PNW · 10-Q · 2026Q2 · Full report
Western Energy Market Expansion
PINNACLE WEST CAPITAL CORP · 2026-08-04 · Importance 31 · Surprise 42 · In source text
APS is funding implementation of Markets+, the Southwest Power Pool’s day-ahead and real-time western energy market. The Markets+ tariff was filed with FERC on March 29, 2024 and approved on January 16, 2025, with APS expecting to go live in late 2027 or early 2028. APS also plans to transition to full-binding participation in the Western Resource Adequacy Program in 2027 while continuing to use the Western Energy Imbalance Market until the transition. Management expects these regional-market initiatives to reduce fuel and purchased-power costs, improve operational visibility, and support integration of APS’s generation resources.
Key facts
- APS expects Markets+ go-live in late 2027 or early 2028; Markets+ tariff was filed with FERC on March 29, 2024 and approved on January 16, 2025. source
- APS plans to transition to full-binding participation in the Western Resource Adequacy Program administered by Western Power Pool in 2027. source
- On December 18, 2025 the Department of Interior BLM issued a Record of Decision permitting the development of the 214-mile Cross-Tie Project connecting Utah and Nevada; it became non-appealable in late January 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | unclear | probable | — | APS expects Markets+ go-live in late 2027 or early 2028; Markets+ tariff was filed with FERC on March 29, 2024 and approved on January 16,… |
| operating_income | unclear | probable | — | APS plans to transition to full-binding participation in the Western Resource Adequacy Program administered by Western Power Pool in 2027. |