UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 18, 2008
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Exact Name of Registrant as Specified in |
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Charter; State of Incorporation; |
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IRS Employer |
Commission File Number |
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Address and Telephone Number |
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Identification Number |
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1-8962
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Pinnacle West Capital Corporation
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602) 250-1000
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86-0512431 |
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1-4473
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Arizona Public Service Company
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602) 250-1000
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86-0011170 |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
This combined Form 8-K is separately filed by Pinnacle West Capital Corporation and Arizona Public
Service Company. Each registrant is filing on its own behalf all of the information contained in
this Form 8-K that relates to such registrant and, where required, its subsidiaries. Except as
stated in the preceding sentence, neither registrant is filing any information that does not relate
to such registrant, and therefore makes no representation as to any such information.
TABLE OF CONTENTS
Item 8.01. Other Events.
Interim Rate Order
On December 18, 2008, the Arizona Corporation Commission (the ACC) voted to approve an
emergency interim base rate surcharge for Arizona Public Service Company (APS), effective for all
bills issued after December 31, 2008. This surcharge is expected to increase annual pretax retail
revenues approximately $65.2 million, and is subject to refund with interest pending the final
outcome of APS general retail rate case. APS had requested an interim increase of approximately
$115 million in annual pretax retail revenues. For a typical residential customer on APS standard
rate schedule, the surcharge will result in a monthly increase of $1.46 in the winter and $1.99 in
the summer.
The decision requires that APS (a) examine its operations and expenses, targeting additional
cuts of at least $20 million, and reinvest the savings and surcharge revenues in infrastructure
and technology necessary to serve APS customers and reduce the need for external debt financing;
(b) file with the ACC periodic reports of communications with credit ratings agencies; and (c) post
a $10 million bond or letter of credit until the ACC issues a final order in APS general retail
rate case.
The ACC is expected to issue a written order reflecting the decision before year-end. Each
party to the proceeding will have the option of filing a motion for reconsideration of the written
order within 20 days of its issuance.
Additionally, during the ACC open meeting in which the ACC approved the interim base rate
surcharge, the director of the ACC Utilities Division stated that the Divisions prepared testimony
in APS general rate case, which is scheduled to be filed with the ACC on December 19, 2008, will
recommend an increase in annual pretax retail revenues that is more than the $65.2 million granted
for the interim base rate surcharge.
For more information regarding APS request for an interim base rate surcharge and the general
retail rate proceeding, see Motion for Approval of Interim Rate and 2008 General Rate Case in
Note 5 of Notes to Condensed Consolidated Financial Statements in the Pinnacle West/APS Quarterly
Report for the fiscal quarter ended September 30, 2008.