SUGAR LAND, TX -- (Marketwire) -- 06/08/11 -- Written by John Egan for Industrial Info Resources (Sugar Land, Texas) -- An aggressive, multibillion-dollar renewable energy construction program is progressing in Arizona. Now, the state's largest utility is asking regulators to allow an electric rate increase to pay for the new construction.
On June 1, Arizona Public Service Company (APS) (Phoenix, Arizona), a unit of Pinnacle West Capital Corporation (NYSE:PNW) (Phoenix), asked Arizona utility regulators to increase its electric rates by 6.6%, starting next summer, to begin paying for new solar and wind generation. The new generation is being built to meet the terms of a 2009 settlement requiring renewable energy to account for 10% of APS' electricity by 2015. Separately, Arizona enacted a renewable energy standard (RES) that requires utilities to get 15% of their electricity from renewable generation by 2025.
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