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Pinnacle West Capital history
Pinnacle West Capital company history timeline
In February 1985, Arizona Public Service Company reorganized as a holding company, AZP Group Inc., with APS as the leading subsidiary.
Finally, in 1986, the firm also bought Malapai Resources, a uranium venture.
In 1986, Pinnacle acquired MeraBank, a savings and loan.
And in 1987, AZP Group, Inc., formally changed its name to Pinnacle West Capital Group, the company's present name.
In March of 1989 the Palo Verde plant, the nation's largest nuclear plant, was shut down, and several equipment malfunctions occurred.
In 1989, the utility, which was still responsible for nearly 75 percent of Pinnacle's revenues, cut about 1,000 of its 8,900 jobs.
In 1989 Pinnacle's loss widened to $551 million.
A 1990 report by the Nuclear Regulatory Commission found that organizational instability and uncertainty were evident at Palo Verde.
In 1990, Turley retired, and was replaced by Richard Snell.
In 1990, APS cut 675 more jobs, about 9 percent of its remaining workforce.
1990: Pinnacle West restructures its debt, plans for massive budget cuts over ensuing five years.
In 1990, after the unit caused Pinnacle millions of dollars in losses, Pinnacle sold Malapai Resources to the American mineral affiliate of a French energy company for $38 million.
In 1991 Pinnacle West had assets of $6.5 billion.
By 1991, the company was facing a loss of almost US$190 million, and discontinued paying its dividend.
However, by 1992, the company returned to profitability, as earnings recovered to over US$150 million.
Also in 1995, the utility subsidiary Arizona Public Services issued 30-year Monthly Income Debt Securities paying 10%.
APS also worked with the Arizona Corporations Commission on the establishment of price guidelines, and by late 1998 had reduced consumer rates by 8.4 percent.
The succeeding few years were marked by a campaign, spearheaded by the Arizona State Legislature, to introduce unfettered retail electric competition in the state starting in January 1999.
At the beginning of 1999, Richard Snell turned over the position of CEO to William Post, a transition that had long been planned; Snell continued as chairman.
Also in 2000, Pinnacle was recognized for its "greenness"; Innovest Strategic Value Advisors of New York, an industry consulting group, awarded Pinnacle its highest rating for environmental management and performance.
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Pinnacle West Capital competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Salt River Project | 1903 | $3.0B | 5,123 | - |
| NV Energy | 1928 | $3.0B | 2,500 | 1 |
| Southern California Edison | 1886 | $12.6B | 13,599 | 223 |
| SoCalGas | 1867 | $3.8B | 8,178 | - |
| TXU Energy Retail Company | - | $49.9M | 1,000 | 2 |
| PNM Resources | 1917 | $1.8B | 444 | - |
| The Williams Companies | 1908 | $10.5B | 5,425 | 286 |
| Sempra Energy | 1998 | $13.2B | 20,000 | 3 |
| Edison International | 1886 | $17.2B | 12,521 | 185 |
| First Solar | 1999 | $4.2B | 6,400 | 271 |
Pinnacle West Capital history FAQs
Zippia gives an in-depth look into the details of Pinnacle West Capital, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Pinnacle West Capital. The employee data is based on information from people who have self-reported their past or current employments at Pinnacle West Capital. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Pinnacle West Capital. The data presented on this page does not represent the view of Pinnacle West Capital and its employees or that of Zippia.
Pinnacle West Capital may also be known as or be related to PINNACLE WEST CAPITAL CORP, Pinnacle West Capital, Pinnacle West Capital Corp and Pinnacle West Capital Corporation.