Business UpdateMay 6, 2026, 04:14 PM
Pinnacle West Targets 5-7% EPS Growth; Details $611M Rate Case
AI Summary
Pinnacle West Capital Corporation provided an investor update, targeting long-term EPS growth of 5%-7% and increasing long-term sales growth guidance to 5%-7% through 2030. The company plans significant capital investments, including over $6 billion in transmission CapEx by 2035 and a total of $10.35 billion for 2025-2028. Additionally, Pinnacle West detailed its 2025 rate case request for a $611 million net revenue increase and a 10.70% allowed ROE, aiming for rates to be effective in the second half of 2026.
Key Highlights
- Targets long-term EPS growth of 5%-7% off original 2024 midpoint.
- Increased long-term sales growth guidance to 5%-7% through 2030.
- Projects over $6 billion in cumulative transmission capital expenditure from 2026-2035.
- Plans total capital investment of $10.35 billion for 2025-2028.
- Requested $611 million net revenue increase in 2025 rate case, with 14.75% customer impact.
- Proposed Allowed Return on Equity (ROE) of 10.70% in the 2025 rate case.
- Reported annualized dividends per share of $3.64 in 2025, with ~3.7% DPS CAGR.