Pinnacl West Cap Stock Price, News & Analysis

Arizona Public Service Co. (APS) announced an agreement among owners of the Four Corners Power Plant to initiate seasonal operations starting fall 2023, pending approvals. This move coincides with PNM's planned transfer of ownership to NTEC in 2024. Seasonal operations are projected to cut annual carbon emissions by 20-25%, aiding APS's goal of achieving 100% clean energy by 2050. The plant will operate one unit from June to October, meeting high seasonal demand, while the second unit operates year-round. There will be no layoffs as part of this transition.

Pinnacle West Capital Corp. (NYSE: PNW) has appointed William H. Spence to its board of directors, effective February 26, 2021. Spence, the former Chairman of PPL Corp., brings extensive leadership experience from a Fortune 200 company and a solid background in the energy sector. His expertise in regulatory strategy and customer experience is expected to benefit Pinnacle West and its main subsidiary, Arizona Public Service, which serves over 1.3 million customers. Spence's substantial public board experience and educational credentials will provide strategic insights moving forward.

Pinnacle West Capital Corp. (NYSE: PNW) reported a consolidated net income of $550.6 million, or $4.87 per diluted share for the full year 2020, up from $538.3 million or $4.77 in 2019. The growth was largely driven by $94 million in after-tax revenues due to weather impacts. Customer growth reached 2.3%, with peak electricity demand increasing 7.7%. However, the company reported a $19.4 million net loss for Q4 2020 due to operational expenses and a settlement. APS aims for 100% clean energy by 2050, reinforcing customer commitment through various support measures amid the pandemic.

Pinnacle West Capital Corp. (NYSE: PNW) will release its 2020 fourth-quarter and full-year financial results on February 24, 2021, before U.S. markets open. A live webcast and conference call will be held the same day at 11 a.m. ET to discuss these results and recent developments. Pinnacle West, based in Phoenix, has consolidated assets of approximately $20 billion and provides retail electricity to nearly 1.3 million customers through its subsidiary, Arizona Public Service.

Pinnacle West Capital Corporation (NYSE: PNW) has declared a quarterly dividend of $0.83 per share, payable on March 1, 2021, to shareholders on record as of February 1, 2021. The company, based in Phoenix, boasts consolidated assets of approximately $20 billion and a generating capacity of about 6,300 megawatts. Its principal subsidiary, Arizona Public Service, serves nearly 1.3 million retail electricity customers in Arizona.

Arizona Public Service Company (APS) is advancing its clean energy efforts with two new requests for proposals (RFPs) aimed at acquiring renewable energy and enhancing battery energy storage. The RFPs seek to add approximately 300-400 MW of renewable energy and 60 MW of battery capacity at existing solar plants. APS, committed to achieving 100% clean energy by 2050, aims for 45% of its generation portfolio to be renewable by 2030. This strategy supports the growing energy needs of its 1.3 million customers across Arizona.

Arizona Public Service Company (APS) is accelerating its commitment to 100% clean energy by 2050 through a new power purchase agreement (PPA) with Leeward Renewable Energy. The PPA will allow APS to acquire 200 megawatts of wind energy from Leeward's Aragonne Wind facilities over 20 years. This marks a significant collaboration, enhancing Arizona's renewable energy portfolio. APS aims to have 45% of its generation from renewable sources by 2030. The initiative not only modernizes existing wind assets but also supports local economic growth.

Pinnacle West Capital Corp. (NYSE: PNW) announced a consolidated net income of $346.4 million, or $3.07 per diluted share for Q3 2020, up from $312.3 million or $2.77 per share year-over-year. Revenue growth was fueled by hotter-than-normal weather, contributing an additional $29.3 million in revenues. Customer growth of 2.3% also boosted financial outcomes. The company increased its 2020 earnings guidance to a range of $4.95 to $5.15 per diluted share, reflecting strong operational performance despite extreme weather conditions.

Pinnacle West Capital Corporation (NYSE: PNW) announced a 6.1% dividend increase, raising the annual dividend by 19 cents to $3.32 per share, or $0.83 quarterly. The quarterly dividend is payable on December 1, 2020, to shareholders on record by November 2, 2020. This increase aligns with the company's strategy to maintain competitive payouts while investing in growth opportunities.

The upcoming third-quarter earnings release is scheduled for October 30, 2020, followed by a live webcast of management's discussion at noon ET.