Pinnacle West Capital

Pinnacle West Capital Corporation is a leading utility holding company serving Arizona's dynamic energy needs, with a proud heritage dating back to 1884 when the Phoenix Light and Fuel Company first brought electricity to the three-year-old town of Phoenix. Today, through its principal subsidiary Arizona Public Service (APS), Pinnacle West delivers reliable electricity to approximately 1.4 million customers across 35,000 square miles of central Arizona, including the greater Phoenix metropolitan area.

As a vertically integrated electric utility, APS owns or leases more than 6 gigawatts of power generation capacity from a diverse portfolio that includes nuclear, natural gas, solar, and other renewable energy sources. The company's crown jewel is its 29% ownership stake in the Palo Verde Nuclear Generating Station, the largest nuclear power plant in the United States and the nation's largest producer of carbon-free electricity. This nuclear foundation, combined with extensive renewable energy investments, enables APS to supply customers with an energy mix that is currently 51% clean and carbon-free.

In 2024, Pinnacle West demonstrated exceptional financial and operational performance, reporting consolidated revenue of $5.12 billion (up 9.13% year-over-year) and net income of $608.8 million ($5.24 per diluted share), representing a 21.38% increase from 2023. This growth was driven by new customer rates, a 2.1% annual retail customer growth rate, and a remarkable 5.7% increase in weather-normalized retail electricity sales fueled by Arizona's booming economy. The utility operates through one of the hottest summers on record, maintaining reliability through 113 consecutive days above 100 degrees Fahrenheit and achieving a peak energy demand record of 8,210 megawatts on August 4, 2024.

Pinnacle West is strategically positioned to capitalize on Arizona's rapid growth, particularly from semiconductor manufacturing facilities and expanding data center operations. The company anticipates annual customer growth of 1.5% to 2.5% through 2027 and plans to add 9,805 megawatts of renewable power, battery storage, and natural gas generation between 2025 and 2028, with over 90% being carbon-free. With major clean energy projects including the 170 MW Ironwood Solar Plant and 150 MW Agave battery storage facility under construction, Pinnacle West is advancing toward its commitment to deliver 100% clean, carbon-free energy by 2050, with interim targets of 65% clean energy by 2030 and complete exit from coal-fired generation by 2031.