Pinnacle West Capital Corporation (NYSE:PNW) Q3 2023 Results Conference Call November 2, 2023 12:00 PM ET
Company Participants
Amanda Ho - Director of Investor Relations
Jeff Guldner - Chairman and CEO
Andrew Cooper - CFO
Ted Geisler - APS' President
Jacob Tetlow - Executive Vice President of Operations
Jose Esparza - Senior Vice President of Public Policy
Conference Call Participants
Shar Pourreza - Guggenheim Partners
Nicholas Campanella - Barclays
Julian Dumoulin-Smith - Bank of America
Paul Patterson - Glenrock Associates
Michael Lonegan - Evercore
Anthony Crowdell - Mizuho
Travis Miller - Morningstar
Sophie Karp - KeyBanc
Operator
Good day, everyone. And welcome to the Pinnacle West Capital Corporation 2023 Third Quarter Earnings Conference Call [Operator Instructions].
It is now my pleasure to turn the floor over to your host, Amanda Ho. Ma'am, the floor is yours.
Amanda Ho
Thank you, Matthew. I would like to thank everyone for participating in this conference call and webcast to review our third quarter 2023 earnings, recent developments and operating performance. Our speakers today will be our Chairman and CEO, Jeff Guldner; and our CFO, Andrew Cooper. Ted Geisler, APS' President; Jacob Tetlow, Executive Vice President of Operations; and Jose Esparza, Senior Vice President of Public Policy, are also here with us. First, I need to cover a few details with you. The slides that we will be using are available on our Investor Relations, along with our earnings release and related information. Today's comments and our slides contain forward-looking statements based on current expectations, and actual results may differ rely from expectations. Our third quarter 2023 Form 10-Q was filed this morning. Please refer to that document for forward-looking statements, cautionary language as well as Risk Factors and MD&A sections, which identify risks and uncertainties that could cause actual results to differ materially from those contained in our disclosures. A replay of this call will be available shortly on our Web site for the next 30 days. It will also be available by telephone through November 9, 2023, and I will now turn the call over to Jeff.
Jeff Guldner
Great. Thanks, Amanda, and thank you all for joining us today. We continue to execute well on our operations performance and financial management. As part of my operations update, I'll share with you our success in managing through a record breaking summer in the valley and reliably serving our customers when they needed us the most. I'll also provide an update on our pending rate case and other regulatory filings. As Andrew will explain our earnings expectations for the year on track to meet our guidance range that we recently updated in the second quarter. First, I want to recognize our operations and field teams for doing an exceptional job maintaining reliable service for our customers this summer. July was just one day short of an entire month of 110-plus degrees and August did not provide much repreve. We ended the summer with 55 days of 110-plus degrees and 36 days of overnight lows above 90 degrees. During this period, our generation fleet performed extremely well and was available when our customers critically needed the power. Our careful long term planning for resource adequacy, combined with equipment maintenance programs and innovative customer demand side programs proved beneficial throughout the summer. APS set five new peak demand records during the month of July, ultimately reaching 8,162 megawatts on July 15. That figure’s over 500 megawatts higher than our last peak demand that was set in August of 2020. Our baseload and fast-ramping assets, including Four Corners, [Indiscernible] and Palo Verde all performed well. Our nonnuclear generation fleet's equivalent availability factor, which is the percentage of time that a generation units available and ready to perform when called upon was 93.4% from June through September.