Edison International Chief Executive Officer Pedro Pizarro said the utility did not detect any electrical issues on a transmission line near the start of the deadly Eaton fire in the Los Angeles area.

“We have not seen in our telemetry any indication of an electrical anomaly,” Pizarro said during an interview Monday on Bloomberg Television. “Typically, when you have a fire across infrastructure, you see voltage dropping. We have not seen that in our study.”

Edison shares have fallen 26% since the Los Angeles wildfires erupted Jan. 8, resulting in a nearly $8 billion decline in the company’s market cap. Shares fell 12% Monday to $57.27 amid investor worries the company’s Southern California Edison could be linked to the Eaton blaze.

The utility was hit with a lawsuit filed on behalf of homeowners that blames the company’s power infrastructure for igniting the wildfire, which according to state agency Cal Fire has burned more than 14,000 acres, killed at least 16 people and destroyed or damaged nearly 2,000 structures. The fire is 33% contained and the cause is under investigation.

Edison had turned off distribution lines near the start of the Eaton blaze before it erupted in a canyon near Altadena, Pizarro said. The utility’s transmission lines near the fire’s start didn’t meet the criteria for being de-energized, he said. “Transmission lines are larger and stronger and so they can operate safely at higher wind speeds,” he said.

Pizarro noted California has put in place provisions that will allow for a utility to remain financially healthy even if it is found liable for a wildfire, including a $21 billion fire insurance fund. If Edison were found to have started a wildfire and its actions deemed imprudent, the company’s shareholder liability would be capped at $3.9 billion under state regulations, Pizarro said.