Xcel Energy shares drop following filing on Texas wildfires

Xcel Energy said in a regulatory filing that it became aware on Monday, February 26, 2024 of Texas wildland fires burning in or near the service territory of Southwestern Public Service Company. As of February 28, 2024 at about 7:30 pm CT the largest fire, named the Smokehouse Creek Fire, is reported to be approximately 900,000 acres in size and approximately 3% contained. The company said it is working with emergency response personnel to provide assistance. On February 28, 2024, a law firm sent a letter to Xcel Energy on behalf of various property insurance interests whose insureds were allegedly adversely affected by the Smokehouse Creek Fire that purports to provide Xcel Energy with notice of potential exposure for damages resulting from the Smokehouse Creek Fire and to request that a fallen SPS utility pole that is situated within the vicinity of the fire’s potential area of origin be preserved. Investigations into origin, cause, and damage of the wildland fires burning in or near the service territory of SPS, including the Smokehouse Creek Fire, are underway. Shares of Xcel Energy are down 6.5% to $53.96 in morning trading.