REFILE-Pinnacle West posts quarterly profit on higher rates, robust power demand

Feb 25 (Reuters) - Pinnacle West Capital PNW.N reported a profit in the fourth quarter on Wednesday, compared with a year-ago loss, as the U.S. utility benefited from robust demand for power and higher electricity rates.

U.S. utilities have been seeking to raise customer power bills in 2026 to fund infrastructure upgrades, as the country's electrical grids face extreme weather and growing demand from industry electrification and data-center expansions.

Regulated utilities use rate case proceedings to determine the amount that customers need to pay for electricity, natural gas, private water and steam services.

Pinnacle West said it also benefited from higher customer usage as well as user growth, driving a 3% rise in operating revenue during the quarter.

Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to about 1.4 million Arizona homes and businesses.

The utility reported quarterly revenue of $1.13 billion, compared with $1.09 billion a year earlier.

The Phoenix, Arizona-based utility said net income attributable to common shareholders was $15.4 million, or 13 cents per share, for the quarter ended December 31, compared with a loss of $6.82 million, or 6 cents per share, a year earlier.