Pinnacle West profit climbs 22% as summer heat drives electricity demand

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Pinnacle West profit climbs 22% as summer heat drives electricity demand
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299 Queen Street West and the golden era of MuchMusic | SaltWire - Pinnacle West Capital on Thursday posted a 22% rise in third-quarter profit as the utility got a boost from higher electricity demand due to extreme hot weather.

According to the National Weather Service, the average high temperature in the third quarter was 108.9 degrees - an increase of 4.6% year-over-year. The company's main unit, Arizona Public Service , also marked record-high demand of 8,162 megawatts on July 15, shattering the previous record set in 2020 by more than 500 megawatts, the company said.

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