Pinnacle West(US:PNW)2021-02-27 01:23Financial Performance - Full-year 2020 EPS was $4.87, compared to $4.77 in 2019[9] - Excluding the Arizona Attorney General Settlement, 2020 EPS would have been $5.04[7, 19] - Adjusted gross margin increased by $1.17, contributing positively to the EPS variance for the full year 2020 compared to 2019[22] - Adjusted operations and maintenance (O&M) decreased by $0.16, contributing positively to the EPS variance for the full year 2020 compared to 2019[21] - The AZ Attorney General Settlement had a negative impact of $(0.17) on earnings per share[9] Capital Expenditures and Rate Base - APS projects capital expenditures of $1.5 billion per year from 2021 to 2023[51] - The company anticipates an average annual rate base growth of approximately 6%[57] - The total approved rate base includes 80% generation & distribution and 20% transmission[58] Clean Energy and Resource Planning - APS is committed to 100% clean, carbon-free electricity by 2050[66] - APS aims for 65% clean energy by 2030, with 45% renewable energy[66] - The company plans to end its use of coal-fired generation by the end of 2031[66]