APS 2012 Annual Report Download - page 9

We are investing in utility-scale solar power through our AZ Sun program. Two new projects totaling
24 megawatts began operation in 2012. In addition, more customers took advantage of incentives for
rooftop solar in 2012 than in the past two years combined. This growth occurred despite steadily
declining incentive levels, demonstrating the continued maturation of the market in Arizona.
Our portfolio of power purchase agreements for solar energy will take a leap forward later this year
when the Solana Generating Station begins operation, becoming the largest solar plant in the United
States. APS will purchase the entire 250-megawatt output of the plant, which uses concentrated solar
thermal technology to produce power.
BUILDING ON MOMENTUM
We entered 2013 with considerable momentum at our backs, but only a commitment to continuous
improvement will sustain our performance for the long term. I am confident our seasoned management
team and talented employees are up to the challenge.
Our employees are nearly as well known throughout the state for their community service, philanthropy
and good citizenship as they are for providing reliable power. It speaks to the special nature of our role
as the Arizona Public Service Company. We have been providing power for 25 years longer than Arizona
has been a state, making us one of the oldest local businesses around. We embrace that our future is
Arizona’s future.
This is all part of doing business the right way – for customers, the communities we serve,
the environment, and for you, our owners.
Thank you for your interest and investment in Pinnacle West.
DONALD E. BRANDT
Chairman, President and Chief Executive Officer
March 4, 2013
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