Exhibit 99.2
Last Updated 5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
| 3 Mo. Ended March | ||||||||||||||||
| Line | 2006 | 2005 | Incr (Decr) | |||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||
| 1 | Arizona Public Service | $ | (6 | ) | $ | 27 | $ | (33 | ) | |||||||
| 2 | Pinnacle West Energy | — | (21 | ) | 21 | |||||||||||
| 3 | APS Energy Services | 1 | (3 | ) | 4 | |||||||||||
| 4 | SunCor | 21 | 9 | 12 | ||||||||||||
| 5 | El Dorado | (1 | ) | (1 | ) | — | ||||||||||
| 6 | Parent Company | (3 | ) | 19 | (22 | ) | ||||||||||
| 7 | Income From Continuing Operations | 12 | 30 | (18 | ) | |||||||||||
| 8 | Loss From Discontinued Operations — Net of Tax | — | (6 | ) | 6 | |||||||||||
| 9 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | ||||||||||||
| 10 | Net Income | $ | 12 | $ | 24 | $ | (12 | ) | ||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||
| 11 | Arizona Public Service | $ | (0.06 | ) | $ | 0.30 | $ | (0.36 | ) | |||||||
| 12 | Pinnacle West Energy | — | (0.23 | ) | 0.23 | |||||||||||
| 13 | APS Energy Services | 0.01 | (0.04 | ) | 0.05 | |||||||||||
| 14 | SunCor | 0.21 | 0.09 | 0.12 | ||||||||||||
| 15 | El Dorado | (0.01 | ) | (0.01 | ) | — | ||||||||||
| 16 | Parent Company | (0.03 | ) | 0.21 | (0.24 | ) | ||||||||||
| 17 | Income From Continuing Operations | 0.12 | 0.32 | (0.20 | ) | |||||||||||
| 18 | Income (Loss) From Discontinued Operations — Net of Tax | 0.01 | (0.05 | ) | 0.06 | |||||||||||
| 19 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | ||||||||||||
| 20 | Net Income | $ | 0.13 | $ | 0.27 | $ | (0.14 | ) | ||||||||
| 21 | BOOK VALUE PER SHARE | $ | 32.37 | * | $ | 32.50 | $ | (0.13 | ) | |||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||
| 22 | Average — Diluted | 99,449 | 92,045 | 7,404 | ||||||||||||
| 23 | End of Period | 99,187 | 92,103 | 7,084 | ||||||||||||
| * Estimate | ||||||||||||||||
| See Glossary of Terms. | Page 2 of 31 |
Last Updated 5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
| 3 Mo. Ended March | ||||||||||||||||
| Line | 2006 | 2005 | Incr (Decr) | |||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||
Retail | ||||||||||||||||
| 24 | Residential | $ | 202 | $ | 190 | $ | 12 | |||||||||
| 25 | Business | 233 | 209 | 24 | ||||||||||||
| 26 | Total retail | 435 | 399 | 36 | ||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||
| 27 | Traditional contracts | 6 | 3 | 3 | ||||||||||||
| 28 | Off-system sales | 12 | — | 12 | ||||||||||||
| 29 | Transmission for others | 6 | 7 | (1 | ) | |||||||||||
| 30 | Other miscellaneous services | 7 | 7 | — | ||||||||||||
| 31 | Total regulated operating electricity revenues | 466 | 416 | 50 | ||||||||||||
MARKETING AND TRADING SEGMENT | ||||||||||||||||
| 32 | Electricity and other commodity sales | 85 | 89 | (4 | ) | |||||||||||
| 33 | Total operating electric revenues | $ | 551 | $ | 505 | $ | 46 | |||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||
Retail sales | ||||||||||||||||
| 34 | Residential | 2,419 | 2,367 | 52 | ||||||||||||
| 35 | Business | 3,199 | 3,042 | 157 | ||||||||||||
| 36 | Total retail | 5,618 | 5,409 | 209 | ||||||||||||
Wholesale electricity delivered | ||||||||||||||||
| 37 | Traditional contracts | 215 | 155 | 60 | ||||||||||||
| 38 | Off-system sales | 936 | — | 936 | ||||||||||||
| 39 | Retail load hedge management | 178 | 750 | (572 | ) | |||||||||||
| 40 | Total regulated electricity | 6,947 | 6,314 | 633 | ||||||||||||
MARKETING AND TRADING SEGMENT | ||||||||||||||||
| 41 | Wholesale sales of electricity | 3,891 | 6,060 | (2,169 | ) | |||||||||||
| 42 | Total electric sales | 10,838 | 12,374 | (1,536 | ) | |||||||||||
| See Glossary of Terms. | Page 3 of 31 |
Last Updated 5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
| 3 Mo. Ended March | ||||||||||||||||
| Line | 2006 | 2005 | Incr (Decr) | |||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) - - REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||
| 43 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 173 | $ | — | $ | 173 | |||||||||
| 44 | Deferred fuel and purchased power costs — current period | 13 | — | 13 | ||||||||||||
| 45 | Interest on deferred fuel | 1 | — | 1 | ||||||||||||
| 46 | Amounts recovered through revenues | (18 | ) | — | (18 | ) | ||||||||||
| 47 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 169 | $ | — | $ | 169 | |||||||||
MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||
| 48 | Electricity and other commodity sales, realized (a) | $ | 11 | $ | 12 | $ | (1 | ) | ||||||||
| 49 | Mark-to-market reversals on realized sales (b) | (1 | ) | (3 | ) | 2 | ||||||||||
| 50 | Change in mark-to-market value of forward sales | 1 | 10 | (9 | ) | |||||||||||
| 51 | Total gross margin | $ | 11 | $ | 19 | $ | (8 | ) | ||||||||
By Pinnacle West Entity | ||||||||||||||||
| 52 | Parent company marketing and trading division | $ | (2 | ) | $ | 21 | $ | (23 | ) | |||||||
| 53 | APS | 10 | (4 | ) | 14 | |||||||||||
| 54 | Pinnacle West Energy | — | 5 | (5 | ) | |||||||||||
| 55 | APS Energy Services | 3 | (3 | ) | 6 | |||||||||||
| 56 | Total gross margin | $ | 11 | $ | 19 | $ | (8 | ) | ||||||||
Future Marketing and Trading Mark-to-Market Realization
As of March 31, 2006, Pinnacle West had accumulated net mark-to-market gains of $45 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2006, $11 million; 2007, $21 million; and 2008, $13 million.
| (a) | Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the first quarter of 2006. A $1 million realized gain is included in the $11 million on line 48 for the first quarter of 2006. | |
| (b) | Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations. |
| See Glossary of Terms. | Page 4 of 31 |
Last Updated 5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
| 3 Mo. Ended March | ||||||||||||||||
| Line | 2006 | 2005 | Incr (Decr) | |||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||
Retail customers | ||||||||||||||||
| 57 | Residential | 930,799 | 889,967 | 40,832 | ||||||||||||
| 58 | Business | 113,570 | 109,795 | 3,775 | ||||||||||||
| 59 | Total | 1,044,369 | 999,762 | 44,607 | ||||||||||||
| 60 | Wholesale customers | 75 | 81 | (6 | ) | |||||||||||
| 61 | Total customers | 1,044,444 | 999,843 | 44,601 | ||||||||||||
| 62 | Customer growth (% over prior year) | 4.5 | % | 4.0 | % | 0.5 | % | |||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||
| 63 | Residential | 2,514 | 2,439 | 75 | ||||||||||||
| 64 | Business | 3,252 | 3,058 | 194 | ||||||||||||
| 65 | Total | 5,766 | 5,497 | 269 | ||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||
| 66 | Residential | 2,763 | 2,660 | 103 | ||||||||||||
| 67 | Business | 30,444 | 27,706 | 2,738 | ||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||
| 68 | Residential | 2,700 | 2,741 | (41 | ) | |||||||||||
| 69 | Business | 28,636 | 27,860 | 776 | ||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||
| 70 | System peak demand | 4,205 | 3,997 | 208 | ||||||||||||
| See Glossary of Terms. | Page 5 of 31 |
Last Updated 5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
| 3 Mo. Ended March | ||||||||||||||||
| Line | 2006 | 2005 | Incr (Decr) | |||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||
Generation production | ||||||||||||||||
| 71 | Nuclear | 1,720 | 2,247 | (527 | ) | |||||||||||
| 72 | Coal | 3,083 | 2,940 | 143 | ||||||||||||
| 73 | Gas, oil and other | 1,252 | 1,127 | 125 | ||||||||||||
| 74 | Total generation production | 6,055 | 6,314 | (259 | ) | |||||||||||
Purchased power | ||||||||||||||||
| 75 | Firm load | 365 | 586 | (221 | ) | |||||||||||
| 76 | Marketing and trading | 4,669 | 5,832 | (1,163 | ) | |||||||||||
| 77 | Total purchased power | 5,034 | 6,418 | (1,384 | ) | |||||||||||
| 78 | Total energy sources | 11,089 | 12,732 | (1,643 | ) | |||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||
Capacity Factors | ||||||||||||||||
| 79 | Nuclear | 71 | % | 94 | % | (23 | )% | |||||||||
| 80 | Coal | 83 | % | 79 | % | 4 | % | |||||||||
| 81 | Gas, oil and other | 20 | % | 18 | % | 2 | % | |||||||||
| 82 | System average | 49 | % | 50 | % | (1 | )% | |||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||
| 83 | Nuclear | 306 | 52 | 254 | ||||||||||||
| 84 | Coal | 257 | 195 | 62 | ||||||||||||
| 85 | Gas | 201 | 212 | (11 | ) | |||||||||||
| 86 | Total | 764 | 459 | 305 | ||||||||||||
| (a) | Includes planned and unplanned outages |
| See Glossary of Terms. | Page 6 of 31 |
Last Updated 5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
| 3 Mo. Ended March | ||||||||||||||||
| Line | 2006 | 2005 | Incr (Decr) | |||||||||||||
ENERGY MARKET INDICATORS (a) | ||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | ||||||||||||||||
On-Peak | ||||||||||||||||
| 87 | Palo Verde | $ | 53.78 | $ | 49.74 | $ | 4.04 | |||||||||
| 88 | SP15 | $ | 58.34 | $ | 55.70 | $ | 2.64 | |||||||||
Off-Peak | ||||||||||||||||
| 89 | Palo Verde | $ | 41.92 | $ | 37.04 | $ | 4.88 | |||||||||
| 90 | SP15 | $ | 44.79 | $ | 40.96 | $ | 3.83 | |||||||||
WEATHER INDICATORS | ||||||||||||||||
Actual | ||||||||||||||||
| 91 | Cooling degree-days | 43 | 34 | 9 | ||||||||||||
| 92 | Heating degree-days | 464 | 457 | 7 | ||||||||||||
| 93 | Average humidity | 28 | % | 56 | % | (28 | )% | |||||||||
10-Year Averages | ||||||||||||||||
| 94 | Cooling degree-days | 99 | 99 | — | ||||||||||||
| 95 | Heating degree-days | 514 | 514 | — | ||||||||||||
| 96 | Average humidity | 41 | % | 41 | % | 0 | % | |||||||||
ECONOMIC INDICATORS | ||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||
| 97 | Single-family | 5,376 | 6,470 | (1,094 | ) | |||||||||||
| 98 | Multi-family | 2,448 | 1,049 | 1,399 | ||||||||||||
| 99 | Total | 7,824 | 7,519 | 305 | ||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||
| 100 | Payroll job growth (% over prior year) | 5.6 | % | 4.8 | % | 0.8 | % | |||||||||
| Unemployment rate | ||||||||||||||||
| 101 | (%, seasonally adjusted) | 4.6 | % | 4.5 | % | 0.1 | % | |||||||||
| Sources: | ||
| (a) | Average of daily prices obtained and used with permission from Dow Jones & Company, Inc. | |
| (b) | Arizona Real Estate Center, Arizona State University W.P. Carey College of Business | |
| (c) | Arizona Department of Economic Security | |
| (d) | Economic indicators reflect latest available data through periods ended February 28, 2006. | |
| See Glossary of Terms. | Page 7 of 31 |