Exhibit 99.3
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002
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 $ 32 $ 32 $ (33)
2 Pinnacle West Energy 1 1 1
3 APS Energy Services 2 2 10
4 SunCor 2 2 2
5 El Dorado -- -- (1)
6 Parent Company 17 17 13
--------- --------- --------- --------- --------- ---------
7 Income Before Accounting Change 54 54 (8)
Cumulative Effect of Change in Accounting -
8 Net of Tax -- -- 3
--------- --------- --------- --------- --------- ---------
9 Net Income $ 54 $ 54 $ (5)
========= ========= ========= ========= ========= =========
EARNINGS PER SHARE BY SUBSIDIARY - DILUTED
10 Arizona Public Service $ 0.37 $ 0.37 $ (0.39)
11 Pinnacle West Energy 0.01 0.01 0.01
12 APS Energy Services 0.03 0.03 0.13
13 SunCor 0.02 0.02 0.01
14 El Dorado -- -- (0.01)
15 Parent Company 0.20 0.20 0.15
--------- --------- --------- --------- --------- ---------
16 Income Before Accounting Change 0.63 0.63 (0.10)
Cumulative Effect of Change in Accounting -
17 Net of Tax -- -- 0.03
--------- --------- --------- --------- --------- ---------
18 Net Income $ 0.63 $ 0.63 $ (0.07)
========= ========= ========= ========= ========= =========
19 BOOK VALUE PER SHARE $ 30.06 $ 30.06 $ 1.23
COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS)
20 Average 84,884 84,884 (82)
21 End of Period 84,789 84,789 71
See Glossary of Terms.
Last Updated 4/16/2002
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002
INCREASE
(DECREASE)
Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR YEAR-TO-DATE VS PRIOR YTD
--------- --------- --------- --------- ------------ ------------
ELECTRIC OPERATING REVENUES
(DOLLARS IN MILLIONS)
Retail
22 Residential $ 171 $ 171 $ (2)
23 Business 195 195 (4)
--------- --------- --------- --------- --------- ---------
24 Total retail 366 366 (6)
--------- --------- --------- --------- --------- ---------
Wholesale revenue on delivered electricity
25 Traditional contracts 2 2 (24)
26 Retail load hedge management 2 2 (3)
Marketing and trading -- delivered
27 Generation sales other than native load 8 8 (79)
28 Other delivered electricity (a) 185 185 (174)
--------- --------- --------- --------- --------- ---------
29 Total delivered marketing and trading 193 193 (253)
--------- --------- --------- --------- --------- ---------
30 Total delivered wholesale electricity 197 197 (280)
--------- --------- --------- --------- --------- ---------
Other marketing and trading
Realized margins on delivered commodities
31 other than electricity (a) 4 4 9
Prior period mark-to-market (gains) losses on
32 contracts delivered during current period (a) (22) (22) (28)
Change in mark-to-market for
33 future-period deliveries 25 25 (22)
--------- --------- --------- --------- --------- ---------
34 Total other marketing and trading 7 7 (41)
--------- --------- --------- --------- --------- ---------
35 Transmission for others 6 6 2
36 Other miscellaneous services 4 4 (2)
--------- --------- --------- --------- --------- ---------
37 Total electric operating revenues $ 580 $ 580 $ (327)
========= ========= ========= ========= ========= =========
ELECTRIC SALES (GWH)
Retail sales
38 Residential 2,141 2,141 19
39 Business 2,771 2,771 (53)
--------- --------- --------- --------- --------- ---------
40 Total retail 4,912 4,912 (34)
--------- --------- --------- --------- --------- ---------
Wholesale electricity delivered -
41 Traditional contracts 71 71 (498)
42 Retail load hedge management 158 158 83
Marketing and trading -- delivered
43 Generation sales other than native load 376 376 (247)
44 Other delivered electricity 3,836 3,836 786
--------- --------- --------- --------- --------- ---------
45 Total delivered marketing and trading 4,212 4,212 539
--------- --------- --------- --------- --------- ---------
46 Total delivered wholesale electricity 4,441 4,441 124
--------- --------- --------- --------- --------- ---------
47 Total electric sales 9,353 9,353 90
========= ========= ========= ========= ========= =========
----------
(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 $22 million was transferred to "realized" for the
first quarter of 2002. Lines 28 and 31 include amounts totaling $22 million
of realized revenues for the first quarter of 2002.
See Glossary of Terms.
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002
INCREASE
(DECREASE)
Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR YEAR-TO-DATE VS PRIOR YTD
--------- --------- --------- --------- ------------ ------------
MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS
(DOLLARS IN MILLIONS)
REALIZED AND MARK-TO-MARKET COMPONENTS
Current Period Effects
Realized margin on delivered commodities
Electricity
48 Generation sales other than native load $ 2 $ 2 $ (46)
49 Other electricity marketing and trading (a) 33 33 29
--------- --------- --------- --------- --------- ---------
50 Total electricity 35 35 (17)
51 Other commodities (a) 4 4 9
--------- --------- --------- --------- --------- ---------
52 Total realized margin 39 39 (8)
--------- --------- --------- --------- --------- ---------
Prior-period mark-to-market (gains) losses on contracts
delivered during current period
53 Electricity (a) (16) (16) (17)
54 Other commodities (a) (6) (6) (18)
Charge related to trading activities with Enron
55 and its affiliates -- -- --
--------- --------- --------- --------- --------- ---------
56 Subtotal (22) (22) (35)
--------- --------- --------- --------- --------- ---------
57 Total current period effects (b) 17 17 (43)
--------- --------- --------- --------- --------- ---------
Change in mark-to-market gains (losses) for
future period deliveries (b)
58 Electricity 25 25 (20)
59 Other commodities (2) (2) (4)
--------- --------- --------- --------- --------- ---------
60 Total future period effects 23 23 (24)
--------- --------- --------- --------- --------- ---------
61 Total gross margin $ 40 $ 40 $ (67)
========= ========= ========= ========= ========= =========
BY COMMODITY SOLD OR TRADED
62 Electricity $ 45 $ 45 $ (53)
63 Natural gas (5) (5) (2)
64 Coal (1) (1) (15)
65 Emission allowances 1 1 3
66 Other -- -- --
--------- --------- --------- --------- --------- ---------
67 Total gross margin $ 40 $ 40 $ (67)
========= ========= ========= ========= ========= =========
FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of March 31, 2002, Pinnacle West had accumulated mark-to-market net gains of
$139 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: remainder of 2002, $24 million; 2003, $26
million; 2004, $27 million; 2005 and thereafter, $62 million.
----------
(a) The net effect on pretax gross margin from realization of prior-period
mark-to-market included in line 57 and in line 61 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 49. The opposites of amounts included in line 54 are
included in line 51. For example, line 53 shows that a prior-period
mark-to-market gain of $16 million was transferred to "realized" for the
first quarter of 2002. A $16 million realized gain is included in the $33
million on line 49 for the first quarter of 2002.
(b) Quarterly amounts do not total to the annual amounts because of intra-year
mark-to-market eliminations.
See Glossary of Terms.
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002
INCREASE
(DECREASE)
Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR YEAR-TO-DATE VS PRIOR YTD
--------- --------- --------- --------- ------------ ------------
AVERAGE ELECTRIC CUSTOMERS
Retail customers
68 Residential 801,000 801,000 25,683
69 Business 99,335 99,335 2,113
--------- --------- --------- --------- --------- ---------
70 Total 900,335 900,335 27,796
71 Wholesale customers 67 67 (1)
--------- --------- --------- --------- --------- ---------
72 Total customers 900,402 900,402 27,795
========= ========= ========= ========= ========= =========
73 Customer Growth (% over prior year) 3.2% 3.2% (0.8)%
RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED
74 Residential 2,164 2,164 127
75 Business 2,774 2,774 (51)
--------- --------- --------- --------- --------- ---------
76 Total 4,938 4,938 76
========= ========= ========= ========= ========= =========
RETAIL ELECTRICITY USAGE
(KWH/AVERAGE CUSTOMER)
77 Residential 2,673 2,673 (64)
78 Business 27,896 27,896 (1,151)
RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
(KWH/AVERAGE CUSTOMER)
79 Residential 2,702 2,702 74
80 Business 27,926 27,926 (1,132)
ELECTRICITY DEMAND (MW)
81 System peak demand 3,708 3,708 47
See Glossary of Terms.
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002
INCREASE
(DECREASE)
Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR YEAR-TO-DATE VS PRIOR YTD
--------- --------- --------- --------- ------------ ------------
ENERGY SOURCES (GWH)
Generation production
82 Nuclear 2,257 2,257 (4)
83 Coal 2,890 2,890 (11)
84 Gas, oil and other 337 337 (670)
--------- --------- --------- --------- --------- ---------
85 Total 5,484 5,484 (685)
--------- --------- --------- --------- --------- ---------
Purchased power
86 Firm load 429 429 259
87 Marketing and trading 3,993 3,993 867
--------- --------- --------- --------- --------- ---------
88 Total 4,422 4,422 1,126
--------- --------- --------- --------- --------- ---------
89 Total energy sources 9,906 9,906 441
========= ========= ========= ========= ========= =========
POWER PLANT PERFORMANCE
Capacity Factors
90 Nuclear 96% 96% 0%
91 Coal 78% 78% 0%
92 Gas, oil and other 12% 12% (27)%
93 System average 62% 62% (9)%
Generation Capacity Out of Service (average MW/day)
94 Nuclear 62 62 5
95 Coal 184 184 (100)
96 Gas 12 12 (24)
97 Total 258 258 (118)
98 Generation Fuel Cost ($/MWh) $ 11.57 $ 11.57 $ (8.07)
See Glossary of Terms.
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002
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
99 Palo Verde $ 26.86 $ 26.86 $ (187.35)
100 SP15 $ 28.46 $ 28.46 $ (191.20)
Off-Peak
101 Palo Verde $ 22.17 $ 22.17 $ (108.23)
102 SP15 $ 22.76 $ 22.76 $ (137.04)
WEATHER INDICATORS
Actual
103 Cooling degree-days 89 89 (17)
104 Heating degree-days 472 472 (185)
105 Average humidity 28% 28% (22)%
10-Year Averages
106 Cooling degree-days 71 71 --
107 Heating degree-days 556 556 --
108 Average humidity 45% 45% 0%
ECONOMIC INDICATORS
Building Permits -- Metro Phoenix (b) (d)
109 Single-family 6,983 6,983 (493)
110 Multi-family 1,094 1,094 (2,043)
--------- --------- --------- --------- --------- ---------
111 Total 8,077 8,077 (2,536)
========= ========= ========= ========= ========= =========
Arizona Job Growth (c) (d)
112 Payroll job growth (% over prior year) (1.3)% (1.3)% (4.0)%
113 Unemployment rate (%, seasonally adjusted) 5.8% 5.8% 0.9%
Sources:
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(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
(d) The economic indicators reflect three month ended February 2002.
See Glossary of Terms.