Xcel Energy (NASDAQ:XEL) -6.7% in Thursday’s trading to its lowest in nearly four years after disclosing in an 8-K filing that it became aware this week of Texas wildfires burning in or near the service territory of its Southwestern Public Service unit.
Firefighters said the Smokehouse Creek Fire that broke out on Monday has grown to 1.1M acres and is only ~3% contained, quickly becoming the “largest and most destructive fire in Texas history.”
Xcel (XEL) said a law firm has notified it on behalf of various property insurance interests whose insureds allegedly were impacted by the Smokehouse Creek Fire providing “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 the origin and cause of the fires burning in or near the SPS service area are underway, the company said.
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