Searing summer temperatures have led to soaring revenues for Arizona’s primary electric utility.
It’s been a banner quarter for Pinnacle West, the parent company of Arizona Public Service. Second quarter earnings are up by 41 cents per share over the same quarter a year ago. Company CEO Don Brandt said a hotter summer this year is driving up electricity usage, noting that Phoenix had 26 days in June at or above 100 degrees. A record for peak usage was also broken on June 20th.
The previous record was set in 2006. The company also said the gradual recovery in Arizona's economy and employment gains should increase electric demand over the next quarters.
