Arizona Public Service (APS), the largest electric utility company in the state, provides billions of dollars to Arizona and millions more when New Mexico service is included, according to a study by Arizona State University, Phoenix Business Journal reports.

The study, conducted by the L. William Seidman Research Institute at the W.P. Carey School of Business, found that APS provides a $3.4 billion economic impact to Arizona and a total impact of $4.1 billion when the company's market in New Mexico is factored in. With this money, APS has its hands in many aspects of the state's financial situation.

For example, tax dollars paid by the company, payroll paid to APS employees and local spending by company workers can have a major impact, Dennis Hoffman, director of the L. William Seidman Research Institute, told the news source.

"We believe these benefits are broad, deep and sustainable," Hoffman stated. "APS is among the companies with the biggest economic impact on this state."

According to a company statement, APS supported more than 39,000 Arizona jobs in 2010.