Exhibit 99.1
Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2001 and 2000 List of Contents 2001 Year-End and 4th Quarter Summary 2001 by Quarter 2000 by Quarter Please see the Glossary of Terms on this website for definitions of terms used in this summary. Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2001 and 2000 3 Mo. Ended December 31 12 Mo. Ended December 31 ---------------------------------- ---------------------------------- Line 2001 2000 Incr (Decr) 2001 2000 Incr (Decr) -------- -------- ----------- -------- -------- ----------- EARNINGS CONTRIBUTION BY SUBSIDIARY (DOLLARS IN MILLIONS) 1 Arizona Public Service $ 39 $ 54 $ (15) $ 281 $ 307 $ (26) 2 Pinnacle West Energy 3 (1) 4 18 (2) 20 3 APS Energy Services -- (9) 9 (10) (13) 3 4 SunCor 1 3 (2) 3 11 (8) 5 El Dorado -- (5) 5 -- 2 (2) 6 Parent Company (7) -- (7) 35 (3) 38 -------- -------- -------- -------- -------- -------- 7 Income Before Accounting Change 36 42 (6) 327 302 25 Cumulative Effect of a Change in Accounting - 8 Net of Tax -- -- -- (15) -- (15) -------- -------- -------- -------- -------- -------- 9 Net Income $ 36 $ 42 $ (6) $ 312 $ 302 $ 10 ======== ======== ======== ======== ======== ======== EARNINGS PER SHARE BY SUBSIDIARY - DILUTED 10 Arizona Public Service $ 0.46 $ 0.64 $ (0.18) $ 3.31 $ 3.61 $ (0.30) 11 Pinnacle West Energy 0.04 (0.01) 0.05 0.21 (0.02) 0.23 12 APS Energy Services -- (0.11) 0.11 (0.12) (0.15) 0.03 13 SunCor 0.01 0.04 (0.03) 0.04 0.13 (0.09) 14 El Dorado -- (0.06) 0.06 -- 0.02 (0.02) 15 Parent Company (0.09) -- (0.09) 0.41 (0.03) 0.44 -------- -------- -------- -------- -------- -------- 16 Income Before Accounting Change 0.42 0.50 (0.08) 3.85 3.56 0.29 Cumulative Effect of a Change in Accounting - 17 Net of Tax -- -- -- (0.17) -- (0.17) -------- -------- -------- -------- -------- -------- 18 Net Income $ 0.42 $ 0.50 $ (0.08) $ 3.68 $ 3.56 $ 0.12 ======== ======== ======== ======== ======== ======== 19 BOOK VALUE PER SHARE $ 29.41 $ 28.09 $ 1.32 $ 29.41 $ 28.09 $ 1.32 COMMON SHARES OUTSTANDING - DILUTED 20 Average 84,824 85,015 (191) 84,930 84,935 (5) 21 End of Period 84,724 84,715 9 84,724 84,715 9 See Glossary of Terms. Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2001 and 2000 3 Mo. Ended December 31 12 Mo. Ended December 31 ---------------------------------- ---------------------------------- Line 2001 2000 Incr (Decr) 2001 2000 Incr (Decr) -------- -------- ----------- -------- -------- ----------- ELECTRIC OPERATING REVENUES (DOLLARS IN MILLIONS) Retail 22 Residential $ 180 $ 172 $ 8 $ 915 $ 881 $ 34 23 Business 219 211 8 952 935 17 -------- -------- -------- -------- -------- -------- 24 Total retail 399 383 16 1,867 1,816 51 -------- -------- -------- -------- -------- -------- Wholesale revenue on delivered electricity 25 Traditional contracts 2 16 (14) 73 121 (48) 26 Retail load hedge management 27 46 (19) 578 561 17 Marketing and trading -- delivered 27 Generation other than native load 6 80 (74) 148 116 32 28 Other delivered electricity marketing and trading (a) 297 276 21 1,560 874 686 -------- -------- -------- -------- -------- -------- 29 Total delivered marketing and trading 303 356 (53) 1,708 990 718 -------- -------- -------- -------- -------- -------- 30 Total delivered wholesale electricity 332 418 (86) 2,359 1,672 687 -------- -------- -------- -------- -------- -------- Other marketing and trading 31 Realized margins on delivered commodities other than electricity (a) 4 (1) 5 (14) (9) (5) 32 Prior period mark-to-market (gains) losses realized upon delivery of commodities (a) (51) (2) (49) (1) (2) 1 33 Change in mark-to-market for future-period deliveries (9) (11) 2 127 14 113 -------- -------- -------- -------- -------- -------- 34 Total other marketing and trading (56) (14) (42) 112 3 109 -------- -------- -------- -------- -------- -------- 35 Transmission for others 8 4 4 26 15 11 36 Miscellaneous services 1 7 (6) 18 26 (8) -------- -------- -------- -------- -------- -------- 37 Net electric operating revenues $ 684 $ 798 $ (114) $ 4,382 $ 3,532 $ 850 ======== ======== ======== ======== ======== ======== ELECTRIC SALES (GWH) Retail sales 38 Residential 2,149 2,028 121 10,336 9,781 555 39 Business 3,071 2,964 107 13,064 12,754 310 -------- -------- -------- -------- -------- -------- 40 Total retail 5,220 4,992 228 23,400 22,535 865 -------- -------- -------- -------- -------- -------- Wholesale electricity delivered 41 Traditional contracts 83 351 (268) 1,213 1,611 (398) 42 Retail load hedge management 382 702 (320) 3,040 6,674 (3,634) Marketing and trading -- delivered 43 Generation other than native load 256 720 (464) 1,388 1,494 (106) 44 Other delivered electricity marketing and trading 4,473 2,735 1,738 14,141 11,735 2,406 -------- -------- -------- -------- -------- -------- 45 Total delivered marketing and trading 4,729 3,455 1,274 15,529 13,229 2,300 -------- -------- -------- -------- -------- -------- 46 Total delivered wholesale electricity 5,194 4,508 686 19,782 21,514 (1,732) -------- -------- -------- -------- -------- -------- 47 Total electric sales 10,414 9,500 914 43,182 44,049 (867) ======== ======== ======== ======== ======== ======== (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 $1 million was transferred to "realized" for the total year 2001. Lines 28 and 31 include amounts totaling $1 million of realized revenues for the year 2001. See Glossary of Terms. Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2001 and 2000 3 Mo. Ended December 31 12 Mo. Ended December 31 -------------------------------- -------------------------------- Line 2001 2000 Incr (Decr) 2001 2000 Incr (Decr) ------- ------- ----------- ------- ------- ----------- MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (DOLLARS IN MILLIONS) GROSS MARGIN BY COMMODITY - PRETAX 48 Electricity $ 15 $ 32 $ (17) $ 329 $ 128 $ 201 49 Natural gas (3) 3 (6) (10) 5 (15) 50 Coal (6) -- (6) 8 (2) 10 51 Emission allowances (2) (5) 3 (10) (5) (5) 52 Other -- -- -- -- -- -- ------- ------- ------- ------- ------- ------- 53 Total $ 4 $ 30 $ (26) $ 317 $ 126 $ 191 ======= ======= ======= ======= ======= ======= GROSS MARGIN COMPONENTS - PRETAX Current Period Effects Realized margin on delivered commodities Electricity 54 Generation other than native load $ 2 $ 39 $ (37) $ 79 $ 54 $ 25 55 Other electricity marketing and trading (a) 58 5 53 119 69 50 ------- ------- ------- ------- ------- ------- 56 Total electricity 60 44 16 198 123 75 57 Other commodities (a) 4 (1) 5 (14) (9) (5) ------- ------- ------- ------- ------- ------- 58 Total realized margin 64 43 21 184 114 70 Prior-period mark-to-market (gains) losses transferred to "realized" upon delivery of commodities 59 Electricity (a) (43) (2) (41) (15) (2) (13) 60 Other commodities (a) (8) -- (8) 21 -- 21 ------- ------- ------- ------- ------- ------- 61 Subtotal (51) (2) (49) 6 (2) 8 ------- ------- ------- ------- ------- ------- 62 Total current period effects 13 41 (28) 190 112 78 ------- ------- ------- ------- ------- ------- Change in mark-to-market gains (losses) for future period deliveries 63 Electricity (2) (10) 8 146 7 139 64 Other commodities (7) (1) (6) (19) 7 (26) ------- ------- ------- ------- ------- ------- 65 Subtotal (9) (11) 2 127 14 113 ------- ------- ------- ------- ------- ------- 66 Total gross margin $ 4 $ 30 $ (26) $ 317 $ 126 $ 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 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 $15 million was transferred to "realized" for the total year 2001. A $15 million realized gain is included in the $119 million on line 55 for the total year 2001. See Glossary of Terms. Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2001 and 2000 3 Mo. Ended December 31 12 Mo. Ended December 31 -------------------------------- -------------------------------- Line 2001 2000 Incr (Decr) 2001 2000 Incr (Decr) ------- ------- ----------- ------- ------- ----------- AVERAGE ELECTRIC CUSTOMERS Retail customers 67 Residential 786,382 761,386 24,996 776,339 749,285 27,054 68 Business 98,631 96,024 2,607 98,198 94,128 4,070 ------- ------- ------- ------- ------- ------- 69 Total 885,013 857,410 27,603 874,537 843,413 31,124 70 Wholesale customers 66 67 (1) 66 67 (1) ------- ------- ------- ------- ------- ------- 71 Total customers 885,079 857,477 27,602 874,603 843,480 31,123 ======= ======= ======= ======= ======= ======= 72 Customer Growth (% over prior year) 3.2% 4.2% (1.0)% 3.7% 4.1% (0.4)% RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED 73 Residential 2,103 1,920 183 9,909 9,517 392 74 Business 3,019 3,004 15 12,779 12,685 94 ------- ------- ------- ------- ------- ------- 75 Total 5,122 4,924 198 22,688 22,202 486 ======= ======= ======= ======= ======= ======= RETAIL ELECTRICITY USAGE (KWH/AVERAGE CUSTOMER) 76 Residential 2,733 2,664 69 13,314 13,054 260 77 Business 31,139 30,867 272 133,037 135,496 (2,459) RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED (KWH/AVERAGE CUSTOMER) 78 Residential 2,674 2,522 152 12,764 12,701 63 79 Business 30,616 31,284 (668) 130,139 134,763 (4,624) ELECTRICITY DEMAND (MW) 80 System peak demand 3,898 4,331 (433) 5,687 5,478 209 See Glossary of Terms. Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2001 and 2000 3 Mo. Ended December 31 12 Mo. Ended December 31 -------------------------------- -------------------------------- 2001 2000 Incr (Decr) 2001 2000 Incr (Decr) ------- ------- ----------- ------- ------- ----------- ENERGY SOURCES (GWH) Generation production 81 Nuclear 1,818 2,078 (260) 8,384 8,841 (457) 82 Coal 3,203 3,175 28 12,572 12,509 63 83 Gas, oil and other 583 889 (306) 4,003 2,784 1,219 ------- ------- ------- ------- ------- ------- 84 Total 5,604 6,142 (538) 24,959 24,134 825 ------- ------- ------- ------- ------- ------- Purchased power 85 Firm load 570 455 115 3,165 3,086 79 86 Marketing and trading 4,854 3,642 1,212 17,608 18,892 (1,284) ------- ------- ------- ------- ------- ------- 87 Total 5,424 4,097 1,327 20,773 21,978 (1,205) ------- ------- ------- ------- ------- ------- 88 Total energy sources 11,028 10,239 789 45,732 46,112 (380) ======= ======= ======= ======= ======= ======= POWER PLANT PERFORMANCE Capacity Factors 89 Nuclear 76% 87% (11)% 88% 93% (5)% 90 Coal 85% 84% 1% 84% 83% 1% 91 Gas, oil and other 20% 34% (14)% 37% 27% 10% 92 System average 62% 70% (8)% 70% 69% 1% Generation Capacity Out of Service (average MW/day) 93 Nuclear 246 143 103 127 80 47 94 Coal 90 187 (97) 167 155 12 95 Gas 16 20 (4) 32 22 10 96 Total 352 350 2 326 257 69 97 Generation Fuel Cost ($/MWh) $ 12.51 $ 16.28 $ (3.77) $ 16.22 $ 13.72 $ 2.50 See Glossary of Terms. Pinnacle West Capital Corporation Quarterly Consolidated Statistical Summary Periods Ended December 31, 2001 and 2000 3 Mo. Ended December 31 12 Mo. Ended December 31 --------------------------------- --------------------------------- Line 2001 2000 Incr (Decr) 2001 2000 Incr (Decr) ------- ------- ----------- ------- ------- ----------- ENERGY MARKET INDICATORS (A) Electricity Average Daily Spot Prices ($/MWh) On-Peak 98 Palo Verde $ 26.89 $154.33 $(127.44) $118.41 $111.43 $ 6.98 99 SP15 $ 28.38 $162.59 $(134.21) $119.99 $107.35 $ 12.64 Off-Peak 100 Palo Verde $ 18.33 $ 95.72 $ (77.39) $ 61.57 $ 53.02 $ 8.55 101 SP15 $ 20.41 $119.72 $ (99.31) $ 73.48 $ 60.74 $ 12.74 WEATHER INDICATORS Actual 102 Cooling degree-days 620 253 367 5,122 4,583 539 103 Heating degree-days 460 500 (40) 1,160 968 192 104 Average humidity 39% 46% (7)% 36% 34% 2% 10-Year Averages 105 Cooling degree-days 387 387 -- 4,290 4,290 -- 106 Heating degree-days 449 449 -- 1,031 1,031 -- 107 Average humidity 39% 39% 0% 36% 35% 1% ECONOMIC INDICATORS Building Permits -- Metro Phoenix (b) 108 Single-family 6,240 6,410 (170) 32,455 32,509 (54) 109 Multi-family 717 1,952 (1,235) 8,969 10,228 (1,259) ------- ------- ------- ------- ------- ------- 110 Total 6,957 8,362 (1,405) 41,424 42,737 (1,313) ======= ======= ======= ======= ======= ======= Arizona Job Growth (c) 111 Payroll job growth (% over prior year) (1.0)% 3.4% (4.4)% 0.9% 3.9% (3.0)% 112 Unemployment rate (%, seasonally adjusted) 5.4% 3.7% 1.7% 4.5% 3.9% 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.