Pinnacle West Capital CORP: management transactions · United States · SEC (Form 4)

About Pinnacle West Capital CORP

Pinnacle West Capital Corp. is a U.S.-listed utility holding company traded on the NYSE under the ticker PNW. Headquartered in Phoenix, Arizona, the group is best understood as a regulated electric utility platform whose operating core is Arizona Public Service (APS). For international investors, the company offers a classic utility profile: stable, asset-intensive operations, regulated returns, and exposure to one of the fastest-growing states in the United States.([pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2025/Pinnacle-West-Reports-2024-Full-Year-and-Fourth-Quarter-Results/default.aspx?utm_source=openai)) The company has deep historical roots in Arizona. Its 2024 annual report says Pinnacle West has been tied to Arizona’s development for nearly 140 years, which underscores both the longevity of the franchise and the strategic importance of its service territory. That long operating history matters competitively: APS serves a defined geographic area, and the utility’s footprint, customer relationships, and regulated infrastructure create barriers to entry that are difficult to replicate.([pinnaclewest.com](https://www.pinnaclewest.com/investors/reports/annual-report/?utm_source=openai)) Operationally, Pinnacle West is focused on electricity generation, transmission, and distribution through APS. The company reported roughly 6,500 MW of generating capacity and highlighted a resilient electric system supporting residential, commercial, and industrial customers across Arizona, with employees also located in New Mexico. In practical terms, its “products” are electric service and grid reliability; the value proposition lies in dependable delivery, system modernization, and the ability to recover prudent investments through the regulatory framework.([pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2025/Pinnacle-West-Reports-2024-Full-Year-and-Fourth-Quarter-Results/default.aspx?utm_source=openai)) Pinnacle West’s market position is anchored by Arizona’s strong demographic and economic growth. APS customer growth was 2.1% in 2024 and 2.4% in 2025, while retail sales increased on the back of higher usage, hot weather, and rising commercial and industrial demand. Management has emphasized that this growth is driving a historic wave of electricity demand and requiring continued capital deployment to expand and reinforce the system. That combination of demand growth and regulatory capital recovery is central to the investment case.([pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2025/Pinnacle-West-Reports-2024-Full-Year-and-Fourth-Quarter-Results/default.aspx?utm_source=openai)) Recent news has been especially important. In 2025, APS experienced multiple summer peak-demand records, highlighting the operational strain created by extreme heat and rapid load growth. In October 2025, the company announced plans to develop Desert Sun Power Plant, a new natural-gas project west of Gila Bend that could add up to 2,000 MW of flexible, dispatchable capacity over time. Separately, the company has expanded customer assistance and heat-relief programs, reflecting both affordability concerns and the social importance of utility service in Arizona.([pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2025/Pinnacle-West-Reports-2025-Third-Quarter-Financial-Results/default.aspx?utm_source=openai))