FOR IMMEDIATE RELEASE
August 4, 2026
Media Contact: Nuvia Enriquez | 602.384.5535 | media@chispaaz.org
APS’ Parent Company Pinnacle West Cites Arizona’s Extreme Heat as Favorable to Their Profits in Q2 Earnings Report
Phoenix, AZ — Pinnacle West Capital Corporation, the parent company for Arizona Public Service (APS), reported its Q2 earnings this morning – $178.6 million. According to their press release, factors like higher interest charges, higher depreciation and amortization and lower transmission service revenue, were offset by the effects of Arizona’s weather and customer growth and usage.
From Pinnacle West’s Q2 Earnings press release: “Summer arrived early this year, with temperatures reaching 105° F back in March. As a result, our customers turned on their air conditioners sooner than usual and continued using them heavily even after temperatures returned to levels similar to last year,,” said Pinnacle West Chairman, President and Chief Executive Officer Ted Geisler, citing a 7% increase in residential cooling degree days in the 2026 second quarter versus the same period a year ago. “This usage drove higher energy demand and sustained load growth and contributed to financial results within our expectations.”
“The statement by Pinnacle West’s CEO is removed from the reality of APS customers. The CEO makes it clear that he sees our extreme heat crisis as a profitable business model. Shame on them for celebrating that Arizona’s lethal weather and people’s forced use of air conditioning contributes to their profits,” said Vianey Olivarria, Executive Director of Chispa Arizona. “While Arizonans are struggling with the effects of extreme heat and drowning in energy bills well over $500 a month, APS’ parent company reports profits “within their expectations,” and APS is asking the Arizona Corporation Commission to let them increase rates by 14%. It’s unbelievable.”
APS serves 1.5 million customers across Arizona, and it’s demanding that they pay more. At this year’s rate case public hearings, customers and advocates pushed back, pointing to the financial burden caused by inflation and record heat. The numbers back them up: According to a 2025 report by the Century Foundation, 161,291 Arizona households were severely behind on their utility bills.
Chispa Arizona, which advocates for clean energy and environmental justice, condemns the proposed rate increase as a blatant display of greed from APS. In 2025, Pinnacle West reported $616.5 million in profits; this year, based on today’s earnings report, they are on track for a similar yield, while working families struggle to stay afloat.
Chispa Arizona is calling on the ACC to reject APS’ proposed rate hike and protect consumers from being piggy banks for corporate shareholders. Working families should not foot the bill for shareholder returns.
About Chispa Arizona: Chispa Arizona builds the capacity of Latine families to influence policymakers and pressure polluters to protect communities’ rights to clean air and water, healthy neighborhoods and a safe climate for generations to come. Learn more at chispaaz.org.
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