Pinnacle West capit

</font><p><font size="4" face="Times New Roman"></font></p><p><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb"><font size="4" face="Times New Roman">see APS corrupt corp?</font></span></p><p><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb"><font size="4" face="Times New Roman">see pruitt RAGA brnovich</font></span></p><p><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb"><font size="4" face="Times New Roman">andy biggs</font></span></p><p><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb"><font size="4" face="Times New Roman">=</font></span></p><p><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb"><font size="4" face="Times New Roman">
</font></span></p><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">=</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">2/25/22</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">so much for freedom of mkt choiCe:</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4"><a href="https://www.azcentral.com/story/opinion/op-ed/laurieroberts/2022/02/10/arizona-utilities-team-up-legislators-block-competition/6740768001/" style="text-decoration-line: none; font-weight: bold; outline: none;">https://www.azcentral.com/story/opinion/op-ed/laurieroberts/2022/02/10/arizona-utilities-team-up-legislators-block-competition/6740768001/</a></font></div><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">
</font></div><div style=""><font face="Times New Roman" size="4" style="" /><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4" style=""><font face="Times New Roman" size="4" style=""><font face="Times New Roman" size="4" style=""><font face="Times New Roman" size="4" style=""><font face="Times New Roman" size="4" style=""><font face="Times New Roman" size="4" style=""><font face="Times New Roman" size="4" style=""><font face="Times New Roman" size="4"><font face="Times New Roman" size="4"><font face="Times New Roman" size="4"><b>Want to quit APS? Legislators are backing a plan to make sure that can never happen</b></font></font></font></font></font></font></font></font></font></font></div><div style="background-color: rgb(255, 255, 255);"><b>
</b></div><div style="background-color: rgb(255, 255, 255);">Opinion: Arizona's monopoly utilities don't want you ever to have a choice in where you get your electricity. And the Arizona Legislature is working on a plan to make sure they get their wish.</div><div style="background-color: rgb(255, 255, 255);">Laurie Roberts</div><div style="background-color: rgb(255, 255, 255);">Arizona Republic</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">The Arizona Legislature is charging forth with a plan to block competition against utilities like Arizona Public Service.</span></div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">In August, a Texas company applied to the Arizona Corporation Commission for permission to compete with Arizona Public Service and Tucson Electric Power, giving us captive customers a choice in who provides our electricity.</span></div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">
</span></div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">The state’s monopoly utilities were not amused.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">And so, as night follows day, the Arizona Legislature is now charging forth with a plan to block the competition.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">This, by repealing a state law that allows other electricity providers to give the big guys a run for their money.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">It is a necessary step, the monopoly utilities assure us, to ensure that service remains reliable and affordable.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Funny, I’m pretty sure Ma Bell said the same thing a half century ago. Back when phones were bolted to walls and had these strange curly wires attached to them, when you talked fast when calling long distance because of the resulting exodus from your wallet.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Law says we 'shall' have competition</div><div style="background-color: rgb(255, 255, 255);"><b>For two decades, Arizona has had laws in place to allow for competition in who provides the electricity that powers our homes and businesses. In fact, the law flatly says, “a competitive market shall exist.”</b></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">It just never materialized, thanks to a court decision challenging the rules to implement that law and a powerful utility lobby that would just as soon not have anyone intrude on its turf, thankyouverymuch.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><b>There was an attempt by the Arizona Corporation Commission to revisit deregulation in 2013 but it was abruptly shelved when APS frowned.</b></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">Fast forward to August, when <b>Texas-based Green Mountain Energy</b> applied to the commission to begin selling what they say will be 100% renewable energy plans to APS and Tucson Electric customers</span>. The company already operates in seven states, with licenses in four others,  and estimates it’ll have 20,000 Arizona customers within five years.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">“Approval of this application is in the public interest,” the company wrote in its application, “because it will result in more options for customers and expand the availability of renewable energy in Arizona.”</div><div style="background-color: rgb(255, 255, 255);"><b>
</b></div><div style=""><b style=""><span style="background-color: rgb(255, 255, 255);">I picture the executives over at APS's parent company,</span><span style="background-color: rgb(255, 102, 0);"> Pinnacle West Capital Corp</span></b><span style="background-color: rgb(255, 102, 0);">.</span><span style="background-color: rgb(255, 255, 255);">, fainting in a dead heap right there on their marble boardroom floor.</span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Bill could end competition as we know it</div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 153, 0);">Enter House Bill 2101, which has the bipartisan support of a whopping 36 legislators. It was defeated a few weeks ago on the House floor but after a little muscle was applied, was brought back this week and passed 37-21. </span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);"><b>The bill (and its companion, Senate Bill 1631) </b>would not only block Green Mountain from operating in Arizona but would threaten the rooftop solar industry as well.</span></div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">
</span></div><div style="background-color: rgb(255, 255, 255);"><span style="background-color: rgb(255, 255, 102);">That’s because the law our leaders seek to repeal – the one mandating competitive markets – was recently cited by Ninth Circuit Court of Appeals when it ruled that Salt River Project risks antitrust trouble if it<b> jacks up rates to price competing services (read: rooftop solar) out of the market.</b></span></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Take away the law and well, you get the picture.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Utilities and their champions at the Legislature insist their monopoly status protects consumers, keeps rates low and electricity flowing.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><b><span style="background-color: rgb(255, 255, 102);">“Reliability and affordability</span> is really at the top of my concern,” House Natural Resources, Energy and Water Committee Chairwoman Gail Griffin, the sponsor of this drive to end competition before it can begin, </b>said during a recent hearing on her bill.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Without repeal, utilities warn us we may be subject to the woes of California when it had rolling blackouts two decades ago or the misery of Texas, where millions lost power during a deadly freeze last February and prices went soaring.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">It's never bad to let APS know we have choice</div><div style="background-color: rgb(255, 255, 255);">But, as The Arizona Republic’s Robert Robb pointed out,<b> California’s competitive setup contained flaws that don’t exist in Arizona and Arizona law requires the Corporation Commission to set rates within a range, preventing a Texas-style price spike.</b></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">During the recent hearing on the bill, a spokesman for Green Mountain brushed aside the utilities’ dire warnings of doom and gloom, saying its prices would be competitive and its customers still would have to pay for upkeep of the grid as well as a fee to the “native utility” to serve as a backup provider.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">“Reliability is being used in this bill as a fig leaf by people who simply want to close off choice to their customers and retain a monopoly,” said Travis Kavulla, vice president of Regulatory Affair of NRG Energy Inc., the parent company of Green Mountain.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Count Corporation Commissioner and free-market fan Justin Olson among those who support competition. He says his study of price data from the Energy Information Administration suggests it would drive down rates.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">[Arizona judge rules that 'law enforcement' is NOT a profession</div><div style="background-color: rgb(255, 255, 255);">If the Constitution means anything, kick Rep. Gosar off the ballot</div><div style="background-color: rgb(255, 255, 255);">Does Ducey really think cops in Alaska can help secure our border?]</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Data is mixed on that but one thing seems clear.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">It is never a bad thing for APS and other utilities to know that we have a choice.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">The fact that the Legislature doesn’t see that is stunning. </div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Somebody should pull the plug on this bad plan.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Who supports this bill?</div><div style="background-color: rgb(255, 255, 255);"><b>Here are the legislators who voted for to HB 2101: [FINCHEM LATER?]</b></div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><b>Republican</b> Reps. Gail Griffin of Hereford, Rusty Bowers of Mesa, Brenda Barton of Payson, Leo Biasiucci of  Lake Havasu City, Walter Blackman of Snowflake. Frank Carroll of Sun City West, Regina Cobb of Kingman, David Cook of Globe, Lupe Diaz of Benson, Tim Dunn of Yuma, John Fillmore of Apache Junction, Joel John of Yuma, Steve Kaiser of Phoenix, John Kavanagh of Fountain Hills, Teresa Martinez of Casa Grande, Quang Nguyen of Prescott, Joanne Osborne of Goodyear, Jennifer Pawlik of Chandler, Kevin Payne of Peoria, Ben Toma of Peoria, Michelle Udall of Mesa, Jeff Weninger of Chandler Justin Wilmeth of Phoenix.</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);"><b>Democratic Reps</b>. Morgan Abraham of Tucson, Richard Andrade of Phoenix, Jasmine Blackwater-Nygun of Red Mesa, César Chávez of Phoenix, Andrea Dalessandro of Sahuarita, Diego Espinoza of Tolleson, Brian Fernandez of Yuma, Alma Hernandez of Tucson, Daniel Hernandez of Tucson, Chris Mathis of Tucson, Robert Meza of Phoenix, Marcelino Quiñonez of Phoenix, Lorenzo Sierra of Avondale, Myron Tsosie of Chinle</div><div style="background-color: rgb(255, 255, 255);">
</div><div style="background-color: rgb(255, 255, 255);">Reach Roberts at laurie.roberts@arizonarepublic.com. Follow her on Twitter at @LaurieRoberts.</div></div><p><font size="4" face="Times New Roman"><span times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb" /></font></p><div style="background-color: rgb(255, 255, 255);"><font face="Times New Roman" size="4">=</font></div><p><span style="font-family: " times="Times" new="New" roman="Roman" font-size="font-size" large="large" background-color="background-color" rgb="rgb"><font size="4" face="Times New Roman">=</font></span></p><div style="background-color: rgb(255, 255, 255);"><a href="https://www.prwatch.org/news/2019/12/13517/gop-state-attorneys-general-fight-environmental-regulations-fossil-fuel-companies" style="text-decoration-line: none; font-weight: bold; outline: none;"><font size="4" face="Times New Roman" color="#000000">https://www.prwatch.org/news/2019/12/13517/gop-state-attorneys-general-fight-environmental-regulations-fossil-fuel-companies</font></a></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">
</font></div><div style="background-color: rgb(255, 255, 255);"><font size="4" face="Times New Roman">alex k</font></div><div style=""><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">As Republican Attorneys General faced 2018 re-election bids and continued their legal challenges to Obama-era environmental regulations, fossil fuel companies poured millions of dollars into the Republican Attorneys General Association (RAGA), a political nonprofit that spends money to elect GOP AGs. That trend has continued into this year. From 2017 through mid-2019, oil, gas, and coal companies, trade associations, fossil fuel utilities, and industry executives donated over $6.7 million to RAGA, a CMD investigation has found. Fifty-five companies and trade groups and four executives made these donations.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Giving the most money to RAGA since 2017 are oil and natural gas exploration company Noble Energy ($1,020,000), oil refining and materials conglomerate Koch Industries ($755,000), natural gas energy supplier NextEra Energy Resources ($500,855), and oil and gas drillers Anadarko Petroleum ($500,000) and PDC Energy ($350,000).</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman" /></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">RAGA's <a href="https://republicanags.com/2019/08/01/republican-attorneys-general-association-brings-in-groundbreaking-9-6-million-fundraising-haul-for-first-half-of-2019/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">$9.6 million</a> haul in the first half of 2019 dwarfs that of 2015, the last similar fundraising period. That amount includes contributions to RAGA’s related entities such as the Rule of Law Defense Fund, a 501(c)(4) dark-money group founded in 2014 and <a href="https://maplight.org/story/conservative-group-led-by-epa-chief-pruitt-received-dark-money-to-battle-environmental-regulations/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">funded</a> by Koch-linked political groups, the Edison Electric Institute, the Judicial Crisis Network, and the Federalist Society in past years.</font></font></font></font></font></font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman">In addition to helping elect Republican candidates, the corporations' donations to RAGA score them personal meetings with GOP attorneys general. At four private events each year at luxury hotels, industry lobbyists, lawyers, and executives get exclusive access to the attorneys general, and the <span style="background-color: rgb(255, 255, 102);">AGs have been happy to <a href="https://www.prwatch.org/news/2016/09/13136/RAGA-Clean-Power-Plan" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">oblige the corporations’ wishes</a>. Numerous GOP AGs have launched lawsuits attacking Obama-era environmental regulations such as the Clean Power Plan, the Clean Air Act, the Waters of the United States rule (WOTUS), and ozone caps.</span></font></font></font></font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">Other <a href="https://documented.net/2019/04/republican-attorneys-general-group-hosting-oil-and-gas-summit/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">perks</a> for annual RAGA donors include access to additional RAGA events, policy conference calls, monthly political briefings, passes to the annual Edmund Randolph Club retreats, and the option to pitch topics and be panelists at conferences. One RAGA event this year, in April, was an <a href="https://documented.net/2019/04/republican-attorneys-general-group-hosting-oil-and-gas-summit/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">oil and gas summit</a> to Houston.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">In some cases, oil and gas corporations extend their communications with attorneys general beyond RAGA events. For example, former Oklahoma Attorney General Scott Pruitt had secret meetings with industry lobbyists and challenged EPA regulations by sending letters to the agency that appeared to be written by Pruitt’s office but were actually <a href="https://www.nytimes.com/2014/12/07/us/politics/energy-firms-in-secretive-alliance-with-attorneys-general.html?r=0" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">authored by lobbyists for oil and gas exploration company Devon Energy</a>. Pruitt filed 14 legal challenges to environmental regulations during his tenure as Oklahoma AG.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">CMD sued Pruitt for access to <a href="https://www.exposedbycmd.org/pruitt-emails-key-findings/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">thousands of emails</a> between Pruitt's office and energy interests </span>and <a href="https://www.exposedbycmd.org/2017/02/07/lawsuit-filed-against-trump-nominee-pruitt-polluter-emails/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">sued to stop the emails' destruction</a>. The correspondence records led to <a href="https://www.washingtonpost.com/news/energy-environment/wp/2017/02/22/oklahoma-attorney-generals-office-releases-7500-pages-of-emails-between-scott-pruitt-and-fossil-fuel-industry/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">national coverage</a> of Pruitt's close relationships with Devon Energy, the American Fuel & Petrochemical Manufacturers trade association, the Koch-backed Americans for Prosperity, and other industry interests.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">Pruitt became Trump's director of the EPA in 2017, but his fellow Republican AGs continue to fight Obama's environmental regulations in the courts, buoyed by election support from RAGA.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">In early 2017, as Democratic AGs began to sue the Trump administration, RAGA ramped up its electoral operation, <a href="https://www.reuters.com/article/us-usa-politics-republican-ags-exclusive-idUSKBN16Z1A5" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">ending a longstanding agreement</a> with its Democratic counterpart to refrain from targeting the other party's incumbent AGs.</font></p><h2 style="background-color: rgb(255, 255, 255); line-height: 2em; margin-top: 1em; margin-bottom: 1em; word-spacing: 3.6px;"><font size="4" face="Times New Roman">Arizona</font></h2><p style="margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">In the 2018 Arizona elections, <b>Republican Attorney General Mark Brnovich</b> faced a Democratic challenger, and voters weighed in on a ballot measure to require utility companies to generate 50 percent of their electricity from renewable sources by 2030. Brnovich ran against the measure and was buoyed by </font><font size="4" face="Times New Roman" style="background-color: rgb(255, 204, 102);"><b>Pinnacle West Capital</b>--the holding company that owns Arizona Public Service,</font><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);"> the state's largest public utility--which gave $200,000 to RAGA in the 2018 election cycle. <b>Pinnacle West PAC also donated $7,000 to the Brnovich campaign, and CEO Don Brandt gave $2,500.</b></font></font></font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">RAGA put nearly $3.7 million into Arizona state elections in the 2018 cycle, giving $2.9 million to <b>Arizona for Freedom PAC,</b> which spent most of that on ads, and over $750,000 to the RAGA Arizona PAC, which transferred the money to the state Republican Party.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">Democratic challenger January Contreras had backing from the Democratic Attorneys General Association and the Tom Steyer-linked outside group Clean Energy for a Healthy Arizona, which spent several million dollars supporting her, but she lost a close race to Brnovich.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman"><b>Far more expensive was the ballot measure campaign, the <a href="https://www.azcentral.com/story/news/politics/elections/2018/10/16/arizona-clean-energy-ballot-measure-proposition-127-most-expensive-state-history/1660198002/" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">most costly</a> in Arizona's history</b>. Pinnacle West poured $32.3 million into political group Arizonans for Affordable Electricity, which campaigned against the measure, and Clean Energy for a Healthy Arizona, financed mostly by Steyer's NextGen Climate Action, spent $24 million in favor. The measure lost by a big margin.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman">In 2015, Brnovich and Arizona Public Service <a href="https://www.phoenixnewtimes.com/news/arizona-officially-sues-epa-over-clean-power-plan-7772833" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">joined</a> the multi-state lawsuit against Obama's Clean Power Plan. After Trump was elected, in late 2016, Brnovich joined 23 other states in a letter urging the new president-elect to withdraw the Clean Power Plan.</font></p><p style="background-color: rgb(255, 255, 255); margin: 1.5em 0px; word-spacing: 3.6px;"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman"><font size="4" face="Times New Roman" style="background-color: rgb(255, 255, 102);">Also in 2015, Brnovich <a href="https://thehill.com/policy/energy-environment/258343-five-states-sue-over-ozone-rule" rel="noopener noreferrer" target="blank" style="text-decoration-line: none; font-weight: bold; outline: none; box-shadow: rgb(204, 51, 51) 0px 3px 0px 0px; transition: all 500ms ease-in-out 0s;">led a coalition</a> in suing the EPA over restrictions on ozone, which coal company Murray Energy had also legally challenged.</font></font></font></p><h2 style="background-color: rgb(255, 255, 255); line-height: 2em; margin-top: 1em; margin-bottom: 1em; word-spacing: 3.6px;"><font size="4" face="Times New Roman">Colorado</font></h2></div><p><font size="4" face="Times New Roman">=</font></p><div class="GGD0W3FBB3"><div class="editLabel" aria-hidden="false"><font size="4" face="Times New Roman">Arizona Public Service Company</font></div></div><font size="4" face="Times New Roman"> </font><div class="editLabel" aria-hidden="false"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php?title=Arizona_Public_Service_Company">http://www.sourcewatch.org/index.php?title=Arizona_Public_Service_Company</a></font></div><div><font size="4" face="Times New Roman">==
</font></div><div><font size="4" face="Times New Roman">icn --></font></div><div><font size="4" face="Times New Roman"><a href="http://www.startribune.com/arizona-utility-finally-comes-clean-about-political-spending/509097912/">http://www.startribune.com/arizona-utility-finally-comes-clean-about-political-spending/509097912/</a>
</font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">AP</font></div><div><font size="4" face="Times New Roman">
</font></div><div><font size="4" face="Times New Roman">
<b><span style="background-color: rgb(255, 255, 102);">Facing what it saw as a threat to its

monopoly from a surging rooftop solar industry, Arizona's largest

utility secretly funneled millions of dollars to back favored candidates

for the state commission regulating it.

                                                                        
                                                                        
                                              
                                                                        
                                                            
                        
                                                                        
                </span></b></font><p style=""><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);"><b>Arizona Public Service Co</b>.

recently acknowledged it gave money to groups that spent $3.2 million in

th<b>e 2014 Arizona Corporation Commission races</b>. The disclosure in

filings with the commission came after the utility refused for the past

four years to confirm or deny its participation in the election despite

broad suspicion that it did.</span></font>

<font size="4" face="Times New Roman">The spending raises

questions about whether a regulated monopoly such as APS should be

allowed to contribute money to political causes that could adversely

affect customers, and whether it should be permitted to keep such

spending secret.</font>

<font size="4" face="Times New Roman">"They are still taking

ratepayer money and using it against the ratepayers to jack up their

rates," said Tom Ryan, an attorney in metro Phoenix who has been a

critic of some commission members.</font>

<font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);"><b>The 2014 move by APS and its

owner, <u>Pinnacle West Capital Corp</u>.,</b> was a break from a decades-long

practice by the state's utilities of not meddling in political races

involving their regulators. The utility spent on elections again in 2016

and 2018 but publicly disclosed it.</span></font></p><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">

                                                                        
                                                                        
                                              
                                                                        
                                                            
                        
                                                                        
                </span></font><p style=""><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">The shift led to years of negative press, along with an FBI investigation that continues to this day.</span></font></p><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">

                                                                        
                                                                        
                                              
                                                                        
                                                            
                        
                                                                        
                </span></font><p style=""><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Pinnacle West and APS CEO

Don Brandt was involved in deflecting news reports as the company

funneled a combined $12.8 million to 15 political groups in 2014,

including the <b>$3.2 million that was spent in commission races.</b></span></font>

<font size="4" face="Times New Roman"><b>The utility finally

disclosed the spending late last month after a Democrat who took office

in January joined with other commissioners to demand records</b>.</font>

<font size="4" face="Times New Roman">It<span style="background-color: rgb(255, 255, 102);"> also provided details of

$4.1 million in spending to influence its regulators' 2016 election and

nearly<b> $40 million to defeat a citizens' initiative last year that would

have required that it get much more of its power from solar and other

renewable sources. </b>APS previously acknowledged those contributions.</span></font>

<font size="4" face="Times New Roman">"That was a policy issue

with direct impact on our customers and our business and on Arizona,"

Jenna Rowell, the utility's director of external relations, said of the

2018 spending. "So we got involved in that early, we were up front about

that. In addition to all of the required disclosures, we talked

frequently and openly about why we were getting involved against that

effort."</font>

<font size="4" face="Times New Roman">Brandt was getting updates

from executives overseeing the company's political efforts in the 2014

and 2016 elections, according to documents provided to the commission.</font>

<span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman">Company officials haven't

made Brandt available for interviews. Rowell pointed to a 2014 letter

from the company's then-chief operating officer when asked why it dumped

its long-held policy of not engaging in political races for its

regulators.</font></span>

<font size="4" face="Times New Roman">"As you undoubtedly are

aware, the political landscape is changing," now-retired COO Mark

Schiavoni wrote to two commission candidates who inquired about the

utility's 2014 political spending. "Because of the tactics a number of

organizations are employing to misrepresent important regulatory issues,

we may need to respond in the future to set the record straight on

issues of importance to Arizona, our customers and our company."</font>

<font size="4" face="Times New Roman"><b>One group that received

funding from the utility also spent $704,000 in the 2014 secretary of

state's race, including giving $437,000 to support Republican candidate

Justin Pierce, the son of then-outgoing Commissioner Gary Pierce.</b></font>

<font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">The FBI and U.S. Attorney's

Office launched an investigation tied to the spending, and Pinnacle West

was forced to confirm in its filings with the Securities and Exchange

Commission that it has received grand jury subpoenas for information

"pertaining to the 2014 statewide election races in Arizona for

Secretary of State and for positions on the ACC (Arizona Corporation

Commission)."</span></font>

<font size="4" face="Times New Roman">The FBI confirmed to The

Associated Press that its investigation into political spending in

certain 2014 statewide races remains ongoing, though it declined to

provide details. The U.S. Attorney's Office declined to say whether a

grand jury was still examining the 2014 spending.</font>

<font size="4" face="Times New Roman">Neither APS nor the FBI has disclosed which possible violations of law are being investigated.</font>

<span style="background-color: rgb(255, 255, 102);"><font size="4" face="Times New Roman"><b>Pinnacle West</b> insists no

ratepayer money was spent on its political efforts, but former

Commissioner Bill Mundell said the claim was disingenuous, given that

the company gets nearly all its money from utility customers.</font></span>

<font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">The 2014 effort came as APS

was faced with a growing rooftop solar industry and consumers' embrace

of solar panels that could cut their power use — and the utility's

profits. APS wanted commissioners to lower the amount it had to pay for

power rooftop solar customers sent back to its utility grid. The

commission ultimately did lower that payout for future solar

installations.</span></font></p><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">

                                                                        
                                                                        
                                              
                                                                        
                                                            
                        
                                                                        
                </span></font><p style=""><font size="4" face="Times New Roman"><span style="background-color: rgb(255, 255, 102);">Vernon Parker, who lost his

2014 commission race, said he drew APS' ire by going to a pro-solar

gathering where he gathered campaign petition signatures.</span></font>

<font size="4" face="Times New Roman">"The bizarre thing is that I

would have been fair," Parker said. "Any issue that would have been

raised, I would have asked, 'What does this mean to our ratepayers?'"</font>

<font size="4" face="Times New Roman"><b>Commissioner Andy Tobin, who

was backed by the utility in his 2016 race even though he said he

discouraged it</b>, said APS should have been up front about its 2014

spending and explained its belief that the solar industry posed a threat

to its business.</font>

<font size="4" face="Times New Roman">"That's what they should have done, and I don't know why they didn't," Tobin said.</font></p></div><p><font size="4" face="Times New Roman"> =</font></p><p><font size="4" face="Times New Roman">
</font></p><font size="4" face="Times New Roman">

</font><p><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital">http://www.sourcewatch.org/index.php/Pinnacle_West_Capital</a></font></p><font size="4" face="Times New Roman">

</font><p><font size="4" face="Times New Roman"> </font></p><font size="4" face="Times New Roman">

</font><div id="mw-content-text" dir="ltr" class="mw-content-ltr" style="direction: ltr; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(255, 255, 255);" lang="en">

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4"><b>Pinnacle West Capital Corporation</b><span class="Apple-converted-space"> </span>(NYSE: PNW) is an Arizona-based energy company with consolidated assets of about $11 billion.<span class="Apple-converted-space"> </span><sup id="cite_ref-about_us_1-0" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-about_us-1" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[1]</a></sup></font>

<font face="Times New Roman" size="4">Pinnacle West's largest affiliate,<span class="Apple-converted-space"> </span><a href="http://www.sourcewatch.org/index.php/Arizona_Public_Service_Company" title="Arizona Public Service Company" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Arizona Public Service Company</a><span class="Apple-converted-space"> </span>is the operator and co-owner of the Palo Verde Nuclear Generating Station, is the second fastest growing electric utility in the U.S. over the last five years, and serves more than a million customers in 11 of Arizona’s 15 counties. Other affiliates include SunCor Development Company, a developer of residential, commercial and industrial real estate; APS Energy Services, a retail energy service provider; and El Dorado Investment Company, a venture capital and investment firm.<span class="Apple-converted-space"> </span><sup id="cite_ref-about_us_1-1" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-about_us-1" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[1]</a></sup></font>

<font face="Times New Roman" size="4">In 2010, Pinnacle West Capital had an operating revenue of $3.2 billion.<sup id="cite_ref-2" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-2" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[2]</a></sup><span class="Apple-converted-space"> </span>Its CEO, Donald E. Brandt, received $5.65 million in total compensation in 2010.<span class="Apple-converted-space"> </span><sup id="cite_ref-3" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-3" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[3]</a></sup></font></p>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="Ties_to_the_American_Legislative_Exchange_Council">Ties to the American Legislative Exchange Council</span></font></h2>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font size="4" face="Times New Roman">Pinnacle West is a member of the<span class="Apple-converted-space"> </span><a href="http://www.sourcewatch.org/index.php/American_Legislative_Exchange_Council" title="American Legislative Exchange Council" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">American Legislative Exchange Council</a><span class="Apple-converted-space"> </span>(ALEC).</font>

<font face="Times New Roman" size="4">Pinnacle West's Vice President of Government Affairs, Martin Shultz, represents the corporation as Co-Chair of<span class="Apple-converted-space"> </span><a href="http://www.sourcewatch.org/index.php/ALEC" title="ALEC" class="mw-redirect" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">ALEC</a>'s Energy, Environment and Agriculture Task Force.<span class="Apple-converted-space"> </span><sup id="cite_ref-4" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-4" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[4]</a></sup><sup id="cite_ref-5" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-5" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[5]</a></sup><span class="Apple-converted-space"> </span>In other parts of the ALEC website, Shultz is listed as representing the law & lobbying firm<span class="Apple-converted-space"> </span><a href="http://www.sourcewatch.org/index.php/Brownstein_Hyatt_Farber_Schreck" title="Brownstein Hyatt Farber Schreck" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Brownstein Hyatt Farber Schreck</a>.<span class="Apple-converted-space"> </span><sup id="cite_ref-6" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-6" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[6]</a></sup></font></p>

<table style="vertical-align: top; border: 1px solid rgb(201, 215, 240); background-color: rgb(255, 255, 255);"><tbody><tr><th style="font-weight: bold; border: 1px solid rgb(64, 127, 212); text-align: left; padding: 0.2em 0.4em; background: none 0% 0% repeat scroll rgb(41, 102, 184);"><font size="4" face="Times New Roman">About ALEC</font></th></tr><tr><td>

<div style="padding: 2px 5px;"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/ALEC" title="ALEC" class="mw-redirect" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">ALEC</a><span class="Apple-converted-space"> </span>is a corporate bill mill. It is not just a lobby or a front group; it is much more powerful than that. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. Corporations fund almost all of ALEC's operations. They pay for a seat on ALEC task forces where corporate lobbyists and special interest reps vote with elected officials to approve “model” bills. Learn more at the Center for Media and Democracy's<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://alecexposed.org/" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">ALECexposed.org</a>, and check out breaking news on our<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.prwatch.org/" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">PRWatch.org site</a>.</font></div>

</td></tr></tbody></table>

 </font></p>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="Political_Contributions_and_Lobbying">Political Contributions and Lobbying</span></font></h2>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">In 2010, Pinnacle West's PAC contributed $379,956 to federal House and Senate candidates or their PACs. Their overall <b>contributions were evenly split between Republicans and Democrats</b>.<span class="Apple-converted-space"> </span><sup id="cite_ref-7" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-7" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[7]</a></sup></font>

<font face="Times New Roman" size="4">$71,000 was given to House Democrats and $40,500 to House Republicans. Senate Democrats received $12,500 and Senate Republicans $66,000.<sup id="cite_ref-8" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-8" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[8]</a></sup><span class="Apple-converted-space"> </span>Pinnacle West donated $59,000 to Republican candidate's PACs, and $17,500 to Democrat's PACs; a full list of PAC recipients can be viewed<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.opensecrets.org/pacs/pac2pac.php?cycle=2010&cmte=C00015933" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">HERE</a>.</font>

<font size="4" face="Times New Roman">In 2010, Pinnacle West spent $710,000 on<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.opensecrets.org/lobby/clientsum.php?id=D000000658&year=2010" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">lobbying</a>. A full list of federal bills the company lobbied on can be accessed<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.opensecrets.org/lobby/clientbills.php?id=D000000658&year=2010" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">HERE</a>.</font>

<font size="4" face="Times New Roman">Pinnacle West continues active lobbying within Arizona. Records of company lobbying expenditures in Arizona can be found<a rel="nofollow" class="external text" href="http://www.azsos.gov/scripts/Lobbyist_Search.dll/ZoomPPB?PPB_ID=100445" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">HERE</a>. The Arizona Secretary of State's Office<span class="Apple-converted-space"> </span><a rel="nofollow" class="external autonumber" href="http://www.azsos.gov/election/lobbyist/lobbyist_reg_reporting.htm" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">[1]</a><span class="Apple-converted-space"> </span>defines lobbying as "Attempting to influence the passage or defeat of any legislation by directly communicating with any legislator; or in the case of bonding lobbyists, directly communicating with any school district employee or a school district governing board member or attempting to influence any formal rule making proceeding pursuant to chapter 6 of this title or rule making proceedings that are exempt from chapter 6 of this title by directly communicating with any state officer or employee."</font>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">The utility company also operates three nuclear reactors. Its Palo Verde Nuclear Generating Station in Arizona, the largest nuclear plant in the U.S., came under scrutiny by the Nuclear Regulatory Commission in 2005 when operational problems began to cause prolonged outages. "They have had a problem with human performance, and in properly identifying problems and finding resolution" over the past few years, said Nuclear Regulatory Commission spokesman Victor Dricks, referring to APS. While Dricks said the NRC may put Palo Verde on extra watch, the plant is not considered a danger to public safety.<sup id="cite_ref-seekalpha_9-0" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-seekalpha-9" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[9]</a></sup></font>

Sales/Operating Revenue: $3.3 billion

Net Income: $370 million

Assets: $12.4 billion

Employees: 6,740</font>

Sales/Operating Revenue: $3.2 billion

Net Income: $72 million

Assets: $11.9 billion</font>

Sales/Operating Revenue: $3.2 billion

Net Income: $259 million

Assets: $11.8 billion</font></p>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="Executive_Compensation">Executive Compensation</span></font></h2>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Donald G. Robinson - President and Chief Operating Officer, APS: $4.4 million</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Randall K. Edington - Executive Vice President and Chief Nuclear Officer, APS: $5.3 million</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">James R. Hatfield - Senior Vice President, Chief Financial Officer of the Company and APS: $1.5 million</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">David P. Falck - Executive Vice President, General Counsel and Secretary of the Company and APS: $2 million</font></li>

</ul>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="Pinnacle_West_Capital_Leadership">Pinnacle West Capital Leadership</span></font></h2>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Donald E. Brandt - Chairman of the Board, President and CEO, Pinnacle West Capital Corporation; Chairman and CEO of Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Donald G. Robinson - President and COO, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">David A. Hansen - Vice President of Fossil Operations, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">James R. Hatfield - Senior Vice President and CFO, Pinnacle West Capital Corporation and Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Robert S. Aiken - Vice President, Federal Affairs, Pinnacle West Capital Corporation</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Bob Bement - Senior Vice President of Operations, Palo Verde Nuclear Generating Station, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Kenneth C. Bohlen - Vice President and Chief Information Officer of Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">John Hatfield - Vice President of Communications of Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Denise R. Danner - Vice President of Controller and Chief Accounting; Officer of Pinnacle West Capital Corporation and Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">John Hesser - Vice President of Engineering, Palo Verde Nuclear; Generating Station, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Pat Dinkel - Vice President of Power Marketing and Resource Planning, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Warren Kotzmann - Vice President of Strategic Initiatives & Risk, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Randy Edington - Executive Vice President & Chief Nuclear Officer of Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Maria Lacal - Vice President of Operations Support, Palo Verde; Nuclear, Generating Station®, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">David P. Falck - Executive Vice President of General Counsel & Secretary, Pinnacle West Capital Corporation and Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Tammy McLeod - Vice President & Chief Customer Officer of Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Edward Z. Fox - Vice President & Chief Sustainability Officer of Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Dwight Mims - Senior Vice President of Regulatory and Oversight, Palo Verde Nuclear Generating Station®</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Daniel Froetscher - Vice President of Energy Delivery, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Lee R. Nickloy - Vice President and Treasurer of Pinnacle West Capital Corporation and Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Barbara M. Gomez - Vice President of Supply Chain Management, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Mark A. Schiavoni - Senior Vice President of Fossil Generation, Arizona Public Service Company</font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman">Jeff Guldner - Vice President Rates & Regulation of Arizona Public Service Company</font></li>

</ul>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">Arizona Public Service Company began to pay a cash dividend to shareholders in 1920, and continued the annual dividend without interruption through the 1980s. The stock doubled in price through the long bear market of the 1970s, while paying a 10% dividend yield. By then it had become an electric and natural gas utility fueled 94.4% by coal plants, 5.2% by natural gas, and 0.4% by oil. The company traded its common stock on the New York Stock Exchange, and in 1976, the company issued a preferred stock with a 10.5% dividend, callable in 1990.<sup id="cite_ref-stockguide_15-0" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-stockguide-15" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[15]</a></sup></font>

<font face="Times New Roman" size="4">APS also performed well through the early 1980s recession, reaching peak earnings of over $255 million in 1983. However, by then the company had accumulated over $2.1 billion in long-term debt. 1984 was a down year for both earnings and the stock price, which at its low that year had lost almost half its value from the 1983 peak.<sup id="cite_ref-stockguide_15-1" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-stockguide-15" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[15]</a></sup></font>

<h3 style="font-weight: bold; margin: 0px 0px 0.3em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom-style: none; background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="AZP_Group">AZP Group</span></font></h3>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">In February 1985, Arizona Public Service Company reorganized into a holding company structure, named<span class="Apple-converted-space"> </span><b>AZP Group Inc.</b><sup id="cite_ref-appa_16-0" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-appa-16" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[16]</a></sup><span class="Apple-converted-space"> </span>It traded under the ticker symbol AZP. 1985 earnings reached a new record high at almost $290 million, and by the end of the year the stock price had doubled from its 1984 low.<sup id="cite_ref-stockguide_15-2" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-stockguide-15" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[15]</a></sup></font>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">In 1987, AZP Group changed its name to<span class="Apple-converted-space"> </span><b>Pinnacle West Capital Corporation</b>, and began trading under the new ticker symbol PNW. The utility continued to operate as its principal subsidiary.<sup id="cite_ref-appa_16-1" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-appa-16" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[16]</a></sup><span class="Apple-converted-space"> </span>By then Pinnacle's long-term debt had grown to almost $2.4 billion. Earnings had declined to $260 million in 1986, but were recovering by the end 1987. However, the stock price reached an all-time peak that year, which was not surpassed for the next decade, as the company ran into troubles through the early 1990s.<sup id="cite_ref-stockguide_15-3" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-stockguide-15" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[15]</a></sup></font>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="Power_portfolio">Power portfolio</span></font></h2>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">Out of its total 10,640 MW of electric generating capacity in 2005 (1.0% of the U.S. total), Pinnacle West produced 39.6% from nuclear, 35.2% from natural gas, 24.3% from coal, 1.0% from oil, and 0.1% from solar. Pinnacle West owns power plants in Arizona (86.4% of generating capacity) and New Mexico (13.6%).<sup id="cite_ref-EIA_17-0" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-EIA-17" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[17]</a></sup></font>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="EPA_releases_list_of_44_.22high_hazard.22_coal_ash_dumps">EPA releases list of 44 "high hazard" coal ash dumps</span></font></h2>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">In response to demands from environmentalists as well as Senator Barbara Boxer (D-California), chair of the Senate Committee on the Environment and Public Works, the EPA made public a list of 44 "high hazard potential" coal waste dumps. The rating applies to sites at which a dam failure would most likely cause loss of human life, but does not include an assessment of the likelihood of such an event. Arizona Public Service Company owns 2 of the sites, both of which store coal combustion waste for the<span class="Apple-converted-space"> </span><a href="http://www.sourcewatch.org/index.php/Cholla_Generating_Station" title="Cholla Generating Station" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Cholla Generating Station</a>.<sup id="cite_ref-18" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-18" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[18]</a></sup><sup id="cite_ref-19" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-19" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[19]</a></sup><span class="Apple-converted-space"> </span>To see the full list of sites, see<span class="Apple-converted-space"> </span><a href="http://www.sourcewatch.org/index.php/Coal_waste" title="Coal waste" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Coal waste</a>.</font>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="Existing_coal-fired_power_plants">Existing coal-fired power plants</span></font></h2>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">Pinnacle West owned or co-owned 9 coal-fired generating stations in 2005, with 2,580 MW of capacity. Here is a list of Pinnacle West's coal power plants:<sup id="cite_ref-EIA_17-1" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-EIA-17" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[17]</a></sup><sup id="cite_ref-20" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-20" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[20]</a></sup><sup id="cite_ref-21" class="reference" style=" line-height: 1em; unicode-bidi: -webkit-isolate; font-weight: normal; font-style: normal;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_note-21" style="text-decoration: none; white-space: nowrap; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">[21]</a></sup></font></p>

<table class="wikitable" style="margin: 1em 1em 1em 0px; border: 1px solid rgb(170, 170, 170); border-collapse: collapse; background: none 0% 0% repeat scroll rgb(249, 249, 249);"><tbody><tr><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);"><font size="4" face="Times New Roman">Plant Name</font></th><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);"><font size="4" face="Times New Roman">State</font></th><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);"><font size="4" face="Times New Roman">County</font></th><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);" width="175"><font size="4" face="Times New Roman">Year(s) Built</font></th><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);" width="75"><font size="4" face="Times New Roman">Capacity</font></th><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);" width="100"><font face="Times New Roman" size="4">2007 CO<sub style=" line-height: 1em;">2</sub>Emissions</font></th><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);" width="100"><font face="Times New Roman" size="4">2006 SO<sub style=" line-height: 1em;">2</sub>Emissions</font></th></tr><tr><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);" align="left"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/Four_Corners_Steam_Plant" title="Four Corners Steam Plant" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Four Corners</a></font></th><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="center"><font size="4" face="Times New Roman">NM</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="center"><font size="4" face="Times New Roman">San Juan</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="center"><font size="4" face="Times New Roman">1963, 1964, 1969, 1970</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="right"><font size="4" face="Times New Roman">1452 MW</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="right"><font size="4" face="Times New Roman">14,800,000 tons</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="right"><font size="4" face="Times New Roman">15,192 tons</font></td></tr><tr><th style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em; text-align: center; background: rgb(242, 242, 242);" align="left"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/Cholla_Generating_Station" title="Cholla Generating Station" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Cholla</a></font></th><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="center"><font size="4" face="Times New Roman">AZ</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="center"><font size="4" face="Times New Roman">Navajo</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="center"><font size="4" face="Times New Roman">1962, 1978, 1980, 1981</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="right"><font size="4" face="Times New Roman">1129 MW</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="right"><font size="4" face="Times New Roman">8,026,000 tons</font></td><td style=" border: 1px solid rgb(170, 170, 170); padding: 0.2em;" align="right"><font size="4" face="Times New Roman">21,147 tons</font></td></tr></tbody></table>

<p style=" margin: 0.4em 0px 0.5em; line-height: 1.5em;"><font face="Times New Roman" size="4">In 2006, Pinnacle West's 2 coal-fired power plants emitted 22.8 million tons of CO<sub style=" line-height: 1em;">2</sub><span class="Apple-converted-space"> </span>and 36,000 tons of SO<sub style=" line-height: 1em;">2</sub><span class="Apple-converted-space"> </span>(X% of<span class="Apple-converted-space"> </span><i>all</i><span class="Apple-converted-space"> </span>U.S. SO<sub style=" line-height: 1em;">2</sub><span class="Apple-converted-space"> </span>emissions).</font></p>

<h2 style="font-weight: normal; margin: 0px 0px 0.6em; overflow: hidden; padding-top: 0.5em; padding-bottom: 0.17em; border-bottom: 1px solid rgb(170, 170, 170); background: none 0% 0% repeat scroll rgba(0, 0, 0, 0);"><font size="4" face="Times New Roman"><span class="mw-headline" id="Articles_and_Resources">Articles and Resources</span></font></h2>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><a rel="nofollow" class="external text" href="http://www.priceofoil.org/" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Oil Change International</a></font></li>

</ul>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/Arizona_and_coal" title="Arizona and coal" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Arizona and coal</a></font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/New_Mexico_and_coal" title="New Mexico and coal" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">New Mexico and coal</a></font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/United_States_and_coal" title="United States and coal" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">United States and coal</a></font></li>

<li style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/Global_warming" title="Global warming" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Global warming</a></font></li>

</ul>

<li id="cite_note-about_us-1" style=" margin-bottom: 0.1em;"><font face="Times New Roman" size="4"><span class="mw-cite-backlink">↑<span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-about_us_1-0" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up to:</span>1.0</a></sup><span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-about_us_1-1" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">1.1</a></sup></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.pinnaclewest.com/main/pnw/AboutUs/overview/default.html" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">"about us" page</a>, Pinnacle West website, accessed July 10, 2011.</span></font></li>

<li id="cite_note-2" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-2" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.hoovers.com/company/Pinnacle_West_Capital_Corporation/rrrxxi-1-1njea5.html" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Pinnacle West Capital Financials</a>, Hoovers, accessed July 10, 2011.</span></font></li>

<li id="cite_note-3" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-3" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://people.forbes.com/profile/donald-e-brandt/63913" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Donald E. Brandt profile</a>, Forbes, accessed July 9, 2011.</span></font></li>

<li id="cite_note-4" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-4" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.pinnaclewest.com/main/pnw/aboutus/profiles/shultz.html" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Martin L. Shultz profile</a>, Pinnacle West website, accessed July 9, 2011.</span></font></li>

<li id="cite_note-5" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-5" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.alec.org/Content/NavigationMenu/TaskForces/NaturalResources/default.htm" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Natural Resources Task Force</a>, ALEC website, accessed July 9, 2011 (listing Martin Shultz as representing Pinnacle West).</span></font></li>

<li id="cite_note-6" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-6" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.alec.org/AM/Template.cfm?Section=Natural_Resources1&Template=/CM/HTMLDisplay.cfm&ContentID=16108" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Energy, Environment and Agriculture Task Force</a>, ALEC website, accessed July 9, 2011 (listing Martin Shultz as representing<span class="Apple-converted-space"> </span><a href="http://www.sourcewatch.org/index.php/Brownstein_Hyatt_Farber_Schreck" title="Brownstein Hyatt Farber Schreck" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Brownstein Hyatt Farber Schreck</a>).</span></font></li>

<li id="cite_note-7" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-7" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text">Center for Responsive Politics,<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.opensecrets.org/pacs/pacgot.php?cycle=2010&cmte=C00015933" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Pinnacle West Capital 2010 Contributions Summary</a>, "Open Secrets.gov"</span></font></li>

<li id="cite_note-8" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-8" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text">Center for Responsive Politics,<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.opensecrets.org/pacs/pacgot.php?cycle=2010&cmte=C00015933" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Pinnacle West Capital Contributions 2010</a>, "Open Secrets.gov"</span></font></li>

<li id="cite_note-seekalpha-9" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-seekalpha_9-0" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://seekingalpha.com/article/20935-pinnacle-west-the-peak-of-the-energy-pyramid" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Pinnacle West: The Peak of the Energy Pyramid</a>, SeekingAlpha.com, By Ted Allrich, posted on: November 20, 2006</span></font></li>

<li id="cite_note-10" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-10" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=PNW" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Forbes Pinnacle West Financials</a></span></font></li>

<li id="cite_note-11" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-11" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=PNW" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Forbes Pinnacle West Financials</a></span></font></li>

<li id="cite_note-12" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-12" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=PNW" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Forbes Pinnacle West Financials</a></span></font></li>

<li id="cite_note-13" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-13" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://investing.businessweek.com/research/stocks/people/people.asp?ticker=PNW:US" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Executive Compensation</a>, "Businessweek"</span></font></li>

<li id="cite_note-14" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-14" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.pinnaclewest.com/main/pnw/AboutUs/profiles/default.html" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Management Profiles</a>, "Pinnacle West Capital"</span></font></li>

<li id="cite_note-stockguide-15" style=" margin-bottom: 0.1em;"><font face="Times New Roman" size="4"><span class="mw-cite-backlink">↑<span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-stockguide_15-0" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up to:</span>15.0</a></sup><span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-stockguide_15-1" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">15.1</a></sup><span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-stockguide_15-2" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">15.2</a></sup><span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-stockguide_15-3" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">15.3</a></sup></span><span class="Apple-converted-space"> </span><span class="reference-text">Standard & Poor's Stock Guide, various issues</span></font></li>

<li id="cite_note-appa-16" style=" margin-bottom: 0.1em;"><font face="Times New Roman" size="4"><span class="mw-cite-backlink">↑<span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-appa_16-0" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up to:</span>16.0</a></sup><span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-appa_16-1" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">16.1</a></sup></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.appanet.org/aboutpublic/index.cfm?ItemNumber=2741&sn.ItemNumber=2039" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Compilation of Investor-Owned Utility Transactions - Holding Companies Established</a>, American Public Power Association, (updated 09-03)</span></font></li>

<li id="cite_note-EIA-17" style=" margin-bottom: 0.1em;"><font face="Times New Roman" size="4"><span class="mw-cite-backlink">↑<span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-EIA_17-0" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up to:</span>17.0</a></sup><span class="Apple-converted-space"> </span><sup style=" line-height: 1em;"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-EIA_17-1" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">17.1</a></sup></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.eia.doe.gov/cneaf/electricity/epa/epat2p2.html" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Existing Electric Generating Units in the United States, 2005</a>, Energy Information Administration, accessed April 2008.</span></font></li>

<li id="cite_note-18" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-18" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text">Shaila Dewan,<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.nytimes.com/2009/07/01/science/earth/01ash.html?ref=us" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">"E.P.A. Lists ‘High Hazard’ Coal Ash Dumps,"</a><span class="Apple-converted-space"> </span><i>New York Times,</i><span class="Apple-converted-space"> </span>June 30, 2009.</span></font></li>

<li id="cite_note-19" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-19" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://www.epa.gov/epawaste/nonhaz/industrial/special/fossil/ccrs-fs/index.htm" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Fact Sheet: Coal Combustion Residues (CCR) - Surface Impoundments with High Hazard Potential Ratings,</a><span class="Apple-converted-space"> </span>Environmental Protection Agency, June 2009.</span></font></li>

<li id="cite_note-20" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-20" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text">Environmental Integrity Project,<span class="Apple-converted-space"> </span><a rel="nofollow" class="external text" href="http://www.dirtykilowatts.org/Dirty_Kilowatts2007.pdf" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcaqaaaanowc2aaaatkleqvr4xmxkqqqamawf0x="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAQAAAAnOwc2AAAATklEQVR4XmXKQQqAMAwF0X" xssz9cskiyiifrfcjmmihmigbb5fqdcaqj4j46pzyluwe="XsSz9CSKiyIIFRFcjMmihmiGbB5fqDCaQJ4j46pzYLUWe" cxz6ovbhts0sry2njp="cXZ6OVBhTS0srY2Njp" xxxxzolu6euwaopx1vnwtbe6qqaaaaaelftksuqmcc="XxXXZOLu6EUWAOPX1vnwTBe6qQAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Dirty Kilowatts: America’s Most Polluting Power Plants</a>, July 2007.</span></font></li>

<li id="cite_note-21" style=" margin-bottom: 0.1em;"><font size="4" face="Times New Roman"><span class="mw-cite-backlink"><a href="http://www.sourcewatch.org/index.php/Pinnacle_West_Capital#cite_ref-21" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;"><span class="cite-accessibility-label" style=" top: -99999px; clip: rect(1px 1px 1px 1px); overflow: hidden; position: absolute !important; padding: 0px !important; border: 0px !important; height: 1px !important; width: 1px !important;">Jump up</span>↑</a></span><span class="Apple-converted-space"> </span><span class="reference-text"><a rel="nofollow" class="external text" href="http://carma.org/dig" style="text-decoration: none; padding-right: 13px; background: rgba(0, 0, 0, 0) url(" data:image="data:image" png="png" base64="base64" ivborw0kggoaaaansuheugaaaaoaaaakcayaaacnms="iVBORw0KGgoAAAANSUhEUgAAAAoAAAAKCAYAAACNMs" aaaaveleqvr42n3pgqkaiaheuxdqj3dqj3e6iotpusqcgj4eq5iluile0jil3pecxhchgbhz8kg4hwxau3mzecgeyfnaxp4hqnqpnt7ql0nadpd6whcclvnakksq8iiaaaaaaelftksuqmcc="AAAAVElEQVR42n3PgQkAIAhEUXdqJ3dqJ3e6IoTPUSQcgj4EQ5IlUiLE0Jil3PECXhcHGBhZ8kg4hwxAu3MZeCGeyFnAXp4hqNQPnt7QL0nADpD6wHccLvnAKksq8iiaAAAAAElFTkSuQmCC" no-repeat="no-repeat" scroll="scroll" xmlns:data="data">Dig Deeper</a>, Carbon Monitoring for Action database, accessed June 2008.</span></font></li>

</ol>

</div><font size="4" face="Times New Roman">

</font><div id="catlinks" class="catlinks" style="border: 1px solid rgb(170, 170, 170); padding: 5px; margin-top: 1em; clear: both; text-align: left; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 19.2px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; background-color: rgb(249, 249, 249);">

<div id="mw-normal-catlinks" class="mw-normal-catlinks"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/Special:Categories" title="Special:Categories" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Categories</a>:<span class="Apple-converted-space"> </span>

</font><ul style=" line-height: 1.5em; list-style: none none; margin: 0px 0px 0.5em; padding: 0px; display: inline;"><font size="4" face="Times New Roman">

</font><li style=" margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left-style: none; padding: 0px 0.5em 0px 0.25em; zoom: 1;"><font size="4" face="Times New Roman"><a href="http://www.sourcewatch.org/index.php/Category:ALEC_Exposed" title="Category:ALEC Exposed" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">ALEC Exposed</a></font></li>

<li style=" margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(170, 170, 170); padding: 0px 0.5em; zoom: 1;"><a href="http://www.sourcewatch.org/index.php/Category:Climate_change" title="Category:Climate change" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Climate change</a></li>

<li style=" margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(170, 170, 170); padding: 0px 0.5em; zoom: 1;"><a href="http://www.sourcewatch.org/index.php/Category:Coal_Issues" title="Category:Coal Issues" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Coal Issues</a></li>

<li style=" margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(170, 170, 170); padding: 0px 0.5em; zoom: 1;"><a href="http://www.sourcewatch.org/index.php/Category:Energy" title="Category:Energy" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Energy</a></li>

<li style=" margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(170, 170, 170); padding: 0px 0.5em; zoom: 1;"><a href="http://www.sourcewatch.org/index.php/Category:Companies_listed_on_the_New_York_Stock_Exchange" title="Category:Companies listed on the New York Stock Exchange" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Companies listed on the New York Stock Exchange</a></li>

<li style=" margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(170, 170, 170); padding: 0px 0.5em; zoom: 1;"><a href="http://www.sourcewatch.org/index.php/Category:Corporations" title="Category:Corporations" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Corporations</a></li>

<li style=" margin: 0.125em 0px; display: inline-block; line-height: 1.25em; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(170, 170, 170); padding: 0px 0.5em; zoom: 1;"><a href="http://www.sourcewatch.org/index.php/Category:Power_companies_and_agencies_in_the_United_States" title="Category:Power companies and agencies in the United States" style="text-decoration: none; background: rgba(0, 0, 0, 0) none repeat scroll 0% 0%;">Power companies and agencies in the United States</a></li>

</ul>

</div>

</div><font size="4" face="Times New Roman">

</font><p><font size="4" face="Times New Roman"> </font></p><font size="4" face="Times New Roman">

</font><p><font size="4" face="Times New Roman">==</font></p><font size="4" face="Times New Roman">

</font>

Pinnacle West capit

Attachments