Xcel Energy Inc.
| Company Name | Xcel Energy Inc. |
| Stock Symbol | XEL |
On February 29, 2024, Xcel disclosed that it had become aware of Texas wildland fires burning near the service territory of Southwestern Public Service Company (“SPS”) on February 26, and that, on February 28, the Company had received a letter “on behalf of various property insurance interests whose insureds were allegedly adversely affected by the [fire],” notifying the Company of “potential exposure for damages resulting from the [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.”
On this news, Xcel’s stock price fell $8.10, or 14%, over two consecutive trading days to close at $49.57 per share on March 1, 2024, thereby injuring investors.
Then, on March 7, 2024, Xcel disclosed that its equipment was likely “involved in an ignition” of the wildfire, which has grown to the largest wildfire in Texas history, burning over a million acres of land and an estimated 500 buildings.
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