Exhibit 99.2
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2002 and 2001
3 MO. ENDED MARCH 31 12 MO. ENDED MARCH 31
------------------------------------- -------------------------------------
Line 2002 2001 INCR (DECR) 2002 2001 INCR (DECR)
--------- --------- ---------- --------- --------- ----------
EARNINGS CONTRIBUTION BY SUBSIDIARY ($ IN MILLIONS)
1 Arizona Public Service $ 32 $ 65 $ (33) $ 248 $ 338 $ (90)
2 Pinnacle West Energy 1 -- 1 19 (2) 21
3 APS Energy Services 2 (8) 10 -- (20) 20
4 SunCor 2 -- 2 5 7 (2)
5 El Dorado -- 1 (1) -- (17) 17
6 Parent Company 17 4 13 46 5 41
--------- --------- --------- --------- --------- ---------
7 Income Before Accounting Change 54 62 (8) 318 311 7
8 Cumulative Effect of Change in Accounting -
Net of Tax -- (3) 3 (12) (3) (9)
--------- --------- --------- --------- --------- ---------
9 Net Income $ 54 $ 59 $ (5) $ 306 $ 308 $ (2)
========= ========= ========= ========= ========= =========
EARNINGS PER SHARE BY SUBSIDIARY - DILUTED
10 Arizona Public Service $ 0.37 $ 0.76 $ (0.39) $ 2.92 $ 3.99 $ (1.07)
11 Pinnacle West Energy 0.01 -- 0.01 0.22 (0.03) 0.25
12 APS Energy Services 0.03 (0.10) 0.13 -- (0.23) 0.23
13 SunCor 0.02 0.01 0.01 0.06 0.08 (0.02)
14 El Dorado -- 0.01 (0.01) -- (0.19) 0.19
15 Parent Company 0.20 0.05 0.15 0.56 0.03 0.53
--------- --------- --------- --------- --------- ---------
16 Income Before Accounting Change 0.63 0.73 (0.10) 3.76 3.65 0.11
17 Cumulative Effect of Change in Accounting -
Net of Tax -- (0.03) 0.03 (0.15) (0.03) (0.12)
--------- --------- --------- --------- --------- ---------
18 Net Income $ 0.63 $ 0.70 $ (0.07) $ 3.61 $ 3.62 $ (0.01)
========= ========= ========= ========= ========= =========
19 BOOK VALUE PER SHARE $ 30.06 $ 28.83 $ 1.23 $ 30.06 $ 28.83 $ 1.23
COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS)
20 Average 84,884 84,966 (82) 84,910 84,874 36
21 End of Period 84,789 84,718 71 84,789 84,718 71
See Glossary of Terms.
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2002 and 2001
3 MO. ENDED MARCH 31 12 MO. ENDED MARCH 31
------------------------------------- -------------------------------------
Line 2002 2001 INCR (DECR) 2002 2001 INCR (DECR)
--------- --------- ---------- --------- --------- ----------
ELECTRIC OPERATING REVENUES
(DOLLARS IN MILLIONS)
Retail
22 Residential $ 171 $ 173 $ (2) $ 913 $ 897 $ 16
23 Business 195 199 (4) 948 938 10
--------- --------- --------- --------- --------- ---------
24 Total retail 366 372 (6) 1,861 1,835 26
--------- --------- --------- --------- --------- ---------
Wholesale revenue on delivered electricity
25 Traditional contracts 2 26 (24) 49 135 (86)
26 Retail load hedge management 2 5 (3) 575 558 17
Marketing and trading -- delivered
27 Generation sales other than native load 8 87 (79) 69 194 (125)
28 Other delivered electricity (a) 185 359 (174) 1,386 1,177 209
--------- --------- --------- --------- --------- ---------
29 Total delivered marketing and trading 193 446 (253) 1,455 1,371 84
--------- --------- --------- --------- --------- ---------
30 Total delivered wholesale electricity 197 477 (280) 2,079 2,064 15
--------- --------- --------- --------- --------- ---------
Other marketing and trading
Realized margins on delivered commodities
31 other than electricity (a) 4 (5) 9 (5) (8) 3
Prior period mark-to-market (gains) losses realized
32 on contracts delivered during current period (a) (22) 6 (28) (44) (22) (22)
33 Change in mark-to-market for future-period deliveries 25 47 (22) 119 79 40
--------- --------- --------- --------- --------- ---------
34 Total other marketing and trading 7 48 (41) 70 49 21
--------- --------- --------- --------- --------- ---------
35 Transmission for others 6 4 2 28 16 12
36 Other miscellaneous services 4 6 (2) 18 28 (10)
--------- --------- --------- --------- --------- ---------
37 Total electric operating revenues $ 580 $ 907 $ (327) $ 4,056 $ 3,992 $ 64
========= ========= ========= ========= ========= =========
ELECTRIC SALES (GWH)
Retail sales
38 Residential 2,141 2,122 19 10,354 10,026 328
39 Business 2,771 2,824 (53) 13,011 12,842 169
--------- --------- --------- --------- --------- ---------
40 Total retail 4,912 4,946 (34) 23,365 22,868 497
--------- --------- --------- --------- --------- ---------
Wholesale electricity delivered
41 Traditional contracts 71 569 (498) 716 1,848 (1,132)
42 Retail load hedge management 158 75 83 3,122 6,517 (3,395)
Marketing and trading -- delivered
43 Generation sales other than native load 376 623 (247) 1,141 1,721 (580)
44 Other delivered electricity 3,836 3,050 786 15,399 13,240 2,159
--------- --------- --------- --------- --------- ---------
45 Total delivered marketing and trading 4,212 3,673 539 16,540 14,961 1,579
--------- --------- --------- --------- --------- ---------
46 Total delivered wholesale electricity 4,441 4,317 124 20,378 23,326 (2,948)
--------- --------- --------- --------- --------- ---------
47 Total electric sales 9,353 9,263 90 43,743 46,194 (2,451)
========= ========= ========= ========= ========= =========
----------
(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
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2002 and 2001
3 MO. ENDED MARCH 31 12 MO. ENDED MARCH 31
------------------------------------- -------------------------------------
Line 2002 2001 INCR (DECR) 2002 2001 INCR (DECR)
--------- --------- ---------- --------- --------- ----------
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 $ 48 $ (46) $ 34 $ 100 $ (66)
49 Other electricity marketing and trading (a) 33 4 29 146 70 76
--------- --------- --------- --------- --------- ---------
50 Total electricity 35 52 (17) 180 170 10
51 Other commodities (a) 4 (5) 9 (5) (9) 4
--------- --------- --------- --------- --------- ---------
52 Total realized margin 39 47 (8) 175 161 14
--------- --------- --------- --------- --------- ---------
Prior-period mark-to-market (gains) losses on contracts
delivered during current period
53 Electricity (a) (16) 1 (17) (48) (13) (35)
54 Other commodities (a) (6) 12 (18) 10 (1) 11
Charge related to trading activities with Enron
55 and its affiliates -- -- -- (8) -- (8)
--------- --------- --------- --------- --------- ---------
56 Subtotal (22) 13 (35) (46) (14) (32)
--------- --------- --------- --------- --------- ---------
57 Total current period effects (b) 17 60 (43) 129 147 (18)
--------- --------- --------- --------- --------- ---------
Change in mark-to-market gains (losses) for
future period deliveries (b)
58 Electricity 25 45 (20) 145 63 82
59 Other commodities (2) 2 (4) (24) 16 (40)
--------- --------- --------- --------- --------- ---------
60 Subtotal 23 47 (24) 121 79 42
--------- --------- --------- --------- --------- ---------
61 Total gross margin $ 40 $ 107 $ (67) $ 250 $ 226 $ 24
========= ========= ========= ========= ========= =========
BY COMMODITY SOLD OR TRADED
62 Electricity $ 45 $ 98 $ (53) $ 274 $ 219 $ 55
63 Natural gas (5) (3) (2) (10) 2 (12)
64 Coal (1) 14 (15) (7) 11 (18)
65 Emission allowances 1 (2) 3 (7) (6) (1)
66 Other -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
67 Total Gross Margin $ 40 $ 107 $ (67) $ 250 $ 226 $ 24
========= ========= ========= ========= ========= =========
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
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2002 and 2001
3 MO. ENDED MARCH 31 12 MO. ENDED MARCH 31
------------------------------------- -------------------------------------
Line 2002 2001 INCR (DECR) 2002 2001 INCR (DECR)
--------- --------- ---------- --------- --------- ----------
AVERAGE ELECTRIC CUSTOMERS
Retail customers
68 Residential 801,000 775,317 25,683 782,760 756,482 26,278
69 Business 99,335 97,222 2,113 98,726 95,267 3,459
--------- --------- --------- --------- --------- ---------
70 Total 900,335 872,539 27,796 881,486 851,749 29,737
71 Wholesale customers 67 68 (1) 66 67 (1)
--------- --------- --------- --------- --------- ---------
72 Total customers 900,402 872,607 27,795 881,552 851,816 29,736
========= ========= ========= ========= ========= =========
73 Customer Growth (% over prior year) 3.2% 4.0% (0.8)% 3.5% 4.1% (0.6)%
RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED
74 Residential 2,164 2,037 127 9,804 9,574 230
75 Business 2,774 2,825 (51) 12,726 12,732 (6)
--------- --------- --------- --------- --------- ---------
76 Total 4,938 4,862 76 22,530 22,306 224
========= ========= ========= ========= ========= =========
RETAIL ELECTRICITY USAGE
(KWH/AVERAGE CUSTOMER)
77 Residential 2,673 2,737 (64) 13,228 13,251 (23)
78 Business 27,896 29,047 (1,151) 131,809 134,789 (2,980)
RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
(KWH/AVERAGE CUSTOMER)
79 Residential 2,702 2,627 75 12,524 12,659 (135)
80 Business 27,926 29,057 (1,131) 128,912 133,645 (4,733)
ELECTRICITY DEMAND (MW)
81 System peak demand 3,708 3,661 47 5,687 5,478 209
See Glossary of Terms.
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2002 and 2001
3 MO. ENDED MARCH 31 12 MO. ENDED MARCH 31
------------------------------------- -------------------------------------
Line 2002 2001 INCR (DECR) 2002 2001 INCR (DECR)
--------- --------- ---------- --------- --------- ----------
ENERGY SOURCES (GWH)
Generation production
82 Nuclear 2,257 2,261 (4) 8,380 8,777 (397)
83 Coal 2,890 2,901 (11) 12,561 12,582 (21)
84 Gas, oil and other 337 1,007 (670) 3,333 3,468 (135)
--------- --------- --------- --------- --------- ---------
85 Total 5,484 6,169 (685) 24,274 24,827 (553)
--------- --------- --------- --------- --------- ---------
Purchased power
86 Firm load 429 170 259 3,220 2,634 586
87 Marketing and trading 3,993 3,126 867 18,520 19,758 (1,238)
--------- --------- --------- --------- --------- ---------
88 Total 4,422 3,296 1,126 21,740 22,392 (652)
--------- --------- --------- --------- --------- ---------
89 Total energy sources 9,906 9,465 441 46,014 47,219 (1,205)
========= ========= ========= ========= ========= =========
POWER PLANT PERFORMANCE
Capacity Factors
90 Nuclear 96% 96% 0% 88% 92% (4)%
91 Coal 78% 78% 0% 84% 84% 0%
92 Gas, oil and other 12% 39% (27)% 29% 34% (5)%
93 System average 62% 71% (9)% 68% 71% (3)%
Generation Capacity Out of Service (average MW/day)
94 Nuclear 62 57 5 129 87 42
95 Coal 184 284 (100) 143 170 (27)
96 Gas 12 36 (24) 25 29 (4)
97 Total 258 376 (118) 297 286 (11)
98 Generation Fuel Cost ($/MWh) $ 11.57 $ 19.64 $ (8.07) $ 14.30 $ 15.93 $ (1.63)
See Glossary of Terms.
Last Updated 4/23/2002
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2002 and 2001
3 MO. ENDED MARCH 31 12 MO. ENDED MARCH 31
------------------------------------- -------------------------------------
Line 2002 2001 INCR (DECR) 2002 2001 INCR (DECR)
--------- --------- ---------- --------- --------- ----------
ENERGY MARKET INDICATORS (a)
Electricity Average Daily Spot Prices ($/MWh)
On-Peak
99 Palo Verde $ 26.86 $ 214.21 $ (187.35) $ 71.57 $ 157.36 $ (85.79)
100 SP15 $ 28.46 $ 219.66 $ (191.20) $ 72.19 $ 154.42 $ (82.23)
Off-Peak
101 Palo Verde $ 22.17 $ 130.40 $ (108.23) $ 34.51 $ 79.88 $ (45.37)
102 SP15 $ 22.76 $ 159.80 $ (137.04) $ 39.22 $ 94.56 $ (55.34)
WEATHER INDICATORS
Actual
103 Cooling degree-days 89 106 (17) 5,105 4,618 487
104 Heating degree-days 472 657 (185) 975 1,166 (191)
105 Average humidity 28% 50% (22)% 31% 37% (6)%
10-Year Averages
106 Cooling degree-days 71 71 -- 4,381 4,381 --
107 Heating degree-days 556 556 -- 1,026 1,026 --
108 Average humidity 45% 45% 0% 36% 36% 0%
ECONOMIC INDICATORS
Building Permits--- Metro Phoenix (b) (d)
109 Single-family 6,983 7,476 (493) 31,928 33,199 (1,271)
110 Multi-family 1,094 3,137 (2,043) 6,524 11,257 (4,733)
--------- --------- --------- --------- --------- ---------
111 Total 8,077 10,613 (2,536) 38,452 44,456 (6,004)
========= ========= ========= ========= ========= =========
Arizona Job Growth (c) (d)
112 Payroll job growth (% over prior year) (1.3)% 3.2% (4.5)% (0.2)% 3.8% (4.0)%
113 Unemployment rate (%, seasonally adjusted) 5.8% 3.9% 1.9% 4.8% 3.9% 0.9%
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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
2001 and February 2002.
See Glossary of Terms.