Press release
Xcel Energy Reaches Agreements in Principle to Resolve All Litigation Related to 2021 Marshall Fire
Settlements, when finalized, will resolve all claims asserted by subrogation insurers, the public entity plaintiffs and individual plaintiffs. Telecom
About this update from Xcel Energy Inc.
[{"type":"text","content":"\n\nSettlements, when finalized, will resolve all claims asserted by subrogation insurers, the public entity plaintiffs and individual plaintiffs.\n\n\n\nTelecom defendants contribute to the settlements.\n\n\n\n DENVER--(BUSINESS WIRE)--\nTo resolve outstanding litigation related to the 2021 Marshall Fire, Xcel Energy, Qwest Corporation (“Qwest”), and Teleport Communications America, LLC (together with Qwest, the “telecom defendants”) have reached agreements in principle to settle all claims asserted by subrogation insurers, the public entity plaintiffs, and individual plaintiffs.\n\n\nXcel Energy [subsidiary Public Service Company of Colorado (PSCo)] expects to pay approximately $640 million related to these settlements – with approximately $350 million funded by its remaining insurance coverage and none from its customers. The agreements in principle remain subject to final documentation and individual plaintiffs opting in to the agreement negotiated and recommended by their counsel.\n\n\nConsistent with its position throughout this process 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.\n\n\n“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.”\n\n\nXcel Energy’s Commitment to the Community\n\n\nTo fulfill its commitment to the Colorado communities it has served for more than 150 years, Xcel Energy has developed a comprehensive strategy to reduce wildfire risk and improve grid resilience. The company’s priority is to enhance safety and transparency while protecting its communities.\n\n\nUnanimously approved by the Colorado Public Utilities Commission, Xcel Energy’s 2025-2027 Wildfire Mitigation Plan includes investments in system resilience, improved ...