Pinnacle West Capital Corporation Sets New Records and Achieves Strong Service Reliability in 2024 Q4
Pinnacle West Capital Corporation has reported a series of impressive achievements in its fourth quarter and full-year earnings for 2024. The company's Chairman and CEO, Jeff Guldner, highlighted the strong service reliability provided to customers, with nearly all targets met or exceeded.
The regulatory front saw significant progress, with a constructive outcome in the last rate case and the commission approving a policy statement on formula rates to support customer growth. The new bench of commissioners has been committed to finding ways to reduce regulatory lag.
On the operations side, Pinnacle West's field team demonstrated exceptional execution, prioritizing safety and achieving zero serious injuries or fatalities for the year. This was accomplished during the longest stretch in Arizona history of 113 consecutive days with temperatures above 100 degrees Fahrenheit in Phoenix. APS customers set a new peak energy demand record, breaking the previous mark.
The Palo Verde Generating Station's three nuclear units exceeded 30 million megawatt-hours of net generation and achieved a capacity factor of 93.7% for the 16th consecutive year and the 20th overall. This demonstrates the company's commitment to reliable and carbon-free electricity.
Pinnacle West Capital Corporation's CEO, Jeff Guldner, announced his retirement date as March 31, marking the end of an era after five years of leadership. His tenure has been marked by a focus on improving customer experience, long-term financial health, and enabling a workforce of the future.
The company's President, Ted Geisler, took over and praised Guldner for creating a strong foundation for Pinnacle West's success through collaborative leadership. He emphasized the importance of teamwork and dedication to achieve such impressive results.
In his final address as CEO, Jeff Guldner expressed pride in the company's accomplishments and thanked employees for their hard work. The legacy of his tenure will be remembered as a period of significant progress towards a brighter future for Pinnacle West Capital Corporation.
