Pinnacle West downgraded at BofA/Merrill As previously reported, BofA/Merrill downgraded Pinnacle West to Neutral from Buy. The firm downgraded shares to reflect contentious rate environment ahead and an uptick in solar installs. Price target is $55.
News For PNW From The Last 14 Days
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APS to close Cholla's Unit 2 by April 2016 if EPA accepts compromise proposal The coal-fired Cholla Power Plant in Joseph City, Ariz., will close its 260-megawatt Unit 2 by April 2016 and stop burning coal at the other APS-owned units by the mid-2020s if the U.S. Environmental Protection Agency approves a compromise proposal offered by APS, the plantís owner. APS also will ask the Arizona Corporation Commission to approve the plan. If EPA approves the APS compromise, it will save more than $350M in potential costs that otherwise would be passed along to customers for emission control upgrades. Potential job losses will likely be mitigated through normal attrition and retirements. APS is the principal subsidiary of Pinnacle West.