APS in Market for More Solar on Path to 100% Clean Energy

Existing RFP expanded seeking APS-owned solar generation to serve growing customer base

Arizona Public Service Co. (APS), which serves one of the fastest growing service territories in the country, will soon serve customers with more solar power after expanding an existing all-source request for proposals (RFP). This addendum expands the project scope of an RFP issued in December 2020 that was broadly designed to serve APS’s growing customer base with clean, reliable and affordable energy. The addendum offers an additional opportunity to develop a solar generating resource on APS-owned land and helps advance the company’s clean energy commitment to achieve a carbon-free power mix by 2050.

APS will procure approximately 600-800 megawatts (MW) of renewable resources and about 400-600 MW of capacity resources through the original all-source RFP. These resources are expected to be in service in 2023 and 2024. The addendum seeks an additional 100- to 150-MW photovoltaic solar resource to be owned by APS and in service by early 2023. Proposals submitted in response to the all-source RFP and those submitted in response to the addendum will be managed and evaluated on separate tracks, within the time frames established in each of the solicitations.

The entire RFP process, applicable to both the original RFP and the addendum, is monitored and reviewed by a third-party independent monitor. APS is no longer accepting proposals for the original RFP. Important information regarding respondent registration and proposal requirements for the addendum can be found at www.aps.com/rfp.

APS serves nearly 1.3 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering affordable, clean and reliable energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, the nation’s largest producer of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 50% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).

This press release contains forward-looking statements based on current expectations. These forward-looking statements are identified by words such as “estimates,” “expects” and similar words. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. A number of factors could cause future results to differ materially from outcomes currently expected or sought by us. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K and is available on our website at pinnaclewest.com, which you should review carefully before placing any reliance on our forward-looking statements or disclosures. We assume no obligation to update any forward-looking statements, except as may be required by applicable law.

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