Exhibit 99.3
Last Updated 4/25/2007
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
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 | $ | 4 | $ | 4 | $ | 10 | |||||||||||||||||||
2 | Pinnacle West Energy | — | — | — | ||||||||||||||||||||||
3 | APS Energy Services | 1 | 1 | — | ||||||||||||||||||||||
4 | SunCor | 8 | 8 | (13 | ) | |||||||||||||||||||||
5 | El Dorado | (2 | ) | (2 | ) | (1 | ) | |||||||||||||||||||
6 | Parent Company | 5 | 5 | 8 | ||||||||||||||||||||||
— | ||||||||||||||||||||||||||
7 | Income From Continuing Operations | 16 | — | — | — | 16 | 4 | |||||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
8 | Silverhawk | — | — | — | ||||||||||||||||||||||
9 | SunCor | 1 | 1 | — | ||||||||||||||||||||||
10 | NAC | — | — | — | ||||||||||||||||||||||
11 | Total | 1 | — | — | — | 1 | — | |||||||||||||||||||
12 | Net Income | $ | 17 | $ | — | $ | — | $ | — | $ | 17 | $ | 4 | |||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
13 | Arizona Public Service | $ | 0.04 | $ | 0.04 | $ | 0.10 | |||||||||||||||||||
14 | Pinnacle West Energy | — | — | — | ||||||||||||||||||||||
15 | APS Energy Services | 0.01 | 0.01 | — | ||||||||||||||||||||||
16 | SunCor | 0.09 | 0.09 | (0.12 | ) | |||||||||||||||||||||
17 | El Dorado | (0.02 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||||||||
18 | Parent Company | 0.04 | 0.04 | 0.07 | ||||||||||||||||||||||
19 | Income From Continuing Operations | 0.16 | — | — | — | 0.16 | 0.04 | |||||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
20 | Silverhawk | — | — | — | ||||||||||||||||||||||
21 | SunCor | — | — | (0.01 | ) | |||||||||||||||||||||
22 | NAC | — | — | — | ||||||||||||||||||||||
23 | Total | — | — | — | — | — | (0.01 | ) | ||||||||||||||||||
24 | Net Income | $ | 0.16 | $ | — | $ | — | $ | — | $ | 0.16 | $ | 0.03 | |||||||||||||
25 | BOOK VALUE PER SHARE | $ | 34.45 | * | $ | 34.45 | * | 2.08 | ||||||||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
26 | Average — Diluted | 100,622 | 1,173 | |||||||||||||||||||||||
27 | End of Period | 100,115 | 928 | |||||||||||||||||||||||
* Estimate |
See Glossary of Terms. | Page 8 of 31 |
Last Updated 4/25/2007
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
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 | ||||||||||||||||||||||||||
28 | Residential | $ | 246 | $ | 246 | $ | 44 | |||||||||||||||||||
29 | Business | 264 | 264 | 31 | ||||||||||||||||||||||
30 | Total retail | 510 | — | — | — | 510 | 75 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
31 | Traditional contracts | 5 | 5 | (1 | ) | |||||||||||||||||||||
32 | Off-system sales | 7 | 7 | (5 | ) | |||||||||||||||||||||
33 | Transmission for others | 7 | 7 | 1 | ||||||||||||||||||||||
34 | Other miscellaneous services | 7 | 7 | — | ||||||||||||||||||||||
35 | Total regulated operating electricity revenues | 536 | — | — | — | 536 | 70 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
36 | Electricity and other commodity sales | 72 | 72 | (13 | ) | |||||||||||||||||||||
37 | Total operating electric revenues | $ | 608 | $ | — | $ | — | $ | — | $ | 608 | $ | 57 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
38 | Residential | 2,734 | 2,734 | 315 | ||||||||||||||||||||||
39 | Business | 3,285 | 3,285 | 86 | ||||||||||||||||||||||
40 | Total retail | 6,019 | — | — | — | 6,019 | 401 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
41 | Traditional contracts | 175 | 175 | (40 | ) | |||||||||||||||||||||
42 | Off-system sales | 243 | 243 | (429 | ) | |||||||||||||||||||||
43 | Retail load hedge management | 117 | 117 | (61 | ) | |||||||||||||||||||||
44 | Total regulated electricity | 6,554 | — | — | — | 6,554 | (129 | ) | ||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
45 | Wholesale sales of electricity | 2,057 | 2,057 | (1,905 | ) | |||||||||||||||||||||
46 | Total electric sales | 8,611 | — | — | — | 8,611 | (2,034 | ) | ||||||||||||||||||
See Glossary of Terms. | Page 9 of 31 |
Last Updated 4/25/2007
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
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) | ||||||||||||||||||||||||||
47 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 160 | $ | 160 | $ | (13 | ) | ||||||||||||||||||
48 | Deferred fuel and purchased power costs — current period | 25 | 25 | 12 | ||||||||||||||||||||||
49 | Interest on deferred fuel | 2 | 2 | 1 | ||||||||||||||||||||||
50 | Amounts recovered through revenues | (69 | ) | (69 | ) | (51 | ) | |||||||||||||||||||
51 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 118 | $ | — | $ | — | $ | — | $ | 118 | $ | (51 | ) | ||||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
52 | Electricity and other commodity sales, realized (a) | $ | 12 | $ | 12 | $ | 2 | |||||||||||||||||||
53 | Mark-to-market reversals on realized sales (a) (b) | (8 | ) | (8 | ) | (7 | ) | |||||||||||||||||||
54 | Change in mark-to-market value of forward sales | 10 | 10 | 9 | ||||||||||||||||||||||
55 | Total gross margin | $ | 14 | $ | — | $ | — | $ | — | $ | 14 | $ | 4 | |||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
56 | APS | $ | (1 | ) | $ | (1 | ) | $ | (9 | ) | ||||||||||||||||
57 | Pinnacle West Marketing & Trading (c) | 1 | 1 | 1 | ||||||||||||||||||||||
58 | Parent Company (c) | 9 | 9 | 10 | ||||||||||||||||||||||
59 | APS Energy Services | 5 | 5 | 2 | ||||||||||||||||||||||
60 | Pinnacle West Energy | — | — | — | ||||||||||||||||||||||
61 | Total gross margin | $ | 14 | $ | — | $ | — | $ | — | $ | 14 | $ | 4 | |||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of March 31, 2007, Pinnacle West had accumulated net mark-to-market gains of $28 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, $13 million; and 2008, $15 million.
(a) | Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 52 and in line 53 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 52 are included in line 53. For example, line 53 shows that a prior-period mark-to-market gain of $8 million was transferred to “realized” for the first quarter of 2007. A $8 million realized gain is included in the $12 million on line 52 for the first quarter of 2007. | |
(b) | Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations. | |
(c) | On February 1, 2007, the Parent Company transferred its market based rate tariff and wholesale power sales agreements to a newly-created subsidiary, Pinnacle West Marketing & Trading, which resulted in Pinnacle West no longer being a public utility under the Federal Power Act. As a result, Pinnacle West is no longer subject to FERC jurisdiction in connection with its issuance of securities or its incurrence of long-term debt. |
See Glossary of Terms. | Page 10 of 31 |
Last Updated 4/25/2007
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
62 | Residential | 965,428 | 965,428 | 34,629 | ||||||||||||||||||||||
63 | Business | 118,649 | 118,649 | 5,079 | ||||||||||||||||||||||
64 | Total | 1,084,077 | — | — | — | 1,084,077 | 39,708 | |||||||||||||||||||
65 | Wholesale customers | 63 | 63 | (12 | ) | |||||||||||||||||||||
66 | Total customers | 1,084,140 | — | — | — | 1,084,140 | 39,696 | |||||||||||||||||||
67 | Customer growth (% over prior year) | 3.8 | % | 3.8 | % | (0.7 | )% | |||||||||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
68 | Residential | 2,648 | 2,648 | 173 | ||||||||||||||||||||||
69 | Business | 3,228 | 3,228 | (20 | ) | |||||||||||||||||||||
70 | Total | 5,876 | — | — | — | 5,876 | 153 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
71 | Residential | 2,832 | 2,832 | 69 | ||||||||||||||||||||||
72 | Business | 27,687 | 27,687 | (2,757 | ) | |||||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
73 | Residential | 2,743 | 2,743 | 84 | ||||||||||||||||||||||
74 | Business | 27,204 | 27,204 | (1,396 | ) | |||||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
75 | System peak demand | 4,781 | 4,781 | 576 |
See Glossary of Terms. | Page 11 of 31 |
Last Updated 4/25/2007
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
76 | Nuclear | 2,299 | 2,299 | 579 | ||||||||||||||||||||||
77 | Coal | 3,164 | 3,164 | 81 | ||||||||||||||||||||||
78 | Gas, oil and other | 1,151 | 1,151 | (172 | ) | |||||||||||||||||||||
79 | Total generation production | 6,614 | — | — | — | 6,614 | 488 | |||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
80 | Firm load | 278 | 278 | (87 | ) | |||||||||||||||||||||
81 | Marketing and trading | 2,262 | 2,262 | (2,330 | ) | |||||||||||||||||||||
82 | Total purchased power | 2,540 | — | — | — | 2,540 | (2,417 | ) | ||||||||||||||||||
83 | Total energy sources | 9,154 | — | — | — | 9,154 | (1,929 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
84 | Nuclear | 94 | % | 94 | % | 23 | % | |||||||||||||||||||
85 | Coal | 84 | % | 84 | % | 1 | % | |||||||||||||||||||
86 | Gas, oil and other | 16 | % | 16 | % | (2 | )% | |||||||||||||||||||
87 | System average | 50 | % | 50 | % | 4 | % | |||||||||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
88 | Nuclear | 57 | 57 | (249 | ) | |||||||||||||||||||||
89 | Coal | 203 | 203 | (54 | ) | |||||||||||||||||||||
90 | Gas | 267 | 267 | 66 | ||||||||||||||||||||||
91 | Total | 527 | — | — | — | 527 | (237 | ) | ||||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms. | Page 12 of 31 |
Last Updated 4/25/2007
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
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 | ||||||||||||||||||||||||||
92 | Palo Verde | $ | 54.62 | $ | 54.62 | $ | 0.84 | |||||||||||||||||||
93 | SP15 | $ | 60.02 | $ | 60.02 | $ | 1.68 | |||||||||||||||||||
Off-Peak | ||||||||||||||||||||||||||
94 | Palo Verde | $ | 42.06 | $ | 42.06 | $ | 0.14 | |||||||||||||||||||
95 | SP15 | $ | 45.86 | $ | 45.86 | $ | 1.07 | |||||||||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
96 | Cooling degree-days | 172 | 172 | 129 | ||||||||||||||||||||||
97 | Heating degree-days | 589 | 589 | 125 | ||||||||||||||||||||||
98 | Average humidity | 36 | % | 36 | % | 8 | % | |||||||||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
99 | Cooling degree-days | 97 | 97 | — | ||||||||||||||||||||||
100 | Heating degree-days | 513 | 513 | — | ||||||||||||||||||||||
101 | Average humidity | 42 | % | 42 | % | 0 | % | |||||||||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
102 | Single-family | 4,089 | 4,089 | (1,297 | ) | |||||||||||||||||||||
103 | Multi-family | 2,457 | 2,457 | 9 | ||||||||||||||||||||||
104 | Total | 6,546 | — | — | — | 6,546 | (1,288 | ) | ||||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
105 | Payroll job growth (% over prior year) | 4.4 | % | 4.4 | % | (1.8 | )% | |||||||||||||||||||
106 | Unemployment rate (%, seasonally adjusted) | 4.1 | % | 4.1 | % | 0.0 | % |
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 February 28, 2007 (latest available data). |
See Glossary of Terms. | Page 13 of 31 |