Xcel Energy expects to pay about $640 million to settle lawsuits alleging it was responsible for starting Colorado’s most destructive wildfire that killed two people and destroyed nearly 1,000 homes in 2021, the company said Wednesday.

The announcement came as jury selection was set to begin Thursday in a two-month trial combining lawsuits brought by homeowners and insurers over the fire in the heavily populated suburbs between Denver and Boulder. Court documents confirmed a settlement has been reached and the trial canceled. But the transcript of a hearing held Wednesday to discuss the deal has been sealed until the end of the day.

Minneapolis-based Xcel has maintained that its equipment did not cause or contribute to the fire. It said it does not admit any fault under the settlement.

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