Xcel Says Its Equipment Likely Involved in Huge Texas Blaze
- The utility refuted allegations it had acted negligently
- Shares jump nearly 5%, the most intraday in nearly a year
Fire crews work to extinguish hot spots following the Smokehouse Creek Fire in Fritch, Texas on March 1.
Photographer: Jordan Vonderhaar/BloombergThis article is for subscribers only.
Xcel Energy Inc. acknowledged that its equipment was likely involved in igniting the worst wildfire in Texas history. But the utility company also refuted allegations it had acted negligently.
The company’s shares jumped as much as 4.9% in trading in New York, the most intraday in nearly a year.