Exhibit 99.3
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
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 | $ | 160 | $ | (16 | ) | $ | 262 | $ | (22 | ) | ||||||||||
2 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
3 | APS Energy Services | 1 | — | — | 1 | 2 | 4 | |||||||||||||||||||
4 | SunCor | (1 | ) | (5 | ) | (7 | ) | (36 | ) | (49 | ) | (63 | ) | |||||||||||||
5 | El Dorado | (1 | ) | (5 | ) | (1 | ) | (2 | ) | (10 | ) | (4 | ) | |||||||||||||
6 | Parent Company | 4 | (1 | ) | — | 4 | 9 | — | ||||||||||||||||||
7 | Income From Continuing Operations | (3 | ) | 114 | 152 | (49 | ) | 214 | (85 | ) | ||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
8 | SunCor | — | 20 | 1 | 2 | 23 | 14 | |||||||||||||||||||
9 | Other | (1 | ) | — | (1 | ) | 8 | 5 | 6 | |||||||||||||||||
10 | Total | (1 | ) | 20 | — | 10 | 28 | 20 | ||||||||||||||||||
11 | Net Income (loss) | $ | (4 | ) | $ | 134 | $ | 152 | $ | (39 | ) | $ | 242 | $ | (65 | ) | ||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
12 | Arizona Public Service | $ | (0.06 | ) | $ | 1.24 | $ | 1.58 | $ | (0.16 | ) | $ | 2.60 | $ | (0.22 | ) | ||||||||||
13 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
14 | APS Energy Services | 0.01 | — | — | 0.01 | 0.02 | 0.04 | |||||||||||||||||||
15 | SunCor | (0.01 | ) | (0.05 | ) | (0.07 | ) | (0.35 | ) | (0.48 | ) | (0.61 | ) | |||||||||||||
16 | El Dorado | (0.02 | ) | (0.05 | ) | (0.01 | ) | (0.02 | ) | (0.10 | ) | (0.04 | ) | |||||||||||||
17 | Parent Company | 0.04 | (0.01 | ) | — | 0.04 | 0.08 | (0.01 | ) | |||||||||||||||||
18 | Income From Continuing Operations | (0.04 | ) | 1.13 | 1.50 | (0.48 | ) | 2.12 | (0.84 | ) | ||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
19 | SunCor | — | 0.19 | 0.01 | 0.02 | 0.22 | 0.13 | |||||||||||||||||||
20 | Other | — | 0.01 | (0.01 | ) | 0.07 | 0.06 | 0.06 | ||||||||||||||||||
21 | Total | — | 0.20 | — | 0.09 | 0.28 | 0.19 | |||||||||||||||||||
22 | Net Income (loss) | $ | (0.04 | ) | $ | 1.33 | $ | 1.50 | $ | (0.39 | ) | $ | 2.40 | $ | (0.65 | ) | ||||||||||
23 | BOOK VALUE PER SHARE | $ | 35.22 | $ | 37.22 | $ | 35.84 | $ | 34.16 | $ | 34.16 | $ | (0.99 | ) | ||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
24 | Average — Diluted | 100,521 | 100,917 | 101,018 | 100,836 | 100,965 | 130 | |||||||||||||||||||
25 | End of Period | 100,486 | 100,706 | 100,799 | 100,889 | 100,889 | 403 |
See Glossary of Terms. | Page 8 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
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 | ||||||||||||||||||||||||||
26 | Residential | $ | 271 | $ | 365 | $ | 555 | $ | 263 | $ | 1,454 | $ | 36 | |||||||||||||
27 | Business | 300 | 396 | 427 | 321 | 1,444 | 89 | |||||||||||||||||||
28 | Total retail | 571 | 761 | 982 | 584 | 2,898 | 125 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
29 | Traditional contracts | 12 | 22 | 23 | 13 | 70 | 36 | |||||||||||||||||||
30 | Off-system sales | 24 | 30 | 14 | 20 | 88 | 39 | |||||||||||||||||||
31 | Transmission for others | 7 | 8 | 11 | 9 | 34 | 5 | |||||||||||||||||||
32 | Other miscellaneous services | 9 | 8 | 10 | 9 | 37 | 4 | |||||||||||||||||||
33 | Total regulated operating electricity revenues | 623 | 829 | 1,040 | 635 | 3,127 | 209 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
34 | Electricity and other commodity sales | 30 | 23 | 5 | 9 | 67 | (71 | ) | ||||||||||||||||||
35 | Total operating electric revenues | $ | 653 | $ | 852 | $ | 1,045 | $ | 644 | $ | 3,194 | $ | 138 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
36 | Residential | 2,774 | 3,112 | 4,876 | 2,606 | 13,368 | (403 | ) | ||||||||||||||||||
37 | Business | 3,338 | 3,990 | 4,447 | 3,650 | 15,425 | 25 | |||||||||||||||||||
38 | Total retail | 6,112 | 7,102 | 9,323 | 6,256 | 28,793 | (378 | ) | ||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
39 | Traditional contracts | 222 | 319 | 335 | 198 | 1,074 | 151 | |||||||||||||||||||
40 | Off-system sales | 416 | 610 | 525 | 457 | 2,008 | 527 | |||||||||||||||||||
41 | Retail load hedge management | 162 | 159 | 486 | 267 | 1,074 | 48 | |||||||||||||||||||
42 | Total regulated electricity | 6,912 | 8,190 | 10,669 | 7,178 | 32,949 | 348 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
43 | Wholesale sales of electricity | 911 | 979 | 298 | 245 | 2,434 | (6,963 | ) | ||||||||||||||||||
44 | Total electric sales | 7,823 | 9,169 | 10,967 | 7,423 | 35,383 | (6,615 | ) | ||||||||||||||||||
See Glossary of Terms. | Page 9 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
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) | ||||||||||||||||||||||||||
45 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 111 | $ | 50 | $ | 23 | $ | 58 | $ | 111 | $ | (49 | ) | ||||||||||||
46 | Deferred fuel and purchased power costs — current period | (11 | ) | 37 | 79 | (25 | ) | 78 | (111 | ) | ||||||||||||||||
47 | Regulatory disallowance | — | — | — | — | — | 14 | |||||||||||||||||||
48 | Interest on deferred fuel | 1 | — | — | — | 2 | (5 | ) | ||||||||||||||||||
49 | Amounts recovered through revenues | (51 | ) | (64 | ) | (44 | ) | (25 | ) | (183 | ) | 48 | ||||||||||||||
50 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 50 | $ | 23 | $ | 58 | $ | 8 | $ | 8 | $ | (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) | $ | 4 | $ | 3 | $ | 5 | $ | 8 | $ | 17 | $ | (26 | ) | ||||||||||||
52 | Mark-to-market reversals on realized sales (a) (b) | 1 | 1 | (2 | ) | — | 4 | 11 | ||||||||||||||||||
53 | Change in mark-to-market value of forward sales | 2 | — | — | — | — | (2 | ) | ||||||||||||||||||
54 | Total gross margin | $ | 7 | $ | 4 | $ | 3 | $ | 8 | $ | 21 | $ | (17 | ) | ||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
55 | APS | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (7 | ) | ||||||||||||
56 | Pinnacle West | 7 | 4 | 3 | 8 | 21 | (10 | ) | ||||||||||||||||||
57 | APS Energy Services | — | — | — | — | — | — | |||||||||||||||||||
58 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
59 | Total gross margin | $ | 7 | $ | 4 | $ | 3 | $ | 8 | $ | 21 | $ | (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 10 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
60 | Residential | 982,459 | 975,594 | 973,455 | 980,268 | 977,944 | 11,931 | |||||||||||||||||||
61 | Business | 122,833 | 123,802 | 124,329 | 124,878 | 123,961 | 3,647 | |||||||||||||||||||
62 | Total | 1,105,292 | 1,099,396 | 1,097,784 | 1,105,146 | 1,101,905 | 15,578 | |||||||||||||||||||
63 | Wholesale customers | 50 | 54 | 51 | 49 | 51 | (10 | ) | ||||||||||||||||||
64 | Total customers | 1,105,342 | 1,099,450 | 1,097,835 | 1,105,195 | 1,101,956 | 15,568 | |||||||||||||||||||
65 | Customer growth (% over prior year) | 2.0 | % | 1.6 | % | 1.2 | % | 1.0 | % | 1.4 | % | (1.9 | )% | |||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
66 | Residential | 2,694 | 3,247 | 4,893 | 2,666 | 13,500 | 110 | |||||||||||||||||||
67 | Business | 3,300 | 4,034 | 4,448 | 3,652 | 15,434 | 198 | |||||||||||||||||||
68 | Total | 5,994 | 7,281 | 9,341 | 6,318 | 28,934 | 308 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
69 | Residential | 2,824 | 3,190 | 5,009 | 2,658 | 13,669 | (587 | ) | ||||||||||||||||||
70 | Business | 27,175 | 32,229 | 35,768 | 29,229 | 124,435 | (3,563 | ) | ||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
71 | Residential | 2,742 | 3,328 | 5,027 | 2,720 | 13,804 | (57 | ) | ||||||||||||||||||
72 | Business | 26,865 | 32,581 | 35,777 | 29,246 | 124,506 | (2,127 | ) | ||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
73 | Native load peak demand | 4,404 | 6,778 | 7,026 | 5,443 | 7,026 | (102 | ) |
See Glossary of Terms. | Page 11 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
Increase | ||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
74 | Nuclear | 2,315 | 1,856 | 2,455 | 1,886 | 8,512 | 718 | |||||||||||||||||||
75 | Coal | 2,906 | 3,227 | 3,611 | 3,422 | 13,166 | (176 | ) | ||||||||||||||||||
76 | Gas, oil and other | 1,148 | 1,516 | 2,358 | 1,334 | 6,356 | (347 | ) | ||||||||||||||||||
77 | Total generation production | 6,369 | 6,599 | 8,424 | 6,642 | 28,034 | 195 | |||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
78 | Firm load | 740 | 1,603 | 2,047 | 638 | 5,028 | (360 | ) | ||||||||||||||||||
79 | Marketing and trading | 1,196 | 1,506 | 1,217 | 639 | 4,558 | (6,738 | ) | ||||||||||||||||||
80 | Total purchased power | 1,936 | 3,109 | 3,264 | 1,277 | 9,586 | (7,098 | ) | ||||||||||||||||||
81 | Total energy sources | 8,305 | 9,708 | 11,688 | 7,919 | 37,620 | (6,903 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
82 | Nuclear | 92 | % | 74 | % | 97 | % | 74 | % | 84 | % | 5 | % | |||||||||||||
83 | Coal | 76 | % | 85 | % | 94 | % | 89 | % | 86 | % | (1 | )% | |||||||||||||
84 | Gas, oil and other | 16 | % | 21 | % | 32 | % | 18 | % | 22 | % | (1 | )% | |||||||||||||
85 | System average | 47 | % | 49 | % | 61 | % | 48 | % | 51 | % | (1 | )% | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
86 | Nuclear | 8 | 298 | 27 | 287 | 155 | (61 | ) | ||||||||||||||||||
87 | Coal | 327 | 152 | 64 | 89 | 155 | (3 | ) | ||||||||||||||||||
88 | Gas | 356 | 180 | 76 | 188 | 197 | (74 | ) | ||||||||||||||||||
89 | Total | 691 | 630 | 167 | 564 | 507 | (138 | ) | ||||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms. | Page 12 of 25 |
Last Updated 2/20/2009
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
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 | ||||||||||||||||||||||||||
90 | Palo Verde | $ | 69.40 | $ | 90.47 | $ | 80.43 | $ | 44.32 | $ | 71.16 | $ | 9.73 | |||||||||||||
91 | SP15 | $ | 79.09 | $ | 97.41 | $ | 86.34 | $ | 54.48 | $ | 79.33 | $ | 12.89 | |||||||||||||
Off-Peak | ||||||||||||||||||||||||||
92 | Palo Verde | $ | 56.39 | $ | 59.20 | $ | 53.47 | $ | 33.39 | $ | 50.61 | $ | 9.37 | |||||||||||||
93 | SP15 | $ | 62.35 | $ | 66.73 | $ | 59.33 | $ | 40.10 | $ | 57.13 | $ | 11.14 | |||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
94 | Cooling degree-days | 105 | 1,540 | 2,533 | 504 | 4,682 | (479 | ) | ||||||||||||||||||
95 | Heating degree-days | 583 | — | — | 321 | 904 | (91 | ) | ||||||||||||||||||
96 | Average humidity | 40 | % | 17 | % | 33 | % | 36 | % | 32 | % | 2 | % | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
97 | Cooling degree-days | 96 | 1,554 | 2,544 | 441 | 4,635 | — | |||||||||||||||||||
98 | Heating degree-days | 517 | 28 | — | 394 | 939 | — | |||||||||||||||||||
99 | Average humidity | 42 | % | 22 | % | 32 | % | 38 | % | 33 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) | ||||||||||||||||||||||||||
100 | Single-family | 2,991 | 3,732 | 2,503 | 1,124 | 10,350 | (11,528 | ) | ||||||||||||||||||
101 | Multi-family | 1,888 | 2,263 | 2,129 | 1,173 | 7,453 | (6,421 | ) | ||||||||||||||||||
102 | Total | 4,879 | 5,995 | 4,632 | 2,297 | 17,803 | (17,949 | ) | ||||||||||||||||||
Arizona Job Growth (c) | ||||||||||||||||||||||||||
103 | Payroll job growth (% over prior year) | 0.1 | % | (0.8 | )% | (1.9 | )% | (3.6 | )% | (1.6 | )% | (2.8 | )% | |||||||||||||
104 | Unemployment rate (%, seasonally adjusted) | 4.1 | % | 4.4 | % | 5.5 | % | 6.4 | % | 5.1 | % | 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 13 of 25 |