EX-99.3 5 ex99-3.txt CONSOLIDATED STATISTICS BY QUARTER - 2003 Exhibit 99.3 Last Updated 5/2/03 Pinnacle West Capital Corporation Consolidated Statistics By Quarter 2003
INCREASE (DECREASE) YEAR-TO- VS Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR DATE PRIOR YTD -------- -------- -------- -------- -------- --------- EARNINGS CONTRIBUTION BY SUBSIDIARY ($ MILLIONS) 1 Arizona Public Service $ 16 $ 16 $ (16) 2 Pinnacle West Energy 5 5 4 3 APS Energy Services 8 8 6 4 SunCor 1 1 -- 5 El Dorado 3 3 3 6 Parent Company (13) (13) (30) -------- -------- -------- -------- -------- -------- 7 Income From Continuing Operations 20 20 (33) Income From Discontinued Operations - 8 Net of Tax 5 5 4 -------- -------- -------- -------- -------- -------- 9 Net Income $ 25 $ 25 $ (29) ======== ======== ======== ======== ======== ======== EARNINGS PER SHARE BY SUBSIDIARY - DILUTED 10 Arizona Public Service $ 0.17 $ 0.17 $ (0.20) 11 Pinnacle West Energy 0.06 0.06 0.05 12 APS Energy Services 0.08 0.08 0.05 13 SunCor 0.01 0.01 (0.01) 14 El Dorado 0.03 0.03 0.03 15 Parent Company (0.13) (0.13) (0.33) -------- -------- -------- -------- -------- -------- 16 Income From Continuing Operations 0.22 0.22 (0.41) Income From Discontinued Operations - 17 Net of Tax 0.06 0.06 0.06 -------- -------- -------- -------- -------- -------- 18 Net Income $ 0.28 $ 0.28 $ (0.35) ======== ======== ======== ======== ======== ======== 19 BOOK VALUE PER SHARE $ 29.39 $ 29.39 (0.67) COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS) 20 Average 91,359 91,359 6,475 21 End of Period 91,257 91,257 6,468
See Glossary of Terms. Last Updated 5/2/03 Pinnacle West Capital Corporation Consolidated Statistics By Quarter 2003
INCREASE (DECREASE) YEAR-TO- VS Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR DATE PRIOR YTD -------- -------- -------- -------- -------- -------- ELECTRIC OPERATING REVENUES (DOLLARS IN MILLIONS) REGULATED ELECTRICITY SEGMENT Retail 22 Residential $ 168 $ 168 (3) 23 Business 196 196 1 -------- -------- -------- -------- -------- -------- 24 Total retail 364 364 (2) Wholesale revenue on delivered electricity 25 Traditional contracts 3 3 1 26 Retail load hedge management 5 5 3 27 Transmission for others 6 6 -- 28 Other miscellaneous services 7 7 3 -------- -------- -------- -------- -------- -------- 29 Total regulated electricity 385 385 5 -------- -------- -------- -------- -------- -------- MARKETING AND TRADING SEGMENT Delivered marketing and trading 30 Generation sales other than native load 44 44 36 31 Realized margins on electricity trading 5 5 (22) 32 Other delivered electricity (a) 122 122 88 -------- -------- -------- -------- -------- -------- 33 Total delivered marketing and trading 171 171 102 -------- -------- -------- -------- -------- -------- OTHER MARKETING AND TRADING Realized margins on delivered commodities 34 other than electricity (a) (2) (2) (6) Prior period mark-to-market (gains) losses on 35 contracts delivered during current period (a) (3) (3) 19 36 Change in mark-to-market for future-period deliveries (3) (3) (28) -------- -------- -------- -------- -------- -------- 37 Total other marketing and trading (8) (8) (15) -------- -------- -------- -------- -------- -------- 38 Total marketing and trading 163 163 87 -------- -------- -------- -------- -------- -------- 39 Total electric operating revenues $ 548 $ 548 $ 92 ======== ======== ======== ======== ======== ======== ELECTRIC SALES (GWH) REGULATED ELECTRICITY SEGMENT Retail sales 40 Residential 2,104 2,104 (37) 41 Business 2,849 2,849 78 -------- -------- -------- -------- -------- -------- 42 Total retail 4,953 4,953 41 Wholesale electricity delivered 43 Traditional contracts 130 130 59 44 Retail load hedge management 109 109 (49) -------- -------- -------- -------- -------- -------- 45 Total regulated electricity 5,192 5,192 51 -------- -------- -------- -------- -------- -------- MARKETING AND TRADING SEGMENT Delivered marketing and trading 46 Generation sales other than native load 992 992 616 47 Electricity trading 3,910 3,910 801 48 Other delivered electricity 2,470 2,470 1,743 -------- -------- -------- -------- -------- -------- 49 Total delivered marketing and trading 7,372 7,372 3,160 -------- -------- -------- -------- -------- -------- 50 Total electric sales 12,564 12,564 3,211 ======== ======== ======== ======== ======== ========
---------- (a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 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 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $3 million was transferred to "realized" for the first quarter of 2003. Lines 31 and 34 include amounts totaling $3 million of realized revenues for the first quarter of 2003. See Glossary of Terms. Last Updated 5/2/03 Pinnacle West Capital Corporation Consolidated Statistics By Quarter 2003
INCREASE (DECREASE) YEAR-TO- VS Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR DATE PRIOR YTD -------- -------- -------- -------- -------- -------- 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 51 Generation sales other than native load $ 3 $ 3 $ 1 52 Other electricity marketing and trading (a) 24 24 (9) -------- -------- -------- -------- -------- -------- 53 Total electricity 27 27 (8) 54 Other commodities (a) (2) (2) (6) -------- -------- -------- -------- -------- -------- 55 Total realized margin 25 25 (14) -------- -------- -------- -------- -------- -------- Prior-period mark-to-market (gains) losses on contracts delivered during current period 56 Electricity (a) (5) (5) 11 57 Other commodities (a) 2 2 8 58 Charge related to trading activities with Enron and its affiliates -- -- -- -------- -------- -------- -------- -------- -------- 59 Subtotal (3) (3) 19 -------- -------- -------- -------- -------- -------- 60 Total current period effects (b) 22 22 5 -------- -------- -------- -------- -------- -------- Change in mark-to-market gains (losses) for future period deliveries (b) 61 Electricity (6) (6) (31) 62 Other commodities 3 3 5 -------- -------- -------- -------- -------- -------- 63 Total future period effects (3) (3) (26) -------- -------- -------- -------- -------- -------- 64 Total gross margin $ 19 $ 19 $ (21) ======== ======== ======== ======== ======== ========
FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION As of March 31, 2003, Pinnacle West had accumulated mark-to-market net gains of $35 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 2003, $2 million; 2004, $10 million; 2005, $10 million; 2006 and thereafter, $13 million. ---------- (a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 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 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $5 million was transferred to "realized" for the first quarter of 2003. A $5 million realized gain is included in the $24 million on line 52 for the first quarter of 2003. (b) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations. See Glossary of Terms. Last Updated 5/2/03 Pinnacle West Capital Corporation Consolidated Statistics By Quarter 2003
INCREASE (DECREASE) YEAR-TO- VS Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR DATE PRIOR YTD -------- -------- -------- -------- -------- --------- MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (CONTINUED) (DOLLARS IN MILLIONS) BY COMMODITY SOLD OR TRADED 65 Electricity $ 17 $ 17 (28) 66 Natural gas 2 2 7 67 Coal (1) (1) -- 68 Emission allowances -- -- (1) 69 Other 1 1 1 -------- -------- -------- -------- -------- -------- 70 Total gross margin $ 19 $ 19 $ (21) ======== ======== ======== ======== ======== ======== BY PINNACLE WEST ENTITY Parent company marketing and trading division 71 Generation sales other than native load $ (2) $ (2) (3) 72 Other marketing and trading 4 4 (30) APS 73 Generation sales other than native load 6 6 5 74 Other marketing and trading -- -- -- Pinnacle West Energy 75 Generation sales other than native load (1) (1) (1) 76 Other marketing and trading -- -- -- APS ES 77 Other marketing and trading 12 12 8 -------- -------- -------- -------- -------- -------- 78 Total gross margin before income taxes $ 19 $ 19 $ (21) ======== ======== ======== ======== ======== ========
See Glossary of Terms. Last Updated 5/2/03 Pinnacle West Capital Corporation Consolidated Statistics By Quarter 2003
INCREASE (DECREASE) YEAR-TO- VS Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR DATE PRIOR YTD -------- -------- -------- -------- -------- --------- AVERAGE ELECTRIC CUSTOMERS Retail customers 79 Residential 827,937 827,937 26,937 80 Business 101,999 101,999 2,664 -------- -------- -------- -------- -------- -------- 81 Total 929,936 929,936 29,601 82 Wholesale customers 65 65 (2) -------- -------- -------- -------- -------- -------- 83 Total customers 930,001 930,001 29,599 ======== ======== ======== ======== ======== ======== 84 Customer Growth (% over prior year) 3.3% RETAIL SALES (GWH) - WEATHER NORMALIZED 85 Residential 2,235 2,235 73 86 Business 2,880 2,880 106 -------- -------- -------- -------- -------- -------- 87 Total 5,115 5,115 179 ======== ======== ======== ======== ======== ======== RETAIL USAGE (KWH/AVERAGE CUSTOMER) 88 Residential 2,541 2,541 (132) 89 Business 27,927 27,927 31 RETAIL USAGE - WEATHER NORMALIZED (KWH/AVERAGE CUSTOMER) 90 Residential 2,700 2,700 1 91 Business 28,236 28,236 310 ELECTRICITY DEMAND (MW) 92 System peak demand 3,569 3,569 (352)
See Glossary of Terms. Last Updated 5/2/03 Pinnacle West Capital Corporation Consolidated Statistics By Quarter 2003
INCREASE (DECREASE) YEAR-TO- VS Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR DATE PRIOR YTD -------- -------- -------- -------- -------- --------- ENERGY SOURCES (GWH) Generation production 93 Nuclear 2,306 2,306 49 94 Coal 2,770 2,770 (120) 95 Gas, oil and other 1,288 1,288 951 -------- -------- -------- -------- -------- -------- 96 Total 6,364 6,364 880 -------- -------- -------- -------- -------- -------- Purchased power 97 Firm load (15) (15) (85) 98 Marketing and trading 6,489 6,489 2,496 -------- -------- -------- -------- -------- -------- 99 Total 6,474 6,474 2,411 -------- -------- -------- -------- -------- -------- 100 Total energy sources 12,838 12,838 3,291 ======== ======== ======== ======== ======== ======== POWER PLANT PERFORMANCE Capacity Factors 101 Nuclear 98% 98% 2% 102 Coal 75% 75% (3)% 103 Gas, oil and other 26% 26% 14% 104 System average 58% 58% (4)% Generation Capacity Out of Service and Replaced for Native Load (average MW/day) 105 Nuclear 31 31 (31) 106 Coal 247 247 63 107 Gas 189 189 177 -------- -------- -------- -------- -------- -------- 108 Total 467 467 209 109 Generation Fuel Cost ($/MWh) $ 15.89 $ 15.89 $ 4.32
See Glossary of Terms. Last Updated 5/2/03 Pinnacle West Capital Corporation Consolidated Statistics By Quarter 2003
INCREASE (DECREASE) YEAR-TO- VS Line 1ST QTR 2ND QTR 3RD QTR 4TH QTR DATE PRIOR YTD -------- -------- -------- -------- -------- --------- ENERGY MARKET INDICATORS (a) Electricity Average Daily Spot Prices ($/MWh) On-Peak 110 Palo Verde $ 49.66 $ 49.66 $ 22.80 111 SP15 $ 54.35 $ 54.35 $ 25.89 Off-Peak 112 Palo Verde $ 36.09 $ 36.09 $ 13.92 113 SP15 $ 39.70 $ 39.70 $ 16.94 WEATHER INDICATORS Actual 114 Cooling degree-days 76 76 (13) 115 Heating degree-days 349 349 (123) 116 Average humidity 44% 44% 16% 10-Year Averages 117 Cooling degree-days 77 77 -- 118 Heating degree-days 546 546 -- 119 Average humidity 45% 45% 0% ECONOMIC INDICATORS Building Permits -- Metro Phoenix (b) (d) 120 Single-family 4,928 4,928 167 121 Multi-family 226 226 (455) -------- -------- -------- -------- -------- -------- 122 Total 5,154 5,154 (288) ======== ======== ======== ======== ======== ======== Arizona Job Growth (c) (d) 123 Payroll job growth (% over prior year) 1.1% 1.1% 1.9% 124 Unemployment rate (%, seasonally adjusted) 5.6% 5.6% (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 (d) The economic indicators reflect three month and twelve month ended February 2002 and February 2003. See Glossary of Terms.