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Xcel Energy (NASDAQ:XEL) +2.3% in early trading Thursday after acknowledging that its facilities appear to have been involved in an ignition of the Smokehouse Creek wildfire, which is considered the largest and most destructive fire in Texas history.
Xcel (XEL) said it has been cooperating with investigations into the wildfires and has been conducting its own review, but it disputed claims that it acted negligently in maintaining and operating its infrastructure.
The company noted the Windy Deuce fire reportedly impacted many structures in and around Fritch, Texas, but it does not believe its facilities caused the ignition of the fire, and is not aware of any allegation that its facilities caused this fire.
Based on preliminary information, Xcel (XEL) said 47 occupied homes in Hemphill County and up to 17 occupied homes in Roberts County were destroyed by the Smokehouse Creek fire.
In Hutchinson County, which was impacted by both fires, Xcel (XEL) said its preliminary understanding is that the number of occupied homes lost due to the Smokehouse Creek fire appear to be fewer than in Hemphill County.
Xcel (XEL) shares plunged last week to multiyear lows as the company acknowledged the wildfire in a public filing.