Xcel Energy reaches ‘agreements in principle’ to resolve all litigation related to 2021 Marshall Fire
DENVER, Colo. (KRDO) -- Xcel Energy announces that, alongside Qwest Corporation and Teleport Communications America, it has reached "agreements in principle" to settle all claims made by subrogation insurers, the public entity plaintiffs and individual plaintiffs.
The company states that it stands by the position that "its equipment did not cause or contribute to the fire, Xcel Energy does not admit any fault, wrongdoing, or negligence in connection with this resolution."
The Marshall Fire occurred in December of 2021, beginning on the Twelve Trives property in Boulder, and then a second ignition occurred, which plaintiffs claimed was due to Xcel Energy equipment.
According to the company, it expects to pay around $640 million related to the settlements, with nearly $350 million funded by its remaining insurance coverage and none from its customers.
“Despite our conviction that PSCo equipment did not cause the Marshall Fire or plaintiffs’ damages, we have always been open to a resolution that properly accounts for the strong defenses we have to these claims. In resolving all liability from the claims, this settlement reinforces our longstanding commitment to supporting the communities we serve,” said Bob Frenzel, chairman, president and CEO of Xcel Energy. “We recognize that the fire and its aftermath have been difficult and painful for many, and we hope that our and the telecom defendants’ contributions in today’s settlement can bring some closure for the community.”
Xcel Energy mentions they have made a strategy to reduce wildfire risk and improve grid resilience, which was approved by the Colorado Public Utilities Commission
For more information about Xcel Energy’s wildfire mitigation work, click here.
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