Business Context and Reporting Period
This Form 8-K is a combined current report filed by Pinnacle West Capital Corporation and its subsidiary, Arizona Public Service Company (APS), on December 6, 2005. The report addresses events occurring on December 5, 2005, concerning the 2005 General Rate Case filed with the Arizona Corporation Commission (ACC).
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on regulatory procedural updates regarding a rate case.
Material Changes and Regulatory Events
- Test Period Update: The ACC staff requested that APS update financial schedules, testimony, and data in its November 4, 2005 rate case filing.
- Change in Test Year: The updated information must utilize the twelve months ended September 30, 2005, as the test period, replacing the original test year ended December 31, 2004.
- Filing Status: The ACC staff has deemed the original rate filing sufficient pending the satisfactory completion of the review of the updated information.
Guidance, Outlook, and Timelines
- APS Filing Deadline: APS agreed to file the updated information no later than January 31, 2006.
- ACC Review Deadline: The ACC staff agreed to complete an expedited review of the updated information for regulatory consistency no later than February 28, 2006.
- Reference Material: Additional details regarding the rate case are referenced in Note 5 of the Notes to Condensed Consolidated Financial Statements in the Form 10-Q for the quarter ended September 30, 2005.
Investor Verification Checklist
- Verify the impact of the new test period (12 months ended Sept 30, 2005) on APS's projected revenue requirements compared to the original filing.
- Confirm the final outcome of the ACC's expedited review scheduled for completion by February 28, 2006.
- Review the Form 10-Q for the quarter ended September 30, 2005, specifically Note 5, for historical context on the 2005 General Rate Case.
- Monitor for any subsequent filings regarding the final rate order following the ACC staff's review.