Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $9.45B|Employees: 6K
Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables. The company also owns and maintains transmission and distribution substations; and owns energy storage facilities. Pinnacle West Capital Corporation was incorporated in 1985 and is headquartered in Phoenix, Arizona.
Net income attributable to common shareholders increased to $16.9 million, compared to a net loss of $3.3 million in the same period last year. This is primarily due to new retail base rates, increased customer growth and usage, higher CRS and LFCR revenue, and higher other income mainly due to the gain on the sale of BCE.
Operating revenues increased to $951.7 million from $945.0 million in the prior year. This increase is driven by new retail base rates and increased customer growth and usage.
Operating expenses remained high at $884.9 million, only slightly lower than the $894.2 million in the prior year. Higher depreciation and amortization expense due to increased plant assets, higher interest charges, and higher operations and maintenance expense offset the revenue gains.