Core Insights - The company achieved 2025 earnings of $5.05 per share, landing in the upper half of guidance despite a $0.71 year-over-year headwind from milder weather compared to the record heat of 2024 [1] Financial Performance - The company managed robust 5% weather-normalized sales growth in 2025, fueled by a 7.5% increase in commercial and industrial (C&I) demand and the highest residential meter installations in 20 years [1] Operational Excellence - The Palo Verde nuclear plant operated at 100% summertime capacity factor and achieved top-quartile residential customer satisfaction scores [1] Cost Management - A disciplined cost-management strategy delivered a 3.3% year-over-year decrease in O&M per megawatt-hour, aiming to offset inflationary pressures and regulatory lag [1] Strategic Initiatives - The company advanced the 'growth pays for growth' strategy by proposing new high-load factor tariffs to ensure large industrial customers contribute appropriately to grid expansion costs [1] Market Expansion - Capitalized on Arizona's industrial expansion, specifically citing TSMC's multi-fab development and a 900-acre land acquisition as primary drivers for infrastructure requirements [1]