Pinnacle West Capital (PNW) Investor presentation summary

Company profile and service territory

• Operates Arizona's largest electric utility with 1.4 million customers and $26B in assets as of Dec. 31, 2024.

• Owns or leases 6.5 GW of generating capacity, with 54% from clean energy sources.

• Retail sales are split 52% residential and 48% non-residential.

Growth outlook and energy future

• Service territory is rapidly growing, supported by a robust Arizona economy and strong customer growth.

• Diverse commercial and industrial sectors, including tech, aerospace, and manufacturing, drive demand.

• Large C&I customers contribute 3–5% of the 4–6% long-term sales growth guidance.

Regulatory and operational environment

• Improved regulatory environment with constructive outcomes and reduced regulatory lag.

• Continued investment in customer experience and alignment with regulators.

• Focus on customer affordability and satisfaction, with APS rates below inflation and improved J.D. Power rankings.