APS files rate case with ACC seeking $579.5M net base rate increase (13.99%)

ARIZONA PUBLIC SERVICE CO

Net base rate increase of $579.52M (13.99%) to address $662.44M revenue deficiency; test year ended Dec 31, 2024.
Proposed capital structure: 47.65% debt at 4.26%, 52.35% equity at 10.7%, WACC of 7.63%.
Typical residential bill impact ~$20/month; new rates not expected until second half 2026 if approved.
Also proposes Formula Rate Adjustment Mechanism to reduce regulatory lag and allow gradual rate changes.
Modifications to rate design include reducing cross-subsidization and updating Grid Access Charge for solar customers.

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