Exhibit 99.2
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended June 30, 2008 and 2007
| 3 Months Ended June | 6 Months Ended June | |||||||||||||||||||||||||
| Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions) | ||||||||||||||||||||||||||
| 1 | Arizona Public Service | $ | 125 | $ | 75 | $ | 50 | $ | 119 | $ | 79 | $ | 40 | |||||||||||||
| 2 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
| 3 | APS Energy Services | — | (1 | ) | 1 | — | — | — | ||||||||||||||||||
| 4 | SunCor | (5 | ) | 1 | (6 | ) | (6 | ) | 10 | (16 | ) | |||||||||||||||
| 5 | El Dorado | (5 | ) | — | (5 | ) | (6 | ) | (2 | ) | (4 | ) | ||||||||||||||
| 6 | Parent Company | (1 | ) | 4 | (5 | ) | 2 | 9 | (7 | ) | ||||||||||||||||
| 7 | Income From Continuing Operations | 114 | 79 | 35 | 109 | 96 | 13 | |||||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 8 | Silverhawk | — | — | — | — | — | — | |||||||||||||||||||
| 9 | SunCor | 20 | — | 20 | 20 | — | 20 | |||||||||||||||||||
| 10 | Other | — | — | — | — | — | — | |||||||||||||||||||
| 11 | Total | 20 | — | 20 | 20 | — | 20 | |||||||||||||||||||
| 12 | Net Income | $ | 134 | $ | 79 | $ | 55 | $ | 129 | $ | 96 | $ | 33 | |||||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
| 13 | Arizona Public Service | $ | 1.24 | $ | 0.75 | $ | 0.49 | $ | 1.18 | $ | 0.79 | $ | 0.39 | |||||||||||||
| 14 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
| 15 | APS Energy Services | — | (0.01 | ) | 0.01 | — | — | — | ||||||||||||||||||
| 16 | SunCor | (0.05 | ) | 0.01 | (0.06 | ) | (0.06 | ) | 0.10 | (0.16 | ) | |||||||||||||||
| 17 | El Dorado | (0.05 | ) | — | (0.05 | ) | (0.06 | ) | (0.02 | ) | (0.04 | ) | ||||||||||||||
| 18 | Parent Company | (0.01 | ) | 0.04 | (0.05 | ) | 0.03 | 0.08 | (0.05 | ) | ||||||||||||||||
| 19 | Income From Continuing Operations | 1.13 | 0.79 | 0.34 | 1.09 | 0.95 | 0.14 | |||||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 20 | Silverhawk | — | — | — | — | — | — | |||||||||||||||||||
| 21 | SunCor | 0.20 | (0.01 | ) | 0.21 | 0.19 | — | 0.19 | ||||||||||||||||||
| 22 | Other | — | — | — | — | — | — | |||||||||||||||||||
| 23 | Total | 0.20 | (0.01 | ) | 0.21 | 0.19 | — | 0.19 | ||||||||||||||||||
| 24 | Net Income | $ | 1.33 | $ | 0.78 | $ | 0.55 | $ | 1.28 | $ | 0.95 | $ | 0.33 | |||||||||||||
| 25 | BOOK VALUE PER SHARE | $ | 37.22 | * | $ | 34.13 | $ | 3.09 | $ | 37.22 | * | $ | 34.13 | $ | 3.09 | |||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
| 26 | Average — Diluted | 100,917 | 100,779 | 138 | 100,856 | 100,718 | 138 | |||||||||||||||||||
| 27 | End of Period | 100,706 | 100,290 | 416 | 100,706 | 100,290 | 416 | |||||||||||||||||||
| * | Estimate |
See Glossary of Terms.
Page 2 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended June 30, 2008 and 2007
| 3 Months Ended June | 6 Months Ended June | |||||||||||||||||||||||||
| Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
ELECTRIC OPERATING REVENUES (Dollars in Millions) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||
| 28 | Residential | $ | 365 | $ | 335 | $ | 30 | $ | 636 | $ | 581 | $ | 55 | |||||||||||||
| 29 | Business | 396 | 342 | 54 | 696 | 606 | 90 | |||||||||||||||||||
| 30 | Total retail | 761 | 677 | 84 | 1,332 | 1,187 | 145 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
| 31 | Traditional contracts | 22 | 9 | 13 | 34 | 14 | 20 | |||||||||||||||||||
| 32 | Off-system sales | 30 | 10 | 20 | 54 | 17 | 37 | |||||||||||||||||||
| 33 | Transmission for others | 8 | 7 | 1 | 15 | 14 | 1 | |||||||||||||||||||
| 34 | Other miscellaneous services | 8 | 8 | — | 17 | 15 | 2 | |||||||||||||||||||
| 35 | Total regulated operating electricity revenues | 829 | 711 | 118 | 1,452 | 1,247 | 205 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 36 | Electricity and other commodity sales | 51 | 93 | (42 | ) | 108 | 165 | (57 | ) | |||||||||||||||||
| 37 | Total operating electric revenues | $ | 880 | $ | 804 | $ | 76 | $ | 1,560 | $ | 1,412 | $ | 148 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
| 38 | Residential | 3,112 | 3,287 | (175 | ) | 5,886 | 6,021 | (135 | ) | |||||||||||||||||
| 39 | Business | 3,990 | 4,004 | (14 | ) | 7,328 | 7,289 | 39 | ||||||||||||||||||
| 40 | Total retail | 7,102 | 7,291 | (189 | ) | 13,214 | 13,310 | (96 | ) | |||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
| 41 | Traditional contracts | 319 | 262 | 57 | 541 | 437 | 104 | |||||||||||||||||||
| 42 | Off-system sales | 610 | 310 | 300 | 1,026 | 553 | 473 | |||||||||||||||||||
| 43 | Retail load hedge management | 159 | 254 | (95 | ) | 321 | 371 | (50 | ) | |||||||||||||||||
| 44 | Total regulated electricity | 8,190 | 8,117 | 73 | 15,102 | 14,671 | 431 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 45 | Wholesale sales of electricity | 894 | 2,648 | (1,754 | ) | 1,814 | 4,571 | (2,757 | ) | |||||||||||||||||
| 46 | Total electric sales | 9,084 | 10,765 | (1,681 | ) | 16,916 | 19,242 | (2,326 | ) | |||||||||||||||||
See Glossary of Terms.
Page 3 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended June 30, 2008 and 2007
| 3 Months Ended June | 6 Months Ended June | |||||||||||||||||||||||||
| Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
POWER SUPPLY ADJUSTOR (“PSA”) - - REGULATED ELECTRICITY SEGMENT (Dollars in Millions) | ||||||||||||||||||||||||||
| 47 | Deferred fuel and purchased power regulatory asset — beginning balance | $ | 50 | $ | 118 | $ | (68 | ) | $ | 111 | $ | 160 | $ | (49 | ) | |||||||||||
| 48 | Deferred fuel and purchased power costs — current period | 37 | 104 | (67 | ) | 26 | 129 | (103 | ) | |||||||||||||||||
| 49 | Regulatory disallowance | — | (14 | ) | 14 | — | (14 | ) | 14 | |||||||||||||||||
| 50 | Interest on deferred fuel | — | 1 | (1 | ) | 1 | 3 | (2 | ) | |||||||||||||||||
| 51 | Amounts recovered through revenues | (64 | ) | (72 | ) | 8 | (115 | ) | (141 | ) | 26 | |||||||||||||||
| 52 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 23 | $ | 137 | $ | (114 | ) | $ | 23 | $ | 137 | $ | (114 | ) | |||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
| 53 | Electricity and other commodity sales, realized (a) | $ | 4 | $ | 23 | $ | (19 | ) | $ | 9 | $ | 39 | $ | (30 | ) | |||||||||||
| 54 | Mark-to-market reversals on realized sales (a) (b) | 1 | 1 | — | 2 | (5 | ) | 7 | ||||||||||||||||||
| 55 | Change in mark-to-market value of forward sales | — | (6 | ) | 6 | — | (2 | ) | 2 | |||||||||||||||||
| 56 | Total gross margin | $ | 5 | $ | 18 | $ | (13 | ) | $ | 11 | $ | 32 | $ | (21 | ) | |||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
| 57 | APS | $ | — | $ | 7 | $ | (7 | ) | $ | — | $ | 6 | $ | (6 | ) | |||||||||||
| 58 | Pinnacle West | 4 | 10 | (6 | ) | 10 | 20 | (10 | ) | |||||||||||||||||
| 59 | APS Energy Services | 1 | 1 | — | 1 | 6 | (5 | ) | ||||||||||||||||||
| 60 | Pinnacle West Energy | — | — | — | — | — | — | |||||||||||||||||||
| 61 | Total gross margin | $ | 5 | $ | 18 | $ | (13 | ) | $ | 11 | $ | 32 | $ | (21 | ) | |||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of June 30, 2008, Pinnacle West had accumulated net mark-to-market gains of $0.8 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, $0.2 million; and thereafter, $0.6 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 loss of $1 million was transferred to “realized” for the second quarter of 2008. A $1 million realized loss is included in the $4 million on line 53 for the second quarter of 2008. | |
| (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 7/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended June 30, 2008 and 2007
| 3 Months Ended June | 6 Months Ended June | |||||||||||||||||||||||||
| Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
| 62 | Residential | 975,594 | 962,095 | 13,499 | 979,026 | 963,762 | 15,264 | |||||||||||||||||||
| 63 | Business | 123,802 | 119,792 | 4,010 | 123,318 | 119,221 | 4,097 | |||||||||||||||||||
| 64 | Total | 1,099,396 | 1,081,887 | 17,509 | 1,102,344 | 1,082,983 | 19,361 | |||||||||||||||||||
| 65 | Wholesale customers | 54 | 62 | (8 | ) | 52 | 63 | (11 | ) | |||||||||||||||||
| 66 | Total customers | 1,099,450 | 1,081,949 | 17,501 | 1,102,396 | 1,083,046 | 19,350 | |||||||||||||||||||
| 67 | Customer growth (% over prior year) | 1.6 | % | 3.5 | % | (1.9 | )% | 1.8 | % | 3.7 | % | (1.9 | )% | |||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
| 68 | Residential | 3,247 | 3,220 | 27 | 5,941 | 5,877 | 64 | |||||||||||||||||||
| 69 | Business | 4,034 | 3,977 | 57 | 7,334 | 7,205 | 129 | |||||||||||||||||||
| 70 | Total | 7,281 | 7,197 | 84 | 13,275 | 13,082 | 193 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
| 71 | Residential | 3,190 | 3,417 | (227 | ) | 6,012 | 6,247 | (235 | ) | |||||||||||||||||
| 72 | Business | 32,229 | 33,425 | (1,196 | ) | 59,424 | 61,139 | (1,715 | ) | |||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
| 73 | Residential | 3,328 | 3,346 | (18 | ) | 6,068 | 6,098 | (30 | ) | |||||||||||||||||
| 74 | Business | 32,581 | 33,199 | (618 | ) | 59,468 | 60,434 | (966 | ) | |||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
| 75 | Native load peak demand | 6,778 | 6,705 | 73 | 6,778 | 6,705 | 73 | |||||||||||||||||||
See Glossary of Terms.
Page 5 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended June 30, 2008 and 2007
| 3 Months Ended June | 6 Months Ended June | |||||||||||||||||||||||||
| Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
| 76 | Nuclear | 1,856 | 1,846 | 10 | 4,171 | 4,145 | 26 | |||||||||||||||||||
| 77 | Coal | 3,227 | 3,265 | (38 | ) | 6,133 | 6,429 | (296 | ) | |||||||||||||||||
| 78 | Gas, oil and other | 1,516 | 1,518 | (2 | ) | 2,664 | 2,669 | (5 | ) | |||||||||||||||||
| 79 | Total generation production | 6,599 | 6,629 | (30 | ) | 12,968 | 13,243 | (275 | ) | |||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
| 80 | Firm load | 1,603 | 1,676 | (73 | ) | 2,343 | 1,954 | 389 | ||||||||||||||||||
| 81 | Marketing and trading | 1,421 | 3,097 | (1,676 | ) | 2,626 | 5,225 | (2,599 | ) | |||||||||||||||||
| 82 | Total purchased power | 3,024 | 4,773 | (1,749 | ) | 4,969 | 7,179 | (2,210 | ) | |||||||||||||||||
| 83 | Total energy sources | 9,623 | 11,402 | (1,779 | ) | 17,937 | 20,422 | (2,485 | ) | |||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
| 84 | Nuclear | 74 | % | 75 | % | (1 | )% | 83 | % | 85 | % | (2 | )% | |||||||||||||
| 85 | Coal | 85 | % | 86 | % | (1 | )% | 81 | % | 85 | % | (4 | )% | |||||||||||||
| 86 | Gas, oil and other | 21 | % | 21 | % | 0 | % | 18 | % | 19 | % | (1 | )% | |||||||||||||
| 87 | System average | 49 | % | 49 | % | 0 | % | 48 | % | 50 | % | (2 | )% | |||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
| 88 | Nuclear | 298 | 266 | 32 | 153 | 164 | (11 | ) | ||||||||||||||||||
| 89 | Coal | 152 | 189 | (37 | ) | 234 | 196 | 38 | ||||||||||||||||||
| 90 | Gas | 180 | 405 | (225 | ) | 296 | 336 | (40 | ) | |||||||||||||||||
| 91 | Total | 630 | 860 | (230 | ) | 683 | 696 | (13 | ) | |||||||||||||||||
| (a) | Includes planned and unplanned outages |
See Glossary of Terms.
Page 6 of 31
Last Updated 7/30/2008
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended June 30, 2008 and 2007
| 3 Months Ended June | 6 Months Ended June | |||||||||||||||||||||||||
| Line | 2008 | 2007 | Incr (Decr) | 2008 | 2007 | Incr (Decr) | ||||||||||||||||||||
ENERGY MARKET INDICATORS (a) | ||||||||||||||||||||||||||
Electricity Average Daily Spot Prices ($/MWh) | ||||||||||||||||||||||||||
On-Peak | ||||||||||||||||||||||||||
| 92 | Palo Verde | $ | 90.47 | $ | 64.64 | $ | 25.83 | $ | 79.94 | $ | 59.63 | $ | 20.31 | |||||||||||||
| 93 | SP15 | $ | 97.41 | $ | 68.75 | $ | 28.66 | $ | 88.25 | $ | 64.39 | $ | 23.87 | |||||||||||||
Off-Peak | ||||||||||||||||||||||||||
| 94 | Palo Verde | $ | 59.20 | $ | 41.46 | $ | 17.74 | $ | 57.80 | $ | 41.76 | $ | 16.04 | |||||||||||||
| 95 | SP15 | $ | 66.73 | $ | 46.14 | $ | 20.59 | $ | 64.54 | $ | 46.00 | $ | 18.54 | |||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
| 96 | Cooling degree-days | 1,540 | 1,708 | (168 | ) | 1,645 | 1,880 | (235 | ) | |||||||||||||||||
| 97 | Heating degree-days | — | 8 | (8 | ) | 583 | 597 | (14 | ) | |||||||||||||||||
| 98 | Average humidity | 17 | % | 18 | % | (1 | )% | 29 | % | 27 | % | 2 | % | |||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
| 99 | Cooling degree-days | 1,554 | 1,554 | — | 1,650 | 1,650 | — | |||||||||||||||||||
| 100 | Heating degree-days | 28 | 28 | — | 545 | 545 | — | |||||||||||||||||||
| 101 | Average humidity | 22 | % | 22 | % | 0 | % | 32 | % | 32 | % | 0 | % | |||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
| 102 | Single-family | 2,427 | 5,051 | (2,624 | ) | 5,418 | 12,068 | (6,650 | ) | |||||||||||||||||
| 103 | Multi-family | 1,462 | 1,279 | 183 | 3,350 | 5,410 | (2,060 | ) | ||||||||||||||||||
| 104 | Total | 3,889 | 6,330 | (2,441 | ) | 8,768 | 17,478 | (8,710 | ) | |||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
| 105 | Payroll job growth (% over prior year) | (0.4 | )% | 1.5 | % | (1.9 | )% | (0.1 | )% | 2.0 | % | (2.1 | )% | |||||||||||||
| 106 | Unemployment rate (%, seasonally adjusted) | 4.2 | % | 3.7 | % | 0.5 | % | 4.1 | % | 3.7 | % | 0.4 | % | |||||||||||||
| 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 May 31, 2008 (latest available data) and May 31, 2007. | |
See Glossary of Terms.
Page 7 of 31