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our ability to achieve timely and adequate rate recovery of our costs through our rates and adjustor recovery mechanisms, including returns on and of debt and equity capital investment;
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our ability to meet renewable energy and energy efficiency mandates and recover related costs;
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the ability of APS (as defined below) to achieve its clean energy goals (including a goal by 2050 of 100% clean, carbon-free electricity) and, if these goals are achieved, the impact of such achievement on APS, its customers, and its business, financial condition, and results of operations;
•
risks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainty;
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current and future economic conditions in Arizona;
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the direct or indirect effect on our facilities or business from cybersecurity threats or intrusions, data security breaches, terrorist attack, physical attack, severe storms, or other catastrophic events, such as fires, explosions, pandemic health events, or similar occurrences;
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the development of new technologies which may affect electric sales or delivery, including as a result of delays in the development and application of new technologies;
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the cost of debt, including increased cost as a result of rising interest rates, and equity capital and the ability to access capital markets when required;
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environmental, economic, and other concerns surrounding coal-fired generation, including regulation of greenhouse gas emissions;
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volatile fuel and purchased power costs;
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the investment performance of the assets of our nuclear decommissioning trust, pension, and other postretirement benefit plans and the resulting impact on future funding requirements;
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the liquidity of wholesale power markets and the use of derivative contracts in our business;
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potential shortfalls in insurance coverage;
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new accounting requirements or new interpretations of existing requirements;
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generation, transmission and distribution facility and system conditions and operating costs;
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the ability to meet the anticipated future need for additional generation and associated transmission facilities in our region;
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the willingness or ability of our counterparties, power plant participants and power plant landowners to meet contractual or other obligations or extend the rights for continued power plant operations; and
•
restrictions on dividends or other provisions in our credit agreements and Arizona Corporation Commission orders.
The forward-looking statements speak only as of the date of this prospectus and, unless required by federal securities laws, we assume no obligation to update any of these forward-looking statements. We generally update these factors in each of our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. We claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for any forward-looking statements contained in this prospectus.