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Pinnacle West Capital Corporation (PNW) is an investor-owned electric utility holding company based in Phoenix, Arizona, with consolidated assets of approximately $26 billion. The company primarily operates through its principal subsidiary, Arizona Public Service (APS), which is the largest and longest-serving electric company in Arizona, providing electricity to approximately 1.4 million retail customers across 11 of Arizona's 15 counties . PNW's revenue is mainly derived from retail electric services, including residential and non-residential electricity sales, with additional contributions from wholesale energy sales and transmission services for others . The company's energy mix is diverse, with 51% of its energy coming from clean, carbon-free resources, aligning with their strategic focus on sustainability and clean energy initiatives .
- Retail Electric Services - Provides electricity to residential and non-residential customers across Arizona, serving as the primary revenue source for the company.
- Wholesale Energy Sales - Engages in the sale of electricity to other utilities and energy providers, contributing to the company's revenue.
- Transmission Services for Others - Offers transmission services to other entities, facilitating the distribution of electricity across the region.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Theodore N. Geisler ExecutiveBoard | Chairman of the Board, President, and Chief Executive Officer | Chicanos Por La Causa, Arizona Chamber of Commerce, Greater Phoenix Economic Council, W.P. Carey Dean’s Council at ASU, 56th Fighter Wing Command Honorary Commander at Luke Air Force Base, Hunkapi Programs | Theodore N. Geisler is the Chairman of the Board, President, and CEO of PNW and APS, effective April 1, 2025. He has been with APS since 2001 and has held various significant roles, including President of APS since May 2022. | View Report → |
Adam C. Heflin Executive | Executive Vice President and Chief Nuclear Officer | Nuclear Energy Institute, Institute for Nuclear Power Operations | Adam C. Heflin oversees all nuclear-related activities at the Palo Verde Generating Station. He joined APS in June 2022 and has extensive experience in the nuclear energy sector. | |
Andrew D. Cooper Executive | Senior Vice President and Chief Financial Officer | Board of Directors for Valle del Sol, Trustee of the Phoenix Art Museum | Andrew D. Cooper is the Senior Vice President and CFO of PNW and APS, overseeing critical financial functions. He joined PNW in June 2020 and became CFO in May 2022. | |
Elizabeth A. Blankenship Executive | Vice President, Controller, and Chief Accounting Officer | N/A | Elizabeth A. Blankenship has been with APS since at least 2014 and has served as Vice President, Controller, and Chief Accounting Officer since 2019. | |
Robert E. Smith Executive | Executive Vice President, General Counsel, and Chief Development Officer | Chair of the Board of Directors for Global Action, Board of Trustees member of the El Faro Ephraim Foundation, Finance committee and advisory board of the Musical Instrument Museum, National Association of Manufacturers, Energy Impact Partners, AZ-VC, Grand Canyon University College of Business | Robert E. Smith oversees legal affairs and growth strategies for PNW and APS. He also serves as President of Pinnacle West Power and its subsidiaries. | |
Bruce J. Nordstrom Board | Independent Director | Of Counsel and CPA at Nordstrom & Associates, P.C. | Bruce J. Nordstrom has been a director at PNW since 2000, with extensive accounting, auditing, and financial skills. | |
Carol S. Eicher Board | Director | Board member of The Tennant Company, Arq, Inc., Chair of the Board of Directors for the Fairmount Park Conservancy, Secretary of the Board of Trustees for York College of Pennsylvania | Carol S. Eicher was elected to the PNW Board in 2024 and has over 30 years of experience in global manufacturing and operations. | |
Glynis A. Bryan Board | Director | Director at Wesco International, Inc. | Glynis A. Bryan has been a director at PNW since 2020 and is the CFO at Insight Enterprises, Inc. She has extensive experience in financial planning and analysis. | |
Gonzalo A. de la Melena, Jr. Board | Director | Founder and CEO of Emerging Airport Ventures, LLC, Board Member of Gainey Business Bank, Education Forward Arizona, Airport Minority Advisory Council, Member of Greater Phoenix Leadership | Gonzalo A. de la Melena, Jr. was elected to the PNW Board in 2022 and brings experience in finance, investment, and business strategy. | |
Kathryn L. Munro Board | Director | Principal of BridgeWest, LLC, Board Member at Knight-Swift Transportation Holdings, Inc. | Kathryn L. Munro has been a director at PNW since 2000 and has served as Lead Director and chaired various committees. | |
Kristine L. Svinicki Board | Director | Director at Southern Company, Director at TerraPower, Adjunct Professor at University of Michigan | Kristine L. Svinicki is a director at PNW since 2023, with extensive experience in nuclear energy regulation and operations. | |
Paula J. Sims Board | Lead Director | Consultant, previously Professor of Practice and Executive Coach at UNC Kenan-Flagler Business School | Paula J. Sims has been a director at PNW since 2016 and has extensive leadership experience in the utility industry. | |
Richard P. Fox Board | Independent Director | Director at FrontDoor, Inc. and Univar Solutions, Inc. | Richard P. Fox has been an Independent Director at PNW since 2014, with extensive experience in auditing, financial, and accounting matters. | |
Susan T. Flanagan Board | Director | World Economic Forum, GE Women’s Network, Columbia University School of Engineering's Board of Visitors | Susan T. Flanagan was elected to the PNW Board in 2024 and has a broad career in the energy and renewables sector. | |
William H. Spence Board | Director | Director of Williams Companies, Inc. | William H. Spence has been a director at PNW since 2021 and brings extensive experience in the energy industry. |
- Despite strong weather-normalized sales growth of 5.9% in Q3 2024 and customer growth of 2.3% , you are forecasting an EPS decrease to $4.40 to $4.60 in 2025 from the updated 2024 guidance of $5.00 to $5.20 ; can you elaborate on the specific factors driving this decline and how you plan to mitigate them?
- With your capital plan through 2027 increasing by 24% to $9.65 billion , and updated annual equity needs rising to $250 million to $300 million , how do you intend to manage the potential dilution to shareholders while maintaining a balanced capital structure?
- Given the over 10,000 megawatts of extra high load factor demand from data centers currently in planning , what challenges do you anticipate in securing the necessary resources and infrastructure to meet this significant growth, and how might this impact your capital expenditure plans?
- Considering the anticipated additional costs associated with regulatory lag in 2025, including debt and equity financing costs , what specific steps are you taking to reduce regulatory lag, and how confident are you in achieving a more timely cost recovery framework?
- In light of the recent Arizona Corporation Commission elections potentially resulting in three new commissioners , how might changes in the commission's composition affect your strategic priorities, particularly regarding regulatory lag reduction and rate case outcomes?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is subject to varying degrees of competition from other investor-owned electric and gas utilities in Arizona, as well as cooperatives, municipalities, electrical districts, and similar types of governmental or non-profit organizations. |
Recent press releases and 8-K filings for PNW.
- Q1 2025 financial results recorded a consolidated net loss of $4.6M (loss of $0.04 per diluted share) versus Q1 2024’s net income of $16.9M
- Total operating revenues increased to $1032M, up $81M from Q1 2024
- Results were impacted by increased operations and maintenance expenses due to planned power plant outages, higher depreciation and amortization costs, along with procurement efforts for 2,000 MW of new generation slated for 2028–2030
- Robust regional investment was noted, including TSMC’s additional $100 billion commitment fueling new fabrication centers and local high-tech job prospects, complemented by rate base growth and transmission expansion initiatives
- The company outlined its regulatory strategy by filing a traditional rate case based on 2024 test year data and provided EPS guidance of $4.40–$4.60 for 2025, affirming full-year earnings guidance
- APS’s retail customer base grew by 2.3%, supporting robust retail sales and summer reliability