EX-99.4 6 ex99-4.txt CONSOLIDATED STATS BY QTR FOR 2001 Exhibit 99.4 Last Updated 2/3/2003 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 $ 108 $ 39 $ 281 $ (26) 2 Pinnacle West Energy -- 1 13 4 18 20 3 APS Energy Services (8) -- (3) -- (10) 3 4 SunCor -- -- 2 -- 3 (8) 5 El Dorado 1 -- -- -- -- (2) 6 Parent Company 4 (4) 42 (7) 35 38 -------- -------- -------- -------- -------- -------- 7 Income Before Accounting Change 62 67 162 36 327 25 8 Cumulative Effect of Change in Accounting - 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 $ 0.76 $ 0.82 $ 1.27 $ 0.46 $ 3.30 $ (0.31) 11 Pinnacle West Energy -- 0.02 0.16 0.04 0.21 0.24 12 APS Energy Services (0.10) -- (0.03) -- (0.12) 0.04 13 SunCor 0.01 -- 0.03 0.01 0.04 (0.10) 14 El Dorado 0.01 -- -- -- -- (0.02) 15 Parent Company 0.05 (0.05) 0.49 (0.09) 0.42 0.44 -------- -------- -------- -------- -------- -------- 16 Income Before Accounting Change 0.73 0.79 1.92 0.42 3.85 0.29 17 Cumulative Effect of Change in Accounting - Net of Tax (0.03) -- (0.15) -- (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 $ 29.46 $ 29.46 $ 1.37 COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS) 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. Last Updated 2/3/2003 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 sales other than native load 87 51 4 6 148 32 28 Realized margin on electricity trading 12 17 (5) 38 62 6 29 Other delivered electricity (a) 111 138 51 29 329 87 -------- -------- -------- -------- -------- -------- 30 Total delivered marketing and trading 210 206 50 73 539 125 -------- -------- -------- -------- -------- -------- 31 Total delivered wholesale electricity 241 443 404 102 1,190 94 -------- -------- -------- -------- -------- -------- Other marketing and trading 32 Realized margins on delivered commodities other than electricity (a) (5) (12) (1) 4 (14) (5) 33 Prior period mark-to-market (gains) losses on contracts delivered during current period (a) 6 5 (37) (51) (1) 1 34 Change in mark-to-market for future-period deliveries 47 35 130 (9) 127 113 -------- -------- -------- -------- -------- -------- 35 Total other marketing and trading 48 28 92 (56) 112 109 -------- -------- -------- -------- -------- -------- 36 Transmission for others 4 5 9 8 26 11 37 Other miscellaneous services 6 5 6 1 18 (9) -------- -------- -------- -------- -------- -------- 38 Total electric operating revenues $ 671 $ 973 $ 1,115 $ 454 $ 3,213 $ 256 ======== ======== ======== ======== ======== ======== ELECTRIC SALES (GWH) Retail sales 39 Residential 2,121 2,467 3,597 2,149 10,335 554 40 Business 2,824 3,445 3,724 3,071 13,064 310 -------- -------- -------- -------- -------- -------- 41 Total retail 4,945 5,912 7,321 5,220 23,399 864 -------- -------- -------- -------- -------- -------- Wholesale electricity delivered 42 Traditional contracts 569 598 (37) 83 1,213 (397) 43 Retail load hedge management 75 736 1,847 382 3,040 (3,634) Marketing and trading -- delivered 44 Generation sales other than native load 623 436 73 256 1,388 (106) 45 Electricity trading 2,291 2,359 3,553 3,828 12,031 2,772 46 Other delivered electricity 759 810 267 746 2,582 (378) -------- -------- -------- -------- -------- -------- 47 Total delivered marketing and trading 3,673 3,605 3,893 4,830 16,001 2,288 -------- -------- -------- -------- -------- -------- 48 Total delivered wholesale electricity 4,318 4,939 5,703 5,295 20,254 (1,743) -------- -------- -------- -------- -------- -------- 49 Total electric sales 9,263 10,851 13,024 10,515 43,653 (879) ======== ======== ======== ======== ======== ========
---------- (a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 38 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 33 are included in lines 29 and 32. For example, line 33 shows that a prior-period mark-to-market gain of $1 million was transferred to "realized" for the total year 2001. Lines 29 and 32 include amounts totaling $1 million of realized revenues for the year 2001. See Glossary of Terms. Last Updated 2/3/2003 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 SEGMENT PRETAX GROSS MARGIN ANALYSIS (DOLLARS IN MILLIONS) REALIZED AND MARK-TO-MARKET COMPONENTS Current Period Effects Realized margin on delivered commodities Electricity 50 Generation sales other than native load $ 48 $ 26 $ 3 $ 3 $ 80 $ 26 51 Other electricity marketing and trading (a) 4 43 14 56 117 48 ------- ------- ------- ------- ------- ------- 52 Total electricity 52 69 17 59 197 74 53 Other commodities (a) (5) (12) (1) 4 (14) (5) ------- ------- ------- ------- ------- ------- 54 Total realized margin 47 57 16 63 183 69 ------- ------- ------- ------- ------- ------- Prior-period mark-to-market (gains) losses on contracts delivered during current period 55 Electricity (a) 1 -- (38) (38) (11) (9) 56 Other commodities (a) 12 5 1 (4) 25 25 57 Charge related to trading activities with Enron and its affiliates -- -- -- (8) (8) (8) ------- ------- ------- ------- ------- ------- 58 Subtotal 13 5 (37) (50) 6 8 ------- ------- ------- ------- ------- ------- 59 Total current period effects (b) 60 62 (21) 13 189 77 ------- ------- ------- ------- ------- ------- Change in mark-to-market gains (losses) for future period deliveries (b) 61 Electricity 45 42 126 (2) 146 139 62 Other commodities 2 (6) 3 (7) (18) (25) ------- ------- ------- ------- ------- ------- 63 Total future period effects 47 36 129 (9) 128 114 ------- ------- ------- ------- ------- ------- 64 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 59 and in line 63 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 55 are included in line 51. The opposites of amounts included in line 56 are included in line 53. For example, line 55 shows that a prior-period mark-to-market gain of $11 million was transferred to "realized" for the total year 2001. A $11 million realized gain is included in the $117 million on line 51 for the total year 2001. (b) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations. See Glossary of Terms. Last Updated 2/3/2003 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 SEGMENT PRETAX GROSS MARGIN ANALYSIS (CONTINUED) (DOLLARS IN MILLIONS) BY COMMODITY SOLD OR TRADED 65 Electricity $ 98 $ 111 $ 105 $ 15 $ 328 $ 201 66 Natural gas (3) (12) 9 (3) (8) (15) 67 Coal 14 2 (2) (6) 7 10 68 Emission allowances (2) (3) (4) (2) (10) (5) 69 Other -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- 70 Total gross margin $ 107 $ 98 $ 108 $ 4 $ 317 $ 191 ======= ======= ======= ======= ======= ======= BY PINNACLE WEST ENTITY Parent company marketing and trading division 71 Generation sales other than native load $ -- $ -- $ -- $ -- $ -- $ -- 72 Other marketing and trading 7 3 74 (6) 78 80 APS 73 Generation sales other than native load 48 26 2 3 79 25 74 Other marketing and trading 53 68 32 3 156 82 Pinnacle West Energy 75 Generation sales other than native load -- -- -- -- -- -- 76 Other marketing and trading -- -- -- -- -- -- APS ES 77 Other marketing and trading (1) 1 -- 4 4 4 ------- ------- ------- ------- ------- ------- 78 Total gross margin before income taxes $ 107 $ 98 $ 108 $ 4 $ 317 $ 191 ======= ======= ======= ======= ======= =======
See Glossary of Terms. Page 19 of 36 Last Updated 2/3/2003 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 79 Residential 775,317 770,335 773,321 786,382 776,339 27,054 80 Business 97,222 98,065 98,874 98,631 98,198 4,070 -------- -------- -------- -------- -------- -------- 81 Total 872,539 868,400 872,195 885,013 874,537 31,124 82 Wholesale customers 68 66 66 66 66 (1) -------- -------- -------- -------- -------- -------- 83 Total customers 872,607 868,466 872,261 885,079 874,603 31,123 ======== ======== ======== ======== ======== ======== 84 Customer Growth (% over prior year) 4.0% 3.9% 3.7% 3.2% 3.7% (0.4)% RETAIL SALES (GWH) - WEATHER NORMALIZED 85 Residential 2,037 2,204 3,307 2,129 9,677 207 86 Business 2,825 3,321 3,618 3,013 12,777 134 -------- -------- -------- -------- -------- -------- 87 Total 4,862 5,525 6,925 5,142 22,454 341 ======== ======== ======== ======== ======== ======== RETAIL USAGE (KWH/AVERAGE CUSTOMER) 88 Residential 2,737 3,203 4,651 2,733 13,312 259 89 Business 29,047 35,130 37,666 31,136 133,037 (2,459) RETAIL USAGE - WEATHER NORMALIZED (KWH/AVERAGE CUSTOMER) 90 Residential 2,627 2,861 4,276 2,707 12,465 (174) 91 Business 29,057 33,865 36,595 30,548 130,115 (4,202) ELECTRICITY DEMAND (MW) 92 System peak demand 3,661 5,358 5,687 3,898 5,687 209
See Glossary of Terms. Last Updated 2/3/2003 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 93 Nuclear 2,261 1,985 2,320 1,818 8,384 (457) 94 Coal 2,901 3,245 3,223 3,203 12,572 63 95 Gas, oil and other 1,007 1,256 1,157 583 4,003 1,219 ------- ------- ------- ------- ------- ------- 96 Total 6,169 6,486 6,700 5,604 24,959 825 ------- ------- ------- ------- ------- ------- Purchased power 97 Firm load 170 845 1,734 212 2,961 446 98 Marketing and trading 3,126 3,905 5,667 4,955 17,653 (1,240) ------- ------- ------- ------- ------- ------- 99 Total 3,296 4,750 7,401 5,167 20,614 (794) ------- ------- ------- ------- ------- ------- 100 Total energy sources 9,465 11,236 14,101 10,771 45,573 31 ======= ======= ======= ======= ======= ======= POWER PLANT PERFORMANCE Capacity Factors 101 Nuclear 96% 84% 97% 76% 88% (5)% 102 Coal 78% 87% 85% 85% 84% 1% 103 Gas, oil and other 39% 46% 38% 20% 37% 10% 104 System average 71% 73% 73% 62% 70% 1% Generation Capacity Out of Service and Replaced for Native Load (average MW/day) 105 Nuclear 57 180 26 246 127 47 106 Coal 284 166 129 90 167 13 107 Gas 36 52 24 16 32 10 108 Total 376 398 179 352 326 70 109 Generation Fuel Cost ($/MWh) $19.64 $19.28 $13.21 $12.51 $16.22 $ 2.50
See Glossary of Terms. Last Updated 2/3/2003 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 110 Palo Verde $214.21 $182.71 $49.80 $26.89 $118.41 $ 6.98 111 SP15 $219.66 $186.30 $45.61 $28.38 $119.99 $12.64 Off-Peak 112 Palo Verde $130.40 $70.32 $27.22 $18.33 $61.57 $ 8.55 113 SP15 $159.80 $84.78 $28.92 $20.41 $73.48 $12.74 WEATHER INDICATORS Actual 114 Cooling degree-days 106 1,733 2,663 620 5,122 539 115 Heating degree-days 657 43 -- 460 1,160 192 116 Average humidity 50% 25% 31% 39% 36% 2% 10-Year Averages 117 Cooling degree-days 71 1,458 2,454 398 4,381 -- 118 Heating degree-days 556 35 -- 435 1,026 -- 119 Average humidity 45% 25% 34% 40% 36% 0% ECONOMIC INDICATORS Building Permits -- Metro Phoenix (b) 120 Single-family 8,681 9,270 8,264 6,240 32,455 (54) 121 Multi-family 3,918 1,820 2,514 717 8,969 (1,259) ------- ------- ------- ------- ------- ------- 122 Total 12,599 11,090 10,778 6,957 41,424 (1,313) ======= ======= ======= ======= ======= ======= Arizona Job Growth (c) 123 Payroll job growth (% over prior year) 2.9% 1.4% 0.2% (0.9)% 0.9% (3.0)% 124 Unemployment rate (%, seasonally adjusted) 4.1% 4.3% 4.2% 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.