Pinnacle West Capital Corp is a holding company whose principal subsidiary, Arizona Public Service (APS), is a vertically integrated electric utility. APS generates, transmits, and distributes electricity to residential, commercial, industrial, and government customers across roughly 35,000 square miles in central Arizona, including the Phoenix metropolitan area. The utility owns or leases a diversified generation portfolio that includes natural gas, coal, solar, and nuclear resources, most notably a minority ownership interest in the Palo Verde Nuclear Generating Station. APS also operates transmission and distribution infrastructure and sells wholesale power. Revenue comes primarily from regulated retail electricity sales, with rates set by the Arizona Corporation Commission, supplemented by wholesale sales and other utility services. Pinnacle West also holds other subsidiaries supporting its utility operations.

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