Trump, Nippon Steel Reach National-Security Agreement on U.S. Steel Deal — WSJ

Pinnacle West Capital Corp. (PNW) filed a Form 8K - Regulation FD Disclosure - with the U.S Securities and Exchange Commission on June 13, 2025.

As described under Item 8.01 below, Arizona Public Service Company ("APS") filed an application and related schedules for an increase in base rates with the Arizona Corporation Commission (the "ACC") on June 13, 2025 (the "2025 Rate Case"). These materials are posted on Pinnacle West Capital Corporation's ("Pinnacle West") website at http://www.pinnaclewest.com/investors. The information on this website is not incorporated by reference into this report. The ACC docket number is E-01345A-25-0105. On June 13, 2025, APS also issued a press release announcing its filing with the ACC described above. A copy of the press release is attached hereto as Exhibit 99.1.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/764622/000076462225000059/pnw-20250613.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/764622/000076462225000059/0000764622-25-000059-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

Pinnacle West Capital Corp. (PNW) filed a Form 8K - Other Events - with the U.S Securities and Exchange Commission on June 13, 2025.

2025 Rate Case

APS is seeking a net base rate increase of $579.52 million, representing a 13.99% net increase. The requested net increase addresses a total base revenue deficiency of $662.44 million, offset by proposed adjustor transfers of cost recovery to base rates.

The 2025 Rate Case application includes the following proposals:

* A test year comprised of the twelve month period ending on December 31, 2024, including certain pro forma adjustments;

* Twelve months of post-test year plant placed into service from January 1, 2025 through December 31, 2025;

* An original cost rate base of $21.6 billion, which approximates the ACC-jurisdictional portion of the book value of utility assets, net of accumulated depreciation and other credits;

* The following proposed capital structure and costs of capital:

Capital Structure Cost of Capital

Long-term debt 47.65 % 4.26 %

Common stock equity 52.35 % 10.7 %

Weighted-average cost of capital 7.63 %

* A 1% return on the increment of fair value rate base above APS's original cost rate base, as provided for by Arizona law;

* A rate of $0.043881 per kWh for the portion of APS's base rates attributable to fuel and purchased power costs;

* Adjustments to rate designs to reduce cross-subsidization by certain customer classes;

* Modification of cost allocation methodologies based on customer growth to ensure customers causing new production costs are covering those costs through rates, along with corresponding changes to adjustor mechanisms, such as for fuel and purchased power;

* Implementation of a "Formula Rate Adjustment Mechanism" to assist with reducing regulatory lag and allow for rate gradualism;

* Elimination of the Lost Fixed Cost Recovery Adjustment Mechanism following the first annual adjustment pursuant to the Formula Rate Adjustment Mechanism; and

* Modification to the System Reliability Benefit Mechanism due to the Formula Rate Adjustment Mechanism proposal.

APS requested that the increase become effective in the second half of 2026. APS cannot predict the outcome of its request nor when the 2025 Rate Case will be decided by the ACC.

Forward-Looking Statements

This Report on Form 8-K and the application and related schedules for an annual increase in retail base rates filed with the ACC on June 13, 2025 contain 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" and similar words. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by us. A discussion of some of these risks and uncertainties is contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other Securities and Exchange Commission filings and are available on our website at http://www.pinnaclewest.com, which you should review carefully before placing any reliance on our forward-looking statements or disclosures. We assume no obligation to update any forward-looking statements, even if our internal estimates change, except as may be required by applicable law.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/764622/000076462225000059/pnw-20250613.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/764622/000076462225000059/0000764622-25-000059-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

The Standard & Poor's 500 index fell 0.4% this week as tensions between Israel and Iran reached a boiling point.

The S&P 500 finished the week at 5,976.97, breaking its two-week winning streak, though it remains up 1.1% for June and 1.6% in 2025.

Israel launched attacks on Iran early Friday morning, killing Iran's senior-most military leaders. Iran reportedly retaliated, firing missiles toward Israel. Iranian media said its government will not participate in talks scheduled with US officials this weekend.

The attacks follow long-simmering tensions between the countries.

Oil futures jumped more than 7% on Friday after the attack, on concerns that the conflict will curb oil shipments from the Middle East.

The week had been upbeat as the US and China agreed to a trade framework following two days of talks in London. China will resume rare earth and magnet shipments, though it will put a six-month limit on the shipments in a bid to maintain leverage should trade tensions sour. US President Donald Trump announced the deal, pending approval from both leaders.

US consumer sentiment jumped to 60.5 in June, significantly exceeding May's 52.2 and consensus forecasts. One-year inflation expectations fell to 5.1% from 6.6%, while five-year expectations also declined, indicating easing consumer concerns about future price increases.

Inflation in May unexpectedly slowed to 0.1% month-over-month, below the 0.2% Bloomberg consensus, driven by lower energy prices. Annually, the Consumer Price Index accelerated to 2.4%, matching expectations, up from April's 2.3%.

Producer prices rose 0.1% in May, the first increase in three months, according to the Bureau of Labor Statistics. Last month's rebound fell short of the 0.2% Bloomberg consensus

Most sectors rose this week, led by a 5.7% increase in energy and a 1.2% increase in healthcare.

APA , Halliburton , and ConocoPhillips led the rally in energy, each climbing over 10%.

Halliburton said it was selected by Repsol Resources to support the full lifecycle of the Spanish company's assets in the North Sea.

Eli Lilly was up 6.4%, the company's Chief Financial Officer, Lucas Montarce, said it will only partner with telehealth firms that stop selling copycat versions of its weight-loss drug Zepbound.

Financials declined by 2.6% and industrials fell 1.6% this week.

Visa fell 4.7% while Mastercard fell 4.8%, after several companies were reported to be considering their own stablecoins in the US. Walmart , Amazon , Expedia , and several major airlines have been weighing plans to launch stablecoins, according to The Wall Street Journal's report.

Next week, earnings reports are expected from companies including Haleon , Ferrovial , and Accenture .

Economic data will include May's US retail sales, import price index, and industrial production as well as June's home builder confidence index.

Northwest Pipe Co. (NWPX) filed a Form 8K - Changes to Articles of Incorporation or Bylaws; Change in Fiscal Year - with the U.S Securities and Exchange Commission on June 13, 2025.

At the Annual Meeting of Shareholders of NWPX Infrastructure, Inc. (the "Company") on June 12, 2025 (the "2025 Annual Meeting"), the Company's shareholders approved an amendment to the Company's Articles of Incorporation to change the corporate name from Northwest Pipe Company to NWPX Infrastructure, Inc. (the "Name Change"). On June 12, 2025, the Company effectuated the Name Change by filing articles of amendment of the Articles of Incorporation with the Oregon Secretary of State. The Company also amended its Bylaws on the same day to reflect the Name Change. Copies of the Second Amendment to Second Restated Articles of Incorporation and Amendment to Amended and Restated Bylaws are filed as Exhibit 3.1 and Exhibit 3.2, respectively, hereto and are incorporated by reference herein. The only change to the Company's Amended and Restated Articles of Incorporation and Amended and Restated Bylaws is the change of the corporate name from Northwest Pipe Company to NWPX Infrastructure, Inc. in each document.

The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1001385/000143774925020329/nwpx20250421c_8k.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1001385/000143774925020329/0001437749-25-020329-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.