Texas Blames ESG Goals in Probe of Xcel Over 2024 Wildfires (1)

The Texas attorney general is investigating utility Xcel Energy Inc. and its contractor for two wildfires that devastated the state last year, saying the companies may have prioritized environmental and diversity goals over maintenance and safety.

“It is unconscionable that utility companies might have sacrificed infrastructure maintenance, public safety and the well-being of our Texas communities for radical ESG and DEI goals,” Attorney General Ken Paxton said in a statement Friday.

Xcel shares fell as much as 4.5% after the investigation was announced before rebounding and were down 0.16% to $72.23 at 2:03 p.m. in New York.

Xcel has ...