EXHIBIT 99.4
Last Updated 7/27/2005
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
2004
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 $ 34 $ 55 $ 95 $ 15 $ 200 $ 19
2 Pinnacle West Energy (22) (14) 1 (23) (58) (50)
3 APS Energy Services 2 1 1 (1) 3 (13)
4 SunCor 2 4 4 31 41 (5)
5 El Dorado - 34 - - 33 34
6 Parent Company 15 (6) 3 16 28 36
-------- -------- -------- -------- -------- --------
7 Income From Continuing Operations 31 74 104 38 247 21
8 Income (Loss) From Discontinued
Operations - Net of Tax - (1) 1 (4) (4) (18)
9 Cumulative Effect of Change in
Accounting - Net of Tax - - - - - -
-------- -------- -------- -------- -------- --------
10 Net Income $ 31 $ 73 $ 105 $ 34 $ 243 $ 3
======== ======== ======== ======== ======== ========
EARNINGS PER SHARE
BY SUBSIDIARY - DILUTED
11 Arizona Public Service $ 0.38 $ 0.60 $ 1.04 $ 0.16 $ 2.18 $ 0.20
12 Pinnacle West Energy (0.24) (0.15) 0.01 (0.25) (0.63) (0.55)
13 APS Energy Services 0.02 0.01 0.01 (0.01) 0.03 (0.15)
14 SunCor 0.02 0.04 0.05 0.34 0.45 (0.05)
15 El Dorado - 0.37 - - 0.36 0.37
16 Parent Company 0.16 (0.06) 0.03 0.17 0.30 0.40
-------- -------- -------- -------- -------- --------
17 Income From Continuing Operations 0.34 0.81 1.14 0.41 2.69 0.22
18 Income (Loss) From Discontinued
Operations - Net of Tax - (0.02) 0.01 (0.04) (0.03) (0.19)
19 Cumulative Effect of Change in
Accounting - Net of Tax - - - - - -
-------- -------- -------- -------- -------- --------
20 Net Income $ 0.34 $ 0.79 $ 1.15 $ 0.37 $ 2.66 $ 0.03
======== ======== ======== ======== ======== ========
21 BOOK VALUE PER SHARE $ 31.19 $ 31.68 $ 32.55 $ 32.24 $ 32.24 $ 1.27
COMMON SHARES OUTSTANDING -
DILUTED (THOUSANDS)
22 Average 91,376 91,400 91,491 91,779 91,532 127
23 End of Period 91,310 91,309 91,443 91,793 91,793 505
See Glossary of Terms. Page 14 of 31
Last Updated 7/27/2005
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
2004
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 $ 189 $ 245 $ 360 $ 190 $ 984 $ 27
25 Business 211 257 289 222 979 26
------- ------- ------- ------- ------- -------
26 Total retail 400 502 649 412 1,963 53
WHOLESALE REVENUE ON DELIVERED
ELECTRICITY
27 Traditional contracts 3 4 6 3 16 1
28 Off-system sales - - - - - -
29 Transmission for others 8 8 8 8 32 5
30 Other miscellaneous services 4 6 8 6 24 (2)
------- ------- ------- ------- ------- -------
31 Total regulated electricity 415 520 671 429 2,035 57
MARKETING AND TRADING
SEGMENT
32 Electricity and other
commodity sales 89 110 91 111 401 9
------- ------- ------- ------- ------- -------
33 Total operating electric revenues $ 504 $ 630 $ 762 $ 540 $ 2,436 $ 66
======= ======= ======= ======= ======= =======
ELECTRIC SALES (GWH)
REGULATED ELECTRICITY
SEGMENT
RETAIL SALES
34 Residential 2,410 2,722 4,028 2,368 11,528 381
35 Business 3,051 3,602 3,937 3,236 13,826 410
------- ------- ------- ------- ------- -------
36 Total retail 5,461 6,324 7,965 5,604 25,354 791
WHOLESALE ELECTRICITY DELIVERED
37 Traditional contracts 138 195 210 167 710 210
38 Off-system sales - - - - - -
39 Retail load hedge management 169 731 943 889 2,732 1,639
------- ------- ------- ------- ------- -------
40 Total regulated electricity 5,768 7,250 9,118 6,660 28,796 2,640
MARKETING AND TRADING
SEGMENT
41 Wholesale sales of electricity 5,696 7,143 8,995 8,348 30,182 1,380
------- ------- ------- ------- ------- -------
42 Total electric sales 11,464 14,393 18,113 15,008 58,978 4,020
======= ======= ======= ======= ======= =======
See Glossary of Terms. Page 15 of 31
Last Updated 7/27/2005
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
2004
INCREASE
(DECREASE)
Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR YEAR-TO-DATE VS PRIOR YTD
------- ------- ------- ------- ------------ ------------
MARKETING AND TRADING
SEGMENT PRETAX GROSS
MARGIN ANALYSIS
(DOLLARS IN MILLIONS)
REALIZED AND MARK-TO-MARKET
COMPONENTS
43 Electricity and other commodity
sales, realized (a) $ 12 $ 22 $ 13 $ 16 $ 63 $ (2)
44 Mark-to-market reversals on
realized sales (b) 1 (4) (3) - (6) -
45 Change in mark-to-market value of
forward sales 8 4 5 6 23 35
---- ---- ---- ---- ---- ----
46 Total gross margin $ 21 $ 22 $ 15 $ 22 $ 80 $ 33
==== ==== ==== ==== ==== ====
BY PINNACLE WEST ENTITY
47 Parent company marketing and
trading division $ 12 $ 11 $ 9 $ 12 $ 44 $ 49
48 APS (5) - 2 (2) (5) (13)
49 Pinnacle West Energy 10 7 - 10 27 19
50 APS Energy Services 4 4 4 2 14 (22)
---- ---- ---- ---- ---- ----
51 Total gross margin $ 21 $ 22 $ 15 $ 22 $ 80 $ 33
==== ==== ==== ==== ==== ====
- ----------
(a) The net effect on pretax gross margin from realization of prior-period
mark-to-market included in line 43 and in line 44 is zero. Realization of
prior-period mark-to-market relates to cash flow recognition, not earnings
recognition. The opposites of amounts included in line 43 are included in
line 44. For example, line 44 shows that a prior-period mark-to-market
gain of $6 million was transferred to "realized" for the total year 2004.
A $6 million realized gain is included in the $63 million on line 43 for
the total year 2004.
(b) Quarterly amounts do not total to the annual amounts because of intra-year
mark-to-market eliminations.
See Glossary of Terms. Page 16 of 31
Last Updated 7/27/2005
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
2004
INCREASE
(DECREASE)
Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR YEAR-TO-DATE VS PRIOR YTD
------- ------- ------- ------- ------------ ------------
AVERAGE ELECTRIC CUSTOMERS
RETAIL CUSTOMERS
52 Residential 855,754 852,594 856,353 871,575 859,069 30,703
53 Business 105,502 106,517 107,583 108,860 107,115 4,019
------- ------- ------- ------- ------- -------
54 Total 961,256 959,111 963,936 980,435 966,184 34,722
55 Wholesale customers 81 82 85 77 81 15
------- ------- ------- ------- ------- -------
56 Total customers 961,337 959,193 964,021 980,512 966,265 34,737
======= ======= ======= ======= ======= =======
57 Customer Growth (% over prior year) 3.4% 3.8% 3.9% 3.9% 3.7% 0.4%
RETAIL SALES (GWH) -
WEATHER NORMALIZED
58 Residential 2,371 2,762 4,231 2,340 11,704 825
59 Business 2,998 3,616 4,005 3,252 13,870 467
------- ------- ------- ------- ------- -------
60 Total 5,369 6,378 8,236 5,592 25,574 1,292
======= ======= ======= ======= ======= =======
RETAIL USAGE
(KWH/AVERAGE CUSTOMER)
61 Residential 2,816 3,193 4,704 2,717 13,418 (39)
62 Business 28,919 33,816 36,595 29,726 129,392 (1,137)
RETAIL USAGE -
WEATHER NORMALIZED
(KWH/AVERAGE CUSTOMER)
63 Residential 2,770 3,240 4,941 2,686 13,624 491
64 Business 28,422 33,944 37,227 29,871 129,495 (511)
ELECTRICITY DEMAND (MW)
65 System peak demand 3,979 5,632 6,402 4,432 6,402 70
See Glossary of Terms. Page 17 of 31
Last Updated 7/27/2005
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
2004
INCREASE
(DECREASE)
Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR YEAR-TO-DATE VS PRIOR YTD
------- ------- ------- ------- ------------ ------------
ENERGY SOURCES (GWH)
GENERATION PRODUCTION
66 Nuclear 2,148 1,860 2,364 1,812 8,184 (131)
67 Coal 2,887 3,035 3,417 3,327 12,666 1,300
68 Gas, oil and other 367 1,339 2,547 1,074 5,327 (764)
------ ------ ------ ------ ------ ------
69 Total 5,402 6,234 8,328 6,213 26,177 405
------ ------ ------ ------ ------ ------
PURCHASED POWER
70 Firm load 701 1,532 1,068 1,024 4,325 1,214
71 Marketing and trading 5,506 7,167 9,301 8,218 30,192 2,443
------ ------ ------ ------ ------ ------
72 Total 6,207 8,699 10,369 9,242 34,517 3,657
------ ------ ------ ------ ------ ------
73 Total energy sources 11,609 14,933 18,697 15,455 60,694 4,062
====== ====== ====== ====== ====== ======
POWER PLANT PERFORMANCE
CAPACITY FACTORS
74 Nuclear 88% 77% 96% 74% 84% (3)%
75 Coal 77% 81% 90% 88% 84% 8%
76 Gas, oil and other 5% 20% 38% 12% 18% (10)%
77 System average 44% 50% 64% 48% 51% (4)%
GENERATION CAPACITY OUT OF SERVICE
AND REPLACED FOR NATIVE LOAD
(AVERAGE MW/DAY)
78 Nuclear 135 233 13 261 161 29
79 Coal 149 153 63 61 107 (163)
80 Gas 49 47 39 34 42 (163)
------ ------ ------ ------ ------ ------
81 Total 333 433 115 356 310 (296)
82 Generation Fuel Cost ($/MWh) $11.17 $18.59 $20.73 $20.90 $18.31 $ 0.95
See Glossary of Terms. Page 18 of 31
Last Updated 7/27/2005
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
2004
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
83 Palo Verde $43.73 $50.36 $51.86 $51.23 $49.30 $ 0.70
84 SP15 $48.37 $54.73 $57.09 $60.62 $55.20 $ 3.82
OFF-PEAK
85 Palo Verde $33.66 $33.74 $33.37 $38.21 $34.75 $ 2.72
86 SP15 $36.90 $37.32 $37.18 $43.07 $38.62 $ 3.96
WEATHER INDICATORS
ACTUAL
87 Cooling degree-days 273 1,598 2,471 352 4,694 (205)
88 Heating degree-days 552 11 - 422 985 249
89 Average humidity 39% 19% 26% 45% 32% 1%
10-YEAR AVERAGES
90 Cooling degree-days 80 1,491 2,540 420 4,531 420
91 Heating degree-days 521 36 - 415 972 415
92 Average humidity 43% 24% 33% 40% 35% 0%
ECONOMIC INDICATORS
BUILDING PERMITS -- METRO PHOENIX (b)
93 Single-family 10,045 13,636 14,111 10,325 48,117 8,466
94 Multi-family 1,757 1,324 2,149 2,356 7,586 859
------ ------ ------ ------ ------ ------
95 Total 11,802 14,960 16,260 12,681 55,703 9,325
====== ====== ====== ====== ====== ======
ARIZONA JOB GROWTH (c)
96 Payroll job growth (% over prior year) 2.7% 3.3% 3.6% 3.9% 3.4% 2.0%
97 Unemployment rate
(%, seasonally adjusted) 5.2% 5.1% 4.9% 4.6% 5.0% (0.7)%
- --------------------
Sources:
(a) This price is an 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