Business & Money
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important, however, it OK'd an agreement whereby APS would add five newly acquired power plants into rate base, minimizing the need to rely on purchased power, in view of rising wholesale power prices in the West. ()
In a key feature of the settlement, APS agreed not to build any new plants until 2015 (subject to an exception if the need should arise to maintain reliability). At the same time, the PUC transferred five new state-of-the-art, gas-fired power plants built by the utility's parent company, Pinnacle West Energy Corp., to the utility, thereby boosting rate base by some $700 million on evidence that the plants had served ratepayers ever since the start of operations.