(Reuters) – Pinnacle West Capital Corp posted a quarterly profit from year-ago loss on Thursday, on the back of customer growth, increased sales and new rates.Utility companies use General Rate Case (GRC) proceedings to increase consumer electricity prices to ask for an increase in rates on the basis of its total cost of providing service.The Phoenix, Arizona-based utility said it also benefited from the utility’s 2019 rate case and higher income due to the sale of a former subsidiary along with the impact of new retail base rates which took effect on March 8.Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to approximately 1.4 million Arizona homes and businesses.Pinnacle sai …
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