Pinnacle West Capital Corporation is a regulated electric utility serving customers across Arizona through its Arizona Public Service subsidiary, delivering electricity under rates approved by state utility regulators. As a regulated utility, its earnings are tied to a rate of return approved by regulators on the capital it invests in its electric grid and generation infrastructure, providing predictable earnings in exchange for accepting limits on customer rates. The company's service territory has experienced significant population growth in the Phoenix metropolitan area, driving increased electricity demand and infrastructure investment needs to serve new residential and commercial development. Pinnacle West's growth is tied to the rate base expansion it can achieve through regulator-approved infrastructure investment, along with continued population and economic growth across its rapidly expanding Arizona service territory.