Pinnacle West Turns a Q1 Profit as Arizona Chip Boom Lifts Demand

Overview

• Pinnacle West, which reported results Monday, posted first‑quarter earnings of $0.27 per share after a loss a year ago.
• Management said higher transmission revenue added about 16 cents per share, with hot March weather, stronger sales, and lower operating costs also boosting results.
• The utility detailed 4.5 gigawatts of large‑load demand under contract and nearly 20 gigawatts in an uncommitted queue linked to TSMC’s multi‑fab build and related suppliers, with a subscription contract model expected to yield filed deals this year.
• The company said it finished its 2026 equity needs with about $850 million priced and kept sales growth targets at 4% to 6% this year and 5% to 7% through 2030.
• Key dates now include a May 18 rate‑case hearing and an Aug. 3 Integrated Resource Plan that will guide capacity choices, including a study of converting the retired Cholla coal site to gas and the Red Hawk gas expansion.