Last Updated 7/21/06
EXHIBIT 99.4
EXHIBIT 99.4
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
| 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 | $ | 27 | $ | 64 | $ | 61 | $ | 18 | $ | 170 | $ | (30 | ) | ||||||||||||
| 2 | Pinnacle West Energy | (21 | ) | 12 | (71 | ) | (6 | ) | (85 | ) | (27 | ) | ||||||||||||||
| 3 | APS Energy Services | (3 | ) | 1 | — | (3 | ) | (6 | ) | (9 | ) | |||||||||||||||
| 4 | SunCor | 9 | 11 | 6 | 13 | 39 | (2 | ) | ||||||||||||||||||
| 5 | El Dorado | (1 | ) | — | — | — | (2 | ) | (35 | ) | ||||||||||||||||
| 6 | Parent Company | 19 | (3 | ) | 89 | 2 | 107 | 79 | ||||||||||||||||||
| 7 | Income From Continuing Operations | 30 | 85 | 85 | 24 | 223 | (24 | ) | ||||||||||||||||||
| 8 | Loss From Discontinued Operations — Net of Tax | (6 | ) | (58 | ) | 19 | (3 | ) | (47 | ) | (43 | ) | ||||||||||||||
| 9 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
| 10 | Net Income | $ | 24 | $ | 27 | $ | 104 | $ | 21 | $ | 176 | $ | (67 | ) | ||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
| 11 | Arizona Public Service | $ | 0.30 | $ | 0.66 | $ | 0.62 | $ | 0.19 | $ | 1.77 | $ | (0.41 | ) | ||||||||||||
| 12 | Pinnacle West Energy | (0.23 | ) | 0.13 | (0.72 | ) | (0.06 | ) | (0.89 | ) | (0.26 | ) | ||||||||||||||
| 13 | APS Energy Services | (0.04 | ) | 0.01 | — | (0.04 | ) | (0.06 | ) | (0.09 | ) | |||||||||||||||
| 14 | SunCor | 0.09 | 0.11 | 0.07 | 0.13 | 0.40 | (0.05 | ) | ||||||||||||||||||
| 15 | El Dorado | (0.01 | ) | — | (0.01 | ) | (0.01 | ) | (0.02 | ) | (0.38 | ) | ||||||||||||||
| 16 | Parent Company | 0.21 | (0.03 | ) | 0.90 | 0.03 | 1.11 | 0.81 | ||||||||||||||||||
| 17 | Income From Continuing Operations | 0.32 | 0.88 | 0.86 | 0.24 | 2.31 | (0.38 | ) | ||||||||||||||||||
| 18 | Income (Loss) From Discontinued Operations — Net of Tax | (0.05 | ) | (0.60 | ) | 0.19 | (0.02 | ) | (0.49 | ) | (0.46 | ) | ||||||||||||||
| 19 | Cumulative Effect of Change in Accounting — Net of Tax | — | — | — | — | — | — | |||||||||||||||||||
| 20 | Net Income | $ | 0.27 | $ | 0.28 | $ | 1.05 | $ | 0.22 | $ | 1.82 | $ | (0.84 | ) | ||||||||||||
| 21 | BOOK VALUE PER SHARE | $ | 32.50 | $ | 32.89 | $ | 35.81 | $ | 34.58 | $ | 34.58 | $ | 2.44 | |||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
| 22 | Average — Diluted | 92,045 | 96,299 | 98,816 | 99,050 | 96,590 | 5,058 | |||||||||||||||||||
| 23 | End of Period | 92,103 | 98,442 | 98,881 | 99,057 | 99,057 | 7,264 | |||||||||||||||||||
| See Glossary of Terms. | Page 14 of 31 |
Last Updated 7/21/06
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
| 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 | ||||||||||||||||||||||||||
| 24 | Residential | $ | 190 | $ | 268 | $ | 414 | $ | 207 | $ | 1,079 | $ | 95 | |||||||||||||
| 25 | Business | 209 | 281 | 308 | 243 | 1,041 | 63 | |||||||||||||||||||
| 26 | Total retail | 399 | 549 | 722 | 450 | 2,120 | 158 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
| 27 | Traditional contracts | 3 | 5 | 9 | 6 | 23 | 7 | |||||||||||||||||||
| 28 | Off-system sales | — | 12 | 8 | 20 | 40 | 40 | |||||||||||||||||||
| 29 | Transmission for others | 7 | 7 | 7 | 5 | 26 | (6 | ) | ||||||||||||||||||
| 30 | Other miscellaneous services | 7 | 7 | 7 | 7 | 28 | 3 | |||||||||||||||||||
| 31 | Total regulated operating electricity revenues | 416 | 580 | 753 | 488 | 2,237 | 202 | |||||||||||||||||||
MARKETING AND TRADING SEGMENT | ||||||||||||||||||||||||||
| 32 | Electricity and other commodity sales | 89 | 71 | 107 | 83 | 351 | (50 | ) | ||||||||||||||||||
| 33 | Total operating electric revenues | $ | 505 | $ | 651 | $ | 860 | $ | 571 | $ | 2,588 | $ | 152 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
| 34 | Residential | 2,367 | 2,889 | 4,449 | 2,518 | 12,223 | 696 | |||||||||||||||||||
| 35 | Business | 3,042 | 3,684 | 4,100 | 3,427 | 14,254 | 428 | |||||||||||||||||||
| 36 | Total retail | 5,409 | 6,573 | 8,549 | 5,945 | 26,477 | 1,124 | |||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
| 37 | Traditional contracts | 155 | 200 | 269 | 227 | 850 | 141 | |||||||||||||||||||
| 38 | Off-system sales | — | 598 | 212 | 526 | 1,336 | 1,336 | |||||||||||||||||||
| 39 | Retail load hedge management | 750 | 702 | 1,026 | 532 | 3,010 | 278 | |||||||||||||||||||
| 40 | Total regulated electricity | 6,314 | 8,073 | 10,056 | 7,230 | 31,673 | 2,879 | |||||||||||||||||||
MARKETING AND TRADING SEGMENT | ||||||||||||||||||||||||||
| 41 | Wholesale sales of electricity | 6,060 | 5,009 | 7,263 | 5,240 | 23,572 | (6,606 | ) | ||||||||||||||||||
| 42 | Total electric sales | 12,374 | 13,082 | 17,319 | 12,470 | 55,245 | (3,727 | ) | ||||||||||||||||||
| See Glossary of Terms. | Page 15 of 31 |
Last Updated 7/21/06
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
| 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) | ||||||||||||||||||||||||||
| 43 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | — | $ | — | $ | 38 | 143 | $ | — | $ | — | ||||||||||||||
| 44 | Deferred fuel and purchased power costs — current period | — | 38 | 104 | 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 | $ | — | $ | 38 | $ | 143 | $ | 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) | $ | 12 | $ | 18 | $ | 3 | $ | 22 | $ | 55 | $ | (9 | ) | ||||||||||||
| 49 | Mark-to-market reversals on realized sales (a) (b) | (3 | ) | (8 | ) | 3 | (17 | ) | (16 | ) | (11 | ) | ||||||||||||||
| 50 | Change in mark-to-market value of forward sales | 10 | 3 | 14 | 1 | 20 | (1 | ) | ||||||||||||||||||
| 51 | Total gross margin | $ | 19 | $ | 13 | $ | 20 | $ | 6 | $ | 59 | $ | (21 | ) | ||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
| 52 | Parent company marketing and trading division | $ | 21 | $ | 6 | $ | 26 | $ | 5 | $ | 59 | $ | 34 | |||||||||||||
| 53 | APS | (4 | ) | 3 | (8 | ) | 3 | (6 | ) | (1 | ) | |||||||||||||||
| 54 | Pinnacle West Energy | 5 | — | — | — | 5 | (41 | ) | ||||||||||||||||||
| 55 | APS Energy Services | (3 | ) | 4 | 2 | (2 | ) | 1 | (13 | ) | ||||||||||||||||
| 56 | Total gross margin | $ | 19 | $ | 13 | $ | 20 | $ | 6 | $ | 59 | $ | (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 2008, $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 $16 million was transferred to “realized” for the total year 2005. A $16 million realized gain is included in the $55 million on line 48 for the total year 2005. | |
| (b) | Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations. |
| See Glossary of Terms. | Page 16 of 31 |
Last Updated 7/21/06
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
| Increase | ||||||||||||||||||||||||||
| (Decrease) | ||||||||||||||||||||||||||
| Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
| 57 | Residential | 889,967 | 888,509 | 895,789 | 911,623 | 896,472 | 37,403 | |||||||||||||||||||
| 58 | Business | 109,795 | 110,658 | 111,648 | 112,569 | 111,168 | 4,053 | |||||||||||||||||||
| 59 | Total | 999,762 | 999,167 | 1,007,437 | 1,024,192 | 1,007,640 | 41,456 | |||||||||||||||||||
| 60 | Wholesale customers | 81 | 76 | 78 | 77 | 78 | (3 | ) | ||||||||||||||||||
| 61 | Total customers | 999,843 | 999,243 | 1,007,515 | 1,024,269 | 1,007,718 | 41,453 | |||||||||||||||||||
| 62 | Customer growth (% over prior year) | 4.0 | % | 4.2 | % | 4.5 | % | 4.5 | % | 4.3 | % | 0.6 | % | |||||||||||||
RETAIL SALES (GWH) — WEATHER NORMALIZED | ||||||||||||||||||||||||||
| 63 | Residential | 2,439 | 2,905 | 4,421 | 2,515 | 12,280 | 572 | |||||||||||||||||||
| 64 | Business | 3,058 | 3,693 | 4,120 | 3,414 | 14,286 | 415 | |||||||||||||||||||
| 65 | Total | 5,497 | 6,598 | 8,541 | 5,929 | 26,566 | 987 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
| 66 | Residential | 2,660 | 3,252 | 4,967 | 2,763 | 13,635 | 217 | |||||||||||||||||||
| 67 | Business | 27,706 | 33,292 | 36,723 | 30,444 | 128,514 | (878 | ) | ||||||||||||||||||
RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
| 68 | Residential | 2,741 | 3,269 | 4,935 | 2,758 | 13,698 | 70 | |||||||||||||||||||
| 69 | Business | 27,860 | 33,377 | 36,899 | 30,332 | 128,507 | (987 | ) | ||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
| 70 | System peak demand | 3,997 | 6,458 | 7,000 | 5,169 | 7,000 | 598 | |||||||||||||||||||
| See Glossary of Terms. | Page 17 of 31 |
Last Updated 7/21/06
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
| Increase | ||||||||||||||||||||||||||
| (Decrease) | ||||||||||||||||||||||||||
| Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
| 71 | Nuclear | 2,247 | 1,619 | 2,147 | 1,496 | 7,509 | (674 | ) | ||||||||||||||||||
| 72 | Coal | 2,940 | 3,088 | 3,574 | 3,458 | 13,060 | 394 | |||||||||||||||||||
| 73 | Gas, oil and other | 1,127 | 2,074 | 3,018 | 1,482 | 7,701 | 2,373 | |||||||||||||||||||
| 74 | Total generation production | 6,314 | 6,781 | 8,739 | 6,436 | 28,270 | 2,093 | |||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
| 75 | Firm load | 586 | 880 | 1,589 | 402 | 3,474 | (851 | ) | ||||||||||||||||||
| 76 | Marketing and trading | 5,832 | 5,984 | 7,795 | 6,102 | 25,713 | (4,479 | ) | ||||||||||||||||||
| 77 | Total purchased power | 6,418 | 6,864 | 9,384 | 6,504 | 29,187 | (5,330 | ) | ||||||||||||||||||
| 78 | Total energy sources | 12,732 | 13,645 | 18,123 | 12,940 | 57,457 | (3,237 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
| 79 | Nuclear | 94 | % | 67 | % | 88 | % | 61 | % | 77 | % | (7 | )% | |||||||||||||
| 80 | Coal | 79 | % | 83 | % | 95 | % | 91 | % | 87 | % | 3 | % | |||||||||||||
| 81 | Gas, oil and other | 18 | % | 28 | % | 40 | % | 29 | % | 29 | % | 9 | % | |||||||||||||
| 82 | System average | 50 | % | 49 | % | 63 | % | 51 | % | 53 | % | 2 | % | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
| 83 | Nuclear | 52 | 329 | 107 | 419 | 227 | 66 | |||||||||||||||||||
| 84 | Coal | 195 | 244 | 57 | 103 | 150 | 43 | |||||||||||||||||||
| 85 | Gas | 212 | 164 | 140 | 226 | 186 | 144 | |||||||||||||||||||
| 86 | Total | 459 | 737 | 304 | 748 | 563 | 253 | |||||||||||||||||||
| (a) | Includes planned and unplanned outages |
| See Glossary of Terms. | Page 18 of 31 |
Last Updated 7/21/06
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
| 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 | ||||||||||||||||||||||||||
| 87 | Palo Verde | $ | 49.74 | $ | 53.33 | $ | 78.94 | $ | 83.58 | $ | 66.40 | $ | 17.10 | |||||||||||||
| 88 | SP15 | $ | 55.70 | $ | 55.19 | $ | 83.21 | $ | 97.65 | $ | 72.94 | $ | 17.74 | |||||||||||||
Off-Peak | ||||||||||||||||||||||||||
| 89 | Palo Verde | $ | 37.04 | $ | 33.03 | $ | 52.35 | $ | 67.79 | $ | 47.55 | $ | 12.81 | |||||||||||||
| 90 | SP15 | $ | 40.96 | $ | 34.73 | $ | 56.08 | $ | 76.45 | $ | 52.06 | $ | 13.44 | |||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
| 91 | Cooling degree-days | 34 | 1,538 | 2,583 | 508 | 4,663 | (31 | ) | ||||||||||||||||||
| 92 | Heating degree-days | 457 | 1 | — | 308 | 766 | (219 | ) | ||||||||||||||||||
| 93 | Average humidity | 56 | % | 20 | % | 29 | % | 30 | % | 34 | % | 2 | % | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
| 94 | Cooling degree-days | 99 | 1,547 | 2,541 | 437 | 4,623 | — | |||||||||||||||||||
| 95 | Heating degree-days | 514 | 31 | — | 386 | 930 | — | |||||||||||||||||||
| 96 | Average humidity | 41 | % | 23 | % | 33 | % | 39 | % | 34 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) | ||||||||||||||||||||||||||
| 97 | Single-family | 10,356 | 12,013 | 11,577 | 9,312 | 43,258 | (4,859 | ) | ||||||||||||||||||
| 98 | Multi-family | 1,741 | 1,645 | 2,360 | 2,032 | 7,778 | 192 | |||||||||||||||||||
| 99 | Total | 12,097 | 13,658 | 13,937 | 11,344 | 51,036 | (4,667 | ) | ||||||||||||||||||
Arizona Job Growth (c) | ||||||||||||||||||||||||||
| 100 | Payroll job growth (% over prior year) | 4.8 | % | 5.5 | % | 6.1 | % | 6.0 | % | 5.6 | % | 2.2 | % | |||||||||||||
| 101 | Unemployment rate (%, seasonally adjusted) | 4.5 | % | 4.7 | % | 4.8 | % | 4.7 | % | 4.7 | % | (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 | |
| See Glossary of Terms. | Page 19 of 31 |