Exhibit 99.3
Last Updated 10/27/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
2006
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||||||||||||
1 | Arizona Public Service | $ | (6 | ) | $ | 94 | $ | 169 | $ | 257 | $ | 105 | ||||||||||||||
2 | Pinnacle West Energy | — | — | — | — | 80 | ||||||||||||||||||||
3 | APS Energy Services | 1 | — | (2 | ) | (1 | ) | 2 | ||||||||||||||||||
4 | SunCor | 21 | 8 | 17 | 47 | 21 | ||||||||||||||||||||
5 | El Dorado | (1 | ) | — | — | (2 | ) | (1 | ) | |||||||||||||||||
6 | Parent Company | (3 | ) | 9 | — | 6 | (99 | ) | ||||||||||||||||||
7 | Income From Continuing Operations | 12 | 111 | 184 | — | 307 | 108 | |||||||||||||||||||
8 | Income (Loss) From Discontinued Operations — Net of Tax | — | 1 | — | 2 | 46 | ||||||||||||||||||||
9 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
10 | Net Income | $ | 12 | $ | 112 | $ | 184 | $ | — | $ | 309 | $ | 154 | |||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
11 | Arizona Public Service | $ | (0.06 | ) | $ | 0.95 | $ | 1.69 | $ | 2.57 | $ | 0.98 | ||||||||||||||
12 | Pinnacle West Energy | — | — | — | — | 0.83 | ||||||||||||||||||||
13 | APS Energy Services | 0.01 | — | (0.02 | ) | (0.01 | ) | 0.02 | ||||||||||||||||||
14 | SunCor | 0.21 | 0.08 | 0.17 | 0.47 | 0.20 | ||||||||||||||||||||
15 | El Dorado | (0.01 | ) | — | — | (0.02 | ) | (0.01 | ) | |||||||||||||||||
16 | Parent Company | (0.03 | ) | 0.08 | — | 0.06 | (1.03 | ) | ||||||||||||||||||
17 | Income From Continuing Operations | 0.12 | 1.11 | 1.84 | — | 3.07 | 0.99 | |||||||||||||||||||
18 | Income (Loss) From Discontinued Operations — Net of Tax | 0.01 | 0.02 | — | 0.03 | 0.49 | ||||||||||||||||||||
19 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
20 | Net Income | $ | 0.13 | $ | 1.13 | $ | 1.84 | $ | — | $ | 3.10 | $ | 1.48 | |||||||||||||
21 | BOOK VALUE PER SHARE | $ | 32.37 | $ | 33.08 | $ | 34.07 | * | $ | 34.07 | * | (1.74 | ) | |||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
22 | Average — Diluted | 99,449 | 99,640 | 99,973 | 99,723 | 3,968 | ||||||||||||||||||||
23 | End of Period | 99,187 | 99,284 | 99,648 | 99,648 | 767 |
* | Estimate |
See Glossary of Terms
Page 8 of 31
Last Updated 10/27/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
2006
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
24 | Residential | $ | 202 | $ | 337 | $ | 490 | $ | 1,029 | $ | 157 | |||||||||||||||
25 | Business | 233 | 333 | 371 | 937 | 139 | ||||||||||||||||||||
26 | Total retail | 435 | 670 | 861 | — | 1,966 | 296 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
27 | Traditional contracts | 6 | 7 | 12 | 25 | 8 | ||||||||||||||||||||
28 | Off-system sales | 12 | 22 | — | 34 | 14 | ||||||||||||||||||||
29 | Transmission for others | 6 | 6 | 7 | 19 | (2 | ) | |||||||||||||||||||
30 | Other miscellaneous services | 7 | 8 | 7 | 22 | 1 | ||||||||||||||||||||
31 | Total regulated operating electricity revenues | 466 | 713 | 887 | — | 2,066 | 317 | |||||||||||||||||||
MARKETING AND TRADING SEGMENT | ||||||||||||||||||||||||||
32 | Electricity and other commodity sales | 85 | 90 | 85 | 259 | (8 | ) | |||||||||||||||||||
33 | Total operating electric revenues | $ | 551 | $ | 803 | $ | 972 | $ | — | $ | 2,325 | $ | 309 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
34 | Residential | 2,419 | 3,284 | 4,720 | 10,423 | 718 | ||||||||||||||||||||
35 | Business | 3,199 | 3,971 | 4,222 | 11,392 | 566 | ||||||||||||||||||||
36 | Total retail | 5,618 | 7,255 | 8,942 | — | 21,815 | 1,284 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
37 | Traditional contracts | 215 | 181 | 321 | 717 | 93 | ||||||||||||||||||||
38 | Off-system sales | 927 | 270 | 300 | 1,497 | 687 | ||||||||||||||||||||
39 | Retail load hedge management | 90 | 515 | 622 | 1,227 | (1,251 | ) | |||||||||||||||||||
40 | Total regulated electricity | 6,850 | 8,221 | 10,185 | — | 25,256 | 813 | |||||||||||||||||||
MARKETING AND TRADING SEGMENT | ||||||||||||||||||||||||||
41 | Wholesale sales of electricity | 3,891 | 3,862 | 4,841 | 12,594 | (5,738 | ) | |||||||||||||||||||
42 | Total electric sales | 10,741 | 12,083 | 15,026 | — | 37,850 | (4,925 | ) | ||||||||||||||||||
See Glossary of Terms
Page 9 of 31
Last Updated 10/27/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
2006
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||||||||||||
43 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 173 | $ | 169 | $ | 175 | $ | 173 | $ | 173 | |||||||||||||||
44 | Deferred fuel and purchased power costs — current period | 13 | 78 | 134 | 225 | 83 | ||||||||||||||||||||
45 | Interest on deferred fuel | 1 | 3 | 2 | 6 | 5 | ||||||||||||||||||||
46 | Amounts recovered through revenues | (18 | ) | (75 | ) | (102 | ) | (195 | ) | (195 | ) | |||||||||||||||
47 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 169 | $ | 175 | $ | 209 | $ | — | $ | 209 | $ | 66 | |||||||||||||
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 | $ | 17 | $ | 8 | $ | 36 | $ | 3 | |||||||||||||||
49 | Mark-to-market reversals on realized sales (a) (b) | (1 | ) | (1 | ) | (1 | ) | (3 | ) | 2 | ||||||||||||||||
50 | Change in mark-to-market value of forward sales | 1 | — | (3 | ) | (2 | ) | (26 | ) | |||||||||||||||||
51 | Total gross margin | $ | 11 | $ | 16 | $ | 4 | $ | — | $ | 31 | $ | (21 | ) | ||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
52 | Parent company marketing and trading division | $ | (2 | ) | $ | 11 | $ | 5 | $ | 15 | $ | (38 | ) | |||||||||||||
53 | APS | 10 | 2 | (3 | ) | 8 | 17 | |||||||||||||||||||
54 | Pinnacle West Energy | — | — | — | — | (5 | ) | |||||||||||||||||||
55 | APS Energy Services | 3 | 3 | 2 | 8 | 5 | ||||||||||||||||||||
56 | Total gross margin | $ | 11 | $ | 16 | $ | 4 | $ | — | $ | 31 | $ | (21 | ) | ||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of September 30, 2006, Pinnacle West had accumulated net mark-to-market gains of $40 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, $8 million; 2007, $17 million; and 2008, $15 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 third quarter of 2006. A $1 million realized gain is included in the $8 million on line 48 for the third 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 10 of 31
Last Updated 10/27/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
57 | Residential | 930,799 | 930,402 | 935,523 | 932,241 | 40,819 | ||||||||||||||||||||
58 | Business | 113,570 | 114,803 | 116,009 | 114,794 | 4,094 | ||||||||||||||||||||
59 | Total | 1,044,369 | 1,045,205 | 1,051,532 | — | 1,047,035 | 44,913 | |||||||||||||||||||
60 | Wholesale customers | 75 | 76 | 76 | 76 | (2 | ) | |||||||||||||||||||
61 | Total customers | 1,044,444 | 1,045,281 | 1,051,608 | — | 1,047,111 | 44,911 | |||||||||||||||||||
62 | Customer growth (% over prior year) | 4.5 | % | 4.6 | % | 4.4 | % | 4.5 | % | 0.3 | % | |||||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
63 | Residential | 2,514 | 3,105 | 4,776 | 10,395 | 630 | ||||||||||||||||||||
64 | Business | 3,252 | 3,926 | 4,232 | 11,410 | 539 | ||||||||||||||||||||
65 | Total | 5,766 | 7,031 | 9,008 | — | 21,805 | 1,169 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
66 | Residential | 2,763 | 3,530 | 5,045 | 11,181 | 294 | ||||||||||||||||||||
67 | Business | 30,444 | 34,590 | 36,394 | 99,238 | 1,443 | ||||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
68 | Residential | 2,700 | 3,337 | 5,105 | 11,151 | 197 | ||||||||||||||||||||
69 | Business | 28,636 | 34,194 | 36,477 | 99,395 | 1,193 | ||||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
70 | System peak demand | 4,205 | 6,624 | 7,652 | 7,652 | 652 |
See Glossary of Terms
Page 11 of 31
Last Updated 10/27/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
71 | Nuclear | 1,720 | 1,198 | 2,202 | 5,120 | (893 | ) | |||||||||||||||||||
72 | Coal | 3,083 | 3,182 | 3,574 | 9,839 | 237 | ||||||||||||||||||||
73 | Gas, oil and other | 1,323 | 2,000 | 2,433 | 5,756 | (565 | ) | |||||||||||||||||||
74 | Total generation production | 6,126 | 6,380 | 8,209 | — | 20,715 | (1,221 | ) | ||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
75 | Firm load | 365 | 1,740 | 1,962 | 4,067 | 1,012 | ||||||||||||||||||||
76 | Marketing and trading | 4,759 | 4,546 | 5,607 | 14,912 | (4,699 | ) | |||||||||||||||||||
77 | Total purchased power | 5,124 | 6,286 | 7,569 | — | 18,979 | (3,687 | ) | ||||||||||||||||||
78 | Total energy sources | 11,250 | 12,666 | 15,778 | — | 39,694 | (4,908 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
79 | Nuclear | 71 | % | 49 | % | 88 | % | 69 | % | (14 | )% | |||||||||||||||
80 | Coal | 83 | % | 84 | % | 94 | % | 87 | % | 1 | % | |||||||||||||||
81 | Gas, oil and other | 18 | % | 28 | % | 34 | % | 26 | % | (3 | )% | |||||||||||||||
82 | System average | 46 | % | 48 | % | 61 | % | 51 | % | (3 | )% | |||||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
83 | Nuclear | 306 | 553 | 97 | 119 | (44 | ) | |||||||||||||||||||
84 | Coal | 257 | 184 | 62 | 62 | (100 | ) | |||||||||||||||||||
85 | Gas | 201 | 117 | 109 | 53 | (119 | ) | |||||||||||||||||||
86 | Total | 764 | 854 | 268 | — | 234 | (203 | ) | ||||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms
Page 12 of 31
Last Updated 10/27/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ENERGY MARKET INDICATORS (a) | ||||||||||||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | ||||||||||||||||||||||||||
On-Peak | ||||||||||||||||||||||||||
87 | Palo Verde | $ | 53.78 | $ | 54.63 | $ | 65.89 | $ | 58.10 | $ | (2.57 | ) | ||||||||||||||
88 | SP15 | $ | 58.34 | $ | 55.39 | $ | 71.89 | $ | 61.87 | $ | (2.83 | ) | ||||||||||||||
Off-Peak | ||||||||||||||||||||||||||
89 | Palo Verde | $ | 41.92 | $ | 28.38 | $ | 38.45 | $ | 36.25 | $ | (4.56 | ) | ||||||||||||||
90 | SP15 | $ | 44.79 | $ | 27.73 | $ | 43.94 | $ | 38.82 | $ | (5.10 | ) | ||||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
91 | Cooling degree-days | 43 | 1,740 | 2,455 | 4,238 | 83 | ||||||||||||||||||||
92 | Heating degree-days | 464 | 4 | — | 468 | 10 | ||||||||||||||||||||
93 | Average humidity | 28 | % | 18 | % | 33 | % | 26 | % | (9 | )% | |||||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
94 | Cooling degree-days | 99 | 1,547 | 2,541 | 4,187 | — | ||||||||||||||||||||
95 | Heating degree-days | 514 | 31 | — | 545 | — | ||||||||||||||||||||
96 | Average humidity | 41 | % | 23 | % | 33 | % | 32 | % | 0 | % | |||||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
97 | Single-family | 8,716 | 8,883 | 4,397 | 21,996 | (8,373 | ) | |||||||||||||||||||
98 | Multi-family | 2,887 | 2,976 | 2,031 | 7,894 | 2,470 | ||||||||||||||||||||
99 | Total | 11,603 | 11,859 | 6,428 | — | 29,890 | (5,903 | ) | ||||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
100 | Payroll job growth (% over prior year) | 5.6 | % | 4.8 | % | 4.7 | % | 5.1 | % | (0.3 | )% | |||||||||||||||
101 | Unemployment rate (%, seasonally adjusted) | 4.4 | % | 4.3 | % | 4.2 | % | 4.3 | % | (0.4 | )% |
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 August 31, 2006. |
See Glossary of Terms
Page 13 of 31