Xcel to Pay About $640 Million Over 2021 Colorado Wildfire (2)

Utility Xcel Energy Inc. agreed to pay about $640 million to resolve claims that its power lines contributed to the 2021 ignition of the costliest wildfire in Colorado history, averting a jury trial with billions of dollars at stake.

The company said in a filing Tuesday that it reached settlements with individual property owners, public entities and insurers ahead of a trial that was scheduled to begin this week in a Boulder County court. Xcel said it expects to recognize a $290 million charge to earnings as a result. The company isn’t admitting fault or wrongdoing in connection with the ...