials familiar with the matter said, in a move designed to pressure the Biden administration to compromise on its conditions for U.S. help in the kingdom’s quest for nuclear power. The U.S. has said American nuclear aid is contingent on the Saudis agreeing to not enrich their own uranium or mine their own uranium deposits in the kingdom-nonproliferation conditions not sought by China, which has been seeking to strengthen its influence in the Middle East, to the consternation of Washington.
A group of bond investors is expected to back a new restructuring plan for Puerto Rico’s power utility but would have to contend with other creditors that want to keep fighting for a better deal. BlackRock, Nuveen and Franklin Advisers are nearing a restructuring deal to write down $8.3 billion in debt owed by the bankrupt electric monopoly to a fraction of that amount, people familiar with the discussions said. The new deal would open a path to ending the Puerto Rico Electric Power Authority’s six-year bankruptcy case and has divided bondholders that until recently were united in negotiations.
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