Eaton blaze causes shares to tumble as wildfires rage on, despite Edison's claim of no electrical anomalies found before the fire.

• Pedro Pizarro, CEO of Edison International, stated that the utility has not discovered any electrical irregularities from their equipment prior to the Eaton Fire.
• Unfortunately, we have not been able to examine the lines closely yet, as there may be another mechanism at play, Pizarro stated.

The CEO of Southern California Edison's parent company stated on Monday that no electrical anomalies were detected from their equipment in the hours leading up to the Eaton Fire outbreak in the Los Angeles area.

The Eaton Canyon area had no signs of interruptions or anomalies in the 12 hours before the fire started, according to the utility's incident report to the California Public Utilities Commission.

Pedro Pizarro, CEO of Edison International, stated on CNBC's "Money Movers" that electrical anomalies are commonly observed when equipment sparks.

Pizarro stated that there may be another mechanism at play, but they have not been able to get close to the lines yet. Unfortunately, the CEO has not been able to provide a transparent update to the public as the investigation continues.

As Edison International shares plummeted 11% and reached a new 52-week low, Pizarro commented on the ongoing wildfires in Southern California, specifically the Eaton Fire, which is the second-largest of the three blazes. The fire has claimed at least 17 lives, burned over 14,000 acres, and destroyed or damaged thousands of structures since it started last Tuesday. Currently, the fire is 33% contained.

The southern California subsidiary of the company is facing a lawsuit from residents and business owners who claim the utility's power lines caused the fire. CNBC sought comment from the company.

Southern California Edison is being probed by fire agencies for its possible involvement in the ignition of the Hurst Fire, which has burned over 799 acres since its start on Tuesday. The blaze is currently 95% contained.

According to the company, preliminary information suggests that an electrical anomaly occurred with Edison equipment one minute after the Hurst Fire started. Additionally, a downed powerline was discovered at a tower. Pizarro stated that it is uncertain whether the damage occurred before or after the fire began.

This is a developing story. Please check back for updates.