Pinnacle West Capital Corporation

Pinnacle West Capital Corp. is an investor-owned electric utility holding company based in Phoenix, Arizona. Its principal operating subsidiary, Arizona Public Service (APS), generates, transmits, and distributes electricity to customers across Arizona, with additional interests in transmission and other utility-related assets through subsidiaries such as PNW Power and El Dorado.

38,2 %

11,8 %

+4,2 %

0.54

0.54

— Pinnacle West Capital Corporation
%
Regulated retail electricity70% Electric service sold to homes and businesses in APS's Arizona service territory.
Regulated wholesale electricity10% Wholesale power sales and related market transactions under regulated frameworks.
Transmission and distribution12% Electric grid infrastructure used to move power and connect customers.
Generation and resource portfolio8% Owned and leased generation capacity, PPAs, and resource planning activities.

APS serves a broad base of retail electric customers across Arizona, including households, commercial users, and...

  • Residential customersprimary

    Households in APS's service territory buying electricity for everyday use and reliability.

  • Commercial customersprimary

    Businesses, offices, and service providers buying power for operations and continuity.

  • Industrial and large-load customerssecondary

    Higher-consumption users that require dependable supply and grid capacity.

  • Wholesale power buyerssecondary

    Counterparties purchasing power or transmission services under regulated arrangements.

Pinnacle West's business is concentrated in Arizona, where APS serves customers in 11 of the state's 15 counties...

  • •Headquartered in Phoenix, Arizona
  • •APS serves customers in 11 of Arizona's 15 counties
  • •Operations are concentrated in Arizona's regulated utility market
  • •Palo Verde supports supply for the southwestern United States
  • •Western market participation links APS to regional grid conditions

Pinnacle West's strategy centers on providing reliable, affordable, and cleaner electricity to Arizona customers while...

01
Reliability and affordabilityshort-term

The regulated utility model depends on dependable service and acceptable customer rates.

02
Grid and generation investmentmedium-term

New capacity and infrastructure are needed to meet load growth and maintain service quality.

03
Clean energy transitionlong-term

APS is building a lower-carbon resource mix while preserving system reliability.

Pinnacle West's results depend heavily on regulatory outcomes, because APS must recover costs through rates approved by...

high

Regulatory recovery risk

APS must recover costs through regulated rates and adjustor mechanisms approved by regulators.

Scope
ACC and FERC rate cases, court challenges, and recovery timing
Materiality
high
high

Resource adequacy and construction risk

The company must add or contract for generation and transmission to meet future demand.

Scope
New generation, grid upgrades, permitting, siting, and construction
Materiality
high
high

Weather and system reliability risk

Electric demand and outage exposure are sensitive to extreme weather and grid stress.

Scope
Heat waves, storms, and peak-load conditions in Arizona
Materiality
high
high

Cybersecurity risk

Utility operations rely on interconnected control systems and customer infrastructure.

Scope
Generation, transmission, distribution, and market systems
Materiality
medium
medium

Supply chain and fuel procurement risk

Utility operations depend on equipment, spare parts, fuel access, and vendor availability.

Scope
Generation equipment, critical spares, and purchased power
Materiality
medium
Regulatory accounting
Can create regulatory assets/liabilities and shift expense recognition across periods
Utility plant capitalization and depreciation
Affects reported assets, depreciation expense, and future rate base
Coal mine reclamation obligations
Can change accrued liabilities and operating expense
Equity forward sale agreements
Affects equity, dilution, and financing presentation
Asset retirement and environmental estimates
Can materially affect long-term liabilities and expense recognition

PINNACLE WEST CAPITAL CORP

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Pinnacle Financial Partners, Inc.

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WTBA · State Commercial Banks

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MNTR · Investors, NEC

WinVest Acquisition Corp.

WINV · Blank Checks

: 11/08/2026