Pinnacle West Capital Corporation - PNW STOCK NEWS

Pinnacle West Capital (NYSE: PNW) has announced its quarterly dividend of $0.895 per share of common stock, payable on March 3, 2025, to shareholders of record as of February 3, 2025. The company, based in Phoenix, operates as an energy holding company with consolidated assets exceeding $26 billion. Through its main subsidiary, Arizona Public Service, it maintains approximately 6,500 megawatts of generating capacity and employs about 6,100 people across Arizona and New Mexico, providing retail electricity service to approximately 1.4 million Arizona homes and businesses.

Arizona utilities APS, SRP, TEP, and UniSource have announced plans to join Southwest Power Pool's Markets+, a day-ahead and real-time energy market expected to launch by 2027. The initiative is projected to generate nearly $100 million in savings above current market participation, which will be passed on to customers. The market will enhance grid reliability, support renewable resource integration, and help utilities respond to market price changes and regional weather events. Markets+ will provide participants access to diverse generation resources, including hydroelectric, wind, and nuclear power, while offering an independent governance structure for equitable representation.

Arizona Public Service (APS) has secured its largest-ever energy supply addition, signing agreements to add nearly 7,300 megawatts (MW) of power capacity. The mix includes renewable power, battery storage, and natural gas, with 93% coming from clean energy technologies. The portfolio includes the 170 MW Ironwood Solar Plant, 2,480 MW of solar resources through power purchase agreements, 3,460 MW of battery storage capacity, 500 MW of wind power, and approximately 520 MW of natural gas capacity expansions. Projects will begin operations as soon as 2026 to meet Arizona's growing energy demands, with peak customer demand expected to reach 13,000 MW by 2038.

Arizona Public Service (APS) has announced its largest-ever energy supply addition, securing nearly 7,300 megawatts (MW) of power through various agreements. The portfolio includes 2,480 MW of solar resources, 3,460 MW of battery storage, 500 MW of wind power, and natural gas expansions. The Ironwood Solar Plant will deliver 170 MW of clean energy by 2026, while the Agave Solar Plant will add 150 MW of battery storage. Natural gas expansions include 90 MW at Sundance Power Plant and 400 MW at Redhawk Power Plant. 93% of this supply will come from clean energy technologies. APS expects peak customer demand to grow to over 13,000 MW by 2038.

Pinnacle West (NYSE: PNW) reported Q3 2024 consolidated net income of $395.0 million, or $3.37 per diluted share, slightly down from $398.2 million, or $3.50 per share, year-over-year. The decrease was primarily due to higher operations and maintenance expenses, increased depreciation, and higher interest charges. The company experienced record-setting summer heat, with customer growth of 2.3% and weather-normalized sales growth of 5.9%. Customers set a peak energy demand of 8,210 MW on August 4. Based on positive weather impact and growth, PNW adjusted its 2024 earnings guidance upward to $5.00-$5.20 per share, and projects 2025 earnings of $4.40-$4.60 per share.

Pinnacle West Capital (NYSE: PNW) announced a 1.7% increase in its quarterly dividend, raising it by 6 cents annually to $3.58 per share ($0.895 quarterly). The dividend is payable Dec. 2, 2024, to shareholders of record as of Nov. 4, 2024. The company will release its 2024 third-quarter results on Nov. 6, 2024. Pinnacle West, through its subsidiary Arizona Public Service, serves about 1.4 million Arizona customers with consolidated assets exceeding $26 billion and approximately 6,500 megawatts of generating capacity.

TransCanyon 's Cross-Tie Project has reached a significant milestone with the release of the Final Environmental Impact Statement (FEIS) by the Bureau of Land Management and U.S. Forest Service. The Cross-Tie Project involves constructing a 214-mile, 500-kV high-voltage transmission line connecting Utah's Clover Substation to Nevada's Robinson Summit Substation, with a capacity of 1,500 megawatts.

The FEIS, released on September 20, 2024, analyzes potential impacts and outlines mitigation measures. The project aims to enhance grid reliability, increase transmission capacity, and expand access to renewable energy across western energy markets. It will provide subscribers with a direct link to the CAISO energy market once the SWIP-North Transmission Project is completed in 2027. A final Record of Decision is expected in winter 2024.

The U.S. Department of Energy (DOE) has awarded Arizona Public Service Company (APS) two grants totaling $70 million to strengthen smart grid resilience and expand wildfire prevention measures. The funds are part of the DOE's Grid Resilience and Innovation Partnerships (GRIP) program. The grants include:

1. $50 million for wildfire mitigation efforts, including upgrading electrical fuses, installing fire-resistant steel poles, expanding weather stations and fire-monitoring cameras, and building microgrids in high-risk communities.

2. $20 million for enhancing Arizona's smart, resilient grid, focusing on improving reliability in rural and tribal communities, increasing power delivery capacity, and utilizing advanced data analysis for future planning.

These projects aim to benefit APS customers, strengthen the energy grid, and support the company's commitment to 100% clean power by 2050.

Pinnacle West Capital Corp. (NYSE: PNW) has announced the release date for its 2024 third-quarter financial results. The company will unveil the results before U.S. financial markets open on Wednesday, Nov. 6, 2024. Following this, management will host a live webcast and conference call at 11 a.m. ET (9 a.m. Arizona time) to discuss the financial results and recent developments.

Interested parties can access the live session via webcast at www.pinnaclewest.com/presentations or by dialing (888) 506-0062 (or (973) 528-0011 for international callers) with participant access code 952382. A replay of the webcast will be available on the company's website within 30 days, and an audio recording will be accessible by phone until Nov. 13, 2024.

Pinnacle West Capital Corp. is an energy holding company based in Phoenix with consolidated assets of nearly $26 billion, about 6,500 megawatts of generating capacity, and approximately 6,100 employees in Arizona and New Mexico.