Exhibit 99.2
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2008 and 2007
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||||||||||||
1 | Arizona Public Service | $ | (16 | ) | $ | — | $ | (16 | ) | $ | 262 | $ | 284 | $ | (22 | ) | ||||||||||
2 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
3 | APS Energy Services | 1 | (1 | ) | 2 | 2 | (2 | ) | 4 | |||||||||||||||||
4 | SunCor | (36 | ) | 6 | (42 | ) | (49 | ) | 14 | (63 | ) | |||||||||||||||
5 | El Dorado | (2 | ) | (1 | ) | (1 | ) | (10 | ) | (6 | ) | (4 | ) | |||||||||||||
6 | Parent Company | 4 | — | 4 | 9 | 9 | — | |||||||||||||||||||
7 | Income From Continuing Operations | (49 | ) | 4 | (53 | ) | 214 | 299 | (85 | ) | ||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
8 | SunCor | 2 | 2 | — | 23 | 9 | 14 | |||||||||||||||||||
9 | Other | 8 | (3 | ) | 11 | 5 | (1 | ) | 6 | |||||||||||||||||
10 | Total | 10 | (1 | ) | 11 | 28 | 8 | 20 | ||||||||||||||||||
11 | Net Income (loss) | $ | (39 | ) | $ | 3 | $ | (42 | ) | $ | 242 | $ | 307 | $ | (65 | ) | ||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
12 | Arizona Public Service | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 2.60 | $ | 2.82 | $ | (0.22 | ) | ||||||||||
13 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
14 | APS Energy Services | 0.01 | (0.02 | ) | 0.03 | 0.02 | (0.02 | ) | 0.04 | |||||||||||||||||
15 | SunCor | (0.35 | ) | 0.06 | (0.41 | ) | (0.48 | ) | 0.13 | (0.61 | ) | |||||||||||||||
16 | El Dorado | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.10 | ) | (0.06 | ) | (0.04 | ) | |||||||||||||
17 | Parent Company | 0.04 | 0.01 | 0.03 | 0.08 | 0.09 | (0.01 | ) | ||||||||||||||||||
18 | Income From Continuing Operations | (0.48 | ) | 0.04 | (0.52 | ) | 2.12 | 2.96 | (0.84 | ) | ||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
19 | SunCor | 0.02 | 0.02 | — | 0.22 | 0.09 | 0.13 | |||||||||||||||||||
20 | Other | 0.07 | (0.03 | ) | 0.10 | 0.06 | — | 0.06 | ||||||||||||||||||
21 | Total | 0.09 | (0.01 | ) | 0.10 | 0.28 | 0.09 | 0.19 | ||||||||||||||||||
22 | Net Income (loss) | $ | (0.39 | ) | $ | 0.03 | $ | (0.42 | ) | $ | 2.40 | $ | 3.05 | $ | (0.65 | ) | ||||||||||
23 | BOOK VALUE PER SHARE | $ | 34.16 | $ | 35.15 | $ | (0.99 | ) | $ | 34.16 | $ | 35.15 | $ | (0.99 | ) | |||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
24 | Average — Diluted | 100,836 | 100,963 | (127 | ) | 100,965 | 100,835 | 130 | ||||||||||||||||||
25 | End of Period | 100,889 | 100,486 | 403 | 100,889 | 100,486 | 403 |
See Glossary of Terms. | Page 2 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2008 and 2007
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
26 | Residential | $ | 263 | $ | 263 | $ | — | $ | 1,454 | $ | 1,418 | $ | 36 | |||||||||||||
27 | Business | 321 | 323 | (2 | ) | 1,444 | 1,355 | 89 | ||||||||||||||||||
28 | Total retail | 584 | 586 | (2 | ) | 2,898 | 2,773 | 125 | ||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
29 | Traditional contracts | 13 | 7 | 6 | 70 | 34 | 36 | |||||||||||||||||||
30 | Off-system sales | 20 | 17 | 3 | 88 | 49 | 39 | |||||||||||||||||||
31 | Transmission for others | 9 | 7 | 2 | 34 | 29 | 5 | |||||||||||||||||||
32 | Other miscellaneous services | 9 | 10 | (1 | ) | 37 | 33 | 4 | ||||||||||||||||||
33 | Total regulated operating electricity revenues | 635 | 627 | 8 | 3,127 | 2,918 | 209 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
34 | Electricity and other commodity sales | 9 | 29 | (20 | ) | 67 | 138 | (71 | ) | |||||||||||||||||
35 | Total operating electric revenues | $ | 644 | $ | 656 | $ | (12 | ) | $ | 3,194 | $ | 3,056 | $ | 138 | ||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
36 | Residential | 2,606 | 2,667 | (61 | ) | 13,368 | 13,771 | (403 | ) | |||||||||||||||||
37 | Business | 3,650 | 3,685 | (35 | ) | 15,425 | 15,400 | 25 | ||||||||||||||||||
38 | Total retail | 6,256 | 6,352 | (96 | ) | 28,793 | 29,171 | (378 | ) | |||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
39 | Traditional contracts | 198 | 190 | 8 | 1,074 | 923 | 151 | |||||||||||||||||||
40 | Off-system sales | 457 | 448 | 9 | 2,008 | 1,481 | 527 | |||||||||||||||||||
41 | Retail load hedge management | 267 | 125 | 142 | 1,074 | 1,026 | 48 | |||||||||||||||||||
42 | Total regulated electricity | 7,178 | 7,115 | 63 | 32,949 | 32,601 | 348 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
43 | Wholesale sales of electricity | 245 | 1,681 | (1,436 | ) | 2,434 | 9,397 | (6,963 | ) | |||||||||||||||||
44 | Total electric sales | 7,423 | 8,796 | (1,373 | ) | 35,383 | 41,998 | (6,615 | ) | |||||||||||||||||
See Glossary of Terms. | Page 3 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2008 and 2007
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) - - REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||||||||||||
45 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 58 | $ | 150 | $ | (92 | ) | $ | 111 | $ | 160 | $ | (49 | ) | |||||||||||
46 | Deferred fuel and purchased power costs — current period | (25 | ) | (9 | ) | (16 | ) | 78 | 189 | (111 | ) | |||||||||||||||
47 | Regulatory disallowance | — | — | — | — | (14 | ) | 14 | ||||||||||||||||||
48 | Interest on deferred fuel | — | 2 | (2 | ) | 2 | 7 | (5 | ) | |||||||||||||||||
49 | Amounts recovered through revenues | (25 | ) | (32 | ) | 7 | (183 | ) | (231 | ) | 48 | |||||||||||||||
50 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 8 | $ | 111 | $ | (103 | ) | $ | 8 | $ | 111 | $ | (103 | ) | |||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
51 | Electricity and other commodity sales, realized (a) | $ | 8 | $ | 6 | $ | — | $ | 17 | $ | 43 | $ | (26 | ) | ||||||||||||
52 | Mark-to-market reversals on realized sales (a) (b) | — | 1 | (1 | ) | 4 | (7 | ) | 11 | |||||||||||||||||
53 | Change in mark-to-market value of forward sales | — | 2 | (2 | ) | — | 2 | (2 | ) | |||||||||||||||||
54 | Total gross margin | $ | 8 | $ | 9 | $ | (1 | ) | $ | 21 | $ | 38 | $ | (17 | ) | |||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
55 | APS | $ | — | $ | — | $ | — | $ | — | $ | 7 | $ | (7 | ) | ||||||||||||
56 | Pinnacle West | 8 | 9 | (1 | ) | 21 | 31 | (10 | ) | |||||||||||||||||
57 | APS Energy Services | — | — | — | — | — | — | |||||||||||||||||||
58 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
59 | Total gross margin | $ | 8 | $ | 9 | $ | (1 | ) | $ | 21 | $ | 38 | $ | (17 | ) | |||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of December 31, 2008, Pinnacle West had accumulated net mark-to-market gains of $4 million related to our power marketing and trading activities.
(a) | Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 51 and in line 52 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 51 are included in line 52. For example, line 52 shows that a prior-period mark-to-market loss of $4 million was transferred to “realized” for the total year of 2008. A $4 million realized loss is included in the $17 million on line 51 for the total year of 2008. | |
(b) | Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations. |
See Glossary of Terms. | Page 4 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2008 and 2007
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
60 | Residential | 980,268 | 972,654 | 7,614 | 977,944 | 966,013 | 11,931 | |||||||||||||||||||
61 | Business | 124,878 | 121,898 | 2,980 | 123,961 | 120,314 | 3,647 | |||||||||||||||||||
62 | Total | 1,105,146 | 1,094,552 | 10,594 | 1,101,905 | 1,086,327 | 15,578 | |||||||||||||||||||
63 | Wholesale customers | 49 | 56 | (7 | ) | 51 | 61 | (10 | ) | |||||||||||||||||
64 | Total customers | 1,105,195 | 1,094,608 | 10,587 | 1,101,956 | 1,086,388 | 15,568 | |||||||||||||||||||
65 | Customer growth (% over prior year) | 1.0 | % | 2.6 | % | (1.6 | )% | 1.4 | % | 3.3 | % | (1.9 | )% | |||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
66 | Residential | 2,666 | 2,704 | (38 | ) | 13,500 | 13,390 | 110 | ||||||||||||||||||
67 | Business | 3,652 | 3,663 | (11 | ) | 15,434 | 15,236 | 198 | ||||||||||||||||||
68 | Total | 6,318 | 6,367 | (49 | ) | 28,934 | 28,626 | 308 | ||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
69 | Residential | 2,658 | 2,742 | (84 | ) | 13,669 | 14,256 | (587 | ) | |||||||||||||||||
70 | Business | 29,229 | 30,230 | (1,001 | ) | 124,435 | 127,998 | (3,563 | ) | |||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
71 | Residential | 2,720 | 2,780 | (60 | ) | 13,804 | 13,861 | (57 | ) | |||||||||||||||||
72 | Business | 29,246 | 30,047 | (801 | ) | 124,506 | 126,633 | (2,127 | ) | |||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
73 | Native load peak demand | 5,443 | 5,089 | 354 | 7,026 | 7,128 | (102 | ) |
See Glossary of Terms. | Page 5 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2008 and 2007
�� | ||||||||||||||||||||||||||
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
74 | Nuclear | 1,886 | 1,430 | 456 | 8,512 | 7,794 | 718 | |||||||||||||||||||
75 | Coal | 3,422 | 3,350 | 72 | 13,166 | 13,342 | (176 | ) | ||||||||||||||||||
76 | Gas, oil and other | 1,334 | 1,554 | (220 | ) | 6,356 | 6,703 | (347 | ) | |||||||||||||||||
77 | Total generation production | 6,642 | 6,334 | 308 | 28,034 | 27,839 | 195 | |||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
78 | Firm load | 638 | 913 | (275 | ) | 5,028 | 5,388 | (360 | ) | |||||||||||||||||
79 | Marketing and trading | 639 | 2,078 | (1,439 | ) | 4,558 | 11,296 | (6,738 | ) | |||||||||||||||||
80 | Total purchased power | 1,277 | 2,991 | (1,714 | ) | 9,586 | 16,684 | (7,098 | ) | |||||||||||||||||
81 | Total energy sources | 7,919 | 9,325 | (1,406 | ) | 37,620 | 44,523 | (6,903 | ) | |||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
82 | Nuclear | 74 | % | 57 | % | 17 | % | 84 | % | 79 | % | 5 | % | |||||||||||||
83 | Coal | 89 | % | 87 | % | 2 | % | 86 | % | 87 | % | (1 | )% | |||||||||||||
84 | Gas, oil and other | 18 | % | 21 | % | (3 | )% | 22 | % | 23 | % | (1 | )% | |||||||||||||
85 | System average | 48 | % | 47 | % | 1 | % | 51 | % | 52 | % | (1 | )% | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
86 | Nuclear | 287 | 470 | (183 | ) | 155 | 216 | (61 | ) | |||||||||||||||||
87 | Coal | 89 | 164 | (75 | ) | 155 | 158 | (3 | ) | |||||||||||||||||
88 | Gas | 188 | 264 | (76 | ) | 197 | 271 | (74 | ) | |||||||||||||||||
89 | Total | 564 | 898 | (334 | ) | 507 | 645 | (138 | ) | |||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms. | Page 6 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2008 and 2007
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
ENERGY MARKET INDICATORS (a) | ||||||||||||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | ||||||||||||||||||||||||||
On-Peak | ||||||||||||||||||||||||||
90 | Palo Verde | $ | 44.32 | $ | 57.18 | $ | (12.86 | ) | $ | 71.16 | $ | 61.43 | $ | 9.73 | ||||||||||||
91 | SP15 | $ | 54.48 | $ | 68.13 | $ | (13.65 | ) | $ | 79.33 | $ | 66.44 | $ | 12.89 | ||||||||||||
Off-Peak | ||||||||||||||||||||||||||
92 | Palo Verde | $ | 33.39 | $ | 44.39 | $ | (11.00 | ) | $ | 50.61 | $ | 41.24 | $ | 9.37 | ||||||||||||
93 | SP15 | $ | 40.10 | $ | 50.71 | $ | (10.61 | ) | $ | 57.13 | $ | 45.99 | $ | 11.14 | ||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
94 | Cooling degree-days | 504 | 595 | (91 | ) | 4,682 | 5,161 | (479 | ) | |||||||||||||||||
95 | Heating degree-days | 321 | 398 | (77 | ) | 904 | 995 | (91 | ) | |||||||||||||||||
96 | Average humidity | 36 | % | 30 | % | 6 | % | 32 | % | 30 | % | 2 | % | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
97 | Cooling degree-days | 441 | 441 | — | 4,635 | 4,635 | — | |||||||||||||||||||
98 | Heating degree-days | 394 | 394 | — | 939 | 939 | — | |||||||||||||||||||
99 | Average humidity | 38 | % | 38 | % | 0 | % | 33 | % | 33 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) | ||||||||||||||||||||||||||
100 | Single-family | 1,124 | 2,587 | (1,463 | ) | 10,350 | 21,878 | (11,528 | ) | |||||||||||||||||
101 | Multi-family | 1,173 | 3,483 | (2,310 | ) | 7,453 | 13,874 | (6,421 | ) | |||||||||||||||||
102 | Total | 2,297 | 6,070 | (3,773 | ) | 17,803 | 35,752 | (17,949 | ) | |||||||||||||||||
Arizona Job Growth (c) | ||||||||||||||||||||||||||
103 | Payroll job growth (% over prior year) | (3.6 | )% | 0.1 | % | (3.7 | )% | (1.6 | )% | 1.2 | % | (2.8 | )% | |||||||||||||
104 | Unemployment rate (%, seasonally adjusted) | 6.4 | % | 4.1 | % | 2.3 | % | 5.1 | % | 3.8 | % | 1.3 | % |
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 |
See Glossary of Terms. | Page 7 of 25 |