Watt’s the Q2’26 number for PNW?

Research evidence excerpt

Watt’s the Q2’26 number for PNW?

Economic development remains another key focus. On the Q1 call, management

highlighted continued expansion by Taiwan Semiconductor Manufacturing Co. and the

growing ecosystem of semiconductor suppliers establishing operations across the

Phoenix region. Management pointed to ongoing construction activity, supplier

relocations, and broader manufacturing investment as evidence that Arizona's growth

outlook remains strong and increasingly diversified. Investors will likely look for updated

commentary on project timing, customer ramp schedules, and the pace at which these

developments are translating into electricity demand.

Data center activity should also remain a major topic of discussion. Management noted

that APS currently has approximately 4.5 GW of committed large-load demand and

nearly 20 GW of additional load opportunities under evaluation. Investors are likely to

seek updates on subscription-model negotiations, large-load customer contracting

activity, infrastructure requirements, and the timing of potential new commitments. Any

commentary regarding large-load tariffs, special contracts, or capacity availability could

be closely scrutinized given the significant earnings and capital investment opportunities

associated with these customers.

Residential and broader customer growth trends are also likely to receive significant

attention. APS continues to benefit from above-average population growth, favorable

economic conditions, and strong residential development activity across Arizona.

Following another quarter of robust customer growth and weather-normalized sales

growth in Q1, investors will look for management's assessment of whether demand

trends remain consistent with the company's 2026 and long-term growth expectations.