Difference between revisions of "Pinnacle West Capital"
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Revision as of 16:13, 20 June 2011
{{#badges: Climate change |CoalSwarm}}
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| Type | Public (NYSE: PNW) |
|---|---|
| Headquarters | 400 North 5th St. Phoenix, AZ 85004 |
| Area served | AZ |
| Key people | Donald E. Brandt, CEO |
| Industry | Electric Producer & Utility Real Estate Investment |
| Products | Electricity |
| Revenue | $4.4 million |
| Net income | ▲ $3.3 billion |
| Employees | 7,600 (2007) |
| Subsidiaries | Arizona Public Service APS Energy Services SunCor Development El Dorado Investment |
| Website | PinnacleWest.com |
Arizona Public Service Company is the largest electric utility in Arizona and the principal subsidiary of publicly-traded S&P 500 member Pinnacle West Capital Corporation (NYSE: PNW), which in turn had been formerly named AZP Group, when Arizona Public Service reorganized as that holding company in 1985. APS, with 4,000 MW of generating capacity, serves more than one million customers in 11 counties throughout most of the state, but mainly concentrated in northern and central Arizona.[1]
APS is regulated by the Arizona Corporation Commission (ACC), the state agency that regulates all energy utilities in Arizona. In 2010, Pinnacle West Capital had an operating revenue of $3.2 billion.[2] Its CEO, Donald G. Robinson, made $4.4 million in 2010. And its Vice President of Government Affairs, is on the Private Enterprise Board of the right-wing, pro-corporate American Legislative Exchange Council (ALEC).
The holding company, Pinnacle West Capital, through its APS utility sells wholesale and retail power to the wider western United States and also provides energy-related services. Through another major subsidiary, Pinnacle West also develops and manages real estate in Arizona.[1]
The utility company also operates three nuclear reactors. Its Palo Verde Nuclear Generating Station in Arizona is the largest nuclear plant in the U.S., came under scrutiny by the Nuclear Regulatory Commission in 2005 when operational problems began to cause prolonged outages.[1]
Martin Shultz, Vice President of Government Affairs at Pinnacle, is Co-Chair of ALEC's Energy, Environment and Agriculture Task Force. Tom Moskitis of the American Gas Association and Representative David Wolkins (R-IN) are also chairs.
| About ALEC |
|---|
ALEC is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's ALECexposed.org, and check out breaking news on our ExposedbyCMD.org site.
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Contents
Political Contributions and Lobbying
In 2010, Pinnacle West's PAC spent $379,956 on federal House and Senate legislators.[3] $71,000 was given to House Democrats and $40,500 to House Republicans. Senate Democrats received $12,500 and Senate Republicans $66,000.[4]
You can see a list of PACs Pinnacle West donated to in 2010 HERE.
In 2010, Pinnacle West spent $710,000 in lobbying expenditures. You can see a full list of bills the company lobbied for in federal government HERE.
Pinnacle is one of the largest energy company contributors to both Republican and Democratic candidates for Congress. These contributions total $392,600 to the 110th US Congress (as of the third quarter), the largest of which has been to Rep. John Shadegg (R-AZ)for $15,800. Rep. Shadegg, for his part, has consistently voted with the coal industry on energy, war and climate bills.[5]
Contributions like this from fossil fuel companies to members of Congress are often seen as a political barrier to pursuing clean energy.
Annual Revenue
2010[6]
Sales/Operating Revenue: $3.3 billion
Net Income: $370 million
Assets: $12.4 billion
Employees: 6,740
2009[7]
Sales/Operating Revenue: $3.2 billion
Net Income: $72 million
Assets: $11.9 billion
2008[8]
Sales/Operating Revenue: $3.2 billion
Net Income: $259 million
Assets: $11.8 billion
Executive Compensation
2011[9]
- Donald G. Robinson - President and Chief Operating Officer, APS: $4.4 million
- Randall K. Edington - Executive Vice President and Chief Nuclear Officer, APS: $5.3 million
- James R. Hatfield - Senior Vice President, Chief Financial Officer of the Company and APS: $1.5 million
- David P. Falck - Executive Vice President, General Counsel and Secretary of the Company and APS: $2 million
Pinnacle West Capital Leadership
2011[10]
- Donald E. Brandt - Chairman of the Board, President and CEO, Pinnacle West Capital Corporation; Chairman and CEO of Arizona Public Service Company
- Donald G. Robinson - President and COO, Arizona Public Service Company
- David A. Hansen - Vice President of Fossil Operations, Arizona Public Service Company
- James R. Hatfield - Senior Vice President and CFO, Pinnacle West Capital Corporation and Arizona Public Service Company
- Robert S. Aiken - Vice President, Federal Affairs, Pinnacle West Capital Corporation
- Bob Bement - Senior Vice President of Operations, Palo Verde Nuclear Generating Station, Arizona Public Service Company
- Kenneth C. Bohlen - Vice President and Chief Information Officer of Arizona Public Service Company
- John Hatfield - Vice President of Communications of Arizona Public Service Company
- Denise R. Danner - Vice President of Controller and Chief Accounting; Officer of Pinnacle West Capital Corporation and Arizona Public Service Company
- John Hesser - Vice President of Engineering, Palo Verde Nuclear; Generating Station, Arizona Public Service Company
- Pat Dinkel - Vice President of Power Marketing and Resource Planning, Arizona Public Service Company
- Warren Kotzmann - Vice President of Strategic Initiatives & Risk, Arizona Public Service Company
- Randy Edington - Executive Vice President & Chief Nuclear Officer of Arizona Public Service Company
- Maria Lacal - Vice President of Operations Support, Palo Verde; Nuclear, Generating Station®, Arizona Public Service Company
- David P. Falck - Executive Vice President of General Counsel & Secretary, Pinnacle West Capital Corporation and Arizona Public Service Company
- Tammy McLeod - Vice President & Chief Customer Officer of Arizona Public Service Company
- Edward Z. Fox - Vice President & Chief Sustainability Officer of Arizona Public Service Company
- Dwight Mims - Senior Vice President of Regulatory and Oversight, Palo Verde Nuclear Generating Station®
- Daniel Froetscher - Vice President of Energy Delivery, Arizona Public Service Company
- Lee R. Nickloy - Vice President and Treasurer of Pinnacle West Capital Corporation and Arizona Public Service Company
- Barbara M. Gomez - Vice President of Supply Chain Management, Arizona Public Service Company
- Mark A. Schiavoni - Senior Vice President of Fossil Generation, Arizona Public Service Company
- Jeff Guldner - Vice President Rates & Regulation of Arizona Public Service Company
History
Arizona Public Service Company began to pay a cash dividend to shareholders in 1920, and continued the annual dividend without interruption through the 1980s. The stock doubled in price through the long bear market of the 1970s, while paying a 10% dividend yield. By then it had become an electric and natural gas utility fueled 94.4% by coal plants, 5.2% by natural gas, and 0.4% by oil. The company traded its common stock on the New York Stock Exchange, and in 1976, the company issued a preferred stock with a 10.5% dividend, callable in 1990.[11]
APS also performed well through the early 1980s recession, reaching peak earnings of over $255 million in 1983. However, by then the company had accumulated over $2.1 billion in long-term debt. 1984 was a down year for both earnings and the stock price, which at its low that year had lost almost half its value from the 1983 peak.[11]
AZP Group
In February 1985, Arizona Public Service Company reorganized into a holding company structure, named AZP Group Inc.[12] It traded under the ticker symbol AZP. 1985 earnings reached a new record high at almost $290 million, and by the end of the year the stock price had doubled from its 1984 low.[11]
Pinnacle West Capital
In 1987, AZP Group changed its name to Pinnacle West Capital Corporation, and began trading under the new ticker symbol PNW. The utility continued to operate as its principal subsidiary.[12] By then Pinnacle's long-term debt had grown to almost $2.4 billion. Earnings had declined to $260 million in 1986, but were recovering by the end 1987. However, the stock price reached an all-time peak that year, which was not surpassed for the next decade, as the company ran into troubles through the early 1990s.[11]
Power portfolio
Out of its total 10,640 MW of electric generating capacity in 2005 (1.0% of the U.S. total), Pinnacle West produced 39.6% from nuclear, 35.2% from natural gas, 24.3% from coal, 1.0% from oil, and 0.1% from solar. Pinnacle West owns power plants in Arizona (86.4% of generating capacity) and New Mexico (13.6%).[13]
EPA releases list of 44 "high hazard" coal ash dumps
In response to demands from environmentalists as well as Senator Barbara Boxer (D-California), chair of the Senate Committee on the Environment and Public Works, the EPA made public a list of 44 "high hazard potential" coal waste dumps. The rating applies to sites at which a dam failure would most likely cause loss of human life, but does not include an assessment of the likelihood of such an event. Arizona Public Service Company owns 2 of the sites, both of which store coal combustion waste for the Cholla Generating Station.[14][15] To see the full list of sites, see Coal waste.
Existing coal-fired power plants
Pinnacle West owned or co-owned 9 coal-fired generating stations in 2005, with 2,580 MW of capacity. Here is a list of Pinnacle West's coal power plants:[13][16][17]
| Plant Name | State | County | Year(s) Built | Capacity | 2007 CO2 Emissions | 2006 SO2 Emissions |
|---|---|---|---|---|---|---|
| Four Corners | NM | San Juan | 1963, 1964, 1969, 1970 | 1452 MW | 14,800,000 tons | 15,192 tons |
| Cholla | AZ | Navajo | 1962, 1978, 1980, 1981 | 1129 MW | 8,026,000 tons | 21,147 tons |
In 2006, Pinnacle West's 2 coal-fired power plants emitted 22.8 million tons of CO2 and 36,000 tons of SO2 (X% of all U.S. SO2 emissions).
Articles and Resources
References
- ↑ Jump up to: 1.0 1.1 1.2 Pinnacle West: The Peak of the Energy Pyramid, SeekingAlpha.com, By Ted Allrich, posted on: November 20, 2006
- ↑ PNW Pinnacle West Capital Annual Report
- ↑ Pinnacle West Capital Contributions, "Open Secrets.gov"
- ↑ Pinnacle West Capital Contributions, "Open Secrets.gov"
- ↑ [1], "Follow the Coal Money"
- ↑ Forbes Pinnacle West Financials
- ↑ Forbes Pinnacle West Financials
- ↑ Forbes Pinnacle West Financials
- ↑ Executive Compensation, "Businessweek"
- ↑ Management Profiles, "Pinnacle West Capital"
- ↑ Jump up to: 11.0 11.1 11.2 11.3 Standard & Poor's Stock Guide, various issues
- ↑ Jump up to: 12.0 12.1 Compilation of Investor-Owned Utility Transactions - Holding Companies Established, American Public Power Association, (updated 09-03)
- ↑ Jump up to: 13.0 13.1 Existing Electric Generating Units in the United States, 2005, Energy Information Administration, accessed April 2008.
- ↑ Shaila Dewan, "E.P.A. Lists ‘High Hazard’ Coal Ash Dumps," New York Times, June 30, 2009.
- ↑ Fact Sheet: Coal Combustion Residues (CCR) - Surface Impoundments with High Hazard Potential Ratings, Environmental Protection Agency, June 2009.
- ↑ Environmental Integrity Project, Dirty Kilowatts: America’s Most Polluting Power Plants, July 2007.
- ↑ Dig Deeper, Carbon Monitoring for Action database, accessed June 2008.
Resources
Related SourceWatch Articles
External Articles
Wikipedia also has an article on Pinnacle West Capital. This article may use content from the Wikipedia article under the terms of the GFDL.
