Pinnacle West quarterly profit soars as record high temperature drives demand
Aug 1 (Reuters) -Pinnacle West Capital PNW.N almost doubled its second-quarter profit, as the utility company benefited from higher demand due to record June heat and new customer rates for its services.
Weather directly affects how much energy Pinnacle West's customers use to cool their homes and businesses, with summer temperatures pushing people to crank up their air conditioning.
"Our second quarter was marked by warmer-than-normal temperatures, including June being the hottest on record in the Phoenix metropolitan area," said Pinnacle West Chief Executive Officer Jeff Guldner on Thursday.
Last year's second-quarter results were negatively impacted by cooler-than-usual temperatures, including the mildest June on record since 2009, Guldner said.
The number of residential cooling degree days, a utility's measure of the effects of weather, in the second quarter increased a noteworthy 52.8% compared with last year. This was also 23.5% higher than historical 10-year averages.
Increases in customer usage and growth, and higher revenue from a surcharge resulting from the outcome of the utility's 2019 Rate Case appeal, also contributed significantly to the company's bottom line.
The utility reaffirmed its 2024 earnings outlook of $4.60 to $4.80 per share on a weather-normalized basis.
The Phoenix, Arizona-based utility said net income attributable to common shareholders skyrocketed 91% to $203.8 million, for the quarter ended June 30, from last year's $106.7 million.
A rate case is the formal regulatory process used to determine the amounts that regulated utilities can charge from customers for electricity, natural gas, private water and steam services.
Reporting by Arunima Kumar in Bengaluru; Editing by Vijay Kishore
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