Phoenix, Ariz. – The Arizona Corporation Commission today released its Annual Report for fiscal year 2023-24, highlighting the agency’s activities and accomplishments for the past year.

“Arizona is now vastly improved by credit agencies when it comes to utility investments.   This in turn has driven down our utility borrowing rates and improved their access to capital markets,” said Jim O’Connor, Chairman.  “As a result, this has lowered the cost to ratepayers for the investments our utilities must make to deliver reliable, affordable electricity, water and natural gas and meet our State’s growing economic demands.”

The report lays out the Commission’s work to vigorously ensure safe, reliable and affordable utility services, ensure the safety of railroad and pipeline systems, grow Arizona’s economy by helping local entrepreneurs start business, and protect citizens by enforcing an ethical securities marketplace.

In FY 2023-24, the ACC’s many achievements include improving Arizona’s utility regulatory environment, reducing regulatory lag, restructuring Divisions to optimize productivity, and investing in new technology.  

“It has been a year of transformational change, a year of growth, and a year of core enhancements at the Commission,” said Doug Clark, Executive Director.

As part of its work to ensure safe, reliable and affordable utility services, the ACC in FY 2023-24:

• Advanced Arizona’s national regulatory ratings from the bottom to the top of the Third Tier, ultimately resulting in lower borrowing rates for Arizona utilities, allowing for maximum investments in building new infrastructure to meet the state’s growing population and needs, and mitigating cost increases for customers.
• Implemented new cost recovery mechanism, the System Reliability Benefit, to reduce regulatory lag and move major utility projects forward sooner.
• Managed the growth and maintained stability of the state’s electric grid under extreme weather conditions.  Arizona utilities continue to plan for and meet peak demands and our grid has endured the higher loads along with the intense summer heat.

 Additionally, the ACC continued to prioritize public participation, looking to learn and hear from Arizonans through the Commission’s Open Meetings, public comment meetings, and consumer comment dockets.  

“Leadership of the Commission will continue to evolve and transform our policies, procedures, training, and technology to ensure Arizona is poised to successfully manage the extraordinary growth in our population and economy – which show no signs of slowing down,” said Clark.

 To view the Commission’s Annual Report for fiscal year 2023-24, click here: