Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - PINNACLE WEST CAPITAL CORP | exhibit9919-30x16.htm |
| 8-K - 8-K - PINNACLE WEST CAPITAL CORP | a8-kfor9x30x16earnings.htm |
Third Quarter 2016
THIRD QUARTER 2016 RESULTS
November 3, 2016
Third Quarter 20162
FORWARD LOOKING STATEMENTS AND
NON-GAAP FINANCIAL MEASURES
This presentation contains forward-looking statements based on current expectations, including statements regarding our earnings guidance and financial outlook and
goals. These forward-looking statements are often identified by words such as “estimate,” “predict,” “may,” “believe,” “plan,” “expect,” “require,” “intend,” “assume”
and similar words. Because actual results may differ materially from expectations, we caution you not to place undue reliance on these statements. A number of factors
could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS. These factors include,
but are not limited to: our ability to manage capital expenditures and operations and maintenance costs while maintaining high reliability and customer service levels;
variations in demand for electricity, including those due to weather seasonality, the general economy, customer and sales growth (or decline), and the effects of
energy conservation measures and distributed generation; power plant and transmission system performance and outages; competition in retail and wholesale power
markets; regulatory and judicial decisions, developments and proceedings; new legislation, ballet initiatives and regulation, including those relating to environmental
requirements, regulatory policy, nuclear plant operations and potential deregulation of retail electric markets; fuel and water supply availability; our ability to achieve
timely and adequate rate recovery of our costs, including returns on and of debt and equity capital investments; our ability to meet renewable energy and energy
efficiency mandates and recover related costs; risks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainty; current and future
economic conditions in Arizona, including in real estate markets; the development of new technologies which may affect electric sales or delivery; the cost of debt and
equity capital and the ability to access capital markets when required; environmental and other concerns surrounding coal-fired generation, including regulation of
greenhouse gas emissions; volatile fuel and purchased power costs; the investment performance of the assets of our nuclear decommissioning trust, pension, and
other postretirement benefit plans and the resulting impact on future funding requirements; the liquidity of wholesale power markets and the use of derivative
contracts in our business; potential shortfalls in insurance coverage; new accounting requirements or new interpretations of existing requirements; generation,
transmission and distribution facility and system conditions and operating costs; the ability to meet the anticipated future need for additional generation and associated
transmission facilities in our region; the willingness or ability of our counterparties, power plant participants and power plant land owners to meet contractual or other
obligations or extend the rights for continued power plant operations; and restrictions on dividends or other provisions in our credit agreements and ACC orders.
These and other factors are discussed in Risk Factors described in Part I, Item 1A of the Pinnacle West/APS Annual Report on Form 10-K for the fiscal year ended
December 31, 2015, which you should review carefully before placing any reliance on our financial statements, disclosures or earnings outlook. Neither Pinnacle West
nor APS assumes any obligation to update these statements, even if our internal estimates change, except as required by law.
In this presentation, references to net income and earnings per share (EPS) refer to amounts attributable to common shareholders.
We present “gross margin” per diluted share of common stock. Gross margin refers to operating revenues less fuel and purchased power expenses. Gross margin is a
“non-GAAP financial measure,” as defined in accordance with SEC rules. The appendix contains a reconciliation of this non-GAAP financial measure to the referenced
revenue and expense line items on our Consolidated Statements of Income, which are the most directly comparable financial measures calculated and presented in
accordance with generally accepted accounting principles in the United States of America (GAAP). We view gross margin as an important performance measure of the
core profitability of our operations.
We refer to “on-going earnings” in this presentation, which is also a non-GAAP financial measure. We also provide a reconciliation to show the impacts associated with
certain regulatory adjustments. We believe on-going earnings and these adjustments included in the reconciliation provide investors with a useful indicator of our
results that is comparable among periods because it excludes the effects of unusual items that may occur on an irregular basis.
Investors should note that these non-GAAP financial measures may involve judgments by management, including whether an item is classified as an unusual item.
These measures are key components of our internal financial reporting and are used by our management in analyzing the operations of our business. We believe that
investors benefit from having access to the same financial measures that management uses.
Third Quarter 20163
CONSOLIDATED EPS COMPARISON
2016 VS. 2015
$2.35 $2.30
2016 2015
3rd Quarter
GAAP Net Income
$2.35 $2.30
3rd Quarter
On-Going Earnings
$3.47 $3.55
2016 2015
Year-to-Date
GAAP Net Income
$3.47 $3.55
Year-to-Date
On-Going Earnings
Third Quarter 20164
Gross
Margin(1),(2)
$0.02
ON-GOING EPS VARIANCES
3RD QUARTER 2016 VS. 3RD QUARTER 2015
Interest, net
of AFUDC
$0.02
(1) Excludes costs and offsetting operating revenues, associated with renewable energy (excluding AZ Sun) and demand side management
programs.
(2) Excludes Palo Verde system benefits charge.
See non-GAAP reconciliation.
3Q 2015 3Q 2016
Gross Margin
Weather $(0.09)
Sales $0.02
LFCR $0.05
Transmission $0.04
$2.30
$2.35D&A(2)
$0.01
Other, net
$(0.01)
Other
Taxes
$0.01
Third Quarter 20165
ECONOMIC
INDICATORS
Arizona and Metro Phoenix remain
attractive places to live and do
business
Single Family & Multifamily Housing Permits
Maricopa County
Above-average job growth in
construction, financial services and
wholesale trade sectors
Arizona ranked 1st for projected job
growth
- Forbes September 2015
E
Metro Phoenix growth rate 3rd fastest
among top 15 metro areas
- U.S. Census Bureau March 2016
Housing construction on pace to have
its best year since 2007
Vacancy rates in office and retail space
have fallen to pre-recessionary levels
0%
5%
10%
15%
20%
25%
'07 '08 '09 '10 '11 '12 '13 '14 '15 16
Nonresidential Building Vacancy – Metro Phoenix
Vacancy Rate
Office
Retail
Industrial
3Q
0
10,000
20,000
30,000
40,000
'07 '08 '09 '10 '11 '12 '13 '14 '15 '16
Single Family Multifamily
Third Quarter 20166
2016 ON-GOING
EPS GUIDANCE
Key Factors & Assumptions as of
November 3, 2016
2016
Electricity gross margin* (operating revenues, net of fuel and
purchased power expenses) $2.34 – $2.39 billion
• Retail customer growth about 1.5-2.5%
• Weather-normalized retail electricity sales volume about 0-1.0% to prior
year taking into account effects of customer conservation, energy efficiency
and distributed renewable generation initiatives
• Assumes normal weather
Operations and maintenance* $825 - $845 million
Other operating expenses (depreciation and amortization including impacts
related to Palo Verde sale leaseback, and taxes other than income taxes) $645 - $665 million
Interest expense, net of allowance for borrowed and equity funds used
during construction (Total AFUDC $50 million) $155 - $165 million
Net income attributable to noncontrolling interests ~$20 million
Effective tax rate 34-35%
Average diluted common shares outstanding ~112.0 million
On-Going EPS Guidance $3.90 - $4.10
* Excludes O&M of $83 million, and offsetting revenues, associated with renewable energy and demand side management programs.
Third Quarter 2016
APPENDIX
Third Quarter 20168
DIVIDEND GROWTH
Pinnacle West’s indicated annual
dividend is $2.62 per share;
targeting ~5% annual dividend
growth
$2.10
$2.18
$2.27
$2.38
$2.50
$2.62
2011 2012 2013 2014 2015 2016 2017 2018
Dividend Growth Goal
Indicated Annual Dividend Rate at Year-End
Projected
Future dividends subject to declaration at Board of Directors’ discretion.
Third Quarter 20169
RATE BASE
APS’s revenues come from a
regulated retail rate base and
meaningful transmission business
$6.5
$8.3
$1.4
$1.8
2015 2016 2017 2018 2019
APS Rate Base Growth
Year-End
ACC FERC
Total Rate Base
Projected
Most Recent Rate Decisions
ACC - Proposed FERC
Rate Effective Date 7/1/2017 6/1/2016
Test Year Ended 12/31/2015* 12/31/2015
Rate Base $6.8B $1.4B
Equity Layer 56% 56%
Allowed ROE 10.5% 10.75%
*Adjusted to include post test-year plant in service through 6/30/2017
83%
17%
Generation & Distribution Transmission
Rate base $ in billions, rounded
Third Quarter 201610
$263 $223 $220 $279
$66 $77
$234 $117 $44
$224
$197
$103
$58
$104
$1
$1 $201
$136
$211
$136
$340
$380
$399
$411
$85
$89
$75
$77
2015 2016 2017 2018
CAPITAL
EXPENDITURES
Capital expenditures are funded
primarily through internally
generated cash flow
($ Millions)
$1,233
$1,337
Other
Distribution
Transmission
Renewable
Generation
Environmental(1)
Traditional
Generation
Projected
$1,124
New Gas
Generation(2)
$1,057
• The table does not include capital expenditures related to 4CA’s 7% interest in Four Corners Units 4 and 5 of
$3 million in 2015, $30 million in 2016 and $27 million in 2017.
• 2016 – 2018 as disclosed in Third Quarter 2016 Form 10-Q.
(1) Includes Selective Catalytic Reduction controls at Four Corners with in-service dates of Q4 2017 (Unit 5) and Q1 2018 (Unit 4)
(2) Ocotillo Modernization Project: 2 units scheduled for completion in Q4 2018, 3 units schedule for completion in Q1 2019
Third Quarter 201611
OPERATIONS &
MAINTENANCE
OUTLOOK
Goal is to keep O&M per kWh flat,
adjusted for planned outages
$754 $761 $788
$805 $772
$150 $124
$137 $103
$96
$83
2011 2012 2013 2014 2015 2016E
PNW Consolidated RES/DSM*
*Renewable energy and demand side management expenses are offset by adjustment mechanisms.
($ Millions)
$825 -
$845
Third Quarter 201612
Credit Ratings
• A- rating or better at S&P, Moody’s and Fitch
2016 Major Financing Activities
• $250 million 10-year 2.55% APS senior unsecured
notes issued September 2016
• $350 million 30-year 3.75% APS senior unsecured
notes issued May 2016
• $100 million term loan closed April 2016
We are disclosing credit ratings to enhance understanding of
our sources of liquidity and the effects of our ratings on our
costs of funds.
BALANCE SHEET STRENGTH
$50
$600
$250
$125
$-
$100
$200
$300
$400
$500
$600
2017 2018 2019 2020
APS PNW
($Millions)
Debt Maturity Schedule
Third Quarter 201613
FINANCIAL OUTLOOK Key Factors & Assumptions as of November 3, 2016
Assumption Impact
Retail customer growth • Expected to average about 2-3% annually
• Modestly improving Arizona and U.S. economic conditions
Weather-normalized retail electricity
sales volume growth
• About 0.5-1.5% after customer conservation and energy efficiency and
distributed renewable generation initiatives
Assumption Impact
AZ Sun Program • Additions to flow through RES until next base rate case
• First 50 MW of AZ Sun is recovered through base rates
Lost Fixed Cost Recovery (LFCR) • Offsets 30-40% of revenues lost due to ACC-mandated energy efficiency and
distributed renewable generation initiatives
Environmental Improvement
Surcharge (EIS)
• Assumed to recover up to $5 million annually of carrying costs for government-
mandated environmental capital expenditures
Power Supply Adjustor (PSA) • 100% recovery as of July 1, 2012
Transmission Cost Adjustor (TCA) • TCA is filed each May and automatically goes into rates effective June 1
• Beginning July 1, 2012 following conclusion of the regulatory settlement,
transmission revenue is accrued each month as it is earned.
Four Corners Acquisition • Four Corners rate increase effective January 1, 2015
Potential Property Tax Deferrals (2012 retail rate settlement): Assume 60% of property tax increases relate to tax
rates, therefore, will be eligible for deferrals (Deferral rates: 50% in 2013; 75% in 2014 and thereafter)
Gross Margin – Customer Growth and Weather (2016-2018)
Gross Margin – Related to 2012 Retail Rate Settlement
Outlook Through 2016: Goal of earning more than 9.5% Return on Equity (earned Return on Equity based on average
Total Shareholder’s Equity for PNW consolidated, weather-normalized)
Third Quarter 201614
2016 KEY DATES
ACC Key Dates / Docket # Q1 Q2 Q3 Q4
Key Recurring Regulatory Filings
Lost Fixed Cost Recovery
E-01345A-11-0224 Jan 15
Transmission Cost Adjustor
E-01345A-11-0224 May 15
Renewable Energy Adjustor
E-01345A-16-0238 Jul 1
2017 DSM Implementation Plan
E-01345A-16-0176
Nov 18: Workshop
Dec 1: File energy
storage plan
APS Rate Case
E-01345A-16-0036 Jan 29: NOI Filing Jun 1: Initial filing
Dec 21: Direct
Testimony
Resource Planning and Procurement
E-00000V-15-0094
Feb 9: Stakeholder Mtg.
Mar 1: Prelim IRP filed
Jul 18: Prelim IRP
Workshop
Sep 30: Update to
Prelim IRP*
Reducing System Peak Demand Costs
E-00000J-16-0257
Aug 4: Initial workshop
TBD: Second workshop
Value and Cost of Distributed Generation
E-00000J-14-0023
Feb 25: DG Methodologies
& Supporting Testimony
Apr 7: Rebuttal Testimony
and Alternate Proposal
Apr 15: Pre-hearing
Apr 18: Hearing
Jun 8-9 Hearing
Jun 13: Responses
Jul: Initial Briefs
Aug 5: Reply Briefs
Oct 7: ALJ ROO
Dec 13: Scheduled for Consideration at
ACC Open Meeting
Review, Modernization and Expansion of
Arizona Renewable Energy Standards
E-00000Q-16-0289
TBD TBD
ACC Open Meetings ACC Open Meetings Held Monthly
* April 2017: Final IRP due
Other K y Dates Q1 Q2 Q3 Q4
Arizona State Legislature In session Jan 11- May 7 (Adjourned)
Elections Aug 30: Primary Nov 8: General
All Source Request for Proposal (RFP) Mar 11: RFP Issued Jun 9: Responses Due TBD
Third Quarter 201615
ARIZONA ELECTRIC UTILITIES
GENERAL RATE CASES
UNS Electric (93,000 customers)
Docket # E-04204A-15-0142
Application Filed May 5, 2015
Hearing (Mar 1 – 24, 2016)
Decision in Phase One (Decision No. 75697, Aug 18, 2016)
UNSE Customer Education Plan on Rates – Due Sep 30, 2016
Phase Two (Net Metering Issues) Testimony – Expected Dec 2016
Phase Two Hearing – Expected Jan 2017 (if necessary)
Phase Two Decision – Expected Mar 2017
Tucson Electric Power Company (415,000 customers)
Docket # E-01933A-15-0322
Application Filed Nov 5, 2015
Intervenor and Staff Direct Testimony (Jun 2016)
Rebuttal Testimony (Jul 25, 2016)
Non-unanimous Revenue Requirement Settlement Filed (Aug 15, 2016)
Settlement Direct Testimony (Aug 25, 2016)
Settlement Reply Testimony (Sep 1, 2016)
Hearing Begins (Sep 8, 2016)
Phase One Decision – Expected Dec 2016
Phase Two (Net Metering Issues) Testimony – Expected Dec 2016
Phase Two Hearing – To Be Scheduled
Sulphur Springs Valley Electric Cooperative (58,000 customers)
Docket # E-01575A-15-0312
Application Filed Aug 31, 2015
Direct Testimony - Ex Rate Design, Cost of Service (Mar 18, 2016)
Direct Testimony - Rate Design, Cost of Service (Apr 1, 2016)
Rebuttal Testimony (Apr 15, 2016)
Surrebuttal Testimony (May 4, 2016)
Rejoinder (May 11, 2016)
Prehearing (May 13, 2016)
Hearing (May 17, 2016) – Concluded May 27
ALJ Recommended Order (Oct 12, 2016)
Decision Expected at October ACC Open Meeting (Oct 27, 2016)
Trico Electric Cooperative (38,000 customers)
Docket # E-01461A-15-0363
Application Filed Oct 23, 2015
Direct Testimony - Ex Rate Design, Cost of Service (May 4, 2016)
Direct Testimony - Rate Design, Cost of Service (May 25, 2016)
Rebuttal Testimony (Jun 22, 2016)
Surrebuttal Testimony (Jul 8, 2016)
Non-unanimous Revenue Requirement Settlement (Jul 8, 2016)
Direct Settlement Testimony (Jul 29, 2016)
Reply Settlement Testimony (Aug 12, 2016)
Hearing (Aug 17, 2016)
Decision Expected December 2016
Third Quarter 201616
2016 APS RATE CASE APPLICATION
• Filed June 1, 2016
• Propose new rates go into effect on July 1, 2017
• Docket Number: E-01345A-16-0036
• Additional details, including filing, can be found at
http://www.azenergyfuture.com/rate-review/
Procedural Schedule
Staff and Intervenor Direct Testimony (ex rate design)
Staff and Intervenor Direct Testimony (rate design)
APS Rebuttal Testimony
Staff and Intervenor Surrebuttal Testimony
Prehearing Conference
APS Rejoinder Testimony
Proposed Hearing Commencement Date
December 21, 2016
January 27, 2017
February 17, 2017
March 10, 2017
March 13, 2017
March 17, 2017
March 22, 2017
Third Quarter 201617
2016 RATE CASE
KEY FINANCIALS
APS has requested a rate increase
to become effective July 1, 2017
Test year ended December 31, 2015
Total Rate Base - Adjusted $8.01 Billion
ACC Rate Base - Adjusted $6.77 Billion
Allowed Return on Equity 10.5%
Capital Structure
Long-term debt 44.2%
Common equity 55.8%
Base Fuel Rate (¢/kWh) 2.9882
Post-test year plant period 18 months
Overview of Rate Increase ($ in Millions)
Total stated base rate increase (inclusive of existing adjustor transfers) $ 433.4 15.00%
Less: Transfer to base rates of various adjustors already in effect (267.5) (9.26)
Net Customer Bill Impact $ 165.9 5.74%
Third Quarter 201618
2016 RATE CASE
KEY FINANCIALS
APS has requested a rate increase
to become effective July 1, 2017
Overview of Rate Increase ($ in Millions) – Key Components
Post-Test Year Plant Additions $ 98.1
Fair Value Increment 51.9
ROE Increase from 10.0% to 10.5% 29.3
Increase due to Changes in Depreciation Schedules 81.4
Decrease Fuel and Purchased Power over Base Rates (61.7)
Decrease in Other Costs (33.1)
Total Base Rate Increase $ 165.9
Third Quarter 201619
249
357 339
442
610
710 641
783
871 939
523
836
487
681
833
717
1159 1162
1353
1146
1005
1196
1087
1178
1170
777
1290
1031
1357
1547 1520
2315
1888
0
250
500
750
1000
1250
1500
1750
2000
2250
2500
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 Applications 2015 Applications 2016 Applications
* Monthly data equals applications received minus cancelled applications. As of September 30, 2016, over 49,000
residential grid-tied solar photovoltaic (PV) systems have been installed in APS’s service territory, totaling 380 MWdc of
installed capacity. Excludes APS Solar Partner Program residential PV systems.
Note: www.arizonagoessolar.org logs total residential application volume, including cancellations. Solar water heaters can also be found
on the site, but are not included in the chart above.
RESIDENTIAL PV
APPLICATIONS* 10 18 22 44 51
57
74
99
2009 2011 2013 2015 2016
Residential DG (MWdc) Annual Additions
YTD
Third Quarter 201620
(8)
(4) (1)
5
(5)
13
(17)
$(20)
$(15)
$(10)
$(5)
$0
$5
$10
$15
Q1 Q2 Q3 Q4 Q1 Q2 Q3
GROSS MARGIN EFFECTS OF WEATHER
VARIANCES VS. NORMAL
Pretax
Millions
All periods recalculated to current 10-year rolling average (2005-2014)
2015
$(8) Million
2016
$(9) Million
Third Quarter 201621
12
7
11 11
8
4
7
11
14
18
12
12
15
18
$0
$10
$20
$30
$40
Q1 Q2 Q3 Q4 Q1 Q2 Q3
Renewable Energy Demand Side Management
RENEWABLE ENERGY AND
DEMAND SIDE MANAGEMENT EXPENSES*
* O&M expenses related to renewable energy and demand side management programs are partially offset by comparable revenue amounts
Pretax
Millions
2015
$96 Million
2016
$64 Million
Third Quarter 201622
NON-GAAP MEASURE RECONCILIATION
$ millions pretax, except per share amounts 2016 2015
Operating revenues* 1,167$ 1,199$
Fuel and purchased power expenses* (336) (364)
Gross margin 831 835 (0.02)$
Adjustments:
Renewable energy (excluding AZ Sun) and
demand side management programs (20) (24) 0.02
Palo Verde system benefits charge 4 - 0.02
Adjusted gross margin 815$ 811$ 0.02$
Depreciation and amortization* (120)$ (126)$ 0.03$
Adjustments:
Palo Verde system benefits charge - (4) (0.02)
Adjusted depreciation and amortization (120)$ (122)$ 0.01$
* Line items from Consolidated Statements of Income
Three Months Ended
September 30, EPS
Impact
Third Quarter 201623
QUARTERLY CONSOLIDATED STATISTICS
2016 2015 Incr (Decr) 2016 2015 Incr (Decr)
ELECTRIC OPERATING REVENUES (Dollars in Millions)
Retail
Residential 647$ 657$ (10)$ 1,398$ 1,375$ 23$
Business 480 486 (6) 1,244 1,235 9
Total Retail 1,127 1,143 (16) 2,642 2,610 32
Sales for Resale (Wholesale) 24 46 (22) 64 109 (45)
Transmission for Others 8 12 (4) 21 27 (6)
Other Miscellaneous Services 7 (3) 10 26 13 13
Total Electric Operating Revenues 1,166$ 1,198$ (32)$ 2,753$ 2,759$ (6)$
ELECTRIC SALES (GWH)
Retail
Residential 4,703 4,834 (131) 10,524 10,393 131
Business 4,298 4,365 (67) 11,367 11,346 21
Total Retail 9,001 9,199 (198) 21,891 21,739 152
Sales for Resale (Wholesale) 784 1,500 (716) 2,722 3,983 (1,261)
Total Electric Sales 9,785 10,699 (914) 24,613 25,722 (1,109)
RETAIL SALES (GWH) - WEATHER NORMALIZED
Residential 4,849 4,880 (31) 10,650 10,639 11
Business 4,337 4,315 22 11,335 11,278 57
Total Retail Sales 9,186 9,195 (9) 21,985 21,917 68
Retail sales (GWH) (% over prior year) (0.1)% 2.1% (2.2)% 0.3% 0.9% (0.6)%
AVERAGE ELECTRIC CUSTOMERS
Retail Customers
Residential 1,059,173 1,043,551 15,622 1,060,181 1,044,927 15,254
Business 131,877 130,628 1,249 131,537 130,391 1,146
Total Retail 1,191,050 1,174,179 16,871 1,191,718 1,175,318 16,400
Wholesale Customers 49 46 3 46 47 (1)
Total Customers 1,191,099 1,174,225 16,874 1,191,764 1,175,365 16,399
Total Customer Growth (% over prior year) 1.4% 1.3% 0.1% 1.4% 1.2% 0.2%
RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
Residential 4,578 4,676 (98) 10,045 10,182 (137)
Business 32,889 33,035 (146) 86,170 86,491 (321)
3 Months Ended September 30, 9 Months Ended September 30,
Third Quarter 201624
QUARTERLY CONSOLIDATED STATISTICS
2016 2015 Incr (Decr) 2016 2015 Incr (Decr)
WEATHER INDICATORS - RESIDENTIAL
Actual
Cooling Degree-Days 1,160 1,265 (105) 1,663 1,749 (86)
Heating Degree-Days - - - 397 254 143
Average Humidity 31% 33% (2)% 27% 29% (2)%
10-Year Averages (2005 - 2014)
Cooling Degree-Days 1,236 1,236 - 1,727 1,727 -
Heating Degree-Days - - - 489 489 -
Average Humidity 30% 30% - 24% 24% -
ENERGY SOURCES (GWH)
Generation Production
Nuclear 2,417 2,535 (118) 7,108 7,262 (154)
Coal 1,680 3,163 (1,483) 4,311 8,300 (3,989)
Gas, Oil and Other 2,732 2,408 324 6,762 4,585 2,177
Renewables 138 142 (4) 409 423 (14)
Total Generation Production 6,967 8,248 (1,281) 18,590 20,570 (1,980)
Purchased Power - -
Conventional 2,644 2,590 54 4,984 4,273 711
Resales 254 303 (49) 839 882 (43)
Renewables 429 459 (30) 1,395 1,340 55
Total Purchased Power 3,327 3,352 (25) 7,218 6,495 723
Total Energy Sources 10,294 11,600 (1,306) 25,808 27,065 (1,257)
POWER PLANT PERFORMANCE
Capacity Factors - Owned
Nuclear 96% 100% (4)% 94% 97% (3)%
Coal 45% 74% (29)% 39% 66% (27)%
Gas, Oil and Other 39% 34% 5% 32% 22% 10%
Solar 33% 38% (5)% 33% 31% 2%
System Average 51% 58% (7)% 46% 49% (3)%
3 Months Ended September 30, 9 Months Ended September 30,