Exhibit 99.3
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
2008
| 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 | ) | $ | 125 | $ | 119 | $ | 40 | ||||||||||||||||
| 2 | Pinnacle West Energy | — | — | — | — | |||||||||||||||||||||
| 3 | APS Energy Services | — | — | — | — | |||||||||||||||||||||
| 4 | SunCor | (1 | ) | (5 | ) | (6 | ) | (16 | ) | |||||||||||||||||
| 5 | El Dorado | (1 | ) | (5 | ) | (6 | ) | (4 | ) | |||||||||||||||||
| 6 | Parent Company | 4 | (1 | ) | 2 | (7 | ) | |||||||||||||||||||
| 7 | Income From Continuing Operations | (4 | ) | 114 | — | — | 109 | 13 | ||||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 8 | Silverhawk | — | — | — | — | |||||||||||||||||||||
| 9 | SunCor | — | 20 | 20 | 20 | |||||||||||||||||||||
| 10 | Other | — | — | — | — | |||||||||||||||||||||
| 11 | Total | — | 20 | — | — | 20 | 20 | |||||||||||||||||||
| 12 | Net Income | $ | (4 | ) | $ | 134 | $ | — | $ | — | $ | 129 | $ | 33 | ||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
| 13 | Arizona Public Service | $ | (0.06 | ) | $ | 1.24 | $ | 1.18 | $ | 0.39 | ||||||||||||||||
| 14 | Pinnacle West Energy | — | — | — | — | |||||||||||||||||||||
| 15 | APS Energy Services | — | — | — | — | |||||||||||||||||||||
| 16 | SunCor | (0.01 | ) | (0.05 | ) | (0.06 | ) | (0.16 | ) | |||||||||||||||||
| 17 | El Dorado | (0.02 | ) | (0.05 | ) | (0.06 | ) | (0.04 | ) | |||||||||||||||||
| 18 | Parent Company | 0.04 | (0.01 | ) | 0.03 | (0.05 | ) | |||||||||||||||||||
| 19 | Income From Continuing Operations | (0.05 | ) | 1.13 | — | — | 1.09 | 0.14 | ||||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 20 | Silverhawk | — | — | — | — | |||||||||||||||||||||
| 21 | SunCor | — | 0.20 | 0.19 | 0.19 | |||||||||||||||||||||
| 22 | Other | 0.01 | — | — | — | |||||||||||||||||||||
| 23 | Total | 0.01 | 0.20 | — | — | 0.19 | 0.19 | |||||||||||||||||||
| 24 | Net Income | $ | (0.04 | ) | $ | 1.33 | $ | — | $ | — | $ | 1.28 | $ | 0.33 | ||||||||||||
| 25 | BOOK VALUE PER SHARE | $ | 35.22 | $ | 37.22 | * | $ | 37.22 | * | $ | 3.09 | |||||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
| 26 | Average — Diluted | 100,521 | 100,917 | 100,917 | 138 | |||||||||||||||||||||
| 27 | End of Period | 100,486 | 100,706 | 100,706 | 416 | |||||||||||||||||||||
| * | Estimate |
See Glossary of Terms.
Page 8 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
2008
| 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 | $ | 271 | $ | 365 | $ | 636 | $ | 55 | |||||||||||||||||
| 29 | Business | 300 | 396 | 696 | 90 | |||||||||||||||||||||
| 30 | Total retail | 571 | 761 | — | — | 1,332 | 145 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
| 31 | Traditional contracts | 12 | 22 | 34 | 20 | |||||||||||||||||||||
| 32 | Off-system sales | 24 | 30 | 54 | 37 | |||||||||||||||||||||
| 33 | Transmission for others | 7 | 8 | 15 | 1 | |||||||||||||||||||||
| 34 | Other miscellaneous services | 9 | 8 | 17 | 2 | |||||||||||||||||||||
| 35 | Total regulated operating electricity revenues | 623 | 829 | — | — | 1,452 | 205 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 36 | Electricity and other commodity sales | 57 | 51 | 108 | (57 | ) | ||||||||||||||||||||
| 37 | Total operating electric revenues | $ | 680 | $ | 880 | $ | — | $ | — | $ | 1,560 | $ | 148 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
| 38 | Residential | 2,774 | 3,112 | 5,886 | (135 | ) | ||||||||||||||||||||
| 39 | Business | 3,338 | 3,990 | 7,328 | 39 | |||||||||||||||||||||
| 40 | Total retail | 6,112 | 7,102 | — | — | 13,214 | (96 | ) | ||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
| 41 | Traditional contracts | 222 | 319 | 541 | 104 | |||||||||||||||||||||
| 42 | Off-system sales | 416 | 610 | 1,026 | 473 | |||||||||||||||||||||
| 43 | Retail load hedge management | 162 | 159 | 321 | (50 | ) | ||||||||||||||||||||
| 44 | Total regulated electricity | 6,912 | 8,190 | — | — | 15,102 | 431 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 45 | Wholesale sales of electricity | 920 | 894 | 1,814 | (2,757 | ) | ||||||||||||||||||||
| 46 | Total electric sales | 7,832 | 9,084 | — | — | 16,916 | (2,326 | ) | ||||||||||||||||||
See Glossary of Terms.
Page 9 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
2008
| 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 | $ | 111 | $ | 50 | $ | 111 | $ | (49 | ) | ||||||||||||||||
| 48 | Deferred fuel and purchased power costs — current period | (11 | ) | 37 | 26 | (103 | ) | |||||||||||||||||||
| 49 | Regulatory disallowance | — | — | — | 14 | |||||||||||||||||||||
| 50 | Interest on deferred fuel | 1 | — | 1 | (2 | ) | ||||||||||||||||||||
| 51 | Amounts recovered through revenues | (51 | ) | (64 | ) | (115 | ) | 26 | ||||||||||||||||||
| 52 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 50 | $ | 23 | $ | — | $ | — | $ | 23 | $ | (114 | ) | ||||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
| 53 | Electricity and other commodity sales, realized (a) | $ | 5 | $ | 4 | $ | 9 | $ | (30 | ) | ||||||||||||||||
| 54 | Mark-to-market reversals on realized sales (a) (b) | — | 1 | 2 | 7 | |||||||||||||||||||||
| 55 | Change in mark-to-market value of forward sales | 1 | — | — | 2 | |||||||||||||||||||||
| 56 | Total gross margin | $ | 6 | $ | 5 | $ | — | $ | — | $ | 11 | $ | (21 | ) | ||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
| 57 | APS | $ | — | $ | — | $ | — | $ | (6 | ) | ||||||||||||||||
| 58 | Pinnacle West | 7 | 4 | 10 | (10 | ) | ||||||||||||||||||||
| 59 | APS Energy Services | (1 | ) | 1 | 1 | (5 | ) | |||||||||||||||||||
| 60 | Pinnacle West Energy | — | — | — | — | |||||||||||||||||||||
| 61 | Total gross margin | $ | 6 | $ | 5 | $ | — | $ | — | $ | 11 | $ | (21 | ) | ||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of June 30, 2008, Pinnacle West had accumulated net mark-to-market gains of $0.8 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: 2008, $0.2 million; and thereafter, $0.6 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 loss of $1 million was transferred to “realized” for the first quarter of 2008. A $1 million realized loss is included in the $4 million on line 53 for the first quarter of 2008. | |
| (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 7/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
2008
| Increase | ||||||||||||||||||||||||||
| (Decrease) | ||||||||||||||||||||||||||
| Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
| 62 | Residential | 982,459 | 975,594 | 979,026 | 15,264 | |||||||||||||||||||||
| 63 | Business | 122,833 | 123,802 | 123,318 | 4,097 | |||||||||||||||||||||
| 64 | Total | 1,105,292 | 1,099,396 | — | — | 1,102,344 | 19,361 | |||||||||||||||||||
| 65 | Wholesale customers | 50 | 54 | 52 | (11 | ) | ||||||||||||||||||||
| 66 | Total customers | 1,105,342 | 1,099,450 | — | — | 1,102,396 | 19,350 | |||||||||||||||||||
| 67 | Customer growth (% over prior year) | 2.0 | % | 1.6 | % | 1.8 | % | (1.9 | )% | |||||||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
| 68 | Residential | 2,694 | 3,247 | 5,941 | 64 | |||||||||||||||||||||
| 69 | Business | 3,300 | 4,034 | 7,334 | 129 | |||||||||||||||||||||
| 70 | Total | 5,994 | 7,281 | — | — | 13,275 | 193 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
| 71 | Residential | 2,824 | 3,190 | 6,012 | (235 | ) | ||||||||||||||||||||
| 72 | Business | 27,175 | 32,229 | 59,424 | (1,715 | ) | ||||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
| 73 | Residential | 2,742 | 3,328 | 6,068 | (30 | ) | ||||||||||||||||||||
| 74 | Business | 26,865 | 32,581 | 59,468 | (966 | ) | ||||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
| 75 | Native load peak demand | 4,404 | 6,778 | 6,778 | 73 | |||||||||||||||||||||
See Glossary of Terms.
Page 11 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
2008
| Increase | ||||||||||||||||||||||||||
| (Decrease) | ||||||||||||||||||||||||||
| Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
| 76 | Nuclear | 2,315 | 1,856 | 4,171 | 26 | |||||||||||||||||||||
| 77 | Coal | 2,906 | 3,227 | 6,133 | (296 | ) | ||||||||||||||||||||
| 78 | Gas, oil and other | 1,148 | 1,516 | 2,664 | (5 | ) | ||||||||||||||||||||
| 79 | Total generation production | 6,369 | 6,599 | — | — | 12,968 | (275 | ) | ||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
| 80 | Firm load | 740 | 1,603 | 2,343 | 389 | |||||||||||||||||||||
| 81 | Marketing and trading | 1,205 | 1,421 | 2,626 | (2,599 | ) | ||||||||||||||||||||
| 82 | Total purchased power | 1,945 | 3,024 | — | — | 4,969 | (2,210 | ) | ||||||||||||||||||
| 83 | Total energy sources | 8,314 | 9,623 | — | — | 17,937 | (2,485 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
| 84 | Nuclear | 92 | % | 74 | % | 83 | % | (2 | )% | |||||||||||||||||
| 85 | Coal | 76 | % | 85 | % | 81 | % | (4 | )% | |||||||||||||||||
| 86 | Gas, oil and other | 16 | % | 21 | % | 18 | % | (1 | )% | |||||||||||||||||
| 87 | System average | 47 | % | 49 | % | 48 | % | (2 | )% | |||||||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
| 88 | Nuclear | 8 | 298 | 153 | (11 | ) | ||||||||||||||||||||
| 89 | Coal | 327 | 152 | 234 | 38 | |||||||||||||||||||||
| 90 | Gas | 356 | 180 | 296 | (40 | ) | ||||||||||||||||||||
| 91 | Total | 691 | 630 | — | — | 683 | (13 | ) | ||||||||||||||||||
| (a) | Includes planned and unplanned outages |
See Glossary of Terms.
Page 12 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
2008
| 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 | $ | 69.40 | $ | 90.47 | $ | 79.94 | $ | 20.31 | |||||||||||||||||
| 93 | SP15 | $ | 79.09 | $ | 97.41 | $ | 88.25 | $ | 23.87 | |||||||||||||||||
Off-Peak | ||||||||||||||||||||||||||
| 94 | Palo Verde | $ | 56.39 | $ | 59.20 | $ | 57.80 | $ | 16.04 | |||||||||||||||||
| 95 | SP15 | $ | 62.35 | $ | 66.73 | $ | 64.54 | $ | 18.54 | |||||||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
| 96 | Cooling degree-days | 105 | 1,540 | 1,645 | (235 | ) | ||||||||||||||||||||
| 97 | Heating degree-days | 583 | — | 583 | (14 | ) | ||||||||||||||||||||
| 98 | Average humidity | 40 | % | 17 | % | 29 | % | 2 | % | |||||||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
| 99 | Cooling degree-days | 96 | 1,554 | 1,650 | — | |||||||||||||||||||||
| 100 | Heating degree-days | 517 | 28 | 545 | — | |||||||||||||||||||||
| 101 | Average humidity | 42 | % | 22 | % | 32 | % | 0 | % | |||||||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
| 102 | Single-family | 2,991 | 2,427 | 5,418 | (6,650 | ) | ||||||||||||||||||||
| 103 | Multi-family | 1,888 | 1,462 | 3,350 | (2,060 | ) | ||||||||||||||||||||
| 104 | Total | 4,879 | 3,889 | — | — | 8,768 | (8,710 | ) | ||||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
| 105 | Payroll job growth (% over prior year) | 0.1 | % | (0.4 | )% | (0.1 | )% | (2.1 | )% | |||||||||||||||||
| 106 | Unemployment rate (%, seasonally adjusted) | 4.1 | % | 4.2 | % | 4.1 | % | 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 periods ended May 31, 2008 (latest available data). | |
See Glossary of Terms.
Page 13 of 31