The utility examined California’s plans to reduce fires ignited by power lines, started flying drones over its territory and vowed to take steps to protect its equipment and its customers from the threat of fire.

Nearly four years later, the company has completed little such work. Between 2019 and 2022, it invested less than $245,000 on wildfire-specific projects on the island, regulatory filings show. It didn’t seek state approval to raise rates to pay for broad wildfire-safety improvements until 2022, and has yet to receive it.

Now, the company is facing scrutiny, litigation and a financial crisis over indications that its power lines might have played a role in igniting the deadliest U.S. wildfire in more than a century. The blaze has caused at least 110 deaths, destroyed the historic town of Lahaina and resulted in an estimated billions of dollars in damage.

The fire’s cause hasn’t been determined, but mounting evidence suggests the utility’s equipment was involved. One video taken by a resident shows a downed power line igniting dry grass along a road near Lahaina. A firm that monitors grid sensors reported dozens of electrical disruptions in the hours before the fire began, including one that coincided in time with video footage of a flash of light from power lines.

Hawaiian Electric said it would investigate any role its infrastructure may have played and cooperate with a separate probe into the fire launched last week by the Hawaii attorney general. …

The utility has long been a force in Hawaii politics and business. In the wake of the fire, its finances are reeling. Its stock has plunged 49% this week, and its credit rating was downgraded to junk by S&P.

Hawaiian Electric is the latest utility in the Western U.S. to struggle following large wildfires, many of which have been sparked by utility equipment in recent years. PG&E, the Northern California utility giant, sought bankruptcy protection in 2019 after its power lines ignited a series of major fires, including the 2018 Camp Fire that killed 84 people and destroyed the town of Paradise, Calif. That had been the deadliest wildfire in modern U.S. history until the Maui fire. …

The growing risk of wildfire on Maui had been known for years. The number of acres burned on the island soared to 39,000 in 2019, from 150 in 1999, according to data compiled by the Hawaii Wildfire Management Organization, a nonprofit that works with government agencies and the public.

Several reports released by the group and others in recent years have said the danger is increasing, in part, because of invasive plants that have overtaken former sugar and pineapple plantations. Roughly one-quarter of state land in Hawaii is now covered by invasive grasses and shrubs, according to a study by the University of Hawaii and think tank East-West Center. …

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