Pinnacle West said in its 2025 APS rate case application it requested a Total Revenue Requirement of $662, Adjustor Transfers of $(82), and a Net Revenue Increase of $580 (in millions), with a customer net revenue impact on Day 1 of 13.99%.

1. 01

   Pinnacle West said in its 2025 APS rate case application it requested a Total Revenue Requirement of $662, Adjustor Transfers of $(82), and a Net Revenue Increase of $580 (in millions), with a customer net revenue impact on Day 1 of 13.99%.

2. 02

   The company presented its 2024-2027E capital expenditure plan at $9.66B, shown alongside the 2023-2026E plan of $7.80B. In its 2025-2027 financing plan, it provided total capital investment of approximately $7.6B and cash from operations of approximately $3.6B (net of shareholder dividends).

3. 03

   Pinnacle West presented APS debt of $2.5B to $2.7B, PNW debt of $500M to 700M (net of maturities), and PNW equity of $700 to 900M in its 2025 to 2027 financing plan. In May 2025, PNW issued $800M of unsecured bonds; proceeds were used to pay off $500M of PNW debt maturing in 2025 and $300M of APS debt maturing in the same year.

4. 04

   The company presented long-term EPS growth of 5%--7% off the original 2024 midpoint as an investor goal. It provided O&M guidance of $955 for 2024 and $910-$920 for 2025E (in millions), and said it maintains a long-term goal of declining O&M per MWh.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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