PINNACLE WEST CAPITAL CORP

Pinnacle West Capital Corporation (NASDAQ: PNW) 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), which has provided energy and energy-related products throughout Arizona since 1886. APS is Arizona's largest and longest-serving electric company, generating safe and affordable electricity in eleven of Arizona's fifteen counties and serving approximately 1.4 million customers. The company's website is www.pinnaclewest.com.

Pinnacle West operates through a single reportable business segment focused on regulated electricity, which consists of traditional regulated retail and wholesale electricity businesses serving Native Load customers, along with related electricity generation, transmission, and distribution activities. During 2025, no single purchaser or user of energy accounted for more than 1.9 percent of APS's electric revenues.

APS owns or leases 6,257 megawatts of regulated generation capacity and maintains a diverse portfolio of existing and planned resources including biomass, biogas, coal, energy storage, geothermal, natural gas, solar, and wind. The company operates significant generation facilities including Palo Verde Generating Station, a three-unit nuclear power plant where APS owns 29.1 percent of Units 1 and 3 and approximately 29.1 percent combined ownership and leasehold interest in Unit 2, providing a total entitlement of 1,146 megawatts. APS also operates six natural gas power plants, coal-fired facilities at Four Corners and Cholla, and various renewable energy resources.

In 2025, approximately 58 percent of APS's energy supply derived from clean resources, including nuclear, renewables, and demand-side management programs, along with power purchase agreements for clean resources. The company has an aspirational goal to achieve carbon neutrality by 2050. APS participates in the Western Energy Imbalance Market and is transitioning to participation in Southwest Power Pool Markets+, expected to go live in October 2027. Pinnacle West's other active subsidiaries include El Dorado and Pinnacle West Power, LLC.