Arizona’s utility regulators have approved a series of changes that the state’s biggest utility says will hurt its bottom line.
The Corporation Commission took the votes Oct. 26 as part of a rate case for Arizona Public Service (APS); the utility says the changes could cost it around $125 million per year.
APS CEO Jeff Guldner explained to the Commission why he thinks the company stock is performing poorly.
“The regulatory support has not been constructive,” Guldner said. “So I apologize. I wish there was a different answer to that. Commissioner Kennedy, respectfully, I disagree we're a greedy company. We are doing more in this company than most companies would have done. I know it’s not enough for your satisfaction. But we have done what we can do. I don't have more shareholder money to give, and I apologize.”
Commissioner Sandra Kennedy responded, “I have a box of tissues here for you if you'd like them, Mr. Guldner.”
Ryan Randazzo of the Arizona Republic covered the proceedings.
The Show spoke with him to learn what was discussed.
