Xcel Energy has agreed to expand its disclosure of risks associated with climate change in its filings with the SEC. The announcement by Xcel comes in response to a subpoena issued by New York Attorney General Andrew Cuomo seeking information on the company’s plans to build an electric power plant in Pueblo, Colorado.
The most recent Form 10-K for Xcel includes disclosures under the following risk factors:
- “We are subject to environmental laws and regulations, compliance with which could be difficult and costly.”
- “We are subject to physical and financial risks associated with climate change.”
- “We may be subject to legislative and regulatory responses to climate change, with which compliance could be difficult and costly.”
Mr. Cuomo is also negotiating with AES Corporation, Dominion Resources, Dynegy, and the Peabody Energy Corporation under a mantle of protecting investors’ right to know all associated risks of climate change.
For a discussion of when companies are required to make disclosures regarding climate change and its associated risks, see the attached law alert prepared by Porterwright.
