Exhibit 99.3
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000
Line
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year
--------- --------- --------- --------- ----------
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ MILLIONS)
1 Arizona Public Service $ 33 $ 96 $ 124 $ 54 $ 307
2 Pinnacle West Energy -- (1) -- (1) (2)
3 APS Energy Services (2) (2) -- (9) (13)
4 SunCor 5 1 2 3 11
5 El Dorado 19 (3) (9) (5) 2
6 Parent Company (1) (1) (1) -- (3)
--------- --------- --------- --------- ---------
7 Income Before Accounting Change 54 90 116 42 302
Cumulative Effect of a Change in Accounting -
8 Net of Tax -- -- -- -- --
--------- --------- --------- --------- ---------
9 Net Income $ 54 $ 90 $ 116 $ 42 $ 302
========= ========= ========= ========= =========
EARNINGS PER SHARE BY SUBSIDIARY - DILUTED
10 Arizona Public Service $ 0.39 $ 1.13 $ 1.45 $ 0.64 $ 3.61
11 Pinnacle West Energy -- (0.01) -- (0.01) (0.02)
12 APS Energy Services (0.02) (0.02) -- (0.11) (0.15)
13 SunCor 0.06 0.01 0.02 0.04 0.13
14 El Dorado 0.22 (0.04) (0.10) (0.06) 0.02
15 Parent Company (0.01) (0.01) (0.01) -- (0.03)
--------- --------- --------- --------- ---------
16 Income Before Accounting Change 0.64 1.06 1.36 0.50 3.56
Cumulative Effect of a Change in Accounting -
17 Net of Tax -- -- -- -- --
--------- --------- --------- --------- ---------
18 Net Income $ 0.64 $ 1.06 $ 1.36 $ 0.50 $ 3.56
========= ========= ========= ========= =========
19 BOOK VALUE PER SHARE $ 26.29 $ 27.00 $ 28.01 $ 28.09 $ 28.09
COMMON SHARES OUTSTANDING - DILUTED
20 Average 84,834 84,891 85,012 85,015 84,935
21 End of Period 84,723 84,727 84,779 84,715 84,715
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000
Line
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year
-------- -------- -------- -------- ----------
ELECTRIC OPERATING REVENUES
(DOLLARS IN MILLIONS)
Retail
22 Residential $ 157 $ 228 $ 324 $ 172 $ 881
23 Business 196 253 275 211 935
-------- -------- -------- -------- --------
24 Total retail 353 481 599 383 1,816
-------- -------- -------- -------- --------
Wholesale revenue on delivered electricity
25 Traditional contracts 12 18 75 16 121
26 Retail load hedge management 7 36 472 46 561
Marketing and trading -- delivered
27 Generation other than native load 9 13 14 80 116
28 Other delivered electricity marketing and trading (a) 56 134 408 276 874
-------- -------- -------- -------- --------
29 Total delivered marketing and trading 65 147 422 356 990
-------- -------- -------- -------- --------
30 Total delivered wholesale electricity 84 201 969 418 1,672
-------- -------- -------- -------- --------
Other marketing and trading
31 Realized margins on delivered commodities
other than electricity (a) (5) 1 (4) (1) (9)
32 Prior period mark-to-market (gains) losses realized
upon delivery of commodities (a) -- -- (17) (2) (2)
33 Change in mark-to-market for future-period deliveries 7 25 10 (11) 14
-------- -------- -------- -------- --------
34 Total other marketing and trading 2 26 (11) (14) 3
-------- -------- -------- -------- --------
35 Transmission for others 3 4 4 4 15
36 Miscellaneous services 4 8 7 7 26
-------- -------- -------- -------- --------
37 Net electric operating revenues $ 446 $ 720 $ 1,568 $ 798 $ 3,532
======== ======== ======== ======== ========
ELECTRIC SALES (GWH)
Retail sales
38 Residential 1,876 2,371 3,506 2,028 9,781
39 Business 2,737 3,379 3,674 2,964 12,754
-------- -------- -------- -------- --------
40 Total retail 4,613 5,750 7,180 4,992 22,535
-------- -------- -------- -------- --------
Wholesale electricity delivered
41 Traditional contracts 331 391 538 351 1,611
42 Retail load hedge management 232 585 5,155 702 6,674
Marketing and trading -- delivered
43 Generation other than native load 396 215 163 720 1,494
44 Other delivered electricity marketing and trading 1,995 2,717 4,288 2,735 11,735
-------- -------- -------- -------- --------
45 Total delivered marketing and trading 2,391 2,932 4,451 3,455 13,229
-------- -------- -------- -------- --------
46 Total delivered wholesale electricity 2,954 3,908 10,144 4,508 21,514
-------- -------- -------- -------- --------
47 Total electric sales 7,567 9,658 17,324 9,500 44,049
======== ======== ======== ======== ========
(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 $2 million was transferred to "realized" for the
total year 2000. Lines 28 and 31 include amounts totaling $2 million of
realized revenues for the year 2000.
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000
Line
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year
------- ------- ------- ------- ----------
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS
(DOLLARS IN MILLIONS)
GROSS MARGIN BY COMMODITY - PRETAX
48 Electricity $ 7 $ 61 $ 28 $ 32 $ 128
49 Natural gas -- (1) 3 3 5
50 Coal -- -- (2) -- (2)
51 Emission allowances -- -- -- (5) (5)
52 Other -- -- -- -- --
------- ------- ------- ------- -------
53 Total $ 7 $ 60 $ 29 $ 30 $ 126
======= ======= ======= ======= =======
GROSS MARGIN COMPONENTS - PRETAX
Current Period Effects
Realized margin on delivered commodities
Electricity
54 Generation other than native load $ 2 $ 6 $ 7 $ 39 $ 54
55 Other electricity marketing and trading (a) 3 28 33 5 69
------- ------- ------- ------- -------
56 Total electricity 5 34 40 44 123
57 Other commodities (a) (5) 1 (4) (1) (9)
------- ------- ------- ------- -------
58 Total realized margin -- 35 36 43 114
Prior-period mark-to-market (gains) losses transferred
to "realized" upon delivery of commodities (b)
59 Electricity (a) -- -- (18) (2) (2)
60 Other commodities (a) -- -- 1 -- --
------- ------- ------- ------- -------
61 Subtotal -- -- (17) (2) (2)
------- ------- ------- ------- -------
62 Total current period effects (b) -- 35 19 41 112
------- ------- ------- ------- -------
Change in mark-to-market gains (losses) for future
period deliveries (b)
63 Electricity 2 27 6 (10) 7
64 Other commodities 5 (2) 4 (1) 7
------- ------- ------- ------- -------
65 Subtotal 7 25 10 (11) 14
------- ------- ------- ------- -------
66 Total gross margin $ 7 $ 60 $ 29 $ 30 $ 126
======= ======= ======= ======= =======
(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 $2 million was transferred to "realized" for the
total year 2000. A $2 million realized gain is included in the $69
million on line 55 for the total year 2000.
(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
2000
Line
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year
------- ------- ------- ------- ----------
AVERAGE ELECTRIC CUSTOMERS
Retail customers
67 Residential 746,528 742,485 746,742 761,386 749,285
68 Business 92,667 93,343 94,479 96,024 94,128
------- ------- ------- ------- -------
69 Total 839,195 835,828 841,221 857,410 843,413
70 Wholesale customers 67 67 67 67 67
------- ------- ------- ------- -------
71 Total customers 839,262 835,895 841,288 857,477 843,480
------- ------- ------- ------- -------
72 Customer Growth (% over prior year) 4.0% 4.1% 4.1% 4.2% 4.1%
RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED
73 Residential 1,986 2,253 3,358 1,920 9,517
74 Business 2,741 3,320 3,620 3,004 12,685
------- ------- ------- ------- -------
75 Total 4,727 5,573 6,978 4,924 22,202
------- ------- ------- ------- -------
RETAIL ELECTRICITY USAGE
(KWH/AVERAGE CUSTOMER)
76 Residential 2,513 3,193 4,695 2,664 13,054
77 Business 29,536 36,200 38,887 30,867 135,496
RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
(KWH/AVERAGE CUSTOMER)
78 Residential 2,660 3,034 4,497 2,522 12,701
79 Business 29,579 35,568 38,315 31,284 134,763
ELECTRICITY DEMAND (MW)
80 System peak demand 3,315 5,095 5,478 4,331 5,478
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000
Line
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year
------- ------- ------- ------- ----------
ENERGY SOURCES (GWH)
Generation production
81 Nuclear 2,325 2,090 2,348 2,078 8,841
82 Coal 2,828 3,163 3,343 3,175 12,509
83 Gas, oil and other 323 526 1,046 889 2,784
------- ------- ------- ------- -------
84 Total 5,476 5,779 6,737 6,142 24,134
------- ------- ------- ------- -------
Purchased power
85 Firm load 263 819 1,549 455 3,086
86 Marketing and trading 2,206 3,184 9,860 3,642 18,892
------- ------- ------- ------- -------
87 Total 2,469 4,003 11,409 4,097 21,978
------- ------- ------- ------- -------
88 Total energy sources 7,945 9,782 18,146 10,239 46,112
------- ------- ------- ------- -------
POWER PLANT PERFORMANCE
Capacity Factors
89 Nuclear 98% 88% 98% 87% 93%
90 Coal 76% 85% 88% 84% 83%
91 Gas, oil and other 13% 21% 40% 34% 27%
92 System average 63% 67% 77% 70% 69%
Generation Capacity Out of Service (average MW/day)
93 Nuclear 27 129 21 143 80
94 Coal 223 124 85 187 155
95 Gas 8 43 16 20 22
96 Total 258 296 122 350 257
97 Generation Fuel Cost ($/MWh) $ 10.65 $ 12.69 $ 14.77 $ 16.28 $ 13.72
See Glossary of Terms.
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000
Line
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total Year
------- ------- ------- ------- ----------
ENERGY MARKET INDICATORS (a)
Electricity Average Daily Spot Prices ($/MWh)
On-Peak
98 Palo Verde $ 30.52 $ 90.49 $170.40 $154.33 $111.43
99 SP15 $ 31.40 $ 82.67 $152.74 $162.59 $107.35
Off-Peak
100 Palo Verde $ 22.97 $ 31.91 $ 61.48 $ 95.72 $ 53.02
101 SP15 $ 24.52 $ 32.45 $ 66.28 $119.72 $ 60.74
WEATHER INDICATORS
Actual
102 Cooling degree-days 71 1,712 2,547 253 4,583
103 Heating degree-days 459 9 -- 500 968
104 Average humidity 37% 23% 29% 46% 34%
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% 35%
ECONOMIC INDICATORS
Building Permits -- Metro Phoenix (b)
108 Single-family 8,163 9,605 8,331 6,410 32,509
109 Multi-family 3,208 2,651 2,417 1,952 10,228
------- ------- ------- ------- -------
110 Total 11,371 12,256 10,748 8,362 42,737
------- ------- ------- ------- -------
Arizona Job Growth (c)
111 Payroll job growth (% over prior year) 4.4% 4.0% 3.9% 3.4% 3.9%
112 Unemployment rate (%, seasonally adjusted) 4.1% 3.9% 3.8% 3.7% 3.9%
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.