Exhibit 99.2
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2007 and 2006
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||||||||||||
1 | Arizona Public Service | $ | — | $ | 13 | $ | (13 | ) | $ | 284 | $ | 270 | $ | 14 | ||||||||||||
2 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
3 | APS Energy Services | (2 | ) | (2 | ) | — | — | (3 | ) | 3 | ||||||||||||||||
4 | SunCor | 5 | 3 | 2 | 12 | 50 | (38 | ) | ||||||||||||||||||
5 | El Dorado | (1 | ) | (1 | ) | — | (6 | ) | (3 | ) | (3 | ) | ||||||||||||||
6 | Parent Company | 1 | (3 | ) | 4 | 9 | 3 | 6 | ||||||||||||||||||
7 | Income From Continuing Operations | 3 | 10 | (7 | ) | 299 | 317 | (18 | ) | |||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
8 | Silverhawk | — | — | — | — | 1 | (1 | ) | ||||||||||||||||||
9 | SunCor | 3 | 8 | (5 | ) | 11 | 10 | 1 | ||||||||||||||||||
10 | Other | (3 | ) | — | (3 | ) | (3 | ) | (1 | ) | (2 | ) | ||||||||||||||
11 | Total | — | 8 | (8 | ) | 8 | 10 | (2 | ) | |||||||||||||||||
12 | Net Income | $ | 3 | $ | 18 | $ | (15 | ) | $ | 307 | $ | 327 | $ | (20 | ) | |||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
13 | Arizona Public Service | $ | — | $ | 0.13 | $ | (0.13 | ) | $ | 2.82 | $ | 2.70 | $ | 0.12 | ||||||||||||
14 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
15 | APS Energy Services | (0.02 | ) | (0.02 | ) | — | (0.01 | ) | (0.03 | ) | 0.02 | |||||||||||||||
16 | SunCor | 0.05 | 0.03 | 0.02 | 0.12 | 0.50 | (0.38 | ) | ||||||||||||||||||
17 | El Dorado | (0.01 | ) | (0.01 | ) | — | (0.06 | ) | (0.03 | ) | (0.03 | ) | ||||||||||||||
18 | Parent Company | 0.01 | (0.03 | ) | 0.04 | 0.09 | 0.03 | 0.06 | ||||||||||||||||||
19 | Income From Continuing Operations | 0.03 | 0.10 | (0.07 | ) | 2.96 | 3.17 | (0.21 | ) | |||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
20 | Silverhawk | — | — | — | — | — | — | |||||||||||||||||||
21 | SunCor | 0.03 | 0.08 | (0.05 | ) | 0.11 | 0.10 | 0.01 | ||||||||||||||||||
22 | Other | (0.03 | ) | — | (0.03 | ) | (0.02 | ) | — | (0.02 | ) | |||||||||||||||
23 | Total | — | 0.08 | (0.08 | ) | 0.09 | 0.10 | (0.01 | ) | |||||||||||||||||
24 | Net Income | $ | 0.03 | $ | 0.18 | $ | (0.15 | ) | $ | 3.05 | $ | 3.27 | $ | (0.22 | ) | |||||||||||
25 | BOOK VALUE PER SHARE | $ | 35.09 | * | $ | 34.48 | $ | 0.61 | $ | 35.09 | * | $ | 34.48 | $ | 0.61 | |||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
26 | Average — Diluted | 100,963 | 100,474 | 489 | 100,835 | 100,010 | 825 | |||||||||||||||||||
27 | End of Period | 100,486 | 99,959 | 527 | 100,486 | 99,959 | 838 |
* | Estimate |
See Glossary of Terms. | Page 2 of 31 |
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2007 and 2006
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
28 | Residential | $ | 263 | $ | 242 | $ | 21 | $ | 1,418 | $ | 1,271 | $ | 147 | |||||||||||||
29 | Business | 323 | 302 | 21 | 1,354 | 1,239 | 115 | |||||||||||||||||||
30 | Total retail | 586 | 544 | 42 | 2,772 | 2,510 | 262 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
31 | Traditional contracts | 7 | (3 | ) | 10 | 33 | 22 | 11 | ||||||||||||||||||
32 | Off-system sales | 17 | 12 | 5 | 50 | 46 | 4 | |||||||||||||||||||
33 | Transmission for others | 7 | 7 | — | 29 | 26 | 3 | |||||||||||||||||||
34 | Other miscellaneous services | 10 | 9 | 1 | 34 | 31 | 3 | |||||||||||||||||||
35 | Total regulated operating electricity revenues | 627 | 569 | 58 | 2,918 | 2,635 | 283 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
36 | Electricity and other commodity sales | 78 | 71 | 7 | 343 | 331 | 12 | |||||||||||||||||||
37 | Total operating electric revenues | $ | 705 | $ | 640 | $ | 65 | $ | 3,261 | $ | 2,966 | $ | 295 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
38 | Residential | 2,667 | 2,571 | 96 | 13,772 | 12,994 | 778 | |||||||||||||||||||
39 | Business | 3,685 | 3,584 | 101 | 15,400 | 14,976 | 424 | |||||||||||||||||||
40 | Total retail | 6,352 | 6,155 | 197 | 29,172 | 27,970 | 1,202 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
41 | Traditional contracts | 190 | 166 | 24 | 923 | 883 | 40 | |||||||||||||||||||
42 | Off-system sales | 448 | 504 | (56 | ) | 1,479 | 1,613 | (134 | ) | |||||||||||||||||
43 | Retail load hedge management | 125 | 340 | (215 | ) | 1,025 | 1,590 | (565 | ) | |||||||||||||||||
44 | Total regulated electricity | 7,115 | 7,165 | (50 | ) | 32,599 | 32,056 | 543 | ||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
45 | Wholesale sales of electricity | 2,334 | 3,690 | (1,356 | ) | 10,620 | 16,355 | (5,735 | ) | |||||||||||||||||
46 | Total electric sales | 9,449 | 10,855 | (1,406 | ) | 43,219 | 48,411 | (5,192 | ) | |||||||||||||||||
See Glossary of Terms. | Page 3 of 31 |
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2007 and 2006
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||||||||||||
47 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 150 | $ | 209 | $ | (59 | ) | $ | 160 | $ | 173 | $ | (13 | ) | |||||||||||
48 | Deferred fuel and purchased power costs — current period | (9 | ) | 19 | (28 | ) | 189 | 244 | (55 | ) | ||||||||||||||||
49 | Regulatory disallowance | — | — | — | (14 | ) | — | (14 | ) | |||||||||||||||||
50 | Interest on deferred fuel | 2 | 2 | — | 7 | 8 | (1 | ) | ||||||||||||||||||
51 | Amounts recovered through revenues | (32 | ) | (70 | ) | 38 | (231 | ) | (265 | ) | 34 | |||||||||||||||
52 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 111 | $ | 160 | $ | (49 | ) | $ | 111 | $ | 160 | $ | (49 | ) | |||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
53 | Electricity and other commodity sales, realized (a) | $ | 11 | $ | 17 | $ | (6 | ) | $ | 54 | $ | 54 | $ | — | ||||||||||||
54 | Mark-to-market reversals on realized sales (a) (b) | (3 | ) | (6 | ) | 3 | (7 | ) | (14 | ) | 7 | |||||||||||||||
55 | Change in mark-to-market value of forward sales | 2 | (3 | ) | 5 | 1 | — | 1 | ||||||||||||||||||
56 | Total gross margin | $ | 10 | $ | 8 | $ | 2 | $ | 48 | $ | 40 | $ | 8 | |||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
57 | APS | $ | — | $ | 5 | $ | (5 | ) | $ | 7 | $ | 14 | $ | (7 | ) | |||||||||||
58 | Pinnacle West | 9 | 2 | 7 | 31 | 17 | 14 | |||||||||||||||||||
59 | APS Energy Services | 1 | 1 | — | 10 | 9 | 1 | |||||||||||||||||||
60 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
61 | Total gross margin | $ | 10 | $ | 8 | $ | 2 | $ | 48 | $ | 40 | $ | 8 | |||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of December 31, 2007, Pinnacle West had accumulated net mark-to-market gains of $9 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, $2 million; and thereafter, $7 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 gain of $3 million was transferred to “realized” for the fourth quarter of 2007. A $3 million realized gain is included in the $11 million on line 53 for the fourth quarter of 2007. | |
(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 1/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2007 and 2006
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
62 | Residential | 972,654 | 949,132 | 23,522 | 966,013 | 936,464 | 29,549 | |||||||||||||||||||
63 | Business | 121,898 | 117,342 | 4,556 | 120,314 | 115,431 | 4,883 | |||||||||||||||||||
64 | Total | 1,094,552 | 1,066,474 | 28,078 | 1,086,327 | 1,051,895 | 34,432 | |||||||||||||||||||
65 | Wholesale customers | 56 | 80 | (24 | ) | 61 | 77 | (16 | ) | |||||||||||||||||
66 | Total customers | 1,094,608 | 1,066,554 | 28,054 | 1,086,388 | 1,051,972 | 34,416 | |||||||||||||||||||
67 | Customer growth (% over prior year) | 2.6 | % | 4.1 | % | (1.5 | )% | 3.3 | % | 4.4 | % | (1.1 | )% | |||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
68 | Residential | 2,702 | 2,634 | 68 | 13,369 | 13,004 | 365 | |||||||||||||||||||
69 | Business | 3,660 | 3,603 | 57 | 15,236 | 15,016 | 220 | |||||||||||||||||||
70 | Total | 6,362 | 6,237 | 125 | 28,605 | 28,020 | 585 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
71 | Residential | 2,742 | 2,709 | 33 | 14,257 | 13,876 | 381 | |||||||||||||||||||
72 | Business | 30,230 | 30,552 | (322 | ) | 127,998 | 129,749 | (1,751 | ) | |||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
73 | Residential | 2,778 | 2,775 | 3 | 13,839 | 13,886 | (47 | ) | ||||||||||||||||||
74 | Business | 30,027 | 30,706 | (679 | ) | 126,644 | 130,082 | (3,438 | ) | |||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
75 | System peak demand | 5,376 | 5,316 | 60 | 7,545 | 7,652 | (107 | ) |
See Glossary of Terms.
Page 5 of 31
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2007 and 2006
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
76 | Nuclear | 1,430 | 1,868 | (438 | ) | 7,793 | 6,988 | 805 | ||||||||||||||||||
77 | Coal | 3,350 | 3,337 | 13 | 13,342 | 13,176 | 166 | |||||||||||||||||||
78 | Gas, oil and other | 1,553 | 1,628 | (75 | ) | 6,700 | 7,384 | (684 | ) | |||||||||||||||||
79 | Total generation production | 6,333 | 6,833 | (500 | ) | 27,835 | 27,548 | 287 | ||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
80 | Firm load | 913 | 223 | 690 | 5,388 | 4,290 | 1,098 | |||||||||||||||||||
81 | Marketing and trading | 2,730 | 4,326 | (1,596 | ) | 12,516 | 18,868 | (6,352 | ) | |||||||||||||||||
82 | Total purchased power | 3,643 | 4,549 | (906 | ) | 17,904 | 23,158 | (5,254 | ) | |||||||||||||||||
83 | Total energy sources | 9,976 | 11,382 | (1,406 | ) | 45,739 | 50,706 | (4,967 | ) | |||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
84 | Nuclear | 57 | % | 75 | % | (18 | )% | 79 | % | 71 | % | 8 | % | |||||||||||||
85 | Coal | 87 | % | 87 | % | 0 | % | 87 | % | 87 | % | 0 | % | |||||||||||||
86 | Gas, oil and other | 21 | % | 22 | % | (1 | )% | 23 | % | 25 | % | (2 | )% | |||||||||||||
87 | System average | 47 | % | 50 | % | (3 | )% | 52 | % | 51 | % | 1 | % | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
88 | Nuclear | 470 | 267 | 203 | 204 | 153 | 51 | |||||||||||||||||||
89 | Coal | 164 | 155 | 9 | 158 | 82 | 76 | |||||||||||||||||||
90 | Gas | 264 | 286 | (22 | ) | 271 | 89 | 182 | ||||||||||||||||||
91 | Total | 898 | 708 | 190 | 633 | 324 | 309 | |||||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms.
Page 6 of 31
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended December 31, 2007 and 2006
3 Mo. Ended December | 12 Mo. Ended December | |||||||||||||||||||||||||
Line | 2007 | 2006 | Incr (Decr) | 2007 | 2006 | Incr (Decr) | ||||||||||||||||||||
ENERGY MARKET INDICATORS (a) | ||||||||||||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | ||||||||||||||||||||||||||
On-Peak | ||||||||||||||||||||||||||
92 | Palo Verde | $ | 57.18 | $ | 52.72 | $ | 4.46 | $ | 61.43 | $ | 56.76 | $ | 4.67 | |||||||||||||
93 | SP15 | $ | 68.13 | $ | 62.16 | $ | 5.97 | $ | 66.44 | $ | 61.95 | $ | 4.49 | |||||||||||||
Off-Peak | ||||||||||||||||||||||||||
94 | Palo Verde | $ | 44.39 | $ | 39.62 | $ | 4.77 | $ | 41.24 | $ | 37.09 | $ | 4.15 | |||||||||||||
95 | SP15 | $ | 50.71 | $ | 46.27 | $ | 4.44 | $ | 45.99 | $ | 40.61 | $ | 5.38 | |||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
96 | Cooling degree-days | 595 | 457 | 138 | 5,161 | 4,695 | 466 | |||||||||||||||||||
97 | Heating degree-days | 398 | 383 | 15 | 995 | 851 | 144 | |||||||||||||||||||
98 | Average humidity | 30 | % | 33 | % | (3 | )% | 30 | % | 28 | % | 2 | % | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
99 | Cooling degree-days | 441 | 441 | — | 4,640 | 4,640 | — | |||||||||||||||||||
100 | Heating degree-days | 296 | 296 | — | 840 | 840 | — | |||||||||||||||||||
101 | Average humidity | 38 | % | 38 | % | 0 | % | 33 | % | 33 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
102 | Single-family | 1,877 | 2,939 | (1,062 | ) | 21,168 | 26,507 | (5,339 | ) | |||||||||||||||||
103 | Multi-family | 2,436 | 817 | 1,619 | 12,833 | 9,895 | 2,938 | |||||||||||||||||||
104 | Total | 4,313 | 3,756 | 557 | 34,001 | 36,402 | (2,401 | ) | ||||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
105 | Payroll job growth (% over prior year) | 1.6 | % | 5.1 | % | (3.5 | )% | 3.0 | % | 5.4 | % | (2.4 | )% | |||||||||||||
106 | Unemployment rate (%, seasonally adjusted) | 3.8 | % | 4.1 | % | (0.3 | )% | 3.8 | % | 4.1 | % | (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 periods ended November 30, 2007 (latest available data) and November 30, 2006. | |
See Glossary of Terms.
Page 7 of 31