Thursday, November 12, 2015

Record profits for Pinnacle West, APS still wants higher rates

You might have noticed: there is something contradictory in that headline. Laurie Roberts at noticed.

Good news this week for Arizona Public Service.

USA Today is reporting that Pinnacle West, APS’s parent company, is expected to score the biggest jump in adjusted profits of any company in the S&P 500 during the fourth quarter.

Put another way: Pinnacle West, which derives its profits from a regulated utility, is expected to be raking in the cash at record rates...

Something seems wrong with this picture, you say? That a regulated utility is scoring so handsomely off of its customers? That is, a regulated utility that's expected to ask for a rate increase next year?

As she says, don't hold your breath waiting for answers. At least answers not forthcoming from the AZ Corporation Commission, the "wholly-owned subsidiary of APS."

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