Pinnacle West Capital Corporation is an investor-owned electric utility holding company whose business is substantially derived from Arizona Public Service Company (APS), Arizona's largest and longest-serving electricity provider serving approximately 1.4 million customers across most of the state. APS operates a regulated utility business generating, transmitting, and distributing electricity through a diverse portfolio of generation resources—including nuclear, coal, natural gas, solar, wind, and storage—supplemented by long-term and short-term power purchase agreements, with a strategic goal to achieve carbon neutrality by 2050. The company generates revenue primarily from retail and wholesale electric service to residential, commercial, and industrial customers, and is regulated by the Arizona Corporation Commission for rates and securities issuance, while being subject to Federal Energy Regulatory Commission oversight of wholesale operations.