Jeffrey B. Guldner
Chairman of the Board, President and Chief Executive Officer at Pinnacle West Capital
Great. Thanks, Amanda, and thank you all for joining us today. Second quarter financials were positively impacted by a number of things, the implementation of new customers, weather and increased sales growth. Before Andrew discusses the details of our second quarter results, I'll provide a few updates on recent operational and regulatory developments, starting with our operations.
As we progress through the summer season, I'm really proud to say our team continues to excel in delivering reliable service to our customers. In fact, we just experienced the hottest June on record in Phoenix, with an average high temperature over 109 degrees, and an average overnight temperature of 85 degrees. According to the National Weather Service, the average high temperature in Phoenix during the second quarter was 98 degrees Fahrenheit, which is an increase of 2% over the same period last year and 1.4% above the 10-year historical average. The number of residential degree cooling days, sorry, the residential cooling degree days, that's a utility measure of the effects of weather in this year's second quarter increased 53% compared to the same period a year ago. It was 24% higher than historical 19-year averages.
Our robust planning, resource procurement efforts, and our dedicated team have allowed us to provide exceptional service to our customers during this unrelenting summer season, and I really do want to recognize our operators and our field teams for doing an exceptional job, making sure our customers continue to have reliable service through this persistent heat.
With the extreme weather we experience each summer, it remains important as ever that we continue to assist our communities through heat relief support programs. We've partnered with local community organizations to aid the state's most vulnerable populations, and this support includes a collaboration with the foundation for Senior Living, where we offer emergency repair replacement of AC systems during the hot summer months, the Salvation Army's network of cooling and hydration stations across Arizona, and an emergency shelter and eviction protection program in partnership with St. Vincent de Paul.
We also offer a variety of assistance programs for those who are struggling with their bill. These resources include the Energy Support program, which provides limited income customers with up to a 60% discount on their monthly bill, crisis bill assistance that provides up to $1,000 annually to qualified limited income customers who experience unexpected financial hardships, and project share, which is a Salvation Army administered service, providing up to $500 annually in emergency bill assistance.
We plan years in advance to serve customers with reliable and affordable energy. Our resource planners secure a diverse energy mix to meet demand, like things like solar and wind, and rely on the energy provided by our share of the Palo Unit nuclear generating station when temperatures cause demand to increase, APS's strength and resilience comes from using flexible resources like natural gas and energy storage to keep homes and businesses cool over long stretches of extreme heat.
We've taken all of the above approach to provide the most affordable and reliable service when our customers need us the most. And as part of our vigorous planning, we've recently executed agreements on multiple projects resulting from our 2023 All-Source RFP to be online between 2026 and 2028, and that includes over 400 APS owned resources, and those are already reflected in our capital plan. We're still in negotiations on additional projects and we look forward to announcing those in the future. And we are always seeking the best combination of resources to serve our customers reliably, while not sacrificing affordability and continuing to build towards our clean energy future.
Additionally, we remain focused on providing exceptional customer service. I'm proud to share that through the first two quarters of the year, the 2024 J.D. Power Residential and Business survey results have placed us in the first quartile compared to peers. We've made remarkable progress over the past few years moving from fourth quartile to first, and I can absolutely say that progress would not have happened without the dedication and commitment of our hard working employees across the company.
Turning to regulatory update. The commission has continued to progress in the regulatory lag docket. At the July open meeting, the commission unanimously voted to hold additional workshops and the next workshop is scheduled for October 3rd. Commission staff stated that the workshops will be focused on formula rates and future test years with experts sharing their experience with each of these regulatory structures, and we'll continue to work with the commission and stakeholders on this important issue of reducing regulatory lag in Arizona.
We've made solid progress through the first half of this year, improving our customer experience, enhancing our stakeholder relationships, and executing on regulatory priorities, and we look forward to continuing to provide exceptional service for our customers through the balance of the year.
And with that, I'll turn the call over to Andrew.
