(Reuters) -Xcel Energy said on Wednesday it has reached settlement agreements that resolve all claims related to the 2021 Marshall Fire in Colorado. The U.S. utility’s unit, Public Service Company of Colorado (PSCo), expects to pay roughly $640 million related to the settlements, while $350 million will be funded by remaining insurance coverage. Xcel, however, […]
U.S.
Xcel Energy reaches settlement related to 2021 wildfire in Colorado
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(Reuters) -Xcel Energy said on Wednesday it has reached settlement agreements that resolve all claims related to the 2021 Marshall Fire in Colorado.
The U.S. utility’s unit, Public Service Company of Colorado (PSCo), expects to pay roughly $640 million related to the settlements, while $350 million will be funded by remaining insurance coverage.
Xcel, however, reiterated that it does not admit any fault, wrongdoing or negligence in connection with this resolution.
The company had been facing several lawsuits filed by homeowners, businesses and local governments in the state that claimed that its equipment caused the Marshall Fire.
The fire caused an estimated $2 billion in property losses, Xcel has said in regulatory filings.
PSCo expects to recognize a charge of about $290 million in the third quarter.
Xcel Energy’s shares rose over 5% in afternoon trading.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Shinjini Ganguli)