Pinnacle West posts quarterly profit on higher power demand

May 4 (Reuters) - Pinnacle West Capital PNW.N on Monday posted a profit for the first quarter, compared with a year-ago loss, as the U.S. utility benefited from warmer weather and robust demand for power.

U.S. power demand reached record highs in 2025 and is projected to grow even faster as major tech companies race to build data centers, some of which use as much electricity as an entire city at a single location.

• Demand is surging in part due to data centers dedicated to artificial intelligence and cryptocurrency, and as homes and businesses use more electricity for heat and transportation.

• The company's service territory experienced warmer-than-usual weather during the first quarter, boosting electricity usage

• Weather-normalized sales growth was 9.4% during the quarter.

• The utility's operating income for the quarter ended March 31 was $131 million, compared with $57 million a year ago.

• However, operating expenses for the company rose 4.4% to $1.01 billion in the first quarter

• The Phoenix, Arizona-based utility said net income attributable to common shareholders for the quarter was $32.9 million, or 27 cents per share, compared with a loss of $4.6 million, or 4 cents loss per share, a year ago.

• The utility reaffirmed its full-year profit forecast in the range of $4.55 to $4.75 per share