Pinnacle West Reports Strong Sales and Earnings; APS Rate Case Settlement Should Receive Approval
We are reaffirming our fair value estimate of $73 per share after Pinnacle West reported strong second-quarter 2017 earnings and discussed the timing of the final decision by the Arizona Corporation Commission, or ACC, in its pending rate case. Pinnacle West will issue 2017 earnings guidance following the final order in the Arizona Public Service, or APS, rate case, which we expect to be approved at the ACC's next open meeting Aug. 15 and 16.ÂWe have a high level of confidence that the APS sett...
Pinnacle West Capital is a holding company. Through its subsidiary, Arizona Public Service Company, the company provides either retail or wholesale electric service to most of the State of Arizona, with the exceptions of about one-half of the Phoenix metropolitan area, the Tucson metropolitan area and Mohave County in northwestern Arizona. The company's business segment is its regulated electricity segment, which consists of regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission and distribution.
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