Xcel Energy, Colorado’s largest utility, announced Wednesday that it will pay roughly $640 million to settle litigation tied to the catastrophic 2021 Marshall Fire, the deadliest and most destructive blaze in the state’s history.
The settlement comes as trial proceedings were set to begin this week. The fire, which ignited on Dec. 30, 2021, ripped across Boulder County, killed two people, leveled more than 1,000 structures, and scorched thousands of acres.
Despite the payout, Xcel continues to deny that its subsidiary, Public Service Company of Colorado, bore responsibility for sparking the inferno.
Xcel Maintains Its Defense
“Despite our conviction that our equipment did not cause the Marshall Fire or plaintiffs’ damages, we have always been open to a resolution that reflects the strong defenses we have,” said Bob Frenzel, Xcel’s chairman, president and CEO. “This settlement reinforces our commitment to the communities we serve.”
The deal covers claims brought by individual homeowners, insurers pursuing subrogation, and public entities, but it remains contingent on final documentation and opt-ins from plaintiffs.
Importantly, Xcel stressed that the agreement does not amount to any admission of negligence, fault, or wrongdoing.
