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“How prepared is Edison to handle an expense like what may be generated if they’re liable for the Eaton fire? And is Edison investable, after they handle that expense?” said Michael Wara, director of the Climate and Energy Policy Program at Stanford University and a former California wildfire commissioner.

Meaning they have “investable wealth which only includes listed company holdings, cash holdings, and debt-free residential property holdings” of at least $1 million or more.

"We believe that there's enough margin ... to make it an investable project," he added.

"We have this rate base that's investable at a higher return than those local distribution companies offer in terms of incremental returns ... that kind of lower return doesn't make a whole lot of sense for us," Armstrong said at the Barclays CEO Energy-Power Conference in New York.

African states could unveil proposals for what are known as green and blue walls, or multi-country initiatives to protect forest and coastline resources that would be presented as single investable projects, organisers of the summit said.