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Pinnacle West Capital Corporation's CEO Discusses Q2 2012 Results - Earnings Call Transcript

It is my responsibility to advice you that this call and our slides contains forward-looking statements based on current expectations and the company assumes no obligation to update these statements. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. Our second quarter 2012 Form 10-Q was filed this morning. Please refer to that document’s forward-looking statements cautionary language as well as the MDNA section, which identifies risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. A replay of this call will be available on our website for the next 30 days. It is also available by telephone through August 9 th.

At this point, I’ll turn the call over to Don.

Don Brandt

Thank you, Becky, and thank you all for joining us today. Since our last conference call we’ve made progress in a number of key areas as we focus on our core electric utility business. This progress includes demonstrating improvement in the regulatory environment in Arizona, maintaining operational excellence, strengthening our financial profile and positioning ourselves to benefit from economic recovery. Jim and I will provide more information on each of these areas through our remarks today.

The regulatory environment in Arizona took another step forward when APS’s retail rate settlement was approved on May 15 th by the Arizona Corporation Commission. The decision came 11 ½ months after the case was filed, the quickest resolution of a major Arizona utility rate case in recent memory. Supported by 22 of the 24 active parties to the case, the settlement shows significant collaboration and cooperation among APS, the Arizona Corporation Commission and other parties as well as a comprehensive commitment to an expedited process.

The settlement contains a number of benefits for our customers, the communities we serve and our shareholders. Details of the agreement, as well as key underlying assumptions are outlined in the appendix to our slides today.

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