Xcel Energy’s $560M Trading Volume Surges 184.45% to 182nd Rank as Texas AG Probes ESG-Linked Wildfires

On August 15, 2025, Xcel (XEL) recorded a trading volume of $0.56 billion, a 184.45% increase from the previous day, ranking 182nd in the stock market. The stock closed down 0.64%.

The Texas attorney general has launched a civil investigation into Xcel Energy, citing concerns that the utility’s infrastructure may have triggered two major wildfires in 2024. Ken Paxton’s office sent formal demands for documents to Xcel and other companies to assess potential violations of state law. The Smokehouse Creek fire, attributed to Xcel’s facilities, destroyed over 1 million acres and 10,000 livestock, prompting allegations that ESG (Environmental, Social, and Governance) initiatives overshadowed infrastructure maintenance. Paxton criticized the company for prioritizing “radical ESG and DEI goals” over public safety, a claim Xcel has denied.

The probe underscores systemic risks for ESG-aligned utilities balancing decarbonization with aging grid upkeep. Anti-ESG laws in over 10 U.S. states have heightened legal and reputational exposure, complicating investor confidence. Analysts warn that companies unable to integrate ESG objectives with robust safety protocols face liability, regulatory fines, and erosion of trust. Xcel’s shares dipped 4.5% initially but partially recovered to a 1.8% loss, reflecting market uncertainty over long-term costs and regulatory precedents.

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