Form 8-K

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NFP+Y8BZXw7J3O6IFcPIOzZ2U7sfjMDAG/OJWWkj6zdQd3LahdczBPVt8CzCrkXd jhJ4e7hmLXRldiGFs5x1xw== 0000950123-09-029145.txt : 20090804 0000950123-09-029145.hdr.sgml : 20090804 20090804060121 ACCESSION NUMBER: 0000950123-09-029145 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20090803 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090804 DATE AS OF CHANGE: 20090804 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNISOURCE ENERGY CORP CENTRAL INDEX KEY: 0000941138 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 860786732 STATE OF INCORPORATION: AZ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13739 FILM NUMBER: 09981576 BUSINESS ADDRESS: STREET 1: ONE SOUTH CHURCH AVENUE STREET 2: SUITE 100 CITY: TUCSON STATE: AZ ZIP: 85701 BUSINESS PHONE: 520-571-4000 MAIL ADDRESS: STREET 1: ONE SOUTH CHURCH AVENUE, SUITE 100 STREET 2: P.O. BOX 711 CITY: TUCSON STATE: AZ ZIP: 85702 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TUCSON ELECTRIC POWER CO CENTRAL INDEX KEY: 0000100122 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 860062700 STATE OF INCORPORATION: AZ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05924 FILM NUMBER: 09981577 BUSINESS ADDRESS: STREET 1: ONE SOUTH CHURCH AVENUE STREET 2: SUITE 100 CITY: TUCSON STATE: AZ ZIP: 85701 BUSINESS PHONE: 520-571-4000 MAIL ADDRESS: STREET 1: ONE SOUTH CHURCH AVENUE, SUITE 100 STREET 2: P.O. BOX 711 CITY: TUCSON STATE: AZ ZIP: 85702 FORMER COMPANY: FORMER CONFORMED NAME: TUCSON GAS & ELECTRIC CO /AZ/ DATE OF NAME CHANGE: 19790528 8-K 1 c88678e8vk.htm FORM 8-K Form 8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED): August 3, 2009


		IRS Employer
Commission	Registrant; State of Incorporation;	Identification
File Number	Address; and Telephone Number	Number

1-13739	UNISOURCE ENERGY CORPORATION (An Arizona Corporation) One South Church Avenue, Suite 100 Tucson, AZ 85701 (520) 571-4000	86-0786732

1-5924	TUCSON ELECTRIC POWER COMPANY (An Arizona Corporation) One South Church Avenue, Suite 100 Tucson, AZ 85701 (520) 571-4000	86-0062700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On August 3, 2009, UniSource Energy Corporation (“UniSource Energy”) issued a press release announcing earnings for the quarter and six months ended June 30, 2009 for UniSource Energy and Tucson Electric Power Company. A copy of the press release is attached hereto as Exhibit 99.1. UniSource Energy also posted supplemental information accessible from a link on its website, www.uns.com. A copy of the supplemental information is attached hereto as Exhibit 99.2.

The Company’s press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the Company’s financial statements.

Non-GAAP financial measures utilized by the Company include presentations of revenues, operating expenses, operating income and earnings (loss) per share. The Company uses these non-GAAP measures to evaluate the operations of the Company. Certain non-GAAP financial measures utilized by the Company exclude: the impact of non-recurring items: the effect of accounting changes or adjustments; expenses that are reimbursed by third parties; and other items. The Company’s management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of fundamental changes in the earnings or cash flow capacity of the Company’s operations. Management also believes that the presentation of the non-GAAP financial measures is largely consistent with its past practice, as well as industry practice in general, and will enable investors and analysts to compare current non-GAAP measures with non-GAAP measures with respect to prior periods.

Item 9.01 Financial Statements and Exhibits


Exhibit 99.1		UniSource Energy Corporation Press Release, dated August 3, 2009.

Exhibit 99.2		Supplemental earnings information posted on UniSource Energy’s website, dated August 3, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Date: August 3, 2009		UNISOURCE ENERGY CORPORATION (Registrant)
		Kevin P. Larson
		Kevin P. Larson
		Senior Vice President and Principal Financial Officer

Date: August 3, 2009		TUCSON ELECTRIC POWER COMPANY (Registrant)
		Kevin P. Larson
		Kevin P. Larson
		Senior Vice President and Principal Financial Officer

EXHIBIT INDEX


Exhibit No		Description

Exhibit 99.1		UniSource Energy Corporation Press Release, dated August 3, 2009.

Exhibit 99.2		Supplemental earnings information posted on UniSource Energy’s website, dated August 3, 2009.

EX-99.1 2 c88678exv99w1.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1



FOR IMMEDIATE RELEASE		August 3, 2009
Media Contact: Art McDonald, (520) 884-3628		Page 1 of 9
Financial Analyst Contact: Jo Smith, (520) 884-3650

UNISOURCE ENERGY REPORTS SECOND QUARTER 2009 EARNINGS,
NARROWS 2009 EARNINGS GUIDANCE RANGE

•

UniSource Energy’s net income for the second quarter of 2009 was $31 million, or $0.80 per diluted share of common stock, compared with net income of $5 million, or $0.13 per diluted share, in the second quarter of 2008. Earnings for the second-quarter of 2009 also reflect an after-tax gain of $3.6 million, or $0.09 per diluted share on the sale of its equity interest in Carboelectrica Sabinas, S. de R.L. de C.V. (Sabinas), one of UniSource Energy’s unregulated energy investments.

•

UniSource Energy narrows its 2009 reported GAAP earnings guidance to $2.55 to $2.70 per diluted share from $2.55 to $2.90 per diluted share.

Tucson, Ariz. — UniSource Energy Corporation (NYSE: UNS) today reported second quarter 2009 net income of $31 million, or $0.80 per diluted share of common stock, compared with net income of $5 million, or $0.13 per diluted share, in the same period last year.

UniSource Energy’s financial results are driven primarily by Tucson Electric Power (TEP), UniSource Energy’s principal subsidiary, which reported net income of $27 million for the second quarter compared with net income of $6 million last year. The increase can be attributed to two key elements: first, a $12 million increase in TEP’s retail revenues (excluding renewable energy and demand side management charges) reflecting an average base rate increase of 6% that was effective December 1, 2008 and a Purchased Power and Fuel Adjustment Clause (PPFAC) that allows recovery of actual costs. The new rate structure contributed to a $16 million increase in TEP’s utility gross margin (retail and wholesale revenues net of costs and deferrals related to fuel, purchased power and transmission) over the second quarter of last year. The other key element is that during the second quarter of 2008 TEP incurred charges of $22 million, including amortization of a regulatory asset and deferred revenues to be refunded; those charges will not recur in 2009.

Retail revenues were higher even though TEP’s second-quarter retail kilowatt-hour (kWh) sales fell 1.9 percent compared with the same period last year due to the struggling economy. The reduction in TEP’s second quarter retail sales actually represented a significant improvement over the 4.8 percent year-over-year decrease in the utility’s first quarter sales.

“With half of the year behind us and TEP’s retail energy sales lagging 3.3 percent behind last year’s levels, we’re revising our expectations and narrowing our 2009 guidance range to $2.55 - $2.70 per diluted share,” said Paul Bonavia, Chairman, President and CEO of UniSource Energy. “Although we’re beginning to see signs that economic conditions may be stabilizing, the high end of our previous earnings guidance is likely to remain out of reach.

To mitigate the impact of lower sales, the company is taking steps to reduce O&M expenses, Bonavia said. “We’re finding ways to cut costs without compromising safety, reliable service for our customers or the long-term health of our company,” he said.

TEP’s cash flows remain strong and are expected to combine with those of sister utilities UNS Gas and UNS Electric to push UniSource Energy’s 2009 consolidated operating cash flows above $330 million. Cash flows from operations are expected to be more than adequate to cover the company’s estimated consolidated capital expenditures of approximately $290 million.

The growth of TEP’s customer base also has proven resilient, Bonavia said. “TEP’s customer base continues to expand at a nearly 1 percent annual rate, which is encouraging in today’s economy,” he said. “With a more constructive regulatory framework in place, we will be well prepared to meet the needs of our customers as the economy improves in the years ahead.”

UniSource Energy’s revised guidance range also reflects the reduction in TEP’s long-term wholesale revenues, which fell $3 million in the second quarter compared with the same period last year. The decrease is linked primarily to reduced sales to the Navajo Tribal Utility Authority, which has made greater use of other energy sources that became more available and cost-effective under current economic conditions.

Tucson Electric Power

Second Quarter 2009 Results of Operations

TEP reported net income of $27 million in the second quarter of 2009, compared with net income of $6 million during the same period in 2008.

•

Retail electric revenues increased 5.5 percent, or $12 million, excluding the pass-through components for renewable energy and demand-side management (DSM) surcharges. Gains due to higher base rates and implementation of the PPFAC were partly offset by lower energy sales.

•

Sales to residential customers were up 0.5 percent compared with the second quarter of 2008. The pace of residential sales in the second quarter improved on the year-over-year decrease of 5.9 percent in the first quarter of 2009.

•

Second quarter sales to commercial and industrial customers — whose usage most closely reflects economic activity — were down 3.7 and 3.1 percent, respectively. The drop in second-quarter industrial sales improved on the 5.4 percent decrease in first quarter sales to those customers. The year-over-year reduction in second quarter sales to commercial customers increased from the 2.8 percent drop recorded in the first quarter.

•

Long-term wholesale sales decreased $3 million, or 24 percent, due to lower sales volumes.

•

PPFAC-related expenses, net of offsets, decreased by $8 million compared with the fuel and purchased power expenses net of short term wholesale revenues recorded during the second quarter of 2008. The decrease was due primarily to lower wholesale market prices for energy and natural gas and lower retail demand.

•

O&M expense increased $8 million, due in part to planned maintenance at TEP’s generating plants and a $3 million increase in pension-related costs.

•

Amortization of TEP’s Transition Recovery Asset (TRA) ended in May 2008, resulting in a $7 million decrease in amortization in the second quarter of 2009 compared with the second quarter of 2008.

•

Depreciation and amortization increased $11 million due primarily to plant additions, new depreciation rates for generating assets, amortization of regulatory assets resulting from the 2008 TEP rate order and a $4 million adjustment related to a change in accounting for TEP’s investment in Springerville Unit 1 lease equity.

•

Total other income increased $7 million due primarily to a $3 million adjustment related to a change in accounting for TEP’s investment in Springerville Unit 1 lease equity and interest on income tax refunds of $2 million.

•

Interest expense decreased $4 million due primarily to lower rates on variable rate debt, lower balances on capital lease obligations and a $1.6 million adjustment related to a change in accounting for TEP’s investment in Springerville Unit 1 lease equity.

During the second quarter of 2009, TEP adjusted its accounting for an investment in Springerville Unit 1 lease equity acquired in 2006, resulting in a $0.6 million increase in pre-tax income. Adjustments were made to depreciation and amortization, other income and expense, and interest on capital leases for the period from July 2006 through June 2009.

UNS Gas

UNS Gas reported no earnings in the second quarter of 2009, compared with net income of $0.3 million during the same period last year. UNS Gas’s operations are seasonal in nature with peak usage occurring in the winter months. The weak economy contributed to a lack of customer growth compared to the same period last year.

A request for higher UNS Gas rates is pending before the Arizona Corporation Commission (ACC). The company has requested an average base rate increase of 6 percent, or approximately $9.5 million, to cover increases in capital and operating costs. The ACC’s staff has recommended rates that would provide a $3.4 million revenue increase. Hearings before an administrative law judge are scheduled to begin Aug. 10, 2009.

UNS Electric

UNS Electric reported net income of $1.5 million for the second quarter of 2009, compared with net income of $0.7 million in the second quarter of 2008. Like TEP, UNS Electric’s operations are seasonal in nature, with peak energy demand occurring in the summer months.

Second-quarter retail kWh sales rose 6.8 percent compared with the same period last year due to the operations of a new copper mine in the company’s service area. Excluding mining sales, UNS Electric’s retail kWh sales fell 1.5 percent compared with the same period last year due to mild weather and the weak economy.

In April 2009, UNS Electric filed a general rate case with the ACC requesting an average base rate increase of $13.5 million, or 7.4 percent over 2008 retail revenues, to cover its rising service costs. Hearings before an administrative law judge are scheduled to begin Feb. 2, 2010

Millennium Energy Holdings, Inc.

In June, Millennium Energy Holdings (Millennium) recorded a pre-tax gain of $6 million from the sale of its equity interest in Sabinas, a Mexican coal supplier and owner of coal and associated gas reserves. The interest in Sabinas represented Millennium’s largest unregulated energy investment. Millennium received $5 million in cash and a $15 million three-year secured note bearing interest at 6 percent for the sale of its interest in Sabinas. At June 30, 2009, Millennium’s remaining total investments, including the $15 million note, were approximately $30 million.

Net Income and Earning Per Share Summary


	2nd Quarter					YTD June 30,
Net Income	2009		2008			2009		2008
	-Millions-					-Millions-

Tucson Electric Power	$	26.5	$	5.8		$	26.0		($3.1	)
UNS Gas		—		0.3			4.9		6.6
UNS Electric		1.5		0.7			2.3		1.2
Other (1)		3.3		(2.1	)		3.1		(2.6	)

Net Income	$	31.3	$	4.7		$	36.3	$	2.1


Avg. Basic Shares Outstanding (millions)		35.7		35.6			35.7		35.6
Avg. Diluted Shares Outstanding (millions)		40.2		36.2			40.2		36.1


	2nd Quarter					YTD June 30,
Earnings Per UniSource Energy Share	2009		2008			2009		2008

Tucson Electric Power	$	0.74	$	0.16		$	0.73		($0.09	)
UNS Gas		0.00		0.01			0.14		0.19
UNS Electric		0.04		0.02			0.06		0.03
Other (1)		0.09		(0.06	)		0.09		(0.07	)

Net Income per Basic Share	$	0.88	$	0.13		$	1.02	$	0.06

Net Income per Diluted Share (2)	$	0.80	$	0.13		$	0.95	$	0.06


(1)		Includes UniSource Energy on a stand-alone basis and results from Millennium Energy Holdings, Inc. and UniSource Energy Development, wholly-owned subsidiaries of UniSource Energy.
(2)		For the second quarter and six months ending June 30, 2008, 4 million of potentially dilutive shares and after-tax interest expense of $1 million and $2 million, respectively, were not included in the computation of diluted EPS because doing so would be anti-dilutive.

UniSource Energy believes the presentation of TEP, UNS Gas, UNS Electric and Other segment net income or loss on a per basic UniSource Energy share basis, which are non-GAAP financial measures, provides useful information to investors by disclosing the results of operations of its business segments on a basis consistent with UniSource Energy’s reported earnings.

Seasonality of Earnings

The net income and results of operations of UniSource Energy’s utility businesses are seasonal in nature. TEP and UNS Electric are summer-peaking utilities and historically have recorded a majority of their net income during the second and third quarters, when hot weather drives increases in energy consumption.

Energy demand from UNS Gas customers typically peaks during the winter, and that company records the majority of its net income during the first and fourth quarters.

Conference Call and Webcast

UniSource Energy will host a conference call on Tuesday, August 4 at 2:00 p.m. EDT to discuss the financial results and outlook. To participate in the call, please dial in five to 10 minutes prior to the start.


Dial in:		(877) 582-0446

Reference code:		21943106

The conference call will also be broadcast on UniSource Energy’s website. The webcast can be accessed at uns.com, and the telephone replay will be available for seven days.


Replay Number:		(800) 642-1687

Reference Code:		21943106

UniSource Energy is a Tucson, Arizona-based company with consolidated assets of approximately $3.5 billion. UniSource Energy’s primary subsidiaries include Tucson Electric Power Company, which serves more than 400,000 customers in southern Arizona, and UniSource Energy Services, provider of natural gas and electric service for about 236,000 customers in northern and southern Arizona.
For more information about UniSource Energy and its subsidiaries, visit uns.com.

This release contains forward-looking information that involves risks and uncertainties, including factors that could affect UniSource Energy’s ability to reach the 2009 earnings guidance. These risks and uncertainties include, but are not limited to: state and federal regulatory and legislative decisions and actions; regional economic and market conditions which could affect customer growth and energy usage; weather variations affecting energy usage; the cost of debt and equity capital and access to capital markets; the performance of the stock market and changing interest rate environment, which affect the value of the company’s pension and other postretirement benefit plan assets and the related contribution requirements and expense; unexpected increases in O&M expense; resolution of pending litigation matters; changes in accounting standards; changes in critical accounting estimates; the ongoing restructuring of the electric industry; changes to long-term contracts; the cost of fuel and power supplies; performance of TEP’s generating plants; and other factors listed in UniSource Energy’s Form 10-K and 10-Q filings with the Securities and Exchange Commission. The preceding factors may cause future results to differ materially from outcomes currently expected by UniSource Energy.

UNISOURCE ENERGY 2009 RESULTS

UniSource Energy Corporation
Comparative Condensed Consolidated Statements of Income
(in thousands of dollars, except per share amounts)
(UNAUDITED)


	Three Months Ended
	June 30,						Increase / (Decrease)
	2009			2008			Amount			Percent
Operating Revenues
Electric Retail Sales	$	267,200		$	248,753		$	18,447			7.4
Provision for Rate Refunds — CTC Revenue		—			(14,898	)		14,898			N/M

Net Electric Retail Sales		267,200			233,855			33,345			14.3
Electric Wholesale Sales		27,950			77,456			(49,506	)		(63.9	)
Gas Revenue		24,661			29,740			(5,079	)		(17.1	)
Other Revenues		17,973			19,271			(1,298	)		(6.7	)

Total Operating Revenues		337,784			360,322			(22,538	)		(6.3	)


Operating Expenses
Fuel		69,047			75,982			(6,935	)		(9.1	)
Purchased Energy		64,219			123,478			(59,259	)		(48.0	)
Transmission		2,991			4,957			(1,966	)		(39.7	)
Increase (Decrease) to reflect PPFAC/PGA Recovery Treatment		3,618			(4,892	)		8,510			N/M

Total Fuel and Purchased Energy		139,875			199,525			(59,650	)		(29.9	)
Other Operations and Maintenance		78,929			70,670			8,259			11.7
Depreciation and Amortization		47,527			36,281			11,246			31.0
Amortization of Transition Recovery Asset		—			6,695			(6,695	)		N/M
Taxes Other Than Income Taxes		12,363			12,525			(162	)		(1.3	)

Total Operating Expenses		278,694			325,696			(47,002	)		(14.4	)

Operating Income		59,090			34,626			24,464			70.7


Other Income (Deductions)
Interest Income		4,823			3,039			1,784			58.7
Other Income		13,878			2,699			11,179			N/M
Other Expense		(695	)		(2,291	)		1,596			69.7

Total Other Income (Deductions)		18,006			3,447			14,559			N/M


Interest Expense
Long-Term Debt		14,719			18,175			(3,456	)		(19.0	)
Interest on Capital Leases		11,450			13,074			(1,624	)		(12.4	)
Other Interest Expense		961			582			379			65.1
Interest Capitalized		(619	)		(1,628	)		1,009			62.0

Total Interest Expense		26,511			30,203			(3,692	)		(12.2	)


Income Before Income Taxes		50,585			7,870			42,715			N/M
Income Tax Expense		19,310			3,123			16,187			N/M


Net Income	$	31,275		$	4,747		$	26,528			N/M


Weighted-average Shares of Common Stock Outstanding (000)		35,687			35,612			75			0.2


Basic Earnings per Share	$	0.88		$	0.13		$	0.75			N/M


Diluted Earnings per Share	$	0.80		$	0.13		$	0.67			N/M


Dividends Declared per Share	$	0.290		$	0.240		$	0.050			20.8


	Three Months Ended
Tucson Electric Power	June 30,				Increase / (Decrease)
Electric MWh Sales:	2009		2008		Amount			Percent
Retail Sales		2,356,390		2,403,032		(46,642	)		(1.9	)
Wholesale Sales		614,046		1,160,805		(546,759	)		(47.1	)

Total		2,970,436		3,563,837		(593,401	)		(16.7	)

N/M — Not Meaningful

Reclassifications have been made to prior periods to conform to the current period’s presentation.

UNISOURCE ENERGY 2009 RESULTS

UniSource Energy Corporation
Comparative Condensed Consolidated Statements of Income
(in thousands of dollars, except per share amounts)
(UNAUDITED)


	Six Months Ended
	June 30,						Increase / (Decrease)
	2009			2008			Amount			Percent
Operating Revenues
Electric Retail Sales	$	468,552		$	447,293		$	21,259			4.8
Provision for Rate Refunds — CTC Revenue		—			(14,898	)		14,898			N/M

Net Electric Retail Sales		468,552			432,395			36,157			8.4
Electric Wholesale Sales		63,246			129,825			(66,579	)		(51.3	)
Gas Revenue		82,963			95,170			(12,207	)		(12.8	)
Other Revenues		34,880			33,066			1,814			5.5

Total Operating Revenues		649,641			690,456			(40,815	)		(5.9	)


Operating Expenses
Fuel		123,864			145,205			(21,341	)		(14.7	)
Purchased Energy		140,914			231,558			(90,644	)		(39.1	)
Transmission		5,251			8,621			(3,370	)		(39.1	)
Increase (Decrease) to reflect PPFAC/PGA Recovery Treatment		10,320			(11,231	)		21,551			N/M

Total Fuel and Purchased Energy		280,349			374,153			(93,804	)		(25.1	)
Other Operations and Maintenance		163,882			138,160			25,722			18.6
Depreciation and Amortization		88,202			72,434			15,768			21.8
Amortization of Transition Recovery Asset		—			23,945			(23,945	)		N/M
Taxes Other Than Income Taxes		24,818			25,120			(302	)		(1.2	)

Total Operating Expenses		557,251			633,812			(76,561	)		(12.1	)

Operating Income		92,390			56,644			35,746			63.1


Other Income (Deductions)
Interest Income		6,921			6,204			717			11.6
Other Income		14,385			5,198			9,187			N/M
Other Expense		(1,228	)		(2,882	)		1,654			57.4

Total Other Income (Deductions)		20,078			8,520			11,558			N/M


Interest Expense
Long-Term Debt		29,363			35,420			(6,057	)		(17.1	)
Interest on Capital Leases		24,258			26,151			(1,893	)		(7.2	)
Other Interest Expense		1,431			1,723			(292	)		(16.9	)
Interest Capitalized		(1,344	)		(3,175	)		1,831			57.7

Total Interest Expense		53,708			60,119			(6,411	)		(10.7	)


Income Before Income Taxes		58,760			5,045			53,715			N/M
Income Tax Expense		22,566			2,913			19,653			N/M


Net Income	$	36,194		$	2,132		$	34,062			N/M


Weighted-average Shares of Common Stock Outstanding (000)		35,676			35,585			91			0.3


Basic Earnings per Share	$	1.01		$	0.06		$	0.95			N/M


Diluted Earnings per Share	$	0.95		$	0.06		$	0.89			N/M


Dividends Declared per Share	$	0.580		$	0.480		$	0.100			20.8


	Six Months Ended
Tucson Electric Power	June 30,				Increase / (Decrease)
Electric MWh Sales:	2009		2008		Amount			Percent
Retail Sales		4,285,649		4,430,115		(144,466	)		(3.3	)
Wholesale Sales		1,444,028		2,104,014		(659,986	)		(31.4	)

Total		5,729,677		6,534,129		(804,452	)		(12.3	)

N/M — Not Meaningful

Reclassifications have been made to prior periods to conform to the current period’s presentation.

TUCSON ELECTRIC POWER COMPANY 2009 RESULTS

TUCSON ELECTRIC POWER COMPANY
Comparative Condensed Consolidated Statements of Income
(in thousands of dollars)
(UNAUDITED)


	Three Months Ended
	June 30,						Increase / (Decrease)
	2009			2008			Amount			Percent
Operating Revenues
Electric Retail Sales	$	220,007		$	205,486		$	14,521			7.1
Provision for Rate Refunds — CTC Revenue		—			(14,898	)		14,898			N/M

Net Electric Retail Sales		220,007			190,588			29,419			15.4
Electric Wholesale Sales		31,985			82,582			(50,597	)		(61.3	)
Other Revenues		19,552			20,971			(1,419	)		(6.8	)

Total Operating Revenues		271,544			294,141			(22,597	)		(7.7	)


Operating Expenses
Fuel		65,038			74,006			(8,968	)		(12.1	)
Purchased Energy		36,375			78,554			(42,179	)		(53.7	)
Transmission		1,259			2,430			(1,171	)		(48.2	)
Increase (Decrease) to reflect PPFAC Recovery Treatment		(3,634	)		—			(3,634	)		N/M

Total Fuel and Purchased Energy		99,038			154,990			(55,952	)		(36.1	)
Other Operations and Maintenance		69,103			61,481			7,622			12.4
Depreciation and Amortization		41,769			30,707			11,062			36.0
Amortization of Transition Recovery Asset		—			6,695			(6,695	)		N/M
Taxes Other Than Income Taxes		10,040			10,516			(476	)		(4.5	)

Total Operating Expenses		219,950			264,389			(44,439	)		(16.8	)

Operating Income		51,594			29,752			21,842			73.4


Other Income (Deductions)
Interest Income		4,740			2,678			2,062			77.0
Other Income		7,389			2,260			5,129			N/M
Other Expense		(521	)		(258	)		(263	)		N/M

Total Other Income (Deductions)		11,608			4,680			6,928			N/M


Interest Expense
Long-Term Debt		9,213			12,624			(3,411	)		(27.0	)
Interest on Capital Leases		11,446			13,070			(1,624	)		(12.4	)
Other Interest Expense		335			464			(129	)		(27.8	)
Interest Capitalized		(498	)		(1,297	)		799			61.6

Total Interest Expense		20,496			24,861			(4,365	)		(17.6	)


Income Before Income Taxes		42,706			9,571			33,135			N/M
Income Tax Expense		16,199			3,806			12,393			N/M


Net Income	$	26,507		$	5,765		$	20,742			N/M


N/M — Not Meaningful

Reclassifications have been made to prior periods to conform to the current period’s presentation.

TUCSON ELECTRIC POWER COMPANY 2009 RESULTS

TUCSON ELECTRIC POWER COMPANY
Comparative Condensed Consolidated Statements of Income (Loss)
(in thousands of dollars)
(UNAUDITED)


	Six Months Ended
	June 30,						Increase / (Decrease)
	2009			2008			Amount			Percent
Operating Revenues
Electric Retail Sales	$	377,771		$	367,408		$	10,363			2.8
Provision for Rate Refunds — CTC Revenue		—			(14,898	)		14,898			N/M

Net Electric Retail Sales		377,771			352,510			25,261			7.2
Electric Wholesale Sales		69,743			134,895			(65,152	)		(48.3	)
Other Revenues		37,303			35,338			1,965			5.6

Total Operating Revenues		484,817			522,743			(12,665	)		(2.4	)


Operating Expenses
Fuel		116,478			143,215			(26,737	)		(18.7	)
Purchased Energy		59,417			110,776			(51,359	)		(46.4	)
Transmission		1,807			4,469			(2,662	)		(59.6	)
Increase (Decrease) to reflect PPFAC Recovery Treatment		(4,003	)		—			(4,003	)		N/M

Total Fuel and Purchased Energy		173,699			258,460			(84,761	)		(32.8	)
Other Operations and Maintenance		143,837			120,065			23,772			19.8
Depreciation and Amortization		76,820			61,997			14,823			23.9
Amortization of Transition Recovery Asset		—			23,945			(23,945	)		N/M
Taxes Other Than Income Taxes		20,295			21,064			(769	)		(3.7	)

Total Operating Expenses		414,651			485,531			(70,880	)		(14.6	)

Operating Income		70,166			37,212			58,215			N/M


Other Income (Deductions)
Interest Income		6,809			5,466			1,343			24.6
Other Income		7,977			4,018			3,959			98.5
Other Expense		(906	)		(731	)		(175	)		(23.9	)

Total Other Income (Deductions)		13,880			8,753			5,127			58.6


Interest Expense
Long-Term Debt		18,404			24,337			(5,933	)		(24.4	)
Interest on Capital Leases		24,251			26,139			(1,888	)		(7.2	)
Other Interest Expense		683			1,469			(786	)		(53.5	)
Interest Capitalized		(1,132	)		(2,352	)		1,220			51.9

Total Interest Expense		42,206			49,593			(7,387	)		(14.9	)


Income (Loss) Before Income Taxes		41,840			(3,628	)		45,468			N/M
Income Tax Expense (Benefit)		15,887			(530	)		16,417			N/M


Net Income (Loss)	$	25,953		$	(3,098	)	$	29,051			N/M


N/M — Not Meaningful

Reclassifications have been made to prior periods to conform to the current period’s presentation.

EX-99.2 3 c88678exv99w2.htm EXHIBIT 99.2 Exhibit 99.2

Exhibit 99.2

UniSource Energy Corporation
Supplemental Earnings & Outlook Information
August 3, 2009

SAFE HARBOR AND NON-GAAP MEASURES

This document contains forward-looking information that involves risks and uncertainties, that include, but are not limited to: state and federal regulatory and legislative decisions and actions; regional economic and market conditions which could affect customer growth and energy usage; weather variations affecting energy usage; the cost of debt and equity capital and access to capital markets; the performance of the stock market and changing interest rate environment, which affect the value of the company’s pension and other postretirement benefit plan assets and the related contribution requirements and expense; unexpected increases in O&M expense; resolution of pending litigation matters; changes in accounting standards; changes in critical accounting estimates; the ongoing restructuring of the electric industry; changes to long-term contracts; the cost of fuel and power supplies; performance of TEP’s generating plants; and other factors listed in UniSource Energy’s Form 10-K and 10-Q filings with the Securities and Exchange Commission. The preceding factors may cause future results to differ materially from historical results or from outcomes currently expected by UniSource Energy.

YEAR OVER YEAR VARIANCE EXPLANATION


	2nd Quarter						Year-to-Date June 30
$ in millions	Pre-Tax			After Tax			Pre-Tax			After Tax
2008 UniSource Energy Net Income				$	4.7					$	2.1

TEP 2009 vs. 2008
Change in Revenues
Higher retail revenues (excluding REST and DSM revenues) due to higher base rates and the PPFAC.		11.8			7.1			6.7			4.0

Lower long-term wholesale electric and transmission revenues due to lower sales volumes.		(3.8	)		(2.3	)		(4.6	)		(2.8	)

Change in PPFAC-Related Expenses
Lower fuel and purchased power expense (net of short-term wholesale revenues) resulting from lower retail sales volumes and a decline in commodity prices.		8.4			5.0			23.5			14.1


Change in TEP Utility Gross Margin	$	16.4		$	9.8		$	25.6		$	15.4

Change in Other Operating Expenses
Higher Base O&M due primarily to an increase in plant outage and maintenance costs, as well as an increase in pension expense.		(7.8	)		(4.7	)		(19.6	)		(11.8	)

Higher depreciation and amortization due to: additions to plant in service; new depreciation rates for generation assets and amortization of regulatory assets resulting from the 2008 TEP Rate Order; and an adjustment related to an investment in lease equity made in 2006.		(11.1	)		(6.7	)		(14.8	)		(8.9	)

Other Income		6.9			4.1			5.1			3.1

Lower interest expense due to: lower rates on variable rate debt; lower balances of capital lease obligations; and an adjustment related to an investment in lease equity made in 2006.		4.4			2.6			7.4			4.4

Other Changes		4.1			2.5			5.9			3.5

Change in TEP’s Other Operating Expenses	$	(3.5	)	$	(2.1	)	$	(16.0	)	$	(9.6	)

Change in Regulatory Refunds and Amortization of TRA
Deferral of Revenues after TRA amortized in May 2008		14.9			8.9			14.9			8.9
TRA amortization expense in 2008		6.7			4.0			23.9			14.3


Total TEP Change 2009 vs. 2008	$	34.5		$	20.7		$	48.4		$	29.0


Other Changes 2009 vs. 2008

UNS Gas Change in Net Income					(0.3	)					(1.7	)
Mild weather resulted in lower retail therm sales.

UNS Electric Change in Net Income					0.8						1.1
Rate increase in June 2008 and a new mining customer

Other					5.4						5.7
After-tax gain at Millennium from the sale of Sabinas ($3.6 million). Also includes results of UED and consolidating adjustments.

Total Change in UNS Net Income					26.6						34.1


2009 UniSource Energy Net Income				$	31.3					$	36.2

TEP UTILITY GROSS MARGIN RECONCILIATION


	YTD Jun 30			YTD Jun 30			Q2			Q2
(millions)	2009			2008			2009			2008
Retail Electric Revenues* (Excluding DSM & REST)	$	372.7		$	366.0		$	217.2		$	205.4
Long-Term Wholesale Electric Sales		24.3			28.7			10.1			13.2
Wholesale Transmission Revenues		8.3			8.5			4.4			5.1

Total	$	405.3		$	403.2		$	231.7		$	223.7

Less Fuel, Purchased Power and Transmission Expense
Fuel		116.5			143.2			65.0			74.0
Reimbursed Fuel		(2.2	)		(2.9	)		(1.2	)		(1.9	)
Purchased Power		59.4			110.8			36.4			78.5
Increase (Decrease) to Reflect PPFAC Recovery		(4.0	)		0.0			(3.6	)		0.0
Transmission		1.8			4.5			1.3			2.4
Short-Term Wholesale Electric Sales		(37.1	)		(97.7	)		(17.5	)		(64.2	)

Net Fuel, Purchased Power and Transmission Expense		134.4			157.9			80.4			88.8


Utility Gross Margin (non-GAAP)	$	270.9		$	245.3		$	151.3		$	134.9


Reconciling Line Items to Operating Income
CTC Revenue Subject to Refund		0.0			(14.9	)		0.0			(14.9	)
Other Revenue		37.3			35.3			19.6			21.0
REST & DSM Revenues		5.1			1.4			2.8			0.1
FAS 71 Reinstatement Included in Fuel Expense		N/A			N/A			N/A			N/A

Other Operating Expenses (Income):
Reimbursed Fuel		2.2			2.9			1.2			1.9
Other Operations & Maintenance		143.8			120.1			69.1			61.5
Depreciation & Amortization		76.8			62.0			41.8			30.7
Amortization of Transition Recovery Asset		0.0			23.9			0.0			6.7
Taxes Other Than Income Taxes		20.3			21.0			10.0			10.5


Operating Income (GAAP)	$	70.2		$	37.2		$	51.6		$	29.8

TEP UTILITY GROSS MARGIN RECONCILIATION (CONT’D)


	Q1			Q1			Q4			Q3
(millions)	2009			2008			2008			2008
Retail Electric Revenues* (Excluding DSM & REST)	$	155.4		$	160.6		$	172.4		$	258.7
Long-Term Wholesale Electric Sales		14.1			15.4			14.9			14.5
Wholesale Transmission Revenues		3.9			2.7			4.9			4.3

Total	$	173.4		$	178.7		$	192.2		$	277.5

Less Fuel, Purchased Power and Transmission Expense
Fuel		51.4			69.2			37.3			107.2
Reimbursed Fuel		(1.0	)		(1.0	)		(0.8	)		(1.3	)
FAS 71 Reinstatement Included in Fuel Expense		N/A			N/A			24.0			N/A
Purchased Power		23.0			32.2			26.8			100.4
Increase (Decrease) to Reflect PPFAC Recovery		(0.4	)		0.0			0.0			0.0
Transmission		0.5			2.0			1.1			5.0
Short-Term Wholesale Electric Sales		(19.6	)		(34.2	)		(32.2	)		(54.1	)

Net Fuel, Purchased Power and Transmission Expense		53.9			68.2			56.2			157.2


Utility Gross Margin (non-GAAP)	$	119.5		$	110.5		$	136.0		$	120.3


Reconciling Line Items to Operating Income
CTC Revenue Subject to Refund		0.0			0.0			(13.7	)		(29.5	)
Other Revenue		17.8			14.4			19.6			20.0
REST & DSM Revenues		2.4			1.3			2.8			1.2
FAS 71 Reinstatement Included in Fuel Expense		N/A			N/A			24.0			N/A

Other Operating Expenses (Income):
Reimbursed Fuel		1.0			1.0			0.8			1.3
FAS 71 Reinstatement Included in Fuel Expense
Other Operations & Maintenance**		74.7			58.6			72.5			63.9
Depreciation & Amortization		35.1			31.3			32.8			31.2
Amortization of Transition Recovery Asset		0.0			17.3			0.0			0.0
Taxes Other Than Income Taxes		10.3			10.5			2.5			8.1

Operating Income (GAAP)	$	18.6		$	7.5		$	60.1		$	7.5


**		O&M Expense in Q3 and Q4 2008 excludes transmission expense since it is recorded as part of fuel and purchased power expense in the calculation of gross margin.

TEP — RETAIL AND LONG-TERM WHOLESALE REVENUES


	YTD Jun 30		Q2		Q1
	2009		2009		2009
*RETAIL NON-FUEL REVENUES (MILLIONS)**
Residential	$	107.2	$	61.9	$	45.3
Commercial		73.0		42.6		30.3
Industrial		47.4		25.7		21.8
Mining		16.0		7.8		8.2
Other		6.0		3.7		2.3

Total	$	249.5	$	141.6	$	107.9
Base Fuel and PPFAC Revenues		123.1		75.7		47.4
REST & DSM Revenues		5.1		2.8		2.4

Total Electric Retail Revenues	$	377.7	$	220.0	$	157.8


*		Retail non-fuel revenues exclude fuel, PPFAC, REST/DSM charges


	YTD Jun 30		Q2		Q1
	2009		2009		2009
RETAIL REVENUES (CENTS / KWH)
Avg. Non-Fuel Rates
Residential		6.39		6.52		6.23
Commercial		7.88		8.17		7.51
Industrial		4.57		4.67		4.45
Mining		3.05		2.93		3.17
Other		4.91		5.11		4.64

Total Average Non-Fuel Rate		5.82		6.01		5.60
Avg. Base Fuel and PPFAC Rate		2.87		3.15		2.46
Avg. REST & DSM Rate		0.12		0.12		0.12

Avg. Total Retail Rate		8.81		9.16		8.18


	YTD Jun 30		Q2		Q1
	2009		2009		2009
*LONG-TERM WHOLESALE GROSS MARGIN (MILLIONS)**
Long-term Wholesae Revenues	$	24.3	$	10.1	$	14.1
Fuel and Purchased Power Expense		13.5		5.8		7.7

Net	$	10.8	$	4.3	$	6.4

UNISOURCE ENERGY AND TEP BASE O&M RECONCILIATION


UniSource Energy	YTD Jun 30			YTD Jun 30			Q2			Q2			Q1			Q1
O&M Components	2009			2008			2009			2008			2009			2008
	-millions-						-millions-						-millions-
TEP Base O&M (Non-GAAP)	$	120.9		$	101.3		$	57.7		$	49.9		$	63.1		$	51.2
UNS Gas O&M		12.4			12.7			6.0			6.3			6.3			6.4
UNS Electric O&M		11.1			10.5			5.7			5.9			5.4			4.6
Consolidating Adjustments & Other		(5.4	)		(5.5	)		(3.0	)		(3.2	)		(1.4	)		(2.1	)

UniSource Energy Base O&M (Non-GAAP)	$	139.0		$	119.0		$	66.4		$	58.9		$	73.4		$	60.1
Reimbursed O&M Related to Springerville Units 3 and 4		17.8			16.5			8.6			10.4			9.2			6.1
Expenses Related to Customer-funded Renewable Energy and DSM Programs		7.1			2.7			3.9			1.4			2.4			1.3

UniSource Energy O&M (GAAP)	$	163.9		$	138.2		$	78.9		$	70.7		$	85.0		$	67.5


TEP	YTD Jun 30		YTD Jun 30		Q2		Q2		Q1		Q1
O&M Components	2009		2008		2009		2008		2009		2008
	-millions-				-millions-				-millions-
Wages, A&G, Other	$	71.9	$	70.0	$	36.6	$	34.7	$	35.2	$	35.1
Generating Plant Maintenance Expense		38.1		26.1		15.6		12.6		22.5		13.5
Pension and Postretirement Benefits Expense		10.9		5.2		5.5		2.6		5.4		2.6

TEP Base O&M (Non-GAAP)	$	120.9	$	101.3	$	57.7	$	49.9	$	63.1	$	51.2
Reimbursed O&M Related to Springerville Units 3 and 4		17.8		16.5		8.6		10.4		9.2		6.1
Expenses Related to Customer-funded Renewable Energy and DSM Programs		5.1		2.3		2.8		1.2		2.4		1.3

TEP O&M (GAAP)	$	143.8	$	120.1	$	69.1	$	61.5	$	74.7	$	58.6


UniSource Energy	Q3		Q4
O&M Components	2008		2008
	-millions-
TEP Base O&M (Non-GAAP)	$	52.4	$	60.6
UNS Gas O&M		5.7		6.7
UNS Electric O&M		8.4		7.9
Consolidating Adjustments & Other		1.8		(2.2	)

UniSource Energy Base O&M (Non-GAAP)	$	68.3	$	73.0
Reimbursed O&M Related to Springerville Units 3 and 4		9.7		9.0
Expenses Related to Customer-funded Renewable Energy and DSM Programs		2.4		3.9
Transmission Expense		5.0		1.1

UniSource Energy O&M (GAAP)	$	80.4	$	85.9


TEP	Q3		Q4
O&M Components	2008		2008
	-millions-
Wages, A&G, Other	$	37.5	$	39.1
Generating Plant Maintenance Expense		12.3		18.9
Pension and Postretirement Benefits Expense		2.6		2.6

TEP Base O&M (Non-GAAP)	$	52.4	$	60.6
Reimbursed O&M Related to Springerville Units 3 and 4		9.7		9.0
Expenses Related to Customer-funded Renewable Energy and DSM Programs		1.8		2.9
Transmission Expense		5.0		1.1

TEP O&M (GAAP)	$	68.9	$	73.6

TUCSON ELECTRIC POWER — OPERATING STATISTICS


	3 Months Ended June 30												Year-to-Date June 30
	2009			2008			Incr (Decr)			% Change			2009			2008			Incr (Decr)			% Change
AVG. ELECTRIC CUSTOMERS
Residential		364,885			362,561			2,324			0.6	%		364,855			362,436			2,419			0.7	%
Commercial		35,643			35,048			595			1.7	%		35,573			34,968			605			1.7	%
Industrial		628			639			(11	)		-1.8	%		632			639			(7	)		-1.1	%
Mining		2			2			—			0.0	%		2			2			—			0.0	%
Other		61			61			—			0.0	%		61			61			—			0.0	%

Total		401,219			398,311			2,908			0.7	%		401,123			398,106			3,017			0.8	%

RETAIL SALES — MWH
Residential		948,839			944,174			4,665			0.5	%		1,676,017			1,717,013			(40,996	)		-2.4	%
Commercial		521,696			541,676			(19,980	)		-3.7	%		925,559			957,134			(31,575	)		-3.3	%
Industrial		549,331			566,782			(17,451	)		-3.1	%		1,038,839			1,084,262			(45,423	)		-4.2	%
Mining		264,925			277,426			(12,501	)		-4.5	%		523,619			543,880			(20,261	)		-3.7	%
Other		71,599			72,974			(1,375	)		-1.9	%		121,615			127,826			(6,211	)		-4.9	%

Total		2,356,390			2,403,032			(46,642	)		-1.9	%		4,285,649			4,430,115			(144,466	)		-3.3	%

RETAIL USAGE — KWH/CUSTOMER
Residential		2,600			2,604			(4	)		-0.1	%		4,594			4,737			(144	)		-3.0	%
Commercial		14,637			15,455			(819	)		-5.3	%		26,019			27,372			(1,353	)		-4.9	%
Industrial		875,195			886,983			(11,787	)		-1.3	%		1,643,733			1,696,811			(53,078	)		-3.1	%
Mining		132,462,500			138,713,000			(6,250,500	)		-4.5	%		261,809,500			271,940,000			(10,130,500	)		-3.7	%
Other		1,173,754			1,196,295			(22,541	)		-1.9	%		1,993,689			2,095,508			(101,820	)		-4.9	%

Total		5,873			6,033			(160	)		-2.7	%		10,684			11,128			(444	)		-4.0	%

RETAIL REVENUES — MILLIONS
Residential	$	93.5		$	88.1		$	5.4			6.2	%	$	157.9		$	153.1		$	4.8			3.1	%
Commercial		59.1			56.6			2.5			4.4	%		99.6			98.9			0.7			0.7	%
Industrial		42.9			41.9			1.0			2.4	%		76.7			78.2			(1.5	)		-1.9	%
Mining		16.0			14.1			1.9			13.4	%		29.0			27.5			1.5			5.5	%
Other		5.8			5.4			0.4			7.9	%		9.4			9.5			(0.1	)		-1.1	%

Total	$	217.2		$	206.0		$	11.3			5.5	%	$	372.6		$	367.2		$	5.4			1.5	%

DSM / REST		2.8			(0.5	)		3.3			N/M			5.2			0.2			5.0			N/M

Total Retail Revenues	$	220.0		$	205.5		$	14.6			7.1	%	$	377.8		$	367.4		$	10.4			2.8	%


WEATHER — COOLING DEGREE DAYS
Actual		417			420			(3	)		-0.7	%		417			420			(3	)		-0.7	%
10-Year Average		440			457									441			457
% Change Actual vs. 10-Year Avg.		-5.2	%		-8.1	%								-5.4	%		-8.1	%

ENERGY MARKET INDICATORS
Avg. Wholesale Power Prices
Palo Verde Index — $/MWh
On Peak	$	30.46		$	91.94		$	(61.48	)		-66.9	%	$	32.11		$	81.02		$	(48.91	)		-60.4	%
Off Peak	$	19.16		$	63.55		$	(44.39	)		-69.9	%	$	22.48		$	61.89		$	(39.41	)		-63.7	%

Avg. Natural Gas Prices
Permian Index — $/MMBtu	$	2.76		$	9.44		$	(6.68	)		-70.8	%	$	3.17		$	8.37		$	(5.20	)		-62.1	%

UNS GAS — OPERATING STATISTICS


	3 Months Ended June 30												6 Months Ended June 30
	2009			2008			Incr (Decr)			% Change			2009			2008			Incr (Decr)			% Change
AVG. GAS CUSTOMERS
Residential		132,414			132,316			98			0.1	%		132,813			132,862			(49	)		0.0	%
Commercial		11,371			11,448			(77	)		-0.7	%		11,449			11,532			(83	)		-0.7	%
All Other		1,109			1,104			5			0.5	%		1,108			1,105			3			0.3	%

Total		144,894			144,868			26			0.0	%		145,370			145,499			(129	)		-0.1	%


RETAIL SALES — THOUSANDS OF THERMS
Residential		9,797			9,933			(136	)		-1.4	%		39,366			44,727			(5,361	)		-12.0	%
Commercial		5,343			5,429			(86	)		-1.6	%		15,717			17,588			(1,871	)		-10.6	%
All Other		1,279			1,203			76			6.3	%		4,803			5,423			(620	)		-11.4	%

Total		16,419			16,565			(146	)		-0.9	%		59,886			67,738			(7,852	)		-11.6	%


RETAIL USAGE — THERMS/CUSTOMER
Residential		74.0			75.1			(1	)		-1.4	%		296			337			(40	)		-12.0	%
Commercial		469.8			474.2			(4	)		-0.9	%		1,373			1,525			(152	)		-10.0	%

RETAIL REVENUES — MILLIONS
Non-Fuel Revenues:
Residential	$	6.6		$	6.7			(0.1	)		-1.3	%	$	19.5		$	21.4			(1.9	)		-8.8	%
Commercial		1.9			1.9			(0.0	)		-1.5	%		5.0			5.6			(0.5	)		-9.6	%
All Other		0.3			0.3			0.0			4.5	%		1.1			1.3			(0.1	)		-11.4	%

Total	$	8.8		$	8.9		$	(0.1	)		-1.2	%	$	25.6		$	28.2		$	(2.6	)		-9.1	%

DSM Revenues		0.1			0.1			0.0			3.1	%		0.2			0.1			0.1			106.2	%
Transport/NSP Revenues		3.4			8.9			(5.4	)		-61.2	%		8.7			14.7			(5.4	)		-36.8	%
Fuel Revenues:
Recovered from Customers		13.5			14.1			(0.6	)		-4.1	%		50.7			54.3			(3.7	)		-6.8	%

Total Gas Revenues	$	25.8		$	31.9		$	(6.1	)		-19.1	%	$	85.2		$	97.3		$	(12.1	)		-12.4	%


WEATHER — HEATING DEGREE DAYS
Actual		2,752			3,406			(654	)		-19.2	%		13,880			16,033			(2,153	)		-13.4	%
10-Year Average		3,034			2,633									14,994			13,095
% Change Actual vs. 10-Year Avg.		-9.3	%		29.4	%								-7.4	%		22.4	%

UNS ELECTRIC — OPERATING STATISTICS


	3 Months Ended June 30												6 Months Ended June 30
	2009			2008			Incr (Decr)			% Change			2009			2008			Incr (Decr)			% Change
AVG. ELECTRIC CUSTOMERS
Residential		79,496			79,459			37			0.0	%		79,452			79,468			(16	)		0.0	%
Commercial		10,342			10,331			11			0.1	%		10,343			10,320			23			0.2	%
All Other		285			273			12			4.4	%		283			272			11			4.0	%

Total		90,123			90,063			60			0.1	%		90,078			90,060			18			0.0	%


RETAIL SALES — MWH
Residential		184,126			183,678			448			0.2	%		350,696			366,998			(16,302	)		-4.4	%
Commercial		159,585			167,487			(7,902	)		-4.7	%		293,235			302,029			(8,794	)		-2.9	%
Industrial		49,478			47,788			1,690			3.5	%		87,834			92,575			(4,741	)		-5.1	%
Mining		39,680			6,247			33,433		NM				73,607			11,751			61,856		NM
Other		476			571			(95	)		-16.6	%		1,087			1,179			(92	)		-7.8	%

Total		433,345			405,771			27,574			6.8	%		806,459			774,532			31,927			4.1	%


RETAIL USAGE — KWH/CUSTOMER
Residential		2,316			2,312			5			0.2	%		4,414			4,618			(204	)		-4.4	%
Commercial		15,431			16,212			(781	)		-4.8	%		28,351			29,266			(915	)		-3.1	%

RETAIL REVENUES — MILLIONS
Non-Fuel Revenues:
Residential	$	4.7		$	5.4			(0.6	)		-11.8	%	$	9.0		$	11.1			(2.1	)		-18.7	%
Commercial		5.8			5.8			0.0			0.8	%		10.8			10.1			0.7			7.3	%
Industrial		1.6			0.3			1.2		NM				3.5			0.8			2.7		NM
Mining		0.8			0.5			0.4			80.3	%		1.1			0.5			0.6		NM
Other		0.1			0.1			(0.0	)		-14.5	%		0.1			0.1			(0.0	)		-4.4	%

Total	$	13.0		$	12.0		$	1.0			8.4	%	$	24.6		$	22.6		$	2.0			8.8	%

DSM / REST		1.0			0.1			0.9		NM				1.7			0.1			1.5		NM
Fuel Revenues:
Recovered from Customers		33.2			31.1			2.1			6.6	%		64.5			57.0			7.5			13.2	%

Total Retail Revenues	$	47.2		$	43.3		$	3.9			9.1	%	$	90.8		$	79.7		$	11.0			13.8	%


WEATHER — COOLING DEGREE DAYS
Actual		2,967			2,717			250			9.2	%		3,044			2,805			239			8.5	%
10-Year Average		2,891			2,682									3,002			2,971
% Change Actual vs. 10-Year Avg.		2.6	%		1.3	%								1.4	%		-5.6	%

BASIC AND DILUTED SHARES OUTSTANDING


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2009		2008		2009		2008
	-Thousands of Dollars-				-Thousands of Dollars-

Numerator:
Net Income	$	31,275	$	4,747	$	36,194	$	2,132
Income from Assumed Conversion of Convertible Senior Notes		1,097		—		2,195		—

Adjusted Numerator	$	32,372	$	4,747	$	38,389	$	2,132


Denominator:
Weighted-average Shares of Common Stock Outstanding:
Common Shares Issued		35,589		35,401		35,573		35,367
Fully Vested Deferred Stock Units		98		211		103		218

Total Weighted-average Shares of Common Stock Outstanding-Basic		35,687		35,612		35,676		35,585

Effect of Dilutive Securities:
Convertible Senior Notes		4,536		—		4,573		—
Options and Stock Issuable under Employee Benefit Plans and the Directors’ Plan		449		563		494		540

Total Shares — Diluted		40,223		36,175		40,249		36,125

For the three and six months ended June 30, 2008, 4 million potentially dilutive shares from the conversion of convertible senior notes, and after-tax interest expense of $1 million and $2 million, respectively, were not included in the computation of diluted EPS because to do so would be anti-dilutive.

The following table shows the number of stock options to purchase shares of Common Stock excluded from the computation of diluted EPS because the stock option’s exercise price was greater than the average market price of the Common Stock:

Three Months Ended

Six Months Ended

June 30,

2009

2008

2009

2008

-In Thousands-

Stock Options Excluded from the Diluted EPS Computation

395

234

395

314

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