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PNW Arizona Public Service

Arizona Public Service Company (“APS”), which is a wholly-owned subsidiary of the Company, is subject to rate regulation by the Arizona Corporation Commission (the “ACC”), which has jurisdiction with respect to the rates charged by public service utilities in Arizona. Management has determined it meets the requirements under accounting principles generally accepted in the United States of America to prepare its financial statements applying the specialized rules to account for the effects of cost-based rate regulation. Accounting for the economics of rate regulation impacts multiple financial statement line items and disclosures, such as property, plant and equipment; regulatory assets and liabilities; operating revenues; fuel and purchased power; operations and maintenance expense; and depreciation expense.

Calendar

5 May 21
24 Jun 21
31 Dec 21
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Jun 20 Mar 20 Sep 19 Jun 19
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Dec 19 Dec 18 Dec 17 Dec 16
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Financial data from company earnings reports.

Financial report summary

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Management Discussion
  • Pinnacle West’s only reportable business segment is our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily sales supplied under traditional cost-based rate regulation) and related activities and includes electricity generation, transmission and distribution.
  • Our consolidated net income attributable to common shareholders for the year ended December 31, 2020 was $551 million, compared with $538 million for the prior year.  The results reflect an increase of approximately $13 million for the regulated electricity segment primarily due to higher revenue driven by the effects of weather and lower refunds in the current year related to the Tax Act, higher pension and other postretirement non-service credits and higher revenue from customer growth, partially offset by higher income taxes, including lower amortization of excess deferred taxes, higher depreciation and amortization expense, and higher other expenses. Weather had a significant impact on our result of operations due to the hotter than normal weather in 2020 compared to 2019.
  • Operations and maintenance.  Operations and maintenance expenses increased $14 million for the year ended December 31, 2020 compared with the prior-year period primarily because of:
Content analysis
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