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PHOENIX--(BUSINESS WIRE)--Nov 20, 2024--
Arizona Public Service (APS) has signed agreements to add new energy supplies to its energy mix – APS’s largest-ever planned addition of new power sources. In all, APS will add nearly 7,300 megawatts (MW) of renewable power, battery energy storage and natural gas to meet the state's growing demand for energy. Picture this, that’s enough electricity to run nearly 1.4 million air conditioners at the same time. The deals, inked through its 2023 All Source Request for Proposals (ASRFP), will add new generation resources and expand existing power plants and power purchase agreements.
“With almost 7,300 MW of energy signed, this will be the largest energy supply we’ve ever procured through an RFP for APS customers. Most importantly, this portfolio will provide reliable, cost-competitive electricity, with 93% of this supply coming directly from clean energy technologies. I’m proud of our resource acquisition team’s diligent work to close the best project deals with the most value for our customers,” said Brian Cole, APS Vice President of Resource Management.
What’s in store for APS customers?
Through APS’s 2023 ASRFP, customers can anticipate a diverse mix of projects in operation as soon as 2026. The ASRFP is a unique market solicitation tool designed to allow respondents to submit project proposals for a broad range of technologies, with proposals then ranked and scored against one another according to their customer value. Projects include:
Solar Power
Battery Energy Storage
Wind Power
Natural Gas
What’s next for APS’s energy grid and resource mix?
APS resource planners expect peak customer demand to grow to more than 13,000 MW by 2038. For perspective, it took APS 140 years to reach 8,200 MW of peak demand, and customer needs will increase by 60% in only 14 years. To prepare for this growing demand, APS is conducting a 2024 ASRFP.
This ASRFP is open to all technologies, and APS is seeking approximately 2,000 MW of resources. APS is targeting projects that can be in service beginning as early as 2028 and will explore longer range opportunities that can be in service into the 2030s. Project proposals will be reviewed through a transparent process monitored by an independent third party and will be evaluated against several customer-focused benchmarks, including reliability and cost-competitiveness. For more information on how to submit a project proposal, visit aps.com/rfp.
APS serves approximately 1.4 million homes and businesses in 11 of Arizona’s 15 counties, and is a leader in delivering reliable, affordable and clean energy in the Southwest. The company is committed to serving customers with 100% clean power by 2050. As owner and operator of Palo Verde Generating Station, one of the nation’s largest producers of carbon-free electricity, and with one of the country’s most substantial renewable energy portfolios, APS’s current energy mix is 51% clean. With headquarters in Phoenix, APS is the principal subsidiary of Pinnacle West Capital Corp. (NYSE: PNW).
Forward-Looking Statements
This news release contains forward-looking statements based on current expectations. These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project," "anticipate," "goal," "seek," "strategy," "likely," "should," "will," "could," and similar words. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. Several factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS. These factors include, but are not limited to:
View source version on businesswire.com:https://www.businesswire.com/news/home/20241120776316/en/
CONTACT: Media Contact: Yessica del Rincon
Website:aps.com/newsroom
KEYWORD: ARIZONA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: ALTERNATIVE ENERGY ENERGY UTILITIES OIL/GAS
SOURCE: Arizona Public Service
Copyright Business Wire 2024.
PUB: 11/20/2024 07:30 AM/DISC: 11/20/2024 07:32 AM
http://www.businesswire.com/news/home/20241120776316/en