Arizona panel votes to reduce utility’s potential profits

PHOENIX (AP) — Arizona regulators are moving to reduce the potential profits of the state’s largest electricity provider as part of a pending rate-setting case that also includes major coal-related issues. The Corporation Commission voted 4-1 Wednesday to reduce Arizona Public Service Co.’s authorized profit on expenses to 8.7%, from 10%. Commissioner Justin Olson said a 8.7% return was an appropriate response to the utility’s performance on customer issues. The commission voted to further consider whether to charge ratepayers for emissions upgrades to the Four Corners Generating Station in New Mexico, and on whether to use ratepayer money to pay $100 million to Navajo Nation communities affected by coal plant closures.