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PINNACLE WEST NEWS | CAPITAL CORPORATION FOR IMMEDIATE RELEASE Media Contact : Analyst Contact : Website : ● PINNACLE WEST REPORTS 2021 SECOND - QUARTER RESULTS ● Alan Bunnell ( 602 ) 250-3376 Stefanie Layton ( 602 ) 250-4541 pinnaclewest.com ● August 5 , 2021 Page 1 of 5 Electricity sales increase as businesses bounce back from COVID related impacts of a year ago Strong customer growth and record - setting June temperatures also help drive improved results Award - winning energy efficiency programs , bill assistance , heat relief provide support to customers PHOENIX - Pinnacle West Capital Corp. ( NYSE : PNW ) today reported consolidated net income attributable to common shareholders of $ 215.7 million , or $ 1.91 per diluted share of common stock , for the quarter ended June 30 , 2021. This result compares with earnings of $ 193.6 million , or $ 1.71 per share , in the same 2020 period . Increased retail sales and strong customer growth of 2.3 % were the primary drivers in the quarter over - quarter improvement , contributing to a $ 70.7 million , or 7.6 % , increase in operating revenues . Record - setting heat during the month of June also contributed to the company's bottom line , helping offset higher operations and maintenance expenses , an increase in depreciation expense and higher income taxes in the second quarter . " Our operating and financial performance in the second quarter remained strong , " said Pinnacle West Chairman , President and Chief Executive Officer Jeff Guldner . " Combined with robust growth and an economy that is bouncing back from the worst of the COVID - 19 pandemic , more customers used more energy this past quarter to cool their businesses and homes than a year ago . " Residential sales increased 1.3 % and commercial and industrial sales increased 10.3 % compared to second quarter 2020 , reflecting the reopening of businesses and return to in - person work versus a year ago when COVID - 19 forced business closures and created a largely remote work environment . Record - Setting Temperatures Increase Customer Energy Consumption In addition to 5.7 % weather - normalized sales growth , weather variations also spurred an increase in energy consumption . The average high and low temperatures were higher this year than last- and well over historical averages . According to the National Weather Service , the average high temperature in the Phoenix area during the 2021 second quarter was 98.1 degrees- an increase of 2.6 % over 10 - year historical averages . Not only was the month of June the warmest on record with an average high temperature of 108.2 degrees , but the Phoenix area experienced an unprecedented six