Exhibit 99.3
Last Updated 1/30/2007
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 | ||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||||||||||||
1 | Arizona Public Service | $ | (6 | ) | $ | 94 | $ | 169 | $ | 13 | $ | 270 | $ | 100 | ||||||||||||
2 | Pinnacle West Energy | — | — | — | — | — | 85 | |||||||||||||||||||
3 | APS Energy Services | 1 | — | (2 | ) | (2 | ) | (3 | ) | 3 | ||||||||||||||||
4 | SunCor | 21 | 8 | 17 | 3 | 50 | 11 | |||||||||||||||||||
5 | El Dorado | (1 | ) | — | — | (1 | ) | (3 | ) | (1 | ) | |||||||||||||||
6 | Parent Company | (3 | ) | 9 | — | (3 | ) | 3 | (104 | ) | ||||||||||||||||
7 | Income From Continuing Operations | 12 | 111 | 184 | 10 | 317 | 94 | |||||||||||||||||||
8 | Income (Loss) From Discontinued Operations — Net of Tax | — | 1 | — | 8 | 10 | 57 | |||||||||||||||||||
9 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
10 | Net Income | $ | 12 | $ | 112 | $ | 184 | $ | 18 | $ | 327 | $ | 151 | |||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
11 | Arizona Public Service | $ | (0.06 | ) | $ | 0.95 | $ | 1.69 | $ | 0.13 | $ | 2.70 | $ | 0.93 | ||||||||||||
12 | Pinnacle West Energy | — | — | — | — | — | 0.89 | |||||||||||||||||||
13 | APS Energy Services | 0.01 | — | (0.02 | ) | (0.02 | ) | (0.03 | ) | 0.03 | ||||||||||||||||
14 | SunCor | 0.21 | 0.08 | 0.17 | 0.03 | 0.50 | 0.10 | |||||||||||||||||||
15 | El Dorado | (0.01 | ) | — | — | (0.01 | ) | (0.03 | ) | (0.01 | ) | |||||||||||||||
16 | Parent Company | (0.03 | ) | 0.08 | — | (0.03 | ) | 0.03 | (1.08 | ) | ||||||||||||||||
17 | Income From Continuing Operations | 0.12 | 1.11 | 1.84 | 0.10 | 3.17 | 0.86 | |||||||||||||||||||
18 | Income (Loss) From Discontinued Operations — Net of Tax | 0.01 | 0.02 | — | 0.08 | 0.10 | 0.59 | |||||||||||||||||||
19 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
20 | Net Income | $ | 0.13 | $ | 1.13 | $ | 1.84 | $ | 0.18 | $ | 3.27 | $ | 1.45 | |||||||||||||
21 | BOOK VALUE PER SHARE | $ | 32.37 | $ | 33.08 | $ | 34.07 | $ | 33.66 | * | $ | 33.66 | * | (0.92 | ) | |||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
22 | Average — Diluted | 99,449 | 99,640 | 99,973 | 100,474 | 100,010 | 3,420 | |||||||||||||||||||
23 | End of Period | 99,187 | 99,284 | 99,648 | 99,959 | 99,959 | 902 |
* | Estimate |
See Glossary of Terms.
Page 8 of 31
Last Updated 1/30/2007
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 | ||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
24 | Residential | $ | 202 | $ | 337 | $ | 490 | $ | 242 | $ | 1,271 | $ | 192 | |||||||||||||
25 | Business | 233 | 333 | 371 | 302 | 1,239 | 198 | |||||||||||||||||||
26 | Total retail | 435 | 670 | 861 | 544 | 2,510 | 390 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
27 | Traditional contracts | 6 | 7 | 12 | (3 | ) | 22 | (1 | ) | |||||||||||||||||
28 | Off-system sales | 12 | 22 | — | 12 | 46 | 6 | |||||||||||||||||||
29 | Transmission for others | 6 | 6 | 7 | 7 | 26 | — | |||||||||||||||||||
30 | Other miscellaneous services | 7 | 8 | 7 | 9 | 31 | 3 | |||||||||||||||||||
31 | Total regulated operating electricity revenues | 466 | 713 | 887 | 569 | 2,635 | 398 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
32 | Electricity and other commodity sales | 85 | 90 | 85 | 71 | 331 | (21 | ) | ||||||||||||||||||
33 | Total operating electric revenues | $ | 551 | $ | 803 | $ | 972 | $ | 640 | $ | 2,966 | $ | 377 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
34 | Residential | 2,419 | 3,284 | 4,720 | 2,571 | 12,994 | 771 | |||||||||||||||||||
35 | Business | 3,199 | 3,971 | 4,222 | 3,585 | 14,977 | 723 | |||||||||||||||||||
36 | Total retail | 5,618 | 7,255 | 8,942 | 6,156 | 27,971 | 1,494 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
37 | Traditional contracts | 215 | 181 | 321 | 167 | 884 | 34 | |||||||||||||||||||
38 | Off-system sales | 927 | 270 | 300 | 497 | 1,994 | 658 | |||||||||||||||||||
39 | Retail load hedge management | 90 | 515 | 622 | 347 | 1,574 | (1,436 | ) | ||||||||||||||||||
40 | Total regulated electricity | 6,850 | 8,221 | 10,185 | 7,167 | 32,423 | 750 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
41 | Wholesale sales of electricity | 3,891 | 3,862 | 4,841 | 3,688 | 16,282 | (7,290 | ) | ||||||||||||||||||
42 | Total electric sales | 10,741 | 12,083 | 15,026 | 10,855 | 48,705 | (6,540 | ) | ||||||||||||||||||
See Glossary of Terms.
Page 9 of 31
Last Updated 1/30/2007
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 | ||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) - - REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||||||||||||
43 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 173 | $ | 169 | $ | 175 | 209 | $ | 173 | $ | 173 | ||||||||||||||
44 | Deferred fuel and purchased power costs — current period | 13 | 78 | 134 | 19 | 244 | 73 | |||||||||||||||||||
45 | Interest on deferred fuel | 1 | 3 | 2 | 2 | 8 | 6 | |||||||||||||||||||
46 | Amounts recovered through revenues | (18 | ) | (75 | ) | (102 | ) | (70 | ) | (265 | ) | (265 | ) | |||||||||||||
47 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 169 | $ | 175 | $ | 209 | $ | 160 | $ | 160 | $ | (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) | $ | 11 | $ | 17 | $ | 8 | $ | 18 | $ | 55 | $ | — | |||||||||||||
49 | Mark-to-market reversals on realized sales (a) (b) | (1 | ) | (1 | ) | (1 | ) | (6 | ) | (14 | ) | 2 | ||||||||||||||
50 | Change in mark-to-market value of forward sales | 1 | — | (3 | ) | (3 | ) | — | (20 | ) | ||||||||||||||||
51 | Total gross margin | $ | 11 | $ | 16 | $ | 4 | $ | 9 | $ | 41 | $ | (18 | ) | ||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
52 | Parent company marketing and trading division | $ | (2 | ) | $ | 11 | $ | 5 | $ | 3 | $ | 18 | $ | (41 | ) | |||||||||||
53 | APS | 10 | 2 | (3 | ) | 5 | 14 | 20 | ||||||||||||||||||
54 | Pinnacle West Energy | — | — | — | — | — | (5 | ) | ||||||||||||||||||
55 | APS Energy Services | 3 | 3 | 2 | 1 | 9 | 8 | |||||||||||||||||||
56 | Total gross margin | $ | 11 | $ | 16 | $ | 4 | $ | 9 | $ | 41 | $ | (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 10 of 31
Last Updated 1/30/2007
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 | 949,132 | 936,464 | 39,992 | |||||||||||||||||||
58 | Business | 113,570 | 114,803 | 116,009 | 117,342 | 115,431 | 4,263 | |||||||||||||||||||
59 | Total | 1,044,369 | 1,045,205 | 1,051,532 | 1,066,474 | 1,051,895 | 44,255 | |||||||||||||||||||
60 | Wholesale customers | 75 | 76 | 76 | 80 | 77 | (1 | ) | ||||||||||||||||||
61 | Total customers | 1,044,444 | 1,045,281 | 1,051,608 | 1,066,554 | 1,051,972 | 44,254 | |||||||||||||||||||
62 | Customer growth (% over prior year) | 4.5 | % | 4.6 | % | 4.4 | % | 4.1 | % | 4.4 | % | 0.1 | % | |||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
63 | Residential | 2,514 | 3,105 | 4,776 | 2,619 | 13,014 | 734 | |||||||||||||||||||
64 | Business | 3,252 | 3,926 | 4,232 | 3,598 | 15,008 | 722 | |||||||||||||||||||
65 | Total | 5,766 | 7,031 | 9,008 | 6,217 | 28,022 | 1,456 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
66 | Residential | 2,763 | 3,530 | 5,045 | 2,709 | 13,876 | 241 | |||||||||||||||||||
67 | Business | 30,444 | 34,590 | 36,394 | 30,552 | 129,749 | 1,235 | |||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
68 | Residential | 2,700 | 3,337 | 5,105 | 2,759 | 13,897 | 199 | |||||||||||||||||||
69 | Business | 28,636 | 34,194 | 36,477 | 30,667 | 130,017 | 1,510 | |||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
70 | System peak demand | 4,205 | 6,624 | 7,652 | 5,316 | 7,652 | 652 |
See Glossary of Terms.
Page 11 of 31
Last Updated 1/30/2007
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 | 1,868 | 6,988 | (521 | ) | ||||||||||||||||||
72 | Coal | 3,083 | 3,182 | 3,574 | 3,337 | 13,176 | 116 | |||||||||||||||||||
73 | Gas, oil and other | 1,323 | 2,000 | 2,433 | 1,628 | 7,384 | (1,051 | ) | ||||||||||||||||||
74 | Total generation production | 6,126 | 6,380 | 8,209 | 6,833 | 27,548 | (1,456 | ) | ||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
75 | Firm load | 365 | 1,740 | 1,962 | 223 | 4,290 | 816 | |||||||||||||||||||
76 | Marketing and trading | 4,759 | 4,546 | 5,607 | 4,328 | 19,240 | (6,473 | ) | ||||||||||||||||||
77 | Total purchased power | 5,124 | 6,286 | 7,569 | 4,551 | 23,530 | (5,657 | ) | ||||||||||||||||||
78 | Total energy sources | 11,250 | 12,666 | 15,778 | 11,384 | 51,078 | (7,113 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
79 | Nuclear | 71 | % | 49 | % | 88 | % | 75 | % | 71 | % | (6 | )% | |||||||||||||
80 | Coal | 83 | % | 84 | % | 94 | % | 87 | % | 87 | % | 0 | % | |||||||||||||
81 | Gas, oil and other | 18 | % | 28 | % | 34 | % | 22 | % | 25 | % | (3 | )% | |||||||||||||
82 | System average | 46 | % | 48 | % | 61 | % | 50 | % | 51 | % | (2 | )% | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
83 | Nuclear | 306 | 553 | 97 | 267 | 153 | 39 | |||||||||||||||||||
84 | Coal | 257 | 184 | 62 | 155 | 82 | 9 | |||||||||||||||||||
85 | Gas | 201 | 117 | 109 | 286 | 89 | (4 | ) | ||||||||||||||||||
86 | Total | 764 | 854 | 268 | 708 | 324 | 44 | |||||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms.
Page 12 of 31
Last Updated 1/30/2007
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 | $ | 52.72 | $ | 56.76 | $ | (9.64 | ) | ||||||||||||
88 | SP15 | $ | 58.34 | $ | 55.39 | $ | 71.89 | $ | 62.16 | $ | 61.95 | $ | (10.99 | ) | ||||||||||||
Off-Peak | ||||||||||||||||||||||||||
89 | Palo Verde | $ | 41.92 | $ | 28.38 | $ | 38.45 | $ | 39.62 | $ | 37.09 | $ | (10.46 | ) | ||||||||||||
90 | SP15 | $ | 44.79 | $ | 27.43 | $ | 43.94 | $ | 46.27 | $ | 40.61 | $ | (11.45 | ) | ||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
91 | Cooling degree-days | 43 | 1,740 | 2,455 | 457 | 4,695 | 32 | |||||||||||||||||||
92 | Heating degree-days | 464 | 4 | — | 383 | 851 | 85 | |||||||||||||||||||
93 | Average humidity | 28 | % | 18 | % | 33 | % | 33 | % | 28 | % | (6 | )% | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
94 | Cooling degree-days | 99 | 1,547 | 2,541 | 437 | 4,624 | — | |||||||||||||||||||
95 | Heating degree-days | 514 | 31 | — | 386 | 931 | — | |||||||||||||||||||
96 | Average humidity | 41 | % | 23 | % | 33 | % | 39 | % | 34 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
97 | Single-family | 8,716 | 8,883 | 5,969 | 2,910 | 26,478 | (13,620 | ) | ||||||||||||||||||
98 | Multi-family | 2,887 | 2,976 | 3,215 | 783 | 9,861 | 2,732 | |||||||||||||||||||
99 | Total | 11,603 | 11,859 | 9,184 | 3,693 | 36,339 | (10,888 | ) | ||||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
100 | Payroll job growth (% over prior year) | 5.6 | % | 4.8 | % | 4.8 | % | 4.6 | % | 5.0 | % | (0.3 | )% | |||||||||||||
101 | Unemployment rate (%, seasonally adjusted) | 4.4 | % | 4.3 | % | 4.0 | % | 4.0 | % | 4.2 | % | (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 13 of 31