Pinnacle West Capital Corp., the parent company of Arizona Public Service Co., is forming a new subsidiary that will attempt to land big power-line deals and potentially other business.
Ryan Randazzo, The Arizona Republic reports Pinnacle West announced the formation of Bright Canyon Energy during its quarterly conference call July 31. The first project the subsidiary hopes to land is the Delaney-Colorado River 500-kilovolt transmission line recently approved by California regulators.
For this project, estimated to cost about $338 million, Bright Canyon has formed a joint venture with MidAmerican Transmission, a subsidiary of energy companies owned by Warren Buffett’s Berkshire Hathaway.
The new venture won’t affect APS utility customers, though it could generate new lines of revenue for the parent company, said Jason Smith, Pinnacle West director of corporate development.
Related: The Argument for Why Utilities Should Give Up Operational Control of the Distribution Grid
If you’d like to discuss energy issues, contact Court Rich, director of Rose Law Group’s Renewable Energy Department at crich@roselawgroup.com
