Exhibit 99.2
Last Updated 10/25/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2007 and 2006
| 3 Mo. Ended September | 9 Mo. Ended September | |||||||||||||||||||||||||
| Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||||||||||||
| 1 | Arizona Public Service | $ | 204 | $ | 169 | $ | 35 | $ | 284 | $ | 257 | $ | 27 | |||||||||||||
| 2 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
| 3 | APS Energy Services | 2 | (2 | ) | 4 | 1 | (1 | ) | 2 | |||||||||||||||||
| 4 | SunCor | (2 | ) | 17 | (19 | ) | 6 | 47 | (41 | ) | ||||||||||||||||
| 5 | El Dorado | (3 | ) | — | (3 | ) | (5 | ) | (2 | ) | (3 | ) | ||||||||||||||
| 6 | Parent Company | — | — | — | 9 | 6 | 3 | |||||||||||||||||||
| 7 | Income From Continuing Operations | 201 | 184 | 17 | 295 | 307 | (12 | ) | ||||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 8 | Silverhawk | — | — | — | — | — | — | |||||||||||||||||||
| 9 | SunCor | 8 | — | 8 | 9 | 2 | 7 | |||||||||||||||||||
| 10 | NAC | — | — | — | — | — | — | |||||||||||||||||||
| 11 | Total | 8 | — | 8 | 9 | 2 | 7 | |||||||||||||||||||
| 12 | Net Income | $ | 209 | $ | 184 | $ | 25 | $ | 304 | $ | 309 | $ | (5 | ) | ||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
| 13 | Arizona Public Service | $ | 2.03 | $ | 1.69 | $ | 0.34 | $ | 2.82 | $ | 2.57 | $ | 0.25 | |||||||||||||
| 14 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
| 15 | APS Energy Services | 0.01 | (0.02 | ) | 0.03 | 0.01 | (0.01 | ) | 0.02 | |||||||||||||||||
| 16 | SunCor | (0.02 | ) | 0.17 | (0.19 | ) | 0.07 | 0.47 | (0.40 | ) | ||||||||||||||||
| 17 | El Dorado | (0.03 | ) | — | (0.03 | ) | (0.05 | ) | (0.02 | ) | (0.03 | ) | ||||||||||||||
| 18 | Parent Company | — | — | — | 0.08 | 0.06 | 0.02 | |||||||||||||||||||
| 19 | Income From Continuing Operations | 1.99 | 1.84 | 0.15 | 2.93 | 3.07 | (0.14 | ) | ||||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 20 | Silverhawk | — | — | — | — | — | — | |||||||||||||||||||
| 21 | SunCor | 0.08 | — | 0.08 | 0.09 | 0.03 | 0.06 | |||||||||||||||||||
| 22 | NAC | — | — | — | — | — | — | |||||||||||||||||||
| 23 | Total | 0.08 | — | 0.08 | 0.09 | 0.03 | 0.06 | |||||||||||||||||||
| 24 | Net Income | $ | 2.07 | $ | 1.84 | $ | 0.23 | $ | 3.02 | $ | 3.10 | $ | (0.08 | ) | ||||||||||||
| 25 | BOOK VALUE PER SHARE | $ | 35.55 | * | $ | 34.07 | $ | 1.48 | $ | 35.55 | * | $ | 34.07 | $ | 1.48 | |||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
| 26 | Average — Diluted | 100,829 | 99,973 | 856 | 100,767 | 99,723 | 1,044 | |||||||||||||||||||
| 27 | End of Period | 100,367 | 99,648 | 719 | 100,367 | 99,648 | 719 | |||||||||||||||||||
| * | Estimate |
| See Glossary of Terms. | Page 2 of 31 |
Last Updated 10/25/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2007 and 2006
| 3 Mo. Ended September | 9 Mo. Ended September | |||||||||||||||||||||||||
| Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
| 28 | Residential | $ | 574 | $ | 490 | $ | 84 | $ | 1,155 | $ | 1,029 | $ | 126 | |||||||||||||
| 29 | Business | 425 | 371 | 54 | 1,031 | 937 | 94 | |||||||||||||||||||
| 30 | Total retail | 999 | 861 | 138 | 2,186 | 1,966 | 220 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
| 31 | Traditional contracts | 12 | 12 | — | 26 | 25 | 1 | |||||||||||||||||||
| 32 | Off-system sales | 16 | — | 16 | 33 | 34 | (1 | ) | ||||||||||||||||||
| 33 | Transmission for others | 8 | 7 | 1 | 22 | 19 | 3 | |||||||||||||||||||
| 34 | Other miscellaneous services | 9 | 7 | 2 | 24 | 22 | 2 | |||||||||||||||||||
| 35 | Total regulated operating electricity revenues | 1,044 | 887 | 157 | 2,291 | 2,066 | 225 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 36 | Electricity and other commodity sales | 99 | 85 | 14 | 264 | 259 | 5 | |||||||||||||||||||
| 37 | Total operating electric revenues | $ | 1,143 | $ | 972 | $ | 171 | $ | 2,555 | $ | 2,325 | $ | 230 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
| 38 | Residential | 5,084 | 4,720 | 364 | 11,105 | 10,423 | 682 | |||||||||||||||||||
| 39 | Business | 4,426 | 4,222 | 204 | 11,715 | 11,392 | 323 | |||||||||||||||||||
| 40 | Total retail | 9,510 | 8,942 | 568 | 22,820 | 21,815 | 1,005 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
| 41 | Traditional contracts | 296 | 321 | (25 | ) | 733 | 717 | 16 | ||||||||||||||||||
| 42 | Off-system sales | 478 | 219 | 259 | 1,031 | 1,109 | (78 | ) | ||||||||||||||||||
| 43 | Retail load hedge management | 529 | 450 | 79 | 900 | 1,250 | (350 | ) | ||||||||||||||||||
| 44 | Total regulated electricity | 10,813 | 9,932 | 881 | 25,484 | 24,891 | 593 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 45 | Wholesale sales of electricity | 3,623 | 4,841 | (1,218 | ) | 8,286 | 12,665 | (4,379 | ) | |||||||||||||||||
| 46 | Total electric sales | 14,436 | 14,773 | (337 | ) | 33,770 | 37,556 | (3,786 | ) | |||||||||||||||||
| See Glossary of Terms. | Page 3 of 31 |
Last Updated 10/25/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2007 and 2006
| 3 Mo. Ended September | 9 Mo. Ended September | |||||||||||||||||||||||||
| Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||||||||||||
| 47 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 137 | $ | 175 | $ | (38 | ) | $ | 160 | $ | 173 | $ | (13 | ) | |||||||||||
| 48 | Deferred fuel and purchased power costs — current period | 69 | 134 | (65 | ) | 198 | 225 | (27 | ) | |||||||||||||||||
| 49 | Regulatory disallowance | — | — | — | (14 | ) | — | (14 | ) | |||||||||||||||||
| 50 | Interest on deferred fuel | 2 | 2 | — | 5 | 6 | (1 | ) | ||||||||||||||||||
| 51 | Amounts recovered through revenues | (58 | ) | (102 | ) | 44 | (199 | ) | (195 | ) | (4 | ) | ||||||||||||||
| 52 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 150 | $ | 209 | $ | (59 | ) | $ | 150 | $ | 209 | $ | (59 | ) | |||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
| 53 | Electricity and other commodity sales, realized (a) | $ | 6 | $ | 7 | $ | (1 | ) | $ | 46 | $ | 36 | $ | 10 | ||||||||||||
| 54 | Mark-to-market reversals on realized sales (a) (b) | (3 | ) | (1 | ) | (2 | ) | (13 | ) | (3 | ) | (10 | ) | |||||||||||||
| 55 | Change in mark-to-market value of forward sales | 2 | (3 | ) | 5 | 5 | (1 | ) | 6 | |||||||||||||||||
| 56 | Total gross margin | $ | 5 | $ | 3 | $ | 2 | $ | 38 | $ | 32 | $ | 6 | |||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
| 57 | APS | $ | — | $ | (3 | ) | $ | 3 | $ | 7 | $ | 8 | $ | (1 | ) | |||||||||||
| 58 | Pinnacle West | 1 | 4 | (3 | ) | 21 | 16 | 5 | ||||||||||||||||||
| 59 | APS Energy Services | 4 | 2 | 2 | 10 | 8 | 2 | |||||||||||||||||||
| 60 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
| 61 | Total gross margin | $ | 5 | $ | 3 | $ | 2 | $ | 38 | $ | 32 | $ | 6 | |||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of September 30, 2007, Pinnacle West had accumulated net mark-to-market gains of $10 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, $3 million; 2008, $2 million; and thereafter, $5 million.
| (a) | Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 53 and in line 54 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 53 are included in line 54. For example, line 54 shows that a prior-period mark-to-market gain of $3 million was transferred to “realized” for the third quarter of 2007. A $3 million realized gain is included in the $6 million on line 53 for the third quarter of 2007. | |
| (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 10/25/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2007 and 2006
| 3 Mo. Ended September | 9 Mo. Ended September | |||||||||||||||||||||||||
| Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
| 62 | Residential | 963,874 | 935,523 | 28,351 | 963,799 | 932,241 | 31,558 | |||||||||||||||||||
| 63 | Business | 120,918 | 116,009 | 4,909 | 119,786 | 114,795 | 4,991 | |||||||||||||||||||
| 64 | Total | 1,084,792 | 1,051,532 | 33,260 | 1,083,585 | 1,047,036 | 36,549 | |||||||||||||||||||
| 65 | Wholesale customers | 61 | 76 | (15 | ) | 62 | 76 | (14 | ) | |||||||||||||||||
| 66 | Total customers | 1,084,853 | 1,051,608 | 33,245 | 1,083,647 | 1,047,112 | 36,535 | |||||||||||||||||||
| 67 | Customer growth (% over prior year) | 3.2 | % | 4.4 | % | (1.2 | )% | 3.5 | % | 4.5 | % | (1.0 | )% | |||||||||||||
RETAIL SALES (GWH) — WEATHER NORMALIZED | ||||||||||||||||||||||||||
| 68 | Residential | 4,805 | 4,772 | 33 | 10,667 | 10,370 | 297 | |||||||||||||||||||
| 69 | Business | 4,371 | 4,231 | 140 | 11,576 | 11,412 | 164 | |||||||||||||||||||
| 70 | Total | 9,176 | 9,003 | 173 | 22,243 | 21,782 | 461 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
| 71 | Residential | 5,275 | 5,045 | 230 | 11,522 | 11,181 | 341 | |||||||||||||||||||
| 72 | Business | 36,601 | 36,394 | 207 | 97,797 | 99,238 | (1,441 | ) | ||||||||||||||||||
RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
| 73 | Residential | 4,985 | 5,101 | (116 | ) | 11,067 | 11,124 | (57 | ) | |||||||||||||||||
| 74 | Business | 36,152 | 36,470 | (318 | ) | 96,644 | 99,412 | (2,768 | ) | |||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
| 75 | System peak demand | 7,545 | 7,652 | (107 | ) | 7,545 | 7,652 | (107 | ) | |||||||||||||||||
| See Glossary of Terms. | Page 5 of 31 |
Last Updated 10/25/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2007 and 2006
| 3 Mo. Ended September | 9 Mo. Ended September | |||||||||||||||||||||||||
| Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
| 76 | Nuclear | 2,218 | 2,202 | 16 | 6,363 | 5,120 | 1,243 | |||||||||||||||||||
| 77 | Coal | 3,563 | 3,574 | (11 | ) | 9,992 | 9,839 | 153 | ||||||||||||||||||
| 78 | Gas, oil and other | 2,479 | 2,433 | 46 | 5,147 | 5,756 | (609 | ) | ||||||||||||||||||
| 79 | Total generation production | 8,260 | 8,209 | 51 | 21,502 | 20,715 | 787 | |||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
| 80 | Firm load | 2,521 | 1,962 | 559 | 4,475 | 4,067 | 408 | |||||||||||||||||||
| 81 | Marketing and trading | 4,469 | 5,353 | (884 | ) | 9,786 | 14,542 | (4,756 | ) | |||||||||||||||||
| 82 | Total purchased power | 6,990 | 7,315 | (325 | ) | 14,261 | 18,609 | (4,348 | ) | |||||||||||||||||
| 83 | Total energy sources | 15,250 | 15,524 | (274 | ) | 35,763 | 39,324 | (3,561 | ) | |||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
| 84 | Nuclear | 89 | % | 88 | % | 1 | % | 86 | % | 69 | % | 17 | % | |||||||||||||
| 85 | Coal | 93 | % | 94 | % | (1 | )% | 88 | % | 87 | % | 1 | % | |||||||||||||
| 86 | Gas, oil and other | 34 | % | 34 | % | 0 | % | 24 | % | 26 | % | (2 | )% | |||||||||||||
| 87 | System average | 61 | % | 61 | % | 0 | % | 52 | % | 51 | % | 1 | % | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
| 88 | Nuclear | 22 | 97 | (75 | ) | 115 | 319 | (204 | ) | |||||||||||||||||
| 89 | Coal | 79 | 62 | 17 | 156 | 167 | (11 | ) | ||||||||||||||||||
| 90 | Gas | 147 | 109 | 38 | 273 | 142 | 131 | |||||||||||||||||||
| 91 | Total | 248 | 268 | (20 | ) | 544 | 628 | (84 | ) | |||||||||||||||||
| (a) | Includes planned and unplanned outages |
| See Glossary of Terms. | Page 6 of 31 |
Last Updated 10/25/2007
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2007 and 2006
| 3 Mo. Ended September | 9 Mo. Ended September | |||||||||||||||||||||||||
| Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
ENERGY MARKET INDICATORS (a) | ||||||||||||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | ||||||||||||||||||||||||||
On-Peak | ||||||||||||||||||||||||||
| 92 | Palo Verde | $ | 69.26 | $ | 65.89 | $ | 3.37 | $ | 62.84 | $ | 58.10 | $ | 4.73 | |||||||||||||
| 93 | SP15 | $ | 68.84 | $ | 71.89 | $ | (3.05 | ) | $ | 65.87 | $ | 61.87 | $ | 4.00 | ||||||||||||
Off-Peak | ||||||||||||||||||||||||||
| 94 | Palo Verde | $ | 37.03 | $ | 38.45 | $ | (1.42 | ) | $ | 40.18 | $ | 36.25 | $ | 3.93 | ||||||||||||
| 95 | SP15 | $ | 41.23 | $ | 43.94 | $ | (2.71 | ) | $ | 44.41 | $ | 38.82 | $ | 5.59 | ||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
| 96 | Cooling degree-days | 2,686 | 2,455 | 231 | 4,566 | 4,238 | 328 | |||||||||||||||||||
| 97 | Heating degree-days | — | — | — | 597 | 468 | 129 | |||||||||||||||||||
| 98 | Average humidity | 30 | % | 33 | % | (3 | )% | 29 | % | 26 | % | 3 | % | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
| 99 | Cooling degree-days | 2,544 | 2,544 | — | 4,198 | 4,198 | — | |||||||||||||||||||
| 100 | Heating degree-days | — | — | — | 544 | 544 | — | |||||||||||||||||||
| 101 | Average humidity | 32 | % | 32 | % | 0 | % | 32 | % | 32 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b)(d) | ||||||||||||||||||||||||||
| 102 | Single-family | 3,816 | 4,446 | (630 | ) | 18,280 | 22,045 | (3,765 | ) | |||||||||||||||||
| 103 | Multi-family | 1,982 | 2,034 | (52 | ) | 9,686 | 7,897 | 1,789 | ||||||||||||||||||
| 104 | Total | 5,798 | 6,480 | (682 | ) | 27,966 | 29,942 | (1,976 | ) | |||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
| 105 | Payroll job growth (% over prior year) | 2.8 | % | 5.2 | % | (2.4 | )% | 3.5 | % | 5.6 | % | (2.1 | )% | |||||||||||||
| 106 | Unemployment rate (%, seasonally adjusted) | 3.7 | % | 4.0 | % | (0.3 | )% | 3.8 | % | 4.1 | % | (0.3 | )% | |||||||||||||
| 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 periods ended August 31, 2007 (latest available data) and August 31, 2006. | ||
| See Glossary of Terms. | Page 7 of 31 |