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All right. We are going to move on to our last presentation of the day, which will be Pinnacle West Capital Corp. We’ve got James Hatfield, who is Senior Vice President and CFO to talk to us about a real stable story now, so Jim.
Thank you, Dan. And thank you to you and your team for including us in the conference. This year we are delighted to be here. We welcome the opportunity to discuss our company’s progress and outlook, and we think we have a good story for you.
So I just want to start with the required forward-looking statements and also our non-GAAP measures which we refer to as ongoing earnings as we go into the presentation.
So starting off on who we are? Pinnacle West is a holding company, market capital near $6 billion and price value $9 billion and consolidated assets of about $13 billion. We have over last three years of substantially divested all of our non-utility subsidiaries to streamline strategic focus during that three year period.
Therefore today’s focus will be on our principal subsidiary, Arizona Public Service, which now represents essentially all of our business. Arizona is largest and oldest electric utility. We serve more than 1.1 million customers and Arizona has been one of the fastest growing states in the U.S. historically. Arizona Public Service provides stable earnings and cash flow to support Pinnacle West.