Pinnacle West Capital Corporation - PNW STOCK NEWS

Arizona Public Service Co. (APS) has issued its 2022 All Source Request for Proposals (RFP) to secure clean energy resources as it aims for a 100% carbon-free future. The RFP will facilitate the addition of 1,000 to 1,500 megawatts of clean energy, including 600 to 800 megawatts from renewable sources, by 2025 through 2027. The initiative aligns with Arizona's growing energy demand and aims to exit coal generation by 2031. APS's clean energy commitment includes over one gigawatt of clean resources since 2020, benefiting approximately 150,000 homes.

Pinnacle West Capital Corporation (NYSE:PNW) has appointed Ted Geisler as president of Arizona Public Service Co. (APS), effective May 16. Geisler previously served as senior vice president and CFO, roles he will hand over to Andrew Cooper, the current vice president and treasurer. Geisler's extensive experience with APS since 2001 includes roles in generation, transmission, and renewable energy. This leadership change aims to enhance internal collaboration and service to over 1.3 million customers in Arizona.

Four Arizona energy providers, alongside three public universities, formed a coalition to drive towards a carbon-neutral economy. The initiative includes launching the 'Center for an Arizona Carbon-Neutral Economy' at Arizona State University to establish a regional clean hydrogen hub. This hub aims to mitigate carbon emissions and stimulate economic growth by creating high-quality jobs. The coalition seeks to align hydrogen production with consumer demand while engaging a diverse range of stakeholders, ultimately fostering a sustainable energy ecosystem in Arizona.

Pinnacle West Capital Corp. (NYSE: PNW) reported a consolidated net income of $17.0 million, or $0.15 per diluted share, for Q1 2022, down from $35.6 million, or $0.32 per diluted share, in Q1 2021. The decline was primarily due to an unfavorable rate case decision implemented on Dec. 1, 2021, which discontinued cost deferrals. Despite these challenges, customer growth was strong at 2.2%, and sales increased by 4.4%. The company focuses on summer reliability and infrastructure improvements, leveraging advanced technology like robotics for safe inspections.

Pinnacle West Capital Corporation (NYSE: PNW) has announced a quarterly dividend of $0.85 per share, payable on June 1, 2022. Shareholders of record by the close of business on May 2, 2022 will receive this payment. The company's total assets are approximately $22 billion, with a generating capacity of about 6,300 megawatts and a workforce of nearly 5,900 employees across Arizona and New Mexico. It serves over 1.3 million retail electricity customers in Arizona through its principal subsidiary, Arizona Public Service.

Pinnacle West Capital Corp. (NYSE: PNW) will release its first-quarter financial results for 2022 before U.S. markets open on May 4, 2022. Following this, at noon ET, management will hold a live webcast and conference call to discuss the results and recent developments. Pinnacle West, based in Phoenix, has assets of approximately $22 billion and a generating capacity of about 6,300 megawatts. It provides electricity to over 1.3 million customers in Arizona via its subsidiary, Arizona Public Service.

Pinnacle West Capital Corp. (NYSE: PNW) has appointed Gonzalo A. de la Melena Jr. to its board of directors. With over 20 years of management experience, de la Melena has a background in consumer goods and has served as President and CEO of the Arizona Hispanic Chamber of Commerce. His expertise in corporate leadership and community engagement is expected to enhance the company's representation and relationships within Arizona. Pinnacle West, an energy holding company with approximately $22 billion in assets and more than 1.3 million customers, continues to focus on responsible growth and community service.

Pinnacle West Capital Corp. (NYSE: PNW) reported a consolidated net income of $618.7 million, or $5.47 per diluted share for 2021, up from $550.6 million in 2020. This growth is attributed to increased customer usage (2.2% growth) and higher transmission revenues. Despite this, 2022 is projected to be a financial reset year due to an unfavorable rate case decision. The company aims for 100% clean, carbon-free electricity by 2050 and has made strides in customer satisfaction, with significant digital engagement increases.

Pinnacle West Capital Corp. (NYSE: PNW) will release its 2021 fourth-quarter and full-year financial results before U.S. markets open on February 25, 2022. A live webcast and conference call is scheduled for 11 a.m. ET to discuss these results and recent developments. The company, based in Phoenix, Arizona, manages assets totaling approximately $22 billion and provides retail electricity to over 1.3 million customers. For more details, visit pinnaclewest.com.