Xcel Energy has agreed to pay $640 million to settle a lawsuit over its role in the 2021 Marshall Fire, the most destructive in Colorado’s history.
The settlement announced Wednesday — just a day before a trial in the case was scheduled to begin — ends all claims against the utility and two other telecom companies. Roughly 4,000 plaintiffs were involved in the case, which combined more than 300 lawsuits.
Xcel — which operates in the state as Public Service Company of Colorado, or PSCo — has long stated that its equipment was not at fault for the fire, which burned more than 6,200 acres in the Boulder suburbs. Under the settlement, Xcel is not admitting any fault, wrongdoing or negligence.
“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,” CEO Bob Frenzel said in a statement. “In resolving all liability from the claims, this settlement reinforces our longstanding commitment to supporting the communities we serve.”
