The following is a summary of the Pinnacle West Capital Corporation (PNW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Pinnacle West Capital reported Q1 2024 earnings of $0.15 per share, an improvement from a loss of $0.03 per share in Q1 2023.

• The financial improvement was driven by the sale of Bright Canyon Energy, new rate implementation, increases in adjusted revenue and robust customer and sales growth.

• Weather-normalized sales growth was 5.9% for the quarter.

• The company sees future growth opportunities in ongoing diverse and robust manufacturing and data center growth.

• They are looking to maintain a balanced capital structure, considering low-cost financing options to meet expanding demand.

• Challenges were acknowledged in relation to regulatory lag and inflation affecting cost management, with plans to reduce core O&M expenses by a few percent over the last year.

Business Progress:

• Pinnacle West is focusing on its summer preparedness program with rising temperatures in Arizona.

• New rates for customers were implemented in March with benefits observed from these new revenues.

• They are participating in technical work for wildfire mitigation at EPRI, and in discussions with regulators, customers, and insurers regarding the same.

• Considering opportunities in services like rooftop solar and residential sales, with plans for modest increases.

• Anticipates diverse and robust manufacturing and data center growth, planning to meet these demands through current capital expenditure and financing plans while managing debt levels.

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