Pinnacle West extends long-term sales growth target to 5% through 2030

Pinnacle West Capital Corp. (PNW) said in a regulatory filing on Tuesday that it has extended its long-term weather-normalized retail sales growth target to a range of 5% to 7% through 2030.

The company disclosed the updated outlook in investor handouts filed with the Securities and Commission, outlining growth drivers across its Arizona service territory and capital expenditure plans.

Pinnacle West reported that its total capital expenditures from 2025 to 2028 are estimated at $10.35 billion. The capital plan includes generation, transmission, and distribution investments to support growing customer demand and reliability in the region.

The utility provider stated that transmission capital expenditures are projected to exceed $6 billion cumulatively through 2035. Major transmission projects in development include the Helios to Milligan line, Pinnacle Peak to Ocotillo, and the Cotton Transmission Corridor.

The company's financing plan for 2026 to 2028 anticipates approximately $3.8 billion in cash from operations, net of shareholder dividends, alongside external equity and debt issuances. Pinnacle West aims to raise between $1 billion and $1.0 billion to $1.2 billion in external equity through the period, with $685 million already priced under equity forwards through July 2026.

Operations and maintenance guidance for 2026 was projected at $970 million to $980 million in core O&M, alongside $80 million to $90 million for planned outages and $45 million to $55 million for renewable energy and demand side management.