Exhibit 99.2
Last Updated 2/1/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2005 and 2004
3 Mo. Ended December | 12 Mo. Ended December | ||||||||||||||||||||||||||
Line | 2005 | 2004 | Incr (Decr) | 2005 | 2004 | Incr (Decr) | |||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | |||||||||||||||||||||||||||
1 | Arizona Public Service | $ | 18 | $ | 15 | $ | 3 | $ | 170 | $ | 200 | $ | (30 | ) | |||||||||||||
2 | Pinnacle West Energy | (6 | ) | (23 | ) | 17 | (85 | ) | (58 | ) | (27 | ) | |||||||||||||||
3 | APS Energy Services | (3 | ) | (1 | ) | (2 | ) | (6 | ) | 3 | (9 | ) | |||||||||||||||
4 | SunCor | 13 | 31 | (18 | ) | 39 | 41 | (2 | ) | ||||||||||||||||||
5 | El Dorado | — | — | — | (2 | ) | 33 | (35 | ) | ||||||||||||||||||
6 | Parent Company | 2 | 16 | (14 | ) | 107 | 28 | 79 | |||||||||||||||||||
7 | Income From Continuing Operations | 24 | 38 | (14 | ) | 223 | 247 | (24 | ) | ||||||||||||||||||
8 | Loss From Discontinued Operations — Net of Tax | (3 | ) | (4 | ) | 1 | (47 | ) | (4 | ) | (43 | ) | |||||||||||||||
9 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | ||||||||||||||||||||
10 | Net Income | $ | 21 | $ | 34 | $ | (13 | ) | $ | 176 | $ | 243 | $ | (67 | ) | ||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | |||||||||||||||||||||||||||
11 | Arizona Public Service | $ | 0.19 | $ | 0.16 | $ | 0.03 | $ | 1.77 | $ | 2.18 | $ | (0.41 | ) | |||||||||||||
12 | Pinnacle West Energy | (0.06 | ) | (0.25 | ) | 0.19 | (0.89 | ) | (0.63 | ) | (0.26 | ) | |||||||||||||||
13 | APS Energy Services | (0.04 | ) | (0.01 | ) | (0.03 | ) | (0.06 | ) | 0.03 | (0.09 | ) | |||||||||||||||
14 | SunCor | 0.13 | 0.34 | (0.21 | ) | 0.40 | 0.45 | (0.05 | ) | ||||||||||||||||||
15 | El Dorado | (0.01 | ) | — | (0.01 | ) | (0.02 | ) | 0.36 | (0.38 | ) | ||||||||||||||||
16 | Parent Company | 0.03 | 0.17 | (0.14 | ) | 1.11 | 0.30 | 0.81 | |||||||||||||||||||
17 | Income From Continuing Operations | 0.24 | 0.41 | (0.17 | ) | 2.31 | 2.69 | (0.38 | ) | ||||||||||||||||||
18 | Loss From Discontinued Operations — Net of Tax | (0.02 | ) | (0.04 | ) | 0.02 | (0.49 | ) | (0.03 | ) | (0.46 | ) | |||||||||||||||
19 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | ||||||||||||||||||||
20 | Net Income | $ | 0.22 | $ | 0.37 | $ | (0.15 | ) | $ | 1.82 | $ | 2.66 | $ | (0.84 | ) | ||||||||||||
21 | BOOK VALUE PER SHARE | $ | 34.80 | * | $ | 32.14 | $ | 2.66 | $ | 34.80 | * | $ | 32.14 | $ | 2.66 | ||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | |||||||||||||||||||||||||||
22 | Average — Diluted | 99,050 | 91,779 | 7,271 | 96,590 | 91,532 | 5,058 | ||||||||||||||||||||
23 | End of Period | 99,057 | 91,793 | 7,264 | 99,057 | 91,793 | 7,264 |
* | Estimate |
See Glossary of Terms. | Page 2 of 31 |
Last Updated 2/1/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2005 and 2004
3 Mo. Ended December | 12 Mo. Ended December | ||||||||||||||||||||||||||
Line | 2005 | 2004 | Incr (Decr) | 2005 | 2004 | Incr (Decr) | |||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | |||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | |||||||||||||||||||||||||||
Retail | |||||||||||||||||||||||||||
24 | Residential | $ | 208 | $ | 190 | $ | 18 | $ | 1,080 | $ | 984 | $ | 96 | ||||||||||||||
25 | Business | 242 | 222 | 20 | 1,040 | 979 | 61 | ||||||||||||||||||||
26 | Total retail | 450 | 412 | 38 | 2,120 | 1,963 | 157 | ||||||||||||||||||||
Wholesale revenue on delivered electricity | |||||||||||||||||||||||||||
27 | Traditional contracts | 6 | 3 | 3 | 23 | 16 | 7 | ||||||||||||||||||||
28 | Off-system sales | 20 | — | 20 | 40 | — | 40 | ||||||||||||||||||||
29 | Transmission for others | 5 | 8 | (3 | ) | 26 | 32 | (6 | ) | ||||||||||||||||||
30 | Other miscellaneous services | 7 | 6 | 1 | 28 | 24 | 4 | ||||||||||||||||||||
31 | Total regulated electricity | 488 | 429 | 59 | 2,237 | 2,035 | 202 | ||||||||||||||||||||
MARKETING AND TRADING SEGMENT | |||||||||||||||||||||||||||
32 | Electricity and other commodity sales | 84 | 111 | (27 | ) | 352 | 401 | (49 | ) | ||||||||||||||||||
33 | Total operating electric revenues | $ | 572 | $ | 540 | $ | 32 | $ | 2,589 | $ | 2,436 | $ | 153 | ||||||||||||||
ELECTRIC SALES (GWH) | |||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | |||||||||||||||||||||||||||
Retail sales | |||||||||||||||||||||||||||
34 | Residential | 2,519 | 2,368 | 151 | 12,224 | 11,528 | 696 | ||||||||||||||||||||
35 | Business | 3,427 | 3,236 | 191 | 14,254 | 13,826 | 428 | ||||||||||||||||||||
36 | Total retail | 5,946 | 5,604 | 342 | 26,478 | 25,354 | 1,124 | ||||||||||||||||||||
Wholesale electricity delivered | |||||||||||||||||||||||||||
37 | Traditional contracts | 227 | 167 | 60 | 850 | 710 | 140 | ||||||||||||||||||||
38 | Off-system sales | 526 | — | 526 | 1,336 | — | 1,336 | ||||||||||||||||||||
39 | Retail load hedge management | 532 | 889 | (357 | ) | 3,010 | 2,732 | 278 | |||||||||||||||||||
40 | Total regulated electricity | 7,231 | 6,660 | 571 | 31,674 | 28,796 | 2,878 | ||||||||||||||||||||
MARKETING AND TRADING SEGMENT | |||||||||||||||||||||||||||
41 | Wholesale sales of electricity | 5,239 | 8,348 | (3,109 | ) | 23,571 | 30,182 | (6,611 | ) | ||||||||||||||||||
42 | Total electric sales | 12,470 | 15,008 | (2,538 | ) | 55,245 | 58,978 | (3,733 | ) | ||||||||||||||||||
See Glossary of Terms. | Page 3 of 31 |
Last Updated 2/1/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2005 and 2004
3 Mo. Ended December | 12 Mo. Ended December | ||||||||||||||||||||||||||
Line | 2005 | 2004 | Incr (Decr) | 2005 | 2004 | Incr (Decr) | |||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | |||||||||||||||||||||||||||
43 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 143 | $ | — | $ | 143 | $ | — | $ | — | $ | — | ||||||||||||||
44 | Deferred fuel and purchased power costs — current period | 29 | — | 29 | 171 | — | 171 | ||||||||||||||||||||
45 | Interest on deferred fuel | 1 | — | 1 | 2 | — | 2 | ||||||||||||||||||||
46 | Amounts recovered through revenues | — | — | — | — | — | — | ||||||||||||||||||||
47 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 173 | $ | — | $ | 173 | $ | 173 | $ | — | $ | 173 | ||||||||||||||
MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | |||||||||||||||||||||||||||
Realized and Mark-To-Market Components | |||||||||||||||||||||||||||
48 | Electricity and other commodity sales, realized (a) | $ | 22 | $ | 16 | $ | 6 | $ | 56 | $ | 63 | $ | (7 | ) | |||||||||||||
49 | Mark-to-market reversals on realized sales (b) | (17 | ) | — | (17 | ) | (16 | ) | (6 | ) | (10 | ) | |||||||||||||||
50 | Change in mark-to-market value of forward sales | 1 | 6 | (5 | ) | 19 | 23 | (4 | ) | ||||||||||||||||||
51 | Total gross margin | $ | 6 | $ | 22 | $ | (16 | ) | $ | 59 | $ | 80 | $ | (21 | ) | ||||||||||||
By Pinnacle West Entity | |||||||||||||||||||||||||||
52 | Parent company marketing and trading division | $ | 5 | $ | 12 | $ | (7 | ) | $ | 59 | $ | 44 | $ | 15 | |||||||||||||
53 | APS | 3 | (2 | ) | 5 | (6 | ) | (5 | ) | (1 | ) | ||||||||||||||||
54 | Pinnacle West Energy | — | 10 | (10 | ) | 5 | 27 | (22 | ) | ||||||||||||||||||
55 | APS Energy Services | (2 | ) | 2 | (4 | ) | 1 | 14 | (13 | ) | |||||||||||||||||
56 | Total gross margin | $ | 6 | $ | 22 | $ | (16 | ) | $ | 59 | $ | 80 | $ | (21 | ) | ||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of December 31, 2005, Pinnacle West had accumulated net mark-to-market gains of $45 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: 2006, $14 million; 2007, $20 million; and thereafter, $11 million.
(a) | Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 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 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $17 million was transferred to “realized” for the fourth quarter of 2005. A $17 million realized gain is included in the $22 million on line 48 for the fourth quarter of 2005. | |
(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 2/1/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2005 and 2004
3 Mo. Ended December | 12 Mo. Ended December | ||||||||||||||||||||||||||
Line | 2005 | 2004 | Incr (Decr) | 2005 | 2004 | Incr (Decr) | |||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | |||||||||||||||||||||||||||
Retail customers | |||||||||||||||||||||||||||
57 | Residential | 911,623 | 871,575 | 40,048 | 896,472 | 859,069 | 37,403 | ||||||||||||||||||||
58 | Business | 112,569 | 108,860 | 3,709 | 111,168 | 107,115 | 4,053 | ||||||||||||||||||||
59 | Total | 1,024,192 | 980,435 | 43,757 | 1,007,640 | 966,184 | 41,456 | ||||||||||||||||||||
60 | Wholesale customers | 77 | 77 | — | 78 | 81 | (3 | ) | |||||||||||||||||||
61 | Total customers | 1,024,269 | 980,512 | 43,757 | 1,007,718 | 966,265 | 41,453 | ||||||||||||||||||||
62 | Customer growth (% over prior year) | 4.5 | % | 3.9 | % | 0.6 | % | 4.3 | % | 3.7 | % | 0.6 | % | ||||||||||||||
RETAIL SALES (GWH) — WEATHER NORMALIZED | |||||||||||||||||||||||||||
63 | Residential | 2,525 | 2,340 | 185 | 12,304 | 11,704 | 600 | ||||||||||||||||||||
64 | Business | 3,414 | 3,252 | 162 | 14,285 | 13,870 | 415 | ||||||||||||||||||||
65 | Total | 5,939 | 5,592 | 347 | 26,589 | 25,574 | 1,015 | ||||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | |||||||||||||||||||||||||||
66 | Residential | 2,763 | 2,717 | 46 | 13,636 | 13,418 | 218 | ||||||||||||||||||||
67 | Business | 30,444 | 29,726 | 718 | 128,212 | 129,392 | (1,180 | ) | |||||||||||||||||||
RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer) | |||||||||||||||||||||||||||
68 | Residential | 2,770 | 2,686 | 84 | 13,724 | 13,624 | 100 | ||||||||||||||||||||
69 | Business | 30,328 | 29,871 | 457 | 128,498 | 129,495 | (997 | ) | |||||||||||||||||||
ELECTRICITY DEMAND (MW) | |||||||||||||||||||||||||||
70 | System peak demand | 5,169 | 4,432 | 737 | 7,000 | 6,402 | 598 |
See Glossary of Terms. | Page 5 of 31 |
Last Updated 2/1/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2005 and 2004
3 Mo. Ended December | 12 Mo. Ended December | ||||||||||||||||||||||||||
Line | 2005 | 2004 | Incr (Decr) | 2005 | 2004 | Incr (Decr) | |||||||||||||||||||||
ENERGY SOURCES (GWH) | |||||||||||||||||||||||||||
Generation production | |||||||||||||||||||||||||||
71 | Nuclear | 1,496 | 1,812 | (316 | ) | 7,509 | 8,184 | (675 | ) | ||||||||||||||||||
72 | Coal | 3,459 | 3,327 | 132 | 13,061 | 12,666 | 395 | ||||||||||||||||||||
73 | Gas, oil and other | 1,483 | 1,074 | 409 | 7,702 | 5,327 | 2,375 | ||||||||||||||||||||
74 | Total generation production | 6,438 | 6,213 | 225 | 28,272 | 26,177 | 2,095 | ||||||||||||||||||||
Purchased power | |||||||||||||||||||||||||||
75 | Firm load | 402 | 1,024 | (622 | ) | 3,474 | 4,325 | (851 | ) | ||||||||||||||||||
76 | Marketing and trading | 6,102 | 8,218 | (2,116 | ) | 25,713 | 30,192 | (4,479 | ) | ||||||||||||||||||
77 | Total purchased power | 6,504 | 9,242 | (2,738 | ) | 29,187 | 34,517 | (5,330 | ) | ||||||||||||||||||
78 | Total energy sources | 12,942 | 15,455 | (2,513 | ) | 57,459 | 60,694 | (3,235 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | |||||||||||||||||||||||||||
Capacity Factors | |||||||||||||||||||||||||||
79 | Nuclear | 61 | % | 74 | % | (13 | )% | 77 | % | 84 | % | (7 | )% | ||||||||||||||
80 | Coal | 92 | % | 88 | % | 4 | % | 87 | % | 84 | % | 3 | % | ||||||||||||||
81 | Gas, oil and other | 19 | % | 12 | % | 7 | % | 26 | % | 18 | % | 8 | % | ||||||||||||||
82 | System average | 46 | % | 48 | % | (2 | )% | 52 | % | 51 | % | 1 | % | ||||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) | |||||||||||||||||||||||||||
83 | Nuclear | 419 | 261 | 158 | 227 | 161 | 66 | ||||||||||||||||||||
84 | Coal | 103 | 61 | 42 | 150 | 107 | 43 | ||||||||||||||||||||
85 | Gas | 226 | 34 | 192 | 186 | 42 | 144 | ||||||||||||||||||||
86 | Total | 748 | 356 | 392 | 563 | 310 | 253 | ||||||||||||||||||||
See Glossary of Terms. | Page 6 of 31 |
Last Updated 2/1/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2005 and 2004
3 Mo. Ended December | 12 Mo. Ended December | ||||||||||||||||||||||||||
Line | 2005 | 2004 | Incr (Decr) | 2005 | 2004 | Incr (Decr) | |||||||||||||||||||||
ENERGY MARKET INDICATORS (a) | |||||||||||||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | |||||||||||||||||||||||||||
On-Peak | |||||||||||||||||||||||||||
87 | Palo Verde | $ | 83.58 | $ | 51.23 | $ | 32.35 | $ | 66.40 | $ | 49.30 | $ | 17.10 | ||||||||||||||
88 | SP15 | $ | 97.65 | $ | 60.62 | $ | 37.03 | $ | 72.94 | $ | 55.20 | $ | 17.74 | ||||||||||||||
Off-Peak | |||||||||||||||||||||||||||
89 | Palo Verde | $ | 67.79 | $ | 38.21 | $ | 29.58 | $ | 47.55 | $ | 34.75 | $ | 12.81 | ||||||||||||||
90 | SP15 | $ | 76.45 | $ | 43.07 | $ | 33.38 | $ | 52.06 | $ | 38.62 | $ | 13.44 | ||||||||||||||
WEATHER INDICATORS Actual | |||||||||||||||||||||||||||
Actual | |||||||||||||||||||||||||||
91 | Cooling degree-days | 508 | 352 | 156 | 4,663 | 4,694 | (31 | ) | |||||||||||||||||||
92 | Heating degree-days | 308 | 422 | (114 | ) | 766 | 985 | (219 | ) | ||||||||||||||||||
93 | Average humidity | 30 | % | 45 | % | (15 | )% | 34 | % | 32 | % | 2 | % | ||||||||||||||
10-Year Averages | |||||||||||||||||||||||||||
94 | Cooling degree-days | 420 | 420 | — | 4,531 | 4,531 | — | ||||||||||||||||||||
95 | Heating degree-days | 415 | 415 | — | 972 | 972 | — | ||||||||||||||||||||
96 | Average humidity | 40 | % | 40 | % | 0 | % | 35 | % | 35 | % | 0 | % | ||||||||||||||
ECONOMIC INDICATORS | |||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | |||||||||||||||||||||||||||
97 | Single-family | 6,131 | 6,830 | (699 | ) | 40,077 | 44,622 | (4,545 | ) | ||||||||||||||||||
98 | Multi-family | 1,398 | 995 | 403 | 7,144 | 6,225 | 919 | ||||||||||||||||||||
99 | Total | 7,529 | 7,825 | (296 | ) | 47,221 | 50,847 | (3,626 | ) | ||||||||||||||||||
Arizona Job Growth (c) (d) | |||||||||||||||||||||||||||
100 | Payroll job growth (% over prior year) | 4.1 | % | 4.0 | % | 0.1 | % | 4.1 | % | 3.3 | % | 0.8 | % | ||||||||||||||
101 | Unemployment rate | ||||||||||||||||||||||||||
(%, seasonally adjusted) | 4.9 | % | 4.7 | % | 0.2 | % | 4.7 | % | 5.0 | % | (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 latest available data through periods ended November 30, 2005. |
See Glossary of Terms. | Page 7 of 31 |