Pinnacle West Capital Corporation

Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona, with consolidated assets of approximately $30 billion. The company derives essentially all of its revenues and earnings from its principal subsidiary, Arizona Public Service Company (APS). Since 1886, APS and its affiliates have provided energy and energy-related products to people and businesses throughout Arizona. APS is Arizona's largest and longest-serving electric company, generating electricity in 11 of Arizona's 15 counties. Pinnacle West's other active subsidiaries are El Dorado and PNW Power. The company's reportable business segment is its regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses, primarily electric service to Native Load customers, and related activities, including electricity generation, transmission, and distribution. These activities are conducted primarily through APS. APS currently provides electric service to approximately 1.4 million customers. It owns or leases 6,257 MW of regulated generation capacity and holds a mix of both long-term and short-term Power Purchase Agreements (PPAs) for additional capacity. During 2025, no single purchaser or user of energy accounted for more than 1.9% of APS's electric revenues. APS obtains power through its various generation stations and through PPAs. Its diverse portfolio of existing and planned resources includes biomass, biogas, coal, energy storage, geothermal, natural gas, solar, and wind. In 2025, approximately 58% of APS's energy supply was derived from clean resources, which includes energy from nuclear, renewables, and Demand Side Management (DSM), as well as PPAs with clean resources.