Reported Earlier, Xcel Energy Was Notified Of Texas Wildfires Affecting Their Southwestern Public Service Company Territory On February 26, 2024, Faces Potential Liability For The Smokehouse Creek Fire; Investigations Into Origin, Cause, And Damage Are Underway
Portfolio Pulse from Benzinga Newsdesk
Xcel Energy (XEL) was notified of Texas wildfires affecting their Southwestern Public Service Company territory on February 26, 2024. The Smokehouse Creek Fire, the largest among them, has grown to approximately 900,000 acres with only 3% containment. Xcel Energy faces potential liability for damages as investigations into the fire's origin, cause, and damage are ongoing. A law firm has already contacted Xcel Energy on behalf of property insurance interests for potential exposure to damages.
February 29, 2024 | 8:09 pm
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Xcel Energy faces potential liability from the Smokehouse Creek Fire, with ongoing investigations into the fire's origin, cause, and damage.
The notification of potential liability due to the Smokehouse Creek Fire directly impacts Xcel Energy, as it involves their service territory and a request to preserve evidence. This situation could lead to financial liabilities and reputational damage, negatively affecting investor confidence and potentially the stock price in the short term.
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