PNW · 10-Q · 2026Q3 · Full report

Trade Policy and Tariffs

PINNACLE WEST CAPITAL CORP · 2026-11-03 · Importance 26 · Surprise 32

APS reported that inflation substantially increased goods and services costs, while CPI-U rose 3.4% nationally and 2.5% in Phoenix for the 12 months ended August 2026. APS amended several agreements from its 2023 ASRFP to mitigate cost impacts from increased tariffs and supply-chain constraints. The filing warns that ongoing geopolitical events and tariffs could drive further cost increases, supply constraints, rate increases, and other adverse impacts. APS also said the scope of projects under negotiation from its 2024 ASRFP reflects adjustments for tariffs and changing federal policy.

Key facts

• In response to increased tariffs and supply chain constraints, APS amended several agreements from its 2023 ASRFP; further geopolitical events and tariffs could cause additional cost increases, supply chain constraints, rate increases, and other negative impacts. source
• For the 12 months ended August 2026, CPI-U rose 3.4% nationally and 2.5% in Phoenix. source