The Arizona Corporation Commission has approved an 8% rate increase for the Arizona Public Service Electric Company (APS), which will result in an increase of between $10-12 a month for the typical residential customer. The rate hike approval comes after another hike was approved last year. This increase is partly due to a surge in energy demand during record high temperatures in Arizona. The demand surge led to a 22% increase in third-quarter profit for Pinnacle West Capital Corp., the publicly traded company that owns APS. The rate increase is intended to allow APS to continue providing reliable energy, recover maintenance costs, and invest in future infrastructure.
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