Exhibit 99.3
Last Updated 11/4/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
| 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 | $ | (6 | ) | $ | 125 | $ | 160 | $ | 279 | $ | (5 | ) | |||||||||||||
| 2 | Pinnacle West Energy | — | — | — | — | — | ||||||||||||||||||||
| 3 | APS Energy Services | — | — | (1 | ) | (2 | ) | (3 | ) | |||||||||||||||||
| 4 | SunCor | (1 | ) | (5 | ) | (7 | ) | (13 | ) | (22 | ) | |||||||||||||||
| 5 | El Dorado | (1 | ) | (5 | ) | (1 | ) | (8 | ) | (3 | ) | |||||||||||||||
| 6 | Parent Company | 4 | (1 | ) | — | 4 | (4 | ) | ||||||||||||||||||
| 7 | Income From Continuing Operations | (4 | ) | 114 | 151 | — | 260 | (37 | ) | |||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 8 | Silverhawk | — | — | — | — | — | ||||||||||||||||||||
| 9 | SunCor | — | 20 | 1 | 21 | 14 | ||||||||||||||||||||
| 10 | Other | — | — | — | — | — | ||||||||||||||||||||
| 11 | Total | — | 20 | 1 | — | 21 | 14 | |||||||||||||||||||
| 12 | Net Income | $ | (4 | ) | $ | 134 | $ | 152 | $ | — | $ | 281 | $ | (23 | ) | |||||||||||
EARNINGS PER SHARE BY SUBSIDIARY — DILUTED | ||||||||||||||||||||||||||
| 13 | Arizona Public Service | $ | (0.06 | ) | $ | 1.24 | $ | 1.58 | $ | 2.76 | $ | (0.06 | ) | |||||||||||||
| 14 | Pinnacle West Energy | — | — | — | — | — | ||||||||||||||||||||
| 15 | APS Energy Services | — | — | (0.01 | ) | (0.02 | ) | (0.03 | ) | |||||||||||||||||
| 16 | SunCor | (0.01 | ) | (0.05 | ) | (0.07 | ) | (0.12 | ) | (0.21 | ) | |||||||||||||||
| 17 | El Dorado | (0.02 | ) | (0.05 | ) | (0.01 | ) | (0.08 | ) | (0.03 | ) | |||||||||||||||
| 18 | Parent Company | 0.04 | (0.01 | ) | — | 0.04 | (0.04 | ) | ||||||||||||||||||
| 19 | Income From Continuing Operations | (0.05 | ) | 1.13 | 1.49 | — | 2.58 | (0.37 | ) | |||||||||||||||||
| Income (Loss) From Discontinued Operations — Net of Tax | ||||||||||||||||||||||||||
| 20 | Silverhawk | — | — | — | — | — | ||||||||||||||||||||
| 21 | SunCor | — | 0.20 | 0.01 | 0.20 | 0.13 | ||||||||||||||||||||
| 22 | Other | 0.01 | — | — | — | — | ||||||||||||||||||||
| 23 | Total | 0.01 | 0.20 | 0.01 | — | 0.20 | 0.13 | |||||||||||||||||||
| 24 | Net Income | $ | (0.04 | ) | $ | 1.33 | $ | 1.50 | $ | — | $ | 2.78 | $ | (0.24 | ) | |||||||||||
| 25 | BOOK VALUE PER SHARE | $ | 35.22 | $ | 37.22 | $ | 35.84 | $ | 35.84 | $ | 0.29 | |||||||||||||||
COMMON SHARES OUTSTANDING (Thousands) | ||||||||||||||||||||||||||
| 26 | Average — Diluted | 100,521 | 100,917 | 101,018 | 100,911 | 144 | ||||||||||||||||||||
| 27 | End of Period | 100,486 | 100,706 | 100,799 | 100,799 | 432 | ||||||||||||||||||||
| See Glossary of Terms. | Page 8 of 31 |
Last Updated 11/4/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
| 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 | $ | 271 | $ | 365 | $ | 555 | $ | 1,191 | $ | 36 | |||||||||||||||
| 29 | Business | 300 | 396 | 427 | 1,123 | 92 | ||||||||||||||||||||
| 30 | Total retail | 571 | 761 | 982 | — | 2,314 | 128 | |||||||||||||||||||
Wholesale revenue on delivered electricity | ||||||||||||||||||||||||||
| 31 | Traditional contracts | 12 | 22 | 23 | 58 | 31 | ||||||||||||||||||||
| 32 | Off-system sales | 24 | 30 | 14 | 68 | 35 | ||||||||||||||||||||
| 33 | Transmission for others | 7 | 8 | 11 | 25 | 3 | ||||||||||||||||||||
| 34 | Other miscellaneous services | 9 | 8 | 10 | 28 | 5 | ||||||||||||||||||||
| 35 | Total regulated operating electricity revenues | 623 | 829 | 1,040 | — | 2,493 | 202 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 36 | Electricity and other commodity sales | 57 | 51 | 12 | 120 | (144 | ) | |||||||||||||||||||
| 37 | Total operating electric revenues | $ | 680 | $ | 880 | $ | 1,052 | $ | — | $ | 2,613 | $ | 58 | |||||||||||||
ELECTRIC SALES (GWH) | ||||||||||||||||||||||||||
REGULATED ELECTRICITY SEGMENT | ||||||||||||||||||||||||||
Retail sales | ||||||||||||||||||||||||||
| 38 | Residential | 2,774 | 3,112 | 4,876 | 10,762 | (343 | ) | |||||||||||||||||||
| 39 | Business | 3,338 | 3,990 | 4,447 | 11,775 | 60 | ||||||||||||||||||||
| 40 | Total retail | 6,112 | 7,102 | 9,323 | — | 22,537 | (283 | ) | ||||||||||||||||||
Wholesale electricity delivered | ||||||||||||||||||||||||||
| 41 | Traditional contracts | 222 | 319 | 335 | 876 | 143 | ||||||||||||||||||||
| 42 | Off-system sales | 416 | 610 | 525 | 1,551 | 520 | ||||||||||||||||||||
| 43 | Retail load hedge management | 162 | 159 | 486 | 807 | (93 | ) | |||||||||||||||||||
| 44 | Total regulated electricity | 6,912 | 8,190 | 10,669 | — | 25,771 | 287 | |||||||||||||||||||
MARKETING AND TRADING | ||||||||||||||||||||||||||
| 45 | Wholesale sales of electricity | 920 | 894 | 320 | 2,134 | (5,583 | ) | |||||||||||||||||||
| 46 | Total electric sales | 7,832 | 9,084 | 10,989 | — | 27,905 | (5,296 | ) | ||||||||||||||||||
| See Glossary of Terms. | Page 9 of 31 |
Last Updated 11/4/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
| 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 | $ | 111 | $ | 50 | $ | 23 | $ | 111 | $ | (49 | ) | ||||||||||||||
| 48 | Deferred fuel and purchased power costs — current period | (11 | ) | 37 | 79 | 103 | (95 | ) | ||||||||||||||||||
| 49 | Regulatory disallowance | — | — | — | — | 14 | ||||||||||||||||||||
| 50 | Interest on deferred fuel | 1 | — | — | 2 | (3 | ) | |||||||||||||||||||
| 51 | Amounts recovered through revenues | (51 | ) | (64 | ) | (44 | ) | (158 | ) | 41 | ||||||||||||||||
| 52 | Deferred fuel and purchased power regulatory asset — ending balance | $ | 50 | $ | 23 | $ | 58 | $ | — | $ | 58 | $ | (92 | ) | ||||||||||||
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions) | ||||||||||||||||||||||||||
Realized and Mark-To-Market Components | ||||||||||||||||||||||||||
| 53 | Electricity and other commodity sales, realized (a) | $ | 5 | $ | 4 | $ | 4 | $ | 14 | $ | (32 | ) | ||||||||||||||
| 54 | Mark-to-market reversals on realized sales (a) (b) | — | 1 | (2 | ) | — | 13 | |||||||||||||||||||
| 55 | Change in mark-to-market value of forward sales | 1 | — | — | — | (5 | ) | |||||||||||||||||||
| 56 | Total gross margin | $ | 6 | $ | 5 | $ | 2 | $ | — | $ | 14 | $ | (24 | ) | ||||||||||||
By Pinnacle West Entity | ||||||||||||||||||||||||||
| 57 | APS | $ | — | $ | — | $ | — | $ | — | $ | (6 | ) | ||||||||||||||
| 58 | Pinnacle West | 7 | 4 | 3 | 14 | (8 | ) | |||||||||||||||||||
| 59 | APS Energy Services | (1 | ) | 1 | (1 | ) | — | (10 | ) | |||||||||||||||||
| 60 | Pinnacle West Energy | — | — | — | — | — | ||||||||||||||||||||
| 61 | Total gross margin | $ | 6 | $ | 5 | $ | 2 | $ | — | $ | 14 | $ | (24 | ) | ||||||||||||
Future Marketing and Trading Mark-to-Market Realization
As of September 30, 2008, Pinnacle West had accumulated net mark-to-market losses of $1 million related to our power marketing and trading activities.
| (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 $2 million was transferred to “realized” for the third quarter of 2008. A $2 million realized gain is included in the $4 million on line 53 for the third 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 10 of 31 |
Last Updated 11/4/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
| Increase | ||||||||||||||||||||||||||
| (Decrease) | ||||||||||||||||||||||||||
| Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
AVERAGE ELECTRIC CUSTOMERS | ||||||||||||||||||||||||||
Retail customers | ||||||||||||||||||||||||||
| 62 | Residential | 982,459 | 975,594 | 973,455 | 977,169 | �� | 13,370 | |||||||||||||||||||
| 63 | Business | 122,833 | 123,802 | 124,329 | 123,655 | 3,869 | ||||||||||||||||||||
| 64 | Total | 1,105,292 | 1,099,396 | 1,097,784 | — | 1,100,824 | 17,239 | |||||||||||||||||||
| 65 | Wholesale customers | 50 | 54 | 51 | 52 | (10 | ) | |||||||||||||||||||
| 66 | Total customers | 1,105,342 | 1,099,450 | 1,097,835 | — | 1,100,876 | 17,229 | |||||||||||||||||||
| 67 | Customer growth (% over prior year) | 2.0 | % | 1.6 | % | 1.2 | % | 1.6 | % | (1.9 | )% | |||||||||||||||
RETAIL SALES (GWH) - WEATHER NORMALIZED | ||||||||||||||||||||||||||
| 68 | Residential | 2,694 | 3,247 | 4,893 | 10,834 | 147 | ||||||||||||||||||||
| 69 | Business | 3,300 | 4,034 | 4,448 | 11,782 | 209 | ||||||||||||||||||||
| 70 | Total | 5,994 | 7,281 | 9,341 | — | 22,616 | 356 | |||||||||||||||||||
RETAIL USAGE (KWh/Average Customer) | ||||||||||||||||||||||||||
| 71 | Residential | 2,824 | 3,190 | 5,009 | 11,013 | (509 | ) | |||||||||||||||||||
| 72 | Business | 27,175 | 32,229 | 35,768 | 95,225 | (2,574 | ) | |||||||||||||||||||
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer) | ||||||||||||||||||||||||||
| 73 | Residential | 2,742 | 3,328 | 5,027 | 11,087 | (1 | ) | |||||||||||||||||||
| 74 | Business | 26,865 | 32,581 | 35,777 | 95,279 | (1,335 | ) | |||||||||||||||||||
ELECTRICITY DEMAND (MW) | ||||||||||||||||||||||||||
| 75 | Native load peak demand | 4,404 | 6,778 | 7,026 | 7,026 | (102 | ) | |||||||||||||||||||
| See Glossary of Terms. | Page 11 of 31 |
Last Updated 11/4/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
| Increase | ||||||||||||||||||||||||||
| (Decrease) | ||||||||||||||||||||||||||
| Line | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year-To-Date | vs Prior YTD | ||||||||||||||||||||
ENERGY SOURCES (GWH) | ||||||||||||||||||||||||||
Generation production | ||||||||||||||||||||||||||
| 76 | Nuclear | 2,315 | 1,856 | 2,454 | 6,626 | 263 | ||||||||||||||||||||
| 77 | Coal | 2,906 | 3,227 | 3,611 | 9,744 | (248 | ) | |||||||||||||||||||
| 78 | Gas, oil and other | 1,148 | 1,516 | 2,357 | 5,022 | (127 | ) | |||||||||||||||||||
| 79 | Total generation production | 6,369 | 6,599 | 8,422 | — | 21,392 | (112 | ) | ||||||||||||||||||
Purchased power | ||||||||||||||||||||||||||
| 80 | Firm load | 740 | 1,603 | 2,047 | 4,390 | (85 | ) | |||||||||||||||||||
| 81 | Marketing and trading | 1,205 | 1,421 | 1,239 | 3,865 | (5,353 | ) | |||||||||||||||||||
| 82 | Total purchased power | 1,945 | 3,024 | 3,286 | — | 8,255 | (5,438 | ) | ||||||||||||||||||
| 83 | Total energy sources | 8,314 | 9,623 | 11,708 | — | 29,647 | (5,550 | ) | ||||||||||||||||||
POWER PLANT PERFORMANCE | ||||||||||||||||||||||||||
Capacity Factors | ||||||||||||||||||||||||||
| 84 | Nuclear | 92 | % | 74 | % | 97 | % | 88 | % | 2 | % | |||||||||||||||
| 85 | Coal | 76 | % | 85 | % | 94 | % | 85 | % | (3 | )% | |||||||||||||||
| 86 | Gas, oil and other | 16 | % | 21 | % | 32 | % | 23 | % | (1 | )% | |||||||||||||||
| 87 | System average | 47 | % | 49 | % | 61 | % | 52 | % | (1 | )% | |||||||||||||||
Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a) | ||||||||||||||||||||||||||
| 88 | Nuclear | 8 | 298 | 27 | 111 | (4 | ) | |||||||||||||||||||
| 89 | Coal | 327 | 152 | 64 | 177 | 21 | ||||||||||||||||||||
| 90 | Gas | 356 | 180 | 76 | 200 | (73 | ) | |||||||||||||||||||
| 91 | Total | 691 | 630 | 167 | — | 488 | (56 | ) | ||||||||||||||||||
| (a) | Includes planned and unplanned outages |
| See Glossary of Terms. | Page 12 of 31 |
Last Updated 11/4/2008
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2008
| 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 | $ | 69.40 | $ | 90.47 | $ | 80.43 | $ | 80.10 | $ | 17.26 | |||||||||||||||
| 93 | SP15 | $ | 79.09 | $ | 97.41 | $ | 86.34 | $ | 87.62 | $ | 21.75 | |||||||||||||||
Off-Peak | ||||||||||||||||||||||||||
| 94 | Palo Verde | $ | 56.39 | $ | 59.20 | $ | 53.47 | $ | 56.35 | $ | 16.17 | |||||||||||||||
| 95 | SP15 | $ | 62.35 | $ | 66.73 | $ | 59.33 | $ | 62.80 | $ | 18.39 | |||||||||||||||
WEATHER INDICATORS | ||||||||||||||||||||||||||
Actual | ||||||||||||||||||||||||||
| 96 | Cooling degree-days | 105 | 1,540 | 2,533 | 4,178 | (388 | ) | |||||||||||||||||||
| 97 | Heating degree-days | 583 | — | — | 583 | (14 | ) | |||||||||||||||||||
| 98 | Average humidity | 40 | % | 17 | % | 33 | % | 30 | % | 2 | % | |||||||||||||||
10-Year Averages | ||||||||||||||||||||||||||
| 99 | Cooling degree-days | 96 | 1,554 | 2,544 | 4,194 | — | ||||||||||||||||||||
| 100 | Heating degree-days | 517 | 28 | — | 545 | — | ||||||||||||||||||||
| 101 | Average humidity | 42 | % | 22 | % | 32 | % | 32 | % | 0 | % | |||||||||||||||
ECONOMIC INDICATORS | ||||||||||||||||||||||||||
Building Permits — Metro Phoenix (b) (d) | ||||||||||||||||||||||||||
| 102 | Single-family | 2,991 | 3,719 | 1,974 | 8,684 | (9,592 | ) | |||||||||||||||||||
| 103 | Multi-family | 1,888 | 2,357 | 1,441 | 5,686 | (4,202 | ) | |||||||||||||||||||
| 104 | Total | 4,879 | 6,076 | 3,415 | — | 14,370 | (13,794 | ) | ||||||||||||||||||
Arizona Job Growth (c) (d) | ||||||||||||||||||||||||||
| 105 | Payroll job growth (% over prior year) | 0.1 | % | (0.8 | )% | (1.8 | )% | (0.7 | )% | (2.4 | )% | |||||||||||||||
| 106 | Unemployment rate (%, seasonally adjusted) | 4.1 | % | 4.4 | % | 5.4 | % | 4.5 | % | 0.8 | % | |||||||||||||||
| 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 August 31, 2008 (latest available data). | |
| See Glossary of Terms. | Page 13 of 31 |