Business UpdateAug 7, 2026, 04:48 PM
Pinnacle West Outlines 5-7% EPS Growth, $10.35B CapEx to 2028
AI Summary
Pinnacle West Capital Corporation will be participating in investor meetings in August 2026, utilizing handouts that outline its growth outlook, financial strategy, and regulatory updates. The company targets a long-term EPS growth of 5%-7% and plans an optimized capital expenditure of $10.35 billion from 2025-2028. Key initiatives include significant investments in new gas generation, Palo Verde, and strategic transmission projects to meet increased demand. The 2025 Rate Case seeks a net revenue increase of $609 million, with a proposed Total Rate Base of $15.8 billion, aiming for timely cost recovery and continued support of adjustor mechanisms.
Key Highlights
- Long-term EPS growth target of 5%-7% CAGR off original 2024 midpoint.
- Optimized capital plan of $10.35 billion for 2025-2028 to support reliability and growth.
- 2025 Rate Case requests a net revenue increase of $609 million, impacting customers by 14.69%.
- Long-term sales growth guidance increased to 5%-7% and extended through 2030.
- Residential customer growth projected at 1.5%-2.5% for 2026E.
- Commitment to maintaining investment-grade credit ratings at PNW and APS.
- Proven dividend growth track record with ~3.7% DPS CAGR.
- Proposed 2025 Rate Case Total Rate Base (Adjusted) of $15.8 billion.
Price Impact
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