Exhibit 99.3
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
2007
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 | $ | 4 | $ | 75 | $ | 204 | $ | — | $ | 284 | $ | 14 | |||||||||||||
2 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
3 | APS Energy Services | 1 | (1 | ) | 2 | (2 | ) | — | 3 | |||||||||||||||||
4 | SunCor | 8 | — | (2 | ) | 5 | 12 | (38 | ) | |||||||||||||||||
5 | El Dorado | (2 | ) | — | (3 | ) | (1 | ) | (6 | ) | (3 | ) | ||||||||||||||
6 | Parent Company | 5 | 5 | — | 1 | 9 | 6 | |||||||||||||||||||
7 | Income From Continuing Operations | 16 | 79 | 201 | 3 | 299 | (18 | ) | ||||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
8 | Silverhawk | — | — | — | — | — | (1 | ) | ||||||||||||||||||
9 | SunCor | 1 | — | 8 | 3 | 11 | 1 | |||||||||||||||||||
10 | Other | — | — | — | (3 | ) | (3 | ) | (2 | ) | ||||||||||||||||
11 | Total | 1 | — | 8 | — | 8 | (2 | ) | ||||||||||||||||||
12 | Net Income | $ | 17 | $ | 79 | $ | 209 | $ | 3 | $ | 307 | $ | (20 | ) | ||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
13 | Arizona Public Service | $ | 0.04 | $ | 0.75 | $ | 2.03 | $ | — | $ | 2.82 | $ | 0.12 | |||||||||||||
14 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
15 | APS Energy Services | 0.01 | (0.01 | ) | 0.01 | (0.02 | ) | (0.01 | ) | 0.02 | ||||||||||||||||
16 | SunCor | 0.09 | — | (0.02 | ) | 0.05 | 0.12 | (0.38 | ) | |||||||||||||||||
17 | El Dorado | (0.02 | ) | �� | — | (0.03 | ) | (0.01 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||
18 | Parent Company | 0.04 | 0.04 | — | 0.01 | 0.09 | 0.06 | |||||||||||||||||||
19 | Income From Continuing Operations | 0.16 | 0.78 | 1.99 | 0.03 | 2.96 | (0.21 | ) | ||||||||||||||||||
Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
20 | Silverhawk | — | — | — | — | — | — | |||||||||||||||||||
21 | SunCor | — | — | 0.08 | 0.03 | 0.11 | 0.01 | |||||||||||||||||||
22 | Other | — | — | — | (0.03 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||
23 | Total | — | — | 0.08 | — | 0.09 | (0.01 | ) | ||||||||||||||||||
24 | Net Income | $ | 0.16 | $ | 0.78 | $ | 2.07 | $ | 0.03 | $ | 3.05 | $ | (0.22 | ) | ||||||||||||
25 | BOOK VALUE PER SHARE | $ | 34.45 | $ | 34.13 | $ | 35.55 | $ | 35.09 | * | $ | 35.09 | * | 0.61 | ||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
26 | Average — Diluted | 100,622 | 100,779 | 100,829 | 100,963 | 100,835 | 825 | |||||||||||||||||||
27 | End of Period | 100,115 | 100,290 | 100,367 | 100,486 | 100,486 | 838 |
* | Estimate |
See Glossary of Terms. | Page 8 of 31 |
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
2007
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 | $ | 246 | $ | 335 | $ | 574 | $ | 263 | $ | 1,418 | $ | 147 | |||||||||||||
29 | Business | 264 | 342 | 425 | 323 | 1,354 | 115 | |||||||||||||||||||
30 | Total retail | 510 | 677 | 999 | 586 | 2,772 | 262 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
31 | Traditional contracts | 5 | 9 | 12 | 7 | 33 | 11 | |||||||||||||||||||
32 | Off-system sales | 7 | 10 | 16 | 17 | 50 | 4 | |||||||||||||||||||
33 | Transmission for others | 7 | 7 | 8 | 7 | 29 | 3 | |||||||||||||||||||
34 | Other miscellaneous services | 7 | 8 | 9 | 10 | 34 | 3 | |||||||||||||||||||
35 | Total regulated operating electricity revenues | 536 | 711 | 1,044 | 627 | 2,918 | 283 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
36 | Electricity and other commodity sales | 72 | 93 | 99 | 78 | 343 | 12 | |||||||||||||||||||
37 | Total operating electric revenues | $ | 608 | $ | 804 | $ | 1,143 | $ | 705 | $ | 3,261 | $ | 295 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
38 | Residential | 2,734 | 3,287 | 5,084 | 2,667 | 13,772 | 778 | |||||||||||||||||||
39 | Business | 3,285 | 4,004 | 4,426 | 3,685 | 15,400 | 424 | |||||||||||||||||||
40 | Total retail | 6,019 | 7,291 | 9,510 | 6,352 | 29,172 | 1,202 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
41 | Traditional contracts | 175 | 262 | 296 | 190 | 923 | 40 | |||||||||||||||||||
42 | Off-system sales | 243 | 310 | 478 | 448 | 1,479 | (134 | ) | ||||||||||||||||||
43 | Retail load hedge management | 117 | 254 | 529 | 125 | 1,025 | (565 | ) | ||||||||||||||||||
44 | Total regulated electricity | 6,554 | 8,117 | 10,813 | 7,115 | 32,599 | 543 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
45 | Wholesale sales of electricity | 2,057 | 2,606 | 3,623 | 2,334 | 10,620 | (5,735 | ) | ||||||||||||||||||
46 | Total electric sales | 8,611 | 10,723 | 14,436 | 9,449 | 43,219 | (5,192 | ) | ||||||||||||||||||
See Glossary of Terms. | Page 9 of 31 |
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
2007
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 | $ | 160 | $ | 118 | $ | 137 | $ | 150 | $ | 160 | (13 | ) | |||||||||||||
48 | Deferred fuel and purchased power costs — current period | 25 | 104 | 69 | (9 | ) | 189 | (55 | ) | |||||||||||||||||
49 | Regulatory disallowance | — | (14 | ) | — | — | (14 | ) | (14 | ) | ||||||||||||||||
50 | Interest on deferred fuel | 2 | 1 | 2 | 2 | 7 | (1 | ) | ||||||||||||||||||
51 | Amounts recovered through revenues | (69 | ) | (72 | ) | (58 | ) | (32 | ) | (231 | ) | 34 | ||||||||||||||
52 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 118 | $ | 137 | $ | 150 | $ | 111 | $ | 111 | $ | (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) | $ | 12 | $ | 22 | $ | 6 | $ | 11 | $ | 54 | $ | — | |||||||||||||
54 | Mark-to-market reversals on realized sales (a) (b) | (8 | ) | 1 | (3 | ) | (3 | ) | (7 | ) | 7 | |||||||||||||||
55 | Change in mark-to-market value of forward sales | 10 | (6 | ) | 2 | 2 | 1 | 1 | ||||||||||||||||||
56 | Total gross margin | $ | 14 | $ | 17 | $ | 5 | $ | 10 | $ | 48 | $ | 8 | |||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
57 | APS | $ | (1 | ) | $ | 7 | $ | — | $ | — | $ | 7 | $ | (7 | ) | |||||||||||
58 | Pinnacle West | 10 | 9 | 1 | 9 | 31 | 14 | |||||||||||||||||||
59 | APS Energy Services | 5 | 1 | 4 | 1 | 10 | 1 | |||||||||||||||||||
60 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
61 | Total gross margin | $ | 14 | $ | 17 | $ | 5 | $ | 10 | $ | 48 | $ | 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, $7million.
(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 $7 million was transferred to “realized” for the total year of 2007. A $7 million realized gain is included in the $54 million on line 53 for the total year of 2007. | |
(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 1/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
Increase | ||||||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||||||
62 | Residential | 965,428 | 962,095 | 963,874 | 972,654 | 966,013 | 29,549 | |||||||||||||||||||||||
63 | Business | 118,649 | 119,792 | 120,918 | 121,898 | 120,314 | 4,883 | |||||||||||||||||||||||
64 | Total | 1,084,077 | 1,081,887 | 1,084,792 | 1,094,552 | 1,086,327 | 34,432 | |||||||||||||||||||||||
65 | Wholesale customers | 63 | 62 | 61 | 56 | 61 | (16 | ) | ||||||||||||||||||||||
66 | Total customers | 1,084,140 | 1,081,949 | 1,084,853 | 1,094,608 | 1,086,388 | 34,416 | |||||||||||||||||||||||
67 | Customer growth (% over prior year) | 3.8 | % | 3.5 | % | 3.2 | % | 2.6 | % | 3.3 | % | (1.1 | )% | |||||||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||||||
68 | Residential | 2,648 | 3,214 | 4,805 | 2,702 | 13,369 | 365 | |||||||||||||||||||||||
69 | Business | 3,228 | 3,977 | 4,371 | 3,660 | 15,236 | 220 | |||||||||||||||||||||||
70 | Total | 5,876 | 7,191 | 9,176 | 6,362 | 28,605 | 585 | |||||||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||||||
71 | Residential | 2,832 | 3,417 | 5,275 | 2,742 | 14,257 | 381 | |||||||||||||||||||||||
72 | Business | 27,687 | 33,425 | 36,601 | 30,230 | 127,998 | (1,751 | ) | ||||||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||||||
73 | Residential | 2,743 | 3,340 | 4,985 | 2,778 | 13,839 | (47 | ) | ||||||||||||||||||||||
74 | Business | 27,204 | 33,202 | 36,152 | 30,027 | 126,644 | (3,438 | ) | ||||||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||||||
75 | System peak demand | 4,781 | 6,982 | 7,545 | 5,376 | 7,545 | (107 | ) | ||||||||||||||||||||||
See Glossary of Terms. | Page 11 of 31 |
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
Increase | ||||||||||||||||||||||||||||
(Decrease) | ||||||||||||||||||||||||||||
Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||||
76 | Nuclear | 2,299 | 1,846 | 2,218 | 1,430 | 7,793 | 805 | |||||||||||||||||||||
77 | Coal | 3,164 | 3,265 | 3,563 | 3,350 | 13,342 | 166 | |||||||||||||||||||||
78 | Gas, oil and other | 1,151 | 1,517 | 2,479 | 1,553 | 6,700 | (684 | ) | ||||||||||||||||||||
79 | Total generation production | 6,614 | 6,628 | 8,260 | 6,333 | 27,835 | 287 | |||||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||||
80 | Firm load | 278 | 1,676 | 2,521 | 913 | 5,388 | 1,098 | |||||||||||||||||||||
81 | Marketing and trading | 2,262 | 3,055 | 4,469 | 2,730 | 12,516 | (6,352 | ) | ||||||||||||||||||||
82 | Total purchased power | 2,540 | 4,731 | 6,990 | 3,643 | 17,904 | (5,254 | ) | ||||||||||||||||||||
83 | Total energy sources | 9,154 | 11,359 | 15,250 | 9,976 | 45,739 | (4,967 | ) | ||||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||||
84 | Nuclear | 94 | % | 75 | % | 89 | % | 57 | % | 79 | % | 8 | % | |||||||||||||||
85 | Coal | 84 | % | 86 | % | 93 | % | 87 | % | 87 | % | 0 | % | |||||||||||||||
86 | Gas, oil and other | 16 | % | 21 | % | 34 | % | 21 | % | 23 | % | (2 | )% | |||||||||||||||
87 | System average | 50 | % | 49 | % | 61 | % | 47 | % | 52 | % | 1 | % | |||||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day)(a) | ||||||||||||||||||||||||||||
88 | Nuclear | 57 | 266 | 22 | 470 | 204 | 51 | |||||||||||||||||||||
89 | Coal | 203 | 189 | 79 | 164 | 158 | 76 | |||||||||||||||||||||
90 | Gas | 267 | 405 | 147 | 264 | 271 | 182 | |||||||||||||||||||||
91 | Total | 527 | 860 | 248 | 898 | 633 | 309 | |||||||||||||||||||||
(a) | Includes planned and unplanned outages |
See Glossary of Terms. | Page 12 of 31 |
Last Updated 1/30/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2007
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 | $ | 54.62 | $ | 64.64 | $ | 69.26 | $ | 57.18 | $ | 61.43 | $ | 4.67 | |||||||||||||||
93 | SP15 | $ | 60.02 | $ | 68.75 | $ | 68.84 | $ | 68.13 | $ | 66.44 | $ | 4.49 | |||||||||||||||
Off-Peak | ||||||||||||||||||||||||||||
94 | Palo Verde | $ | 42.06 | $ | 41.46 | $ | 37.03 | $ | 44.39 | $ | 41.24 | $ | 4.15 | |||||||||||||||
95 | SP15 | $ | 45.86 | $ | 46.14 | $ | 41.23 | $ | 50.71 | $ | 45.99 | $ | 5.38 | |||||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||||
96 | Cooling degree-days | 172 | 1,708 | 2,686 | 595 | 5,161 | 466 | |||||||||||||||||||||
97 | Heating degree-days | 589 | 8 | — | 398 | 995 | 144 | |||||||||||||||||||||
98 | Average humidity | 36 | % | 18 | % | 30 | % | 30 | % | 30 | % | 2 | % | |||||||||||||||
10-Year Averages | ||||||||||||||||||||||||||||
99 | Cooling degree-days | 97 | 1,557 | 2,544 | 441 | 4,640 | — | |||||||||||||||||||||
100 | Heating degree-days | 513 | 31 | — | 296 | 840 | — | |||||||||||||||||||||
101 | Average humidity | 42 | % | 22 | % | 32 | % | 38 | % | 33 | % | 0 | % | |||||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||||
102 | Single-family | 7,017 | 7,447 | 4,827 | 1,877 | 21,168 | (5,339 | ) | ||||||||||||||||||||
103 | Multi-family | 4,131 | 3,573 | 2,687 | 2,436 | 12,833 | 2,938 | |||||||||||||||||||||
104 | Total | 11,148 | 11,020 | 7,514 | 4,313 | 34,001 | (2,401 | ) | ||||||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||||
105 | Payroll job growth (% over prior year) | 4.1 | % | 3.3 | % | 2.6 | % | 1.6 | % | 3.0 | % | (2.4 | )% | |||||||||||||||
106 | Unemployment rate (%, seasonally adjusted) | 4.0 | % | 3.7 | % | 3.6 | % | 3.8 | % | 3.8 | % | (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). |
See Glossary of Terms. | Page 13 of 31 |