What is the current annual CAPEX of PNW?

As of today, PNW annual CAPEX is $2.62B

What is 1-year change in PNW annual CAPEX?

PNW annual CAPEX is up +16.69% year-over-year

What is 3-year change in PNW annual CAPEX?

PNW annual CAPEX is up +53.71% over the past 3 years

How far is PNW annual CAPEX from its all-time high?

PNW annual CAPEX is currently at its all-time high

How does PNW annual CAPEX rank versus sector peers?

PNW annual CAPEX is higher than 66.67% of companies in Utilities sector

When is PNW next annual earnings release?

The next annual earnings release for PNW is on February 25, 2027

What is the current quarterly CAPEX of PNW?

As of today, PNW quarterly CAPEX is $734.60M

What is PNW quarterly CAPEX most recent change?

PNW quarterly CAPEX was up +0.81% on September 30, 2026

What is 1-year change in PNW quarterly CAPEX?

PNW quarterly CAPEX is up +17.91% year-over-year

How far is PNW quarterly CAPEX from its all-time high?

PNW quarterly CAPEX is currently at its all-time high

How does PNW quarterly CAPEX rank versus sector peers?

PNW quarterly CAPEX is higher than 64.71% of companies in Utilities sector

When is PNW next earnings release?

The next earnings release for PNW is on February 25, 2027

What is the current TTM CAPEX of PNW?

As of today, PNW TTM CAPEX is $2.76B

What is PNW TTM CAPEX most recent change?

PNW TTM CAPEX was up +4.21% on September 30, 2026

What is 1-year change in PNW TTM CAPEX?

PNW TTM CAPEX is up +11.04% year-over-year

How far is PNW TTM CAPEX from its all-time high?

PNW TTM CAPEX is currently at its all-time high

How does PNW TTM CAPEX rank versus sector peers?

PNW TTM CAPEX is higher than 63.73% of companies in Utilities sector

When is PNW next earnings release?

The next earnings release for PNW is on February 25, 2027

PNW CAPEX History & Chart Since 1980

Annual CAPEX

$2.62B$375.42M+16.69%

December 31, 2025

Summary

Current Value: As of today, PNW annual CAPEX is $2.62B, up +16.69% on December 31, 2025
Historical Performance: PNW annual CAPEX is up +53.71% over the past 3 years, up +97.85% over the past 5 years
All-Time High Comparison: PNW annual CAPEX is currently at its all-time high
3-Year Low Comparison: PNW annual CAPEX is +53.71% above its 3-year low of $1.71B reached on an earlier date
Sector Comparison: PNW annual CAPEX is higher than 66.67% of companies in Utilities sector

CAPEX Chart

beforeafter

Performance

PNW Performance
Metric	Date	Value	1Y	3Y	5Y	15Y
Annual CAPEX	Dec 31, 25	$2.62B	+16.7%	+53.7%	+97.8%	+250.7%
Quarterly CAPEX	Sep 30, 26	$734.60M	+17.9%	+85.3%	+125.8%	+187.0%
TTM CAPEX	Sep 30, 26	$2.76B	+11.0%	+58.2%	+102.7%	+229.1%
Price	Nov 12, 26	$107.03	+20.5%	+55.3%	+61.9%	+128.3%
	Dec 31, 25	$1.81B	+12.1%	+45.4%	+86.8%	+140.5%
	Dec 31, 25	-$819.52M	-28.2%	-75.8%	-127.5%	-10000.0%
	Dec 31, 25	-$2.58B	-33.3%	-59.3%	-101.7%	-347.6%
	Dec 31, 25	$31.68B	+16.3%	+39.4%	+58.3%	+156.3%
	Dec 31, 25	$969.62M	+1.4%	+18.6%	+41.3%	+105.1%

CAPEX Highs

PNW Annual CAPEX Highs Comparison
Period	High	Date	Current
3Y	$2.62B	Dec 31, 25	at high
5Y	$2.62B	Dec 31, 25	at high
All	$2.62B	Dec 31, 25	at high

CAPEX Lows

PNW Annual CAPEX Lows Comparison
Period	Low	Date	Current
3Y	$1.71B	N/A	+53.7%
5Y	$1.33B	N/A	+97.8%
All	$182.69M	Dec 31, 91	+1336.7%

CAPEX History

Year	Value	Change
2025	$2.62B	+16.7%
2024	$2.25B	+21.8%
2023	$1.85B	+8.1%
2022	$1.71B	+15.9%
2021	$1.47B	+11.1%
2020	$1.33B	+11.3%
2019	$1.19B	+1.1%
2018	$1.18B	-16.4%
2017	$1.41B	+10.5%
2016	$1.28B	+16.8%
2015	$1.09B	+20.0%
2014	$910.63M	-10.4%
2013	$1.02B	+14.3%
2012	$889.55M	+0.6%
2011	$884.35M	+18.2%
2010	$748.37M	-2.1%
2009	$764.61M	-18.3%
2008	$935.58M	+1.9%
2007	$918.58M	+24.5%
2006	$737.78M	-9.9%
2005	$818.58M	+51.9%
2004	$538.84M	-22.3%
2003	$693.48M	-22.6%

Year	Value	Change
2002	$895.52M	-13.9%
2001	$1.04B	+58.0%
2000	$658.61M	+91.8%
1999	$343.45M	+7.6%
1998	$319.14M	+3.7%
1997	$307.88M	+19.1%
1996	$258.60M	-12.6%
1995	$295.77M	+15.8%
1994	$255.31M	+8.7%
1993	$234.94M	+4.7%
1992	$224.42M	+22.8%
1991	$182.69M	-29.5%
1990	$259.28M	-13.7%
1989	$300.35M	+13.3%
1988	$265.16M	-50.7%
1987	$537.45M	-44.1%
1986	$961.93M	+86.0%
1985	$517.08M	+26.4%
1984	$408.94M	-29.1%
1983	$576.69M	+5.4%
1982	$547.27M	-2.0%
1981	$558.45M	+10.8%
1980	$504.12M	-

FAQ

What is the current annual CAPEX of PNW?: As of today, PNW annual CAPEX is $2.62B
What is 1-year change in PNW annual CAPEX?: PNW annual CAPEX is up +16.69% year-over-year
What is 3-year change in PNW annual CAPEX?: PNW annual CAPEX is up +53.71% over the past 3 years
How far is PNW annual CAPEX from its all-time high?: PNW annual CAPEX is currently at its all-time high
How does PNW annual CAPEX rank versus sector peers?: PNW annual CAPEX is higher than 66.67% of companies in Utilities sector
When is PNW next annual earnings release?: The next annual earnings release for PNW is on February 25, 2027

Quarterly CAPEX

$734.60M$5.94M+0.81%

September 30, 2026

Summary

Current Value: As of today, PNW quarterly CAPEX is $734.60M, up +0.81% on September 30, 2026
Historical Performance: PNW quarterly CAPEX is up +17.91% year-over-year, up +85.35% over the past 3 years
All-Time High Comparison: PNW quarterly CAPEX is currently at its all-time high
3-Year Low Comparison: PNW quarterly CAPEX is +85.35% above its 3-year low of $396.33M reached on an earlier date
Sector Comparison: PNW quarterly CAPEX is higher than 64.71% of companies in Utilities sector

Performance

PNW Performance
Metric	Date	Value	3M	1Y	3Y	5Y
Quarterly CAPEX	Sep 30, 26	$734.60M	+0.8%	+17.9%	+85.3%	+125.8%
Annual CAPEX	Dec 31, 25	$2.62B	–	+16.7%	+53.7%	+97.8%
TTM CAPEX	Sep 30, 26	$2.76B	+4.2%	+11.0%	+58.2%	+102.7%
Price	Nov 12, 26	$107.03	+6.3%	+20.5%	+55.3%	+61.9%
	Sep 30, 26	$723.17M	+83.6%	+8.8%	+82.5%	+107.7%
	Sep 30, 26	-$11.43M	+96.6%	-127.3%	-10000.0%	-150.0%
	Sep 30, 26	-$671.36M	-3.5%	+13.8%	-90.7%	-114.7%
	Sep 30, 26	$33.46B	+2.7%	+11.9%	+37.0%	+55.4%
	Sep 30, 26	$380.47M	+47.8%	+58.9%	+73.3%	+109.3%

Quarterly CAPEX Highs

PNW Quarterly CAPEX Highs Comparison
Period	High	Date	Current
1Y	$734.60M	Sep 30, 26	at high
3Y	$734.60M	Sep 30, 26	at high
5Y	$734.60M	Sep 30, 26	at high
All	$734.60M	Sep 30, 26	at high

Quarterly CAPEX Lows

PNW Quarterly CAPEX Lows Comparison
Period	Low	Date	Current
1Y	$623.03M	N/A	+17.9%
3Y	$396.33M	N/A	+85.3%
5Y	$325.28M	N/A	+125.8%
All	$53.00M	Jun 30, 94	+1286.0%

Quarterly CAPEX History

Month	Value	Change
Sep 2026	$734.60M	+0.8%
Jun 2026	$728.67M	+16.0%
Mar 2026	$628.36M	-6.1%
Dec 2025	$669.52M	+7.5%
Sep 2025	$623.03M	-12.2%
Jun 2025	$709.52M	+14.0%
Mar 2025	$622.55M	+17.1%
Dec 2024	$531.62M	-20.2%
Sep 2024	$665.85M	+24.7%
Jun 2024	$533.97M	+3.1%
Mar 2024	$517.76M	-2.6%
Dec 2023	$531.84M	+34.2%
Sep 2023	$396.33M	-16.2%
Jun 2023	$473.02M	+6.3%
Mar 2023	$445.17M	+3.4%
Dec 2022	$430.63M	-0.7%
Sep 2022	$433.64M	-4.0%
Jun 2022	$451.64M	+15.3%
Mar 2022	$391.58M	-16.2%
Dec 2021	$467.04M	+43.6%
Sep 2021	$325.28M	+2.5%
Jun 2021	$317.37M	-12.8%
Mar 2021	$363.78M	+2.3%
Dec 2020	$355.53M	+20.9%
Sep 2020	$294.08M	-12.7%
Jun 2020	$336.96M	-0.9%
Mar 2020	$340.01M	+1.9%
Dec 2019	$333.56M	+5.4%
Sep 2019	$316.48M	+12.4%
Jun 2019	$281.61M	+8.4%
Mar 2019	$259.79M	-7.1%
Dec 2018	$279.71M	+28.0%
Sep 2018	$218.51M	-31.5%
Jun 2018	$318.91M	-11.7%
Mar 2018	$361.04M	-5.2%
Dec 2017	$381.02M	+14.0%
Sep 2017	$334.13M	-3.1%
Jun 2017	$344.80M	-1.2%
Mar 2017	$348.82M	+33.9%
Dec 2016	$260.56M	-8.0%
Sep 2016	$283.30M	-19.8%
Jun 2016	$353.11M	-6.7%
Mar 2016	$378.50M	+20.7%
Dec 2015	$313.65M	+26.6%
Sep 2015	$247.67M	-11.5%
Jun 2015	$279.99M	+11.5%
Mar 2015	$251.04M	-14.0%
Dec 2014	$291.98M	+27.0%
Sep 2014	$229.91M	+26.8%
Jun 2014	$181.29M	-12.6%
Mar 2014	$207.46M	-52.3%
Dec 2013	$434.81M	+112.2%
Sep 2013	$204.91M	+5.8%
Jun 2013	$193.74M	+6.0%
Mar 2013	$182.86M	-16.5%
Dec 2012	$218.87M	-11.0%
Sep 2012	$245.91M	+33.8%
Jun 2012	$183.80M	-23.7%
Mar 2012	$240.97M	-0.0%
Dec 2011	$241.09M	-5.8%
Sep 2011	$255.99M	+30.8%
Jun 2011	$195.72M	+2.2%
Mar 2011	$191.55M	-2.1%
Dec 2010	$195.67M	+12.4%
Sep 2010	$174.13M	-1.1%
Jun 2010	$176.03M	-13.1%

Month	Value	Change
Mar 2010	$202.55M	-1.7%
Dec 2009	$206.11M	+25.1%
Sep 2009	$164.81M	-17.9%
Jun 2009	$200.67M	+4.0%
Mar 2009	$193.01M	-15.3%
Dec 2008	$227.89M	-1.1%
Sep 2008	$230.42M	+0.6%
Jun 2008	$229.01M	-7.8%
Mar 2008	$248.26M	+19.2%
Dec 2007	$208.23M	-23.6%
Sep 2007	$272.57M	+17.6%
Jun 2007	$231.70M	+12.4%
Mar 2007	$206.08M	+1.3%
Dec 2006	$203.41M	+19.2%
Sep 2006	$170.58M	-13.2%
Jun 2006	$196.43M	+17.4%
Mar 2006	$167.37M	+3.1%
Dec 2005	$162.26M	-3.6%
Sep 2005	$168.39M	-54.1%
Jun 2005	$366.81M	+202.8%
Mar 2005	$121.12M	-33.5%
Dec 2004	$182.14M	+75.5%
Sep 2004	$103.80M	-24.6%
Jun 2004	$137.72M	+19.6%
Mar 2004	$115.18M	-41.7%
Dec 2003	$197.65M	+30.1%
Sep 2003	$151.95M	-10.4%
Jun 2003	$169.56M	-2.7%
Mar 2003	$174.32M	-15.4%
Dec 2002	$205.94M	-12.6%
Sep 2002	$235.50M	+0.6%
Jun 2002	$234.16M	+6.5%
Mar 2002	$219.92M	-38.1%
Dec 2001	$355.28M	+37.6%
Sep 2001	$258.25M	+8.9%
Jun 2001	$237.14M	+24.9%
Mar 2001	$189.92M	-26.8%
Dec 2000	$259.61M	+47.8%
Sep 2000	$175.63M	+31.4%
Jun 2000	$133.66M	+49.0%
Mar 2000	$89.70M	-16.8%
Dec 1999	$107.88M	+31.8%
Sep 1999	$81.84M	-5.1%
Jun 1999	$86.26M	+27.9%
Mar 1999	$67.47M	-30.6%
Dec 1998	$97.24M	+25.8%
Sep 1998	$77.32M	-7.7%
Jun 1998	$83.73M	+37.6%
Mar 1998	$60.85M	-73.5%
Dec 1997	$229.60M	+172.0%
Sep 1997	$84.40M	+23.9%
Jun 1997	$68.10M	-11.7%
Mar 1997	$77.10M	+24.4%
Dec 1996	$62.00M	-18.2%
Sep 1996	$75.80M	+24.9%
Jun 1996	$60.70M	+1.0%
Mar 1996	$60.10M	-21.1%
Dec 1995	$76.20M	+11.2%
Sep 1995	$68.50M	-12.6%
Jun 1995	$78.40M	+7.8%
Mar 1995	$72.70M	-3.7%
Dec 1994	$75.50M	+29.9%
Sep 1994	$58.10M	+9.6%
Jun 1994	$53.00M	-22.9%
Mar 1994	$68.70M	-

FAQ

What is the current quarterly CAPEX of PNW?: As of today, PNW quarterly CAPEX is $734.60M
What is PNW quarterly CAPEX most recent change?: PNW quarterly CAPEX was up +0.81% on September 30, 2026
What is 1-year change in PNW quarterly CAPEX?: PNW quarterly CAPEX is up +17.91% year-over-year
How far is PNW quarterly CAPEX from its all-time high?: PNW quarterly CAPEX is currently at its all-time high
How does PNW quarterly CAPEX rank versus sector peers?: PNW quarterly CAPEX is higher than 64.71% of companies in Utilities sector
When is PNW next earnings release?: The next earnings release for PNW is on February 25, 2027

TTM CAPEX

$2.76B$111.57M+4.21%

September 30, 2026

Summary

Current Value: As of today, PNW TTM CAPEX is $2.76B, up +4.21% on September 30, 2026
Historical Performance: PNW TTM CAPEX is up +11.04% year-over-year, up +58.22% over the past 3 years
All-Time High Comparison: PNW TTM CAPEX is currently at its all-time high
3-Year Low Comparison: PNW TTM CAPEX is +58.22% above its 3-year low of $1.75B reached on an earlier date
Sector Comparison: PNW TTM CAPEX is higher than 63.73% of companies in Utilities sector

Performance

PNW Performance
Metric	Date	Value	3M	1Y	3Y	5Y
TTM CAPEX	Sep 30, 26	$2.76B	+4.2%	+11.0%	+58.2%	+102.7%
Annual CAPEX	Dec 31, 25	$2.62B	–	+16.7%	+53.7%	+97.8%
Quarterly CAPEX	Sep 30, 26	$734.60M	+0.8%	+17.9%	+85.3%	+125.8%
Price	Nov 12, 26	$107.03	+6.3%	+20.5%	+55.3%	+61.9%
	Sep 30, 26	$1.83B	+3.3%	+3.5%	+75.3%	+114.0%
	Sep 30, 26	-$931.93M	-6.1%	-29.6%	-32.8%	-83.8%
	Sep 30, 26	-$2.42B	+4.3%	+3.2%	-48.1%	-88.2%
	Sep 30, 26	$33.46B	+2.7%	+11.9%	+37.0%	+55.4%
	Sep 30, 26	$1.14B	+14.2%	+16.3%	+35.0%	+61.6%

TTM CAPEX Highs

PNW TTM CAPEX Highs Comparison
Period	High	Date	Current
1Y	$2.76B	Sep 30, 26	at high
3Y	$2.76B	Sep 30, 26	at high
5Y	$2.76B	Sep 30, 26	at high
All	$2.76B	Sep 30, 26	at high

TTM CAPEX Lows

PNW TTM CAPEX Lows Comparison
Period	Low	Date	Current
1Y	$2.49B	N/A	+11.0%
3Y	$1.75B	N/A	+58.2%
5Y	$1.36B	N/A	+102.7%
All	$68.70M	Mar 31, 94	+3919.1%

TTM CAPEX History

Month	Value	Change
Sep 2026	$2.76B	+4.2%
Jun 2026	$2.65B	+0.7%
Mar 2026	$2.63B	+0.2%
Dec 2025	$2.62B	+5.5%
Sep 2025	$2.49B	-1.7%
Jun 2025	$2.53B	+7.5%
Mar 2025	$2.35B	+4.7%
Dec 2024	$2.25B	-0.0%
Sep 2024	$2.25B	+13.6%
Jun 2024	$1.98B	+3.2%
Mar 2024	$1.92B	+3.9%
Dec 2023	$1.85B	+5.8%
Sep 2023	$1.75B	-2.1%
Jun 2023	$1.78B	+1.2%
Mar 2023	$1.76B	+3.1%
Dec 2022	$1.71B	-2.1%
Sep 2022	$1.74B	+6.6%
Jun 2022	$1.64B	+8.9%
Mar 2022	$1.50B	+1.9%
Dec 2021	$1.47B	+8.2%
Sep 2021	$1.36B	+2.3%
Jun 2021	$1.33B	-1.5%
Mar 2021	$1.35B	+1.8%
Dec 2020	$1.33B	+1.7%
Sep 2020	$1.30B	-1.7%
Jun 2020	$1.33B	+4.4%
Mar 2020	$1.27B	+6.7%
Dec 2019	$1.19B	+4.7%
Sep 2019	$1.14B	+9.4%
Jun 2019	$1.04B	-3.5%
Mar 2019	$1.08B	-8.6%
Dec 2018	$1.18B	-7.9%
Sep 2018	$1.28B	-8.3%
Jun 2018	$1.40B	-1.8%
Mar 2018	$1.42B	+0.9%
Dec 2017	$1.41B	+9.4%
Sep 2017	$1.29B	+4.1%
Jun 2017	$1.24B	-0.7%
Mar 2017	$1.25B	-2.3%
Dec 2016	$1.28B	-4.0%
Sep 2016	$1.33B	+2.8%
Jun 2016	$1.29B	+6.0%
Mar 2016	$1.22B	+11.7%
Dec 2015	$1.09B	+2.0%
Sep 2015	$1.07B	+1.7%
Jun 2015	$1.05B	+10.3%
Mar 2015	$954.22M	+4.8%
Dec 2014	$910.63M	-13.6%
Sep 2014	$1.05B	+2.4%
Jun 2014	$1.03B	-1.2%
Mar 2014	$1.04B	+2.4%
Dec 2013	$1.02B	+27.0%
Sep 2013	$800.38M	-4.9%
Jun 2013	$841.38M	+1.2%
Mar 2013	$831.44M	-6.5%
Dec 2012	$889.55M	-2.4%
Sep 2012	$911.77M	-1.1%
Jun 2012	$921.85M	-1.3%
Mar 2012	$933.77M	+5.6%
Dec 2011	$884.35M	+5.4%
Sep 2011	$838.93M	+10.8%
Jun 2011	$757.07M	+2.7%
Mar 2011	$737.37M	-1.5%
Dec 2010	$748.37M	-1.4%
Sep 2010	$758.82M	+1.2%
Jun 2010	$749.51M	-3.2%

Month	Value	Change
Mar 2010	$774.15M	+1.2%
Dec 2009	$764.61M	-2.8%
Sep 2009	$786.39M	-7.7%
Jun 2009	$851.99M	-3.2%
Mar 2009	$880.33M	-5.9%
Dec 2008	$935.58M	+2.1%
Sep 2008	$915.91M	-4.4%
Jun 2008	$958.07M	-0.3%
Mar 2008	$960.76M	+4.6%
Dec 2007	$918.58M	+0.5%
Sep 2007	$913.76M	+12.6%
Jun 2007	$811.77M	+4.5%
Mar 2007	$776.50M	+5.2%
Dec 2006	$737.78M	+5.9%
Sep 2006	$696.63M	+0.3%
Jun 2006	$694.45M	-19.7%
Mar 2006	$864.83M	+5.6%
Dec 2005	$818.58M	-2.4%
Sep 2005	$838.46M	+8.3%
Jun 2005	$773.86M	+42.1%
Mar 2005	$544.78M	+1.1%
Dec 2004	$538.84M	-2.8%
Sep 2004	$554.36M	-8.0%
Jun 2004	$602.50M	-5.0%
Mar 2004	$634.33M	-8.5%
Dec 2003	$693.48M	-1.2%
Sep 2003	$701.77M	-10.6%
Jun 2003	$785.32M	-7.6%
Mar 2003	$849.92M	-5.1%
Dec 2002	$895.52M	-14.3%
Sep 2002	$1.04B	-2.1%
Jun 2002	$1.07B	-0.3%
Mar 2002	$1.07B	+2.9%
Dec 2001	$1.04B	+10.1%
Sep 2001	$944.92M	+9.6%
Jun 2001	$862.31M	+13.6%
Mar 2001	$758.83M	+15.2%
Dec 2000	$658.61M	+29.9%
Sep 2000	$506.87M	+22.7%
Jun 2000	$413.08M	+13.0%
Mar 2000	$365.69M	+6.5%
Dec 1999	$343.45M	+3.2%
Sep 1999	$332.81M	+1.4%
Jun 1999	$328.29M	+0.8%
Mar 1999	$325.76M	+2.1%
Dec 1998	$319.14M	-29.3%
Sep 1998	$451.50M	-1.5%
Jun 1998	$458.58M	+3.5%
Mar 1998	$442.95M	-3.5%
Dec 1997	$459.20M	+57.5%
Sep 1997	$291.60M	+3.0%
Jun 1997	$283.00M	+2.7%
Mar 1997	$275.60M	+6.6%
Dec 1996	$258.60M	-5.2%
Sep 1996	$272.80M	+2.7%
Jun 1996	$265.50M	-6.3%
Mar 1996	$283.20M	-4.3%
Dec 1995	$295.80M	+0.2%
Sep 1995	$295.10M	+3.7%
Jun 1995	$284.70M	+9.8%
Mar 1995	$259.30M	+1.6%
Dec 1994	$255.30M	+42.0%
Sep 1994	$179.80M	+47.7%
Jun 1994	$121.70M	+77.1%
Mar 1994	$68.70M	-

FAQ

What is the current TTM CAPEX of PNW?: As of today, PNW TTM CAPEX is $2.76B
What is PNW TTM CAPEX most recent change?: PNW TTM CAPEX was up +4.21% on September 30, 2026
What is 1-year change in PNW TTM CAPEX?: PNW TTM CAPEX is up +11.04% year-over-year
How far is PNW TTM CAPEX from its all-time high?: PNW TTM CAPEX is currently at its all-time high
How does PNW TTM CAPEX rank versus sector peers?: PNW TTM CAPEX is higher than 63.73% of companies in Utilities sector
When is PNW next earnings release?: The next earnings release for PNW is on February 25, 2027

Data Sources & References

PNW Official Website www.pinnaclewest.com
Most Recent Annual Report (10-K) www.sec.gov/Archives/edgar/data/764622/000076462226000011/0000764622-26-000011-index.htm
PNW Profile on Yahoo Finance finance.yahoo.com/quote/PNW
PNW Profile on NASDAQ.com www.nasdaq.com/market-activity/stocks/pnw