Exhibit 99.2
Last Updated 1/30/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2006 and 2005
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2006 | 2005 | Incr (Decr) | 2006 | 2005 | Incr (Decr) | ||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||||||||||||
1 | Arizona Public Service | $ | 13 | $ | 18 | $ | (5 | ) | $ | 270 | $ | 170 | $ | 100 | ||||||||||||
2 | Pinnacle West Energy | — | (6 | ) | 6 | — | (85 | ) | 85 | |||||||||||||||||
3 | APS Energy Services | (2 | ) | (3 | ) | 1 | (3 | ) | (6 | ) | 3 | |||||||||||||||
4 | SunCor | 3 | 13 | (10 | ) | 50 | 39 | 11 | ||||||||||||||||||
5 | El Dorado | (1 | ) | — | (1 | ) | (3 | ) | (2 | ) | (1 | ) | ||||||||||||||
6 | Parent Company | (3 | ) | 2 | (5 | ) | 3 | 107 | (104 | ) | ||||||||||||||||
7 | Income From Continuing Operations | 10 | 24 | (14 | ) | 317 | 223 | 94 | ||||||||||||||||||
8 | Income (Loss) From Discontinued Operations — Net of Tax | 8 | (3 | ) | 11 | 10 | (47 | ) | 57 | |||||||||||||||||
9 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
10 | Net Income | $ | 18 | $ | 21 | $ | (3 | ) | $ | 327 | $ | 176 | $ | 151 | ||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
11 | Arizona Public Service | $ | 0.13 | $ | 0.19 | $ | (0.06 | ) | $ | 2.70 | $ | 1.77 | $ | 0.93 | ||||||||||||
12 | Pinnacle West Energy | — | (0.06 | ) | 0.06 | — | (0.89 | ) | 0.89 | |||||||||||||||||
13 | APS Energy Services | (0.02 | ) | (0.04 | ) | 0.02 | (0.03 | ) | (0.06 | ) | 0.03 | |||||||||||||||
14 | SunCor | 0.03 | 0.13 | (0.10 | ) | 0.50 | 0.40 | 0.10 | ||||||||||||||||||
15 | El Dorado | (0.01 | ) | (0.01 | ) | — | (0.03 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||||
16 | Parent Company | (0.03 | ) | 0.03 | (0.06 | ) | 0.03 | 1.11 | (1.08 | ) | ||||||||||||||||
17 | Income From Continuing Operations | 0.10 | 0.24 | (0.14 | ) | 3.17 | 2.31 | 0.86 | ||||||||||||||||||
18 | Income (Loss) From Discontinued Operations — Net of Tax | 0.08 | (0.02 | ) | 0.10 | 0.10 | (0.49 | ) | 0.59 | |||||||||||||||||
19 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
20 | Net Income | $ | 0.18 | $ | 0.22 | $ | (0.04 | ) | $ | 3.27 | $ | 1.82 | $ | 1.45 | ||||||||||||
21 | BOOK VALUE PER SHARE | $ | 33.66 | * | $ | 34.58 | $ | (0.92 | ) | $ | 33.66 | * | 34.58 | (0.92 | ) | |||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
22 | Average — Diluted | 100,474 | 99,050 | 1,424 | 100,010 | 96,590 | 3,420 | |||||||||||||||||||
23 | End of Period | 99,959 | 99,057 | 902 | 99,959 | 99,057 | 902 | |||||||||||||||||||
* Estimate |
See Glossary of Terms.
Page 2 of 31
Last Updated 1/30/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2006 and 2005
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2006 | 2005 | Incr (Decr) | 2006 | 2005 | Incr (Decr) | ||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
24 | Residential | $ | 242 | $ | 207 | $ | 35 | $ | 1,271 | $ | 1,079 | $ | 192 | |||||||||||||
25 | Business | 302 | 243 | 59 | 1,239 | 1,041 | 198 | |||||||||||||||||||
26 | Total retail | 544 | 450 | 94 | 2,510 | 2,120 | 390 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
27 | Traditional contracts | (3 | ) | 6 | (9 | ) | 22 | 23 | (1 | ) | ||||||||||||||||
28 | Off-system sales | 12 | 20 | (8 | ) | 46 | 40 | 6 | ||||||||||||||||||
29 | Transmission for others | 7 | 5 | 2 | 26 | 26 | — | |||||||||||||||||||
30 | Other miscellaneous services | 9 | 7 | 2 | 31 | 28 | 3 | |||||||||||||||||||
31 | Total regulated operating electricity revenues | 569 | 488 | 81 | 2,635 | 2,237 | 398 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
32 | Electricity and other commodity sales | 71 | 84 | (13 | ) | 331 | 352 | (21 | ) | |||||||||||||||||
33 | Total operating electric revenues | $ | 640 | $ | 572 | $ | 68 | $ | 2,966 | $ | 2,589 | $ | 377 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
34 | Residential | 2,571 | 2,518 | 53 | 12,994 | 12,223 | 771 | |||||||||||||||||||
35 | Business | 3,585 | 3,427 | 158 | 14,977 | 14,254 | 723 | |||||||||||||||||||
36 | Total retail | 6,156 | 5,945 | 211 | 27,971 | 26,477 | 1,494 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
37 | Traditional contracts | 167 | 227 | (60 | ) | 884 | 850 | 34 | ||||||||||||||||||
38 | Off-system sales | 497 | 526 | (29 | ) | 1,994 | 1,336 | 658 | ||||||||||||||||||
39 | Retail load hedge management | 347 | 532 | (185 | ) | 1,574 | 3,010 | (1,436 | ) | |||||||||||||||||
40 | Total regulated electricity | 7,167 | 7,230 | (63 | ) | 32,423 | 31,673 | 750 | ||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
41 | Wholesale sales of electricity | 3,688 | 5,240 | (1,552 | ) | 16,282 | 23,572 | (7,290 | ) | |||||||||||||||||
42 | Total electric sales | 10,855 | 12,470 | (1,615 | ) | 48,705 | 55,245 | (6,540 | ) | |||||||||||||||||
See Glossary of Terms.
Page 3 of 31
Last Updated 1/30/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2006 and 2005
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2006 | 2005 | Incr (Decr) | 2006 | 2005 | Incr (Decr) | ||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) - - REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||||||||||||
43 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 209 | $ | 143 | $ | 66 | $ | 173 | $ | — | $ | 173 | |||||||||||||
44 | Deferred fuel and purchased power costs — current period | 19 | 29 | (10 | ) | 244 | 171 | 73 | ||||||||||||||||||
45 | Interest on deferred fuel | 2 | 1 | 1 | 8 | 2 | 6 | |||||||||||||||||||
46 | Amounts recovered through revenues | (70 | ) | — | (70 | ) | (265 | ) | — | (265 | ) | |||||||||||||||
47 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 160 | $ | 173 | $ | (13 | ) | $ | 160 | $ | 173 | $ | (13 | ) | |||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
48 | Electricity and other commodity sales, realized (a) | $ | 18 | $ | 23 | $ | (5 | ) | $ | 55 | $ | 55 | $ | — | ||||||||||||
49 | Mark-to-market reversals on realized sales (a) (b) | (6 | ) | (17 | ) | 11 | (14 | ) | (16 | ) | 2 | |||||||||||||||
50 | Change in mark-to-market value of forward sales | (3 | ) | 1 | (4 | ) | — | 20 | (20 | ) | ||||||||||||||||
51 | Total gross margin | $ | 9 | $ | 7 | $ | 2 | $ | 41 | $ | 59 | $ | (18 | ) | ||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
52 | Parent company marketing and trading division | $ | 3 | $ | 6 | $ | (3 | ) | $ | 18 | $ | 59 | $ | (41 | ) | |||||||||||
53 | APS | 5 | 3 | 2 | 14 | (6 | ) | 20 | ||||||||||||||||||
54 | Pinnacle West Energy | — | — | — | — | 5 | (5 | ) | ||||||||||||||||||
55 | APS Energy Services | 1 | (2 | ) | 3 | 9 | 1 | 8 | ||||||||||||||||||
56 | Total gross margin | $ | 9 | $ | 7 | $ | 2 | $ | 41 | $ | 59 | $ | (18 | ) | ||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of December 31, 2006, Pinnacle West had accumulated net mark-to-market gains of $30 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: 2007, $16 million; and 2008, $14 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 $6 million was transferred to “realized” for the fourth quarter of 2006. A $6 million realized gain is included in the $18 million on line 48 for the fourth 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 1/30/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2006 and 2005
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2006 | 2005 | Incr (Decr) | 2006 | 2005 | Incr (Decr) | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
57 | Residential | 949,132 | 911,623 | 37,509 | 936,464 | 896,472 | 39,992 | |||||||||||||||||||
58 | Business | 117,342 | 112,569 | 4,773 | 115,431 | 111,168 | 4,263 | |||||||||||||||||||
59 | Total | 1,066,474 | 1,024,192 | 42,282 | 1,051,895 | 1,007,640 | 44,255 | |||||||||||||||||||
60 | Wholesale customers | 80 | 77 | 3 | 77 | 78 | (1 | ) | ||||||||||||||||||
61 | Total customers | 1,066,554 | 1,024,269 | 42,285 | 1,051,972 | 1,007,718 | 44,254 | |||||||||||||||||||
62 | Customer growth (% over prior year) | 4.1 | % | 4.5 | % | (0.4 | )% | 4.4 | % | 4.3 | % | 0.1 | % | |||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
63 | Residential | 2,619 | 2,515 | 104 | 13,014 | 12,280 | 734 | |||||||||||||||||||
64 | Business | 3,598 | 3,414 | 184 | 15,008 | 14,286 | 722 | |||||||||||||||||||
65 | Total | 6,217 | 5,929 | 288 | 28,022 | 26,566 | 1,456 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
66 | Residential | 2,709 | 2,763 | (54 | ) | 13,876 | 13,635 | 241 | ||||||||||||||||||
67 | Business | 30,552 | 30,444 | 108 | 129,749 | 128,514 | 1,235 | |||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
68 | Residential | 2,759 | 2,758 | 1 | 13,897 | 13,698 | 199 | |||||||||||||||||||
69 | Business | 30,667 | 30,332 | 335 | 130,017 | 128,507 | 1,510 | |||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
70 | System peak demand | 5,316 | 5,169 | 147 | 7,652 | 7,000 | 652 |
See Glossary of Terms.
Page 5 of 31
Last Updated 1/30/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2006 and 2005
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2006 | 2005 | Incr (Decr) | 2006 | 2005 | Incr (Decr) | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
71 | Nuclear | 1,868 | 1,496 | 372 | 6,988 | 7,509 | (521 | ) | ||||||||||||||||||
72 | Coal | 3,337 | 3,458 | (121 | ) | 13,176 | 13,060 | 116 | ||||||||||||||||||
73 | Gas, oil and other | 1,628 | 2,114 | (486 | ) | 7,384 | 8,435 | (1,051 | ) | |||||||||||||||||
74 | Total generation production | 6,833 | 7,068 | (235 | ) | 27,548 | 29,004 | (1,456 | ) | |||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
75 | Firm load | 223 | 402 | (179 | ) | 4,290 | 3,474 | 816 | ||||||||||||||||||
76 | Marketing and trading | 4,328 | 6,102 | (1,774 | ) | 19,240 | 25,713 | (6,473 | ) | |||||||||||||||||
77 | Total purchased power | 4,551 | 6,504 | (1,953 | ) | 23,530 | 29,187 | (5,657 | ) | |||||||||||||||||
78 | Total energy sources | 11,384 | 13,572 | (2,188 | ) | 51,078 | 58,191 | (7,113 | ) | |||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
79 | Nuclear | 75 | % | 61 | % | 14 | % | 71 | % | 77 | % | (6 | )% | |||||||||||||
80 | Coal | 87 | % | 92 | % | (5 | )% | 87 | % | 87 | % | 0 | % | |||||||||||||
81 | Gas, oil and other | 22 | % | 27 | % | (5 | )% | 25 | % | 28 | % | (3 | )% | |||||||||||||
82 | System average | 50 | % | 50 | % | 0 | % | 51 | % | 53 | % | (2 | )% | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
83 | Nuclear | 267 | 419 | (152 | ) | 153 | 114 | 39 | ||||||||||||||||||
84 | Coal | 155 | 103 | 52 | 82 | 73 | 9 | |||||||||||||||||||
85 | Gas | 286 | 226 | 60 | 89 | 93 | (4 | ) | ||||||||||||||||||
86 | Total | 708 | 748 | (40 | ) | 324 | 280 | 44 | ||||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms.
Page 6 of 31
Last Updated 1/30/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2006 and 2005
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2006 | 2005 | Incr (Decr) | 2006 | 2005 | Incr (Decr) | ||||||||||||||||||||
ENERGY MARKET INDICATORS (a) | ||||||||||||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | ||||||||||||||||||||||||||
On-Peak | ||||||||||||||||||||||||||
87 | Palo Verde | $ | 52.72 | $ | 83.58 | $ | (30.86 | ) | $ | 56.76 | $ | 66.40 | $ | (9.64 | ) | |||||||||||
88 | SP15 | $ | 62.16 | $ | 97.65 | $ | (35.49 | ) | $ | 61.95 | $ | 72.94 | $ | (10.99 | ) | |||||||||||
Off-Peak | ||||||||||||||||||||||||||
89 | Palo Verde | $ | 39.62 | $ | 67.79 | $ | (28.17 | ) | $ | 37.09 | $ | 47.55 | $ | (10.46 | ) | |||||||||||
90 | SP15 | $ | 46.27 | $ | 76.45 | $ | (30.18 | ) | $ | 40.61 | $ | 52.06 | $ | (11.45 | ) | |||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
91 | Cooling degree-days | 457 | 508 | (51 | ) | 4,695 | 4,663 | 32 | ||||||||||||||||||
92 | Heating degree-days | 383 | 308 | 75 | 851 | 766 | 85 | |||||||||||||||||||
93 | Average humidity | 33 | % | 30 | % | 3 | % | 28 | % | 34 | % | (6 | )% | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
94 | Cooling degree-days | 437 | 437 | — | 4,624 | 4,624 | — | |||||||||||||||||||
95 | Heating degree-days | 386 | 386 | — | 931 | 931 | — | |||||||||||||||||||
96 | Average humidity | 39 | % | 39 | % | 0 | % | 34 | % | 34 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
97 | Single-family | 2,910 | 6,152 | (3,242 | ) | 26,478 | 40,098 | (13,620 | ) | |||||||||||||||||
98 | Multi-family | 783 | 1,383 | (600 | ) | 9,861 | 7,129 | 2,732 | ||||||||||||||||||
99 | Total | 3,693 | 7,535 | (3,842 | ) | 36,339 | 47,227 | (10,888 | ) | |||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
100 | Payroll job growth (% over prior year) | 4.6 | % | 5.3 | % | (0.7 | )% | 5.0 | % | 5.3 | % | (0.3 | )% | |||||||||||||
101 | Unemployment rate (%, seasonally adjusted) | 4.0 | % | 4.8 | % | (0.8 | )% | 4.2 | % | 4.7 | % | (0.5 | )% |
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 November 30, 2006. |
See Glossary of Terms.
Page 7 of 31