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Pinnacle West Capital Corp PNW

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Morningstar’s Analysis

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Arizona Regulators Set to Chop Pinnacle West Rates; Lowering FVE

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

We are lowering our fair value estimate to $77 per share from $88 after the Arizona Corporation Commission voted 4-1 to include an amendment in Arizona Public Service's rate proceeding that will cut APS' allowed return on equity to 8.7% from 10% if commissioners later approve the full rate filing.

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Company Profile

Business Description

Pinnacle West is a holding company whose principle subsidiary is Arizona Public Service, a vertically integrated electric utility that serves 1.3 million customers across a 35,000-square-mile territory in central Arizona, including Phoenix. APS owns or leases more than 6 gigawatts of power generation capacity, including a 29% ownership stake in the largest nuclear plant in the U.S., Palo Verde. About half of the electricity that APS supplies to customers comes from clean energy sources, including nuclear.

Contact
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ, 85072-3999
T +1 602 250-1000
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 6,026

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