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Pinnacle West Reports 2021 First-Quarter Earnings
May 5, 2021 GMT
PHOENIX (BUSINESS WIRE) May 5, 2021
Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $35.6 million, or $0.32 per diluted share of common stock, for the quarter ended March 31, 2021. This result compares with $30.0 million, or $0.27 per diluted share, for the same period in 2020.
First-quarter 2021 results were positively impacted by weather, higher transmission revenues, and higher pension and other postretirement non-service credits. These factors offset a moderate increase in operations and maintenance expenses, due largely to higher planned plant outages to perform seasonal maintenance ahead of summer demand.
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Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $550.6 million, or $4.87 per diluted share, for full-year 2020. This result compares with net income of $538.3 million, or $4.77 per diluted share, in 2019. Weather impacts alone accounted for a year-over-year increase in after-tax revenues of $94 million, or $0.83 cents per share.
In a year of transition and renewed focus on excellence in customer care, the company recently launched a new cultural framework called The APS Promise. APS CEO Jeff Guldner and the leadership team are championing this cultural transformation to keep employees’ talent focused on customers and ensure the company remains an employer of choice. The Promise fosters empowered decision-making, innovation and collaboration as behavioral norms across all levels of the organization. (Graphic: Business Wire)
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PHOENIX A widespread electrical grid failure like the one that crippled Texas and left millions without power last week would be unlikely to occur in Arizona, even with a prolonged period of exceptionally hot weather, grid experts and utility officials say.
Unlike Texas utilities that have largely been walled off from the national electrical grid, Arizona power providers face stricter reliability standards and can import power from out of state if there isn’t enough locally, they said.
“The biggest difference between Texas and any other state in America … is we are all interconnected and Texas is not,” said Vijay Vittal, a Regents professor specializing in power systems engineering at Arizona State University. “So they can rely on no support from any of their neighbors.”
Texas energy crisis prompts Arizona gas utilities to call for limits on use; Mesa says supply could run out Ryan Randazzo, Arizona Republic
Following a historic winter storm that has shut down much of Texas, natural-gas utilities in Arizona are asking customers to conserve where possible by taking shorter showers and not using appliances like gas fireplaces unless necessary.
Arizona has no natural-gas wells of its own and also no storage. The fuel is piped into the state, much of it from New Mexico and Texas.
Southwest Gas, which provides residential service in Arizona and Nevada, said the call was made to reduce the bill impact on customers, who must pay for swings in the market price of the fuel like the one taking place now. But the city of Mesa on Thursday issued a warning that its supply of the fuel itself may be in jeopardy.