Hot Phoenix-Area Weather Helps APS Revenues
The Valley's record heat in June helped boost earnings for the parent company of APS during the second quarter. During the month of June, Phoenix set six record highs.
Pinnacle West Capital Corporation said hotter than normal weather increased earnings, but not enough to offset higher costs for employee benefits, a fossil plant overhaul and a new customer information and outage management systems.
Pinnacle West reports total operations and maintenance expenses decreased second quarter results by 19 cents per share.
APS also reports a 1.4 percent increase in quarter-over-quarter customer growth, which mirrors population data that indicates Phoenix is among the nation's fastest-growing cities.