PNW · 8-K · 20260807PR000044

Rate Case Outcomes

PINNACLE WEST CAPITAL CORP · 2026-08-07 · Importance 75 · Surprise 60 · No source text

APS's 2025 rate case requests a $692 million total revenue-requirement increase and a $609 million net revenue increase after $83 million of adjustor transfers. The requested customer net revenue impact on day one is 14.69%, with rates requested to become effective in the second half of 2026. The filing seeks a 10.70% allowed return on equity, a 52.35% common-equity capital structure, and a $15.8 billion adjusted total rate base. APS proposes direct assignment of generation costs to extra-high-load-factor customers and a Formula Rate Adjustment Mechanism, while the final decision is estimated for December 2026.

Key facts

• Customer net revenue impact on Day 1 in rate request: 14.69% source
• APS requested total revenue requirement increase in 2025 rate case: $692 million source
• Net revenue increase requested in 2025 rate case: $609 million source
• Allowed Return on Equity in 2025 APS Rate Case (APS Direct Testimony): 10.70% source
• Power Supply Adjustor (PSA) 2026 PSA rate reset effective Feb. 4; PSA reset to be filed Nov. 30 source
• APS has requested rates become effective in the second half of 2026 source
• Test year eligible under FRAM in APS Direct Testimony: TY Eligible 12/31/2026 source
• Staff and Intervenor Direct Testimony filed March 2 and March 18 for the rate case; APS Rebuttal filed April 3; Staff and Intervenor Surrebuttal filed May 1; APS Rejoinder filed May 11; Rate Case hearing began May 18; Initial briefs due August 27; Reply briefs due September 11; Final Decision estimated December 2026 source

Impact estimates