PNW · 8-K · 20260807PR000044
Regulated Capital Investment Plan
PINNACLE WEST CAPITAL CORP · 2026-08-07 · Importance 64 · Surprise 42 · No source text
APS estimates approximately $10.35 billion of total capital expenditures for 2025-2028, including $2.40 billion in 2025 and $2.60 billion, $2.65 billion, and $2.70 billion in 2026-2028, respectively. The plan excludes up to approximately $440 million for the Cholla gas conversion and immaterial capital expenditures by entities other than APS. Pinnacle West announced up to 2 GW of new gas generation, including up to $440 million to convert the retired Cholla plant to 380 MW of natural-gas generation. It also plans approximately $500 million of additional Palo Verde capital investment over the next 10 years and more than $6 billion of cumulative transmission investment through 2035.
Key facts
- APS Total capital expenditures 2025-2028 estimated: $10.35B source
- Capital allocation 2025-2028: Generation $2.40B, Transmission $2.60B, Distribution $2.65B, Other $2.70B source
- Total capital investment in 2026 plan: $2.6B-$2.9B source
- Increased investment in Palo Verde capital program of approximately $500M over the next 10 years source
- Projected rate base - Adjusted test year ended December 31, 2024: Total Rate Base - Adjusted $15.8B; ACC Rate Base - Adjusted $13.1B source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | probable | — | APS Total capital expenditures 2025-2028 estimated: $10.35B |
| assets | positive | probable | — | Capital allocation 2025-2028: Generation $2.40B, Transmission $2.60B, Distribution $2.65B, Other $2.70B |
| assets | positive | probable | — | Capital allocation 2025-2028: Generation $2.40B, Transmission $2.60B, Distribution $2.65B, Other $2.70B |
| assets | positive | probable | — | Capital allocation 2025-2028: Generation $2.40B, Transmission $2.60B, Distribution $2.65B, Other $2.70B |
| assets | positive | probable | — | Capital allocation 2025-2028: Generation $2.40B, Transmission $2.60B, Distribution $2.65B, Other $2.70B |
| assets | positive | probable | — | Total capital investment in 2026 plan: $2.6B-$2.9B |
| assets | positive | probable | — | Increased investment in Palo Verde capital program of approximately $500M over the next 10 years |
| assets | positive | probable | — | Projected rate base - Adjusted test year ended December 31, 2024: Total Rate Base - Adjusted $15.8B; ACC Rate Base - Adjusted $13.1B |