PHOENIX (AP) — An emergency rate increase and the hottest month ever in the state helped Arizona Public Service Co.'s parent company boost profits 23 percent from July to September.
Pinnacle West Capital Corp. on Thursday reported profit of $186.7 million for the third quarter, or $1.84 per share, compared with $151.6 million, or $1.50 per share, in the same quarter last year. Revenue hit $1.08 billion, compared with $1.04 billion in the third quarter last year.
Part of the increase was attributed to the way fuel contracts are accounted for compared with market prices, but weather also helped APS' earnings.
July was the hottest month on record in Arizona, averaging 98.4 degrees, which pushed customers to use more electricity.
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APS was given part of a rate hike on an emergency basis in December that added about $2.68 to the average household monthly bill of its customers.
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Information from: The Arizona Republic, http://www.azcentral.com