Greed Is (Not) Good

Solar Style May 9, 2013 0

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Hmm. We looked on the Arizona Public Service happy solar blog and could not find the Republic story from the weekend which details the mega-profits made by the parent company of APS, Pinnacle West Capital Corp. Maybe they’re just slow to post stories that show how much money they make.

According to the story, “the company had a profit of $24.4 million, or 22 cents per share, compared with a net loss of $7.5 million, or 7 cents per share, in the same quarter a year ago. Revenue increased to $686.7 million, compared with $620.6 million a year ago. Analysts expected earnings of 9 cents a share on revenue of $638.9 million.”

So all is well with the monopoly utility, right?

Not quite.

APS is expected to request–from the Arizona Corporation Commission, which regulates utility rates–changes to its net metering program this year, the policy of “crediting customers for the energy their rooftop solar arrays produce,” the Republic wrote.

Credit Suisse analyst Kevin Cole asked Pinnacle brass if it is “safe to say the study is not to become more accommodating (to rooftop solar)?”

Pinnacle’s  CEO Don Brandt, who raked in $11.5 million in 2012, said in part, according to the paper, “We have been supportive, as the record indicates, of solar across the board.”

So “supportive” that they are laying the foundation to destroy solar in Arizona because it threatens to hurt their bottom line (and Brandt’s $11.5M.)

APS senses an opportunity to kill an emerging technology that has helped create thousands of jobs across Arizona and the U.S. If they are allowed to succeed in changing net metering, a policy that exists in 43 states, it will be a dark day in Arizona.

The full Republic story: http://www.azcentral.com/business/news/articles/20130503aps-parent-pinnacle-west-capital-profits-grow.html

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