Exhibit 99.2
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001
Increase
(Decrease)
Line 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year vs Prior Year
-------- -------- -------- -------- ---------- -------------
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ MILLIONS)
1 Arizona Public Service $ 65 $ 70 $ 107 $ 39 $ 281 $ (26)
2 Pinnacle West Energy -- 1 14 3 18 20
3 APS Energy Services (8) -- (2) -- (10) 3
4 SunCor -- -- 2 1 3 (8)
5 El Dorado -- -- -- -- -- (2)
6 Parent Company 5 (4) 41 (7) 35 38
-------- -------- -------- -------- -------- --------
7 Income Before Accounting Change 62 67 162 36 327 25
Cumulative Effect of a Change in Accounting -
8 Net of Tax (3) -- (12) -- (15) (15)
-------- -------- -------- -------- -------- --------
9 Net Income $ 59 $ 67 $ 150 $ 36 $ 312 $ 10
======== ======== ======== ======== ======== ========
EARNINGS PER SHARE BY SUBSIDIARY - DILUTED
10 Arizona Public Service $ 0.77 $ 0.82 $ 1.26 $ 0.46 $ 3.31 $ (0.30)
11 Pinnacle West Energy -- 0.02 0.15 0.04 0.21 0.23
12 APS Energy Services (0.10) -- (0.02) -- (0.12) 0.03
13 SunCor -- -- 0.03 0.01 0.04 (0.09)
14 El Dorado -- -- -- -- -- (0.02)
15 Parent Company 0.06 (0.05) 0.49 (0.09) 0.41 0.44
-------- -------- -------- -------- -------- --------
16 Income Before Accounting Change 0.73 0.79 1.91 0.42 3.85 0.29
17 Cumulative Effect of a Change in Accounting -
Net of Tax (0.03) -- (0.14) -- (0.17) (0.17)
-------- -------- -------- -------- -------- --------
18 Net Income $ 0.70 $ 0.79 $ 1.77 $ 0.42 $ 3.68 $ 0.12
======== ======== ======== ======== ======== ========
19 BOOK VALUE PER SHARE $ 28.83 $ 28.17 $ 29.37 $ 29.41 $ 29.41 $ 1.32
COMMON SHARES OUTSTANDING - DILUTED
20 Average 84,966 85,042 84,909 84,824 84,930 (5)
21 End of Period 84,718 84,713 84,663 84,724 84,724 9
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001
Increase
(Decrease)
Line 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year vs Prior Year
-------- -------- -------- -------- ---------- -------------
ELECTRIC OPERATING REVENUES
(DOLLARS IN MILLIONS)
Retail
22 Residential $ 173 $ 234 $ 328 $ 180 $ 915 $ 34
23 Business 199 258 276 219 952 17
-------- -------- -------- -------- -------- --------
24 Total retail 372 492 604 399 1,867 51
-------- -------- -------- -------- -------- --------
Wholesale revenue on delivered electricity
25 Traditional contracts 26 55 (10) 2 73 (48)
26 Retail load hedge management 5 182 364 27 578 17
Marketing and trading -- delivered
27 Generation other than native load 87 51 4 6 148 32
28 Other delivered electricity marketing and trading (a) 359 443 461 297 1,560 686
-------- -------- -------- -------- -------- --------
28 Total delivered marketing and trading 446 494 465 303 1,708 718
-------- -------- -------- -------- -------- --------
30 Total delivered wholesale electricity 477 731 819 332 2,359 687
-------- -------- -------- -------- -------- --------
Other marketing and trading
31 Realized margins on delivered commodities
other than electricity (a) (5) (12) (1) 4 (14) (5)
32 Prior period mark-to-market (gains) losses realized
upon delivery of commodities (a) 6 5 (37) (51) (1) 1
33 Change in mark-to-market for future-period deliveries 47 35 130 (9) 127 113
-------- -------- -------- -------- -------- --------
34 Total other marketing and trading 48 28 92 (56) 112 109
-------- -------- -------- -------- -------- --------
35 Transmission for others 4 5 9 8 26 11
36 Miscellaneous services 5 5 7 1 18 (8)
-------- -------- -------- -------- -------- --------
37 Net electric operating revenues $ 906 $ 1,261 $ 1,531 $ 684 $ 4,382 $ 850
======== ======== ======== ======== ======== ========
ELECTRIC SALES (GWH)
Retail sales
38 Residential 2,122 2,468 3,597 2,149 10,336 555
39 Business 2,823 3,446 3,724 3,071 13,064 310
-------- -------- -------- -------- -------- --------
40 Total retail 4,945 5,914 7,321 5,220 23,400 865
-------- -------- -------- -------- -------- --------
Wholesale electricity delivered
41 Traditional contracts 569 598 (37) 83 1,213 (398)
42 Retail load hedge management 75 736 1,847 382 3,040 (3,634)
Marketing and trading -- delivered
43 Generation other than native load 623 436 73 256 1,388 (106)
44 Other delivered electricity marketing and trading 2,853 3,072 3,743 4,473 14,141 2,406
-------- -------- -------- -------- -------- --------
45 Total delivered marketing and trading 3,476 3,508 3,816 4,729 15,529 2,300
-------- -------- -------- -------- -------- --------
46 Total delivered wholesale electricity 4,120 4,842 5,626 5,194 19,782 (1,732)
-------- -------- -------- -------- -------- --------
47 Total electric sales 9,065 10,756 12,947 10,414 43,182 (867)
======== ======== ======== ======== ======== ========
(a) The net effect on net electric operating revenues from realization of
prior-period mark-to-market included in line 37 is zero. Realization of
prior-period mark-to-market relates to cash flow recognition, not revenue
recognition. The arithmetic opposites of amounts included in line 32 are
included in lines 28 and 31. For example, line 32 shows that a prior-period
mark-to-market gain of $1 million was transferred to "realized" for the
total year 2001. Lines 28 and 31 include amounts totaling $1 million of
realized revenues for the year 2001.
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001
Increase
(Decrease)
Line 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year vs Prior Year
------- ------- ------- ------- ---------- -------------
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS
(Dollars in Millions)
Gross Margin by Commodity - Pretax
48 Electricity $ 98 $ 111 $ 105 $ 15 $ 329 $ 201
49 Natural gas (3) (13) 9 (3) (10) (15)
50 Coal 14 2 (2) (6) 8 10
51 Emission allowances (2) (2) (4) (2) (10) (5)
52 Other -- -- -- -- -- --
------- ------- ------- ------- ------- -------
53 Total $ 107 $ 98 $ 108 $ 4 $ 317 $ 191
======= ======= ======= ======= ======= =======
Gross Margin Components - Pretax
Current Period Effects
Realized margin on delivered commodities
Electricity
54 Generation other than native load $ 48 $ 26 $ 3 $ 2 $ 79 $ 25
55 Other electricity marketing and trading (a) 4 43 14 58 119 50
------- ------- ------- ------- ------- -------
56 Total electricity 52 69 17 60 198 75
57 Other commodities (a) (5) (12) (1) 4 (14) (5)
------- ------- ------- ------- ------- -------
58 Total realized margin 47 57 16 64 184 70
Prior-period mark-to-market (gains) losses transferred
to "realized" upon delivery of commodities (b)
59 Electricity (a) 1 -- (38) (43) (15) (13)
60 Other commodities (a) 12 5 1 (8) 21 21
------- ------- ------- ------- ------- -------
61 Subtotal 13 5 (37) (51) 6 8
------- ------- ------- ------- ------- -------
62 Total current period effects (b) 60 62 (21) 13 190 78
------- ------- ------- ------- ------- -------
Change in mark-to-market gains (losses) for future
period deliveries (b)
63 Electricity 45 42 126 (2) 146 139
64 Other commodities 2 (6) 3 (7) (19) (26)
------- ------- ------- ------- ------- -------
65 Subtotal 47 36 129 (9) 127 113
------- ------- ------- ------- ------- -------
66 Total gross margin $ 107 $ 98 $ 108 $ 4 $ 317 $ 191
======= ======= ======= ======= ======= =======
FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of December 31, 2001, Pinnacle West had accumulated mark-to-market net gains
of $138.0 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: 2002, $43.0 million; 2003,
$22.6 million; 2004, $23.6 million; 2005 and thereafter, $48.8 million.
(a) The net effect on pretax gross margin from realization of prior-period
mark-to-market included in line 62 and in line 66 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 59 are
included in line 55. The opposites of amounts included in line 60 are
included in line 57. For example, line 59 shows that a prior-period
mark-to-market gain of $15 million was transferred to "realized" for the
total year 2001. A $15 million realized gain is included in the $119
million on line 55 for the total year 2001.
(b) Quarterly amounts do not total to the annual amounts because of intrayear
mark-to-market eliminations.
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001
Increase
(Decrease)
Line 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year vs Prior Year
-------- -------- -------- -------- ---------- -------------
AVERAGE ELECTRIC CUSTOMERS
Retail customers
67 Residential 775,317 770,335 773,321 786,382 776,339 27,054
68 Business 97,222 98,065 98,874 98,631 98,198 4,070
-------- -------- -------- -------- -------- --------
69 Total 872,539 868,400 872,195 885,013 874,537 31,124
70 Wholesale customers 68 66 66 66 66 (1)
-------- -------- -------- -------- -------- --------
71 Total customers 872,607 868,466 872,261 885,079 874,603 31,123
======== ======== ======== ======== ======== ========
72 Customer Growth (% over prior year) 4.0% 3.9% 3.7% 3.2% 3.7% (0.4)%
RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED
73 Residential 2,039 2,324 3,443 2,103 9,909 392
74 Business 2,826 3,315 3,619 3,019 12,779 94
-------- -------- -------- -------- -------- --------
75 Total 4,865 5,639 7,062 5,122 22,688 486
======== ======== ======== ======== ======== ========
RETAIL ELECTRICITY USAGE
(KWH/AVERAGE CUSTOMER)
76 Residential 2,737 3,205 4,652 2,733 13,314 260
77 Business 29,036 35,135 37,669 31,139 133,037 (2,459)
RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
(KWH/AVERAGE CUSTOMER)
78 Residential 2,630 3,017 4,452 2,674 12,764 63
79 Business 29,067 33,796 36,607 30,616 130,139 (4,624)
ELECTRICITY DEMAND (MW)
80 System peak demand 3,661 5,358 5,687 3,898 5,687 209
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001
Increase
(Decrease)
Line 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year vs Prior Year
------- ------- ------- ------- ---------- -------------
ENERGY SOURCES (GWH)
Generation production
81 Nuclear 2,261 1,985 2,320 1,818 8,384 (457)
82 Coal 2,901 3,245 3,223 3,203 12,572 63
83 Gas, oil and other 1,007 1,256 1,157 583 4,003 1,219
------- ------- ------- ------- ------- -------
84 Total 6,169 6,486 6,700 5,604 24,959 825
------- ------- ------- ------- ------- -------
Purchased power
85 Firm load 381 635 1,579 570 3,165 79
86 Marketing and trading 3,232 4,018 5,504 4,854 17,608 (1,284)
------- ------- ------- ------- ------- -------
87 Total 3,613 4,653 7,083 5,424 20,773 (1,205)
------- ------- ------- ------- ------- -------
88 Total energy sources 9,782 11,139 13,783 11,028 45,732 (380)
======= ======= ======= ======= ======= =======
POWER PLANT PERFORMANCE
Capacity Factors
89 Nuclear 96% 84% 97% 76% 88% (5)%
90 Coal 78% 87% 85% 85% 84% 1%
91 Gas, oil and other 39% 46% 38% 20% 37% 10%
92 System average 71% 73% 73% 62% 70% 1%
Generation Capacity Out of Service (average MW/day)
93 Nuclear 57 180 26 246 127 47
94 Coal 284 166 129 90 167 12
95 Gas 36 52 24 16 32 10
96 Total 376 398 179 352 326 69
97 Generation Fuel Cost ($/MWh) $ 19.64 $ 19.28 $ 13.21 $ 12.51 $ 16.22 $ 2.50
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001
Increase
(Decrease)
Line 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year vs Prior Year
-------- -------- -------- -------- ---------- -------------
ENERGY MARKET INDICATORS (a)
Electricity Average Daily Spot Prices ($/MWh)
On-Peak
98 Palo Verde $ 214.21 $ 182.71 $ 49.80 $ 26.89 $ 118.41 $ 6.98
99 SP15 $ 219.66 $ 186.30 $ 45.61 $ 28.38 $ 119.99 $ 12.64
Off-Peak
100 Palo Verde $ 130.40 $ 70.32 $ 27.22 $ 18.33 $ 61.57 $ 8.55
101 SP15 $ 159.80 $ 84.78 $ 28.92 $ 20.41 $ 73.48 $ 12.74
WEATHER INDICATORS
Actual
102 Cooling degree-days 106 1,733 2,663 620 5,122 539
103 Heating degree-days 657 43 -- 460 1,160 192
104 Average humidity 50% 25% 31% 39% 36% 2.0%
10-Year Averages
105 Cooling degree-days 73 1,405 2,425 387 4,290 --
106 Heating degree-days 549 33 -- 449 1,031 --
107 Average humidity 44% 24% 34% 39% 36% --
ECONOMIC INDICATORS
Building Permits -- Metro Phoenix (b)
108 Single-family 8,681 9,270 8,264 6,240 32,455 (54)
109 Multi-family 3,918 1,820 2,514 717 8,969 (1,259)
-------- -------- -------- -------- -------- --------
110 Total 12,599 11,090 10,778 6,957 41,424 (1,313)
======== ======== ======== ======== ======== ========
Arizona Job Growth (c)
111 Payroll job growth (% over prior year) 2.8% 1.4% 0.2% (1.0)% 0.9% (3.0)%
112 Unemployment rate (%, seasonally adjusted) 4.1% 4.3% 4.3% 5.4% 4.5% 0.6%
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 College of Business
(c) Arizona Department of Economic Security
See Glossary of Terms.