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Jun 30, 2021
Pinnacle West Q2 2021 Earnings Report
Pinnacle West's Q2 2021 earnings increased due to higher retail sales and customer growth, offset by increased expenses.
Key Takeaways
Pinnacle West reported a strong second quarter with increased earnings driven by higher retail sales and customer growth. Record-setting June temperatures also contributed to the positive results, helping to offset higher operations and maintenance expenses, increased depreciation, and higher income taxes.
Electricity sales increased due to businesses recovering from COVID-19 impacts.
Strong customer growth of 2.3% contributed to improved results.
Record-setting June temperatures helped drive increased energy consumption.
Award-winning energy efficiency programs and bill assistance provided support to customers.