May 1 (Reuters) - U.S. utility Pinnacle West Capital PNW.N on Thursday swung to a loss in the first quarter, hurt by higher operating and interest costs.
The Phoenix, Arizona-based company's operating and maintenance costs rose due to new power plants and intangible assets.
Higher-for-longer interest rates also hurt utilities, which typically need higher capital to construct and maintain infrastructure such as grids.
The company said its total operating expenses rose to $975.1 million during the first quarter, from $884.9 million during the same reporting period a year ago.
Its total interest costs rose to $94.8 million during the quarter, from $86.6 million a year ago.
Shares of the company were down marginally in morning trade.
The utility, however, said the number of retail customers grew 2.3% in Arizona, where electricity demand is accelerating, partly driven by multibillion-dollar semiconductor plants coming online.
Pinnacle West's main subsidiary, which serves 1.4 million customers primarily in Arizona, expects to add 9,805 megawatts (MW) of renewable power, battery storage and natural gas between 2025 and 2028, with over 90% projected to be carbon-free, the company said in February.
It posted a net loss of $4.6 million, or 4 cents per share, for the quarter ended March 31, compared with a year-ago profit of $16.9 million, or 15 cents per share.
(Reporting by Arunima Kumar and Khusbu Jena in Bengaluru; Editing by Sahal Muhammed)
((Khusbu.Jena@thomsonreuters.com;))
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。