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PINNACLE WEST NEWS | CAPITAL CORPORATION FOR IMMEDIATE RELEASE Media Contact : Analyst Contact : Website : Alan Bunnell ( 602 ) 250-3376 Stefanie Layton ( 602 ) 250-4541 pinnaclewest.com PINNACLE WEST REPORTS 2021 FIRST - QUARTER EARNINGS ● May 5 , 2021 Page 1 of 3 Quarterly results in line with company's expectations Customer growth at 2.1 % for quarter as Arizona growth remains robust Company well prepared to deliver reliable service through Arizona's extreme summer temperatures PHOENIX - Pinnacle West Capital Corp. ( NYSE : PNW ) today reported consolidated net income attributable to common shareholders of $ 35.6 million , or $ 0.32 per diluted share of common stock , for the quarter ended March 31 , 2021. This result compares with $ 30.0 million , or $ 0.27 per diluted share , for the same period in 2020 . First - quarter 2021 results were positively impacted by weather , higher transmission revenues , and higher pension and other postretirement non - service credits . These factors offset a moderate increase in operations and maintenance expenses , due largely to higher planned plant outages to perform seasonal maintenance ahead of summer demand . " We began 2021 on solid footing with first - quarter results in line with expectations and strong customer growth of 2.1 % as families and businesses continue to choose to put down roots in Arizona , " said Pinnacle West Chairman , President and Chief Executive Officer Jeff Guldner . " With temperatures already heating up here , our employees are focused on critical preparations to deliver reliable , affordable power over our peak summer season - when customers need it most to cool their homes and businesses . " Employees work year - round to prepare for summer demand Key elements of the company's summer readiness include resource planning , sufficient reserve margins , customer partnerships to manage peak demand , fire mitigation , and operational preparedness . The company is projecting peak demand of 7,521 megawatts this year - lower than last summer's record - breaking 7,660 megawatts , but 406 megawatts higher than 2019. This summer , the company's diverse resource mix includes innovative demand response programs - including Peak Solutions for commercial and industrial customers and Cool Rewards for residential customers - that it can call upon to reduce load by up to about 127 megawatts , if needed . Customer demand response proved to be an effective tool for reducing system demand during 2020's historic heat wave . Additionally , the company is in the process of procuring 450 megawatts of seasonal peaking capacity , including hydro power , to support summer preparedness . Seasonal readiness procedures at the company's power plants include walkdowns to ensure good material conditions and critical control system surveys - all while continuing to adhere to COVID - 19 safety protocols . On the transmission and distribution side , preventative maintenance , fire mitigation patrols and summer - specific substation maintenance help support customer reliability through even the