Profile: Pinnacle West Capital Corp (PNW.N)
25 Oct 2016
Pinnacle West Capital Corporation, incorporated on February 20, 1985, is a holding company that operates primarily through its subsidiaries. The Company operates through electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution. The Company's subsidiaries include Arizona Public Service Company (APS), a vertically integrated electric utility that provides either retail or wholesale electric service to the State of Arizona, with the exceptions of about one-half of the Phoenix metropolitan area, the Tucson metropolitan area and Mohave County in northwestern Arizona; El Dorado Investment Company (El Dorado) and Bright Canyon Energy Corporation (BCE). APS provides electric service to approximately 1.2 million customers. The Company owns and leases over 6,200 megawatts (MW) of regulated generation capacity and holds a mix of both long-term and short-term purchased power agreements for additional capacity, including agreements for the purchase of renewable energy. APS has ownership interests in or leases the coal, nuclear, gas, oil and solar generating facilities. APS's coal-fueled generating facilities include Four Corners, Cholla and Navajo Generating Station. Four Corners is a five-unit coal-fired power plant located in the northwestern corner of New Mexico.
Cholla is a four-unit coal-fired power plant located in northeastern Arizona. APS operates the plant and owns Cholla Units one, two and three. APS operates Cholla Unit four, which is owned by PacifiCorp. APS has a total entitlement from Cholla of over 400 megawatts. The Navajo Plant is a three-unit coal-fired power plant located in northern Arizona. Salt River Project operates the plant and APS owns a 14% interest in Navajo Units one, two and three. APS has a total entitlement from the Navajo Plant of over 320 megawatts. APS operates the Palo Verde plant and owns approximately 29.1% of Palo Verde Units 1 and 3 and approximately 17% of Unit 2. Palo Verde is a 3-unit nuclear power plant located approximately 50 miles west of Phoenix, Arizona. In addition, APS leases approximately 12.1% of Unit 2, resulting in a 29.1% combined ownership and leasehold interest in that unit. APS has a total entitlement from Palo Verde of over 1,150 megawatts.
APS has six natural gas power plants located throughout Arizona, consisting of Redhawk, located near Palo Verde; Ocotillo, located in Tempe (discussed below); Sundance, located in Coolidge; West Phoenix, located in southwest Phoenix; Saguaro, located north of Tucson; and Yucca, located near Yuma. APS has one oil-only power plant, Douglas, located in the town of Douglas, Arizona. APS owns and operates natural gas power plants with the exception of one oil-only combustion turbine unit, and one oil and gas steam unit at Yucca that are operated by APS and owned by the Imperial Irrigation District. APS has a total entitlement from natural gas power plants of approximately 3,180 megawatts. Ocotillo is a 330-megawatt four-unit gas plant. APS operates over 170 megawatts of utility scale solar through its AZ Sun Program, which is owned by APS and are located in multiple locations throughout Arizona. APS owns and operates over 40 small solar systems around the state, which have a capacity to produce approximately four megawatts of renewable energy, including approximately three megawatts facility located at the Prescott Airport and one megawatts of small solar in various locations across Arizona. Additionally, APS owns approximately 10 megawatts of solar photovoltaic systems installed across Arizona.
BCE's 50/50 joint venture with MidAmerican Transmission, LLC, named TransCanyon, intends to focus on transmission opportunities within the Western Electricity Coordinating Council, excluding the retail service territories of the venture partners' utility affiliates. El Dorado owns minority interests in several energy-related investments and Arizona community-based ventures.
Pinnacle West Capital Corp
400 N 5th St
PHOENIX AZ 85004-3902
Company Web Links
- BRIEF-Pinnacle West adds new member to its Board
- BRIEF-Pinnacle West increases quarterly dividend
- BRIEF-Pinnacle West reports Q2 earnings per share of $1.08
- BRIEF-Pinnacle West says shareholder proposal on political spending report not approved at annual meeting
- BRIEF-Pinnacle West Q1 earnings per share $0.04