Business Context and Reporting Period
This Form 8-K Current Report was filed by Pinnacle West Capital Corporation and Arizona Public Service Company (APS) on June 15, 2005. The filing addresses a regulatory approval regarding the transfer of specific power generation assets between Pinnacle West Energy Corporation (PWEC) and APS.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a regulatory event rather than financial performance data.
Material Changes
The primary material event is the Federal Energy Regulatory Commission (FERC) authorization on June 15, 2005, for PWEC to transfer the following assets to APS:
- Redhawk Units 1 and 2
- West Phoenix Units 4 and 5
- Saguaro Unit 3
This transfer was previously authorized by the Arizona Corporation Commission in its April 7, 2005 order regarding APS's general rate case.
Outlook and Management Commentary
PWEC expects to complete the transfer of the authorized assets to APS by mid-August 2005. The filing references Note 5 of the Notes to Condensed Financial Statements in the Q1 2005 Form 10-Q for further details on the APS General Rate Case.
Investor Verification Checklist
- Confirm the completion date of the asset transfer against the mid-August 2005 target.
- Review the Q1 2005 Form 10-Q (Note 5) for financial implications of the APS General Rate Case.
- Verify the operational status of Redhawk, West Phoenix, and Saguaro units post-transfer.