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| PNW > SEC Filings for PNW > Form 8-K on 4-Aug-2009 | All Recent SEC Filings |
4-Aug-2009
Results of Operations and Financial Condition, Financial Statements an
Forward-Looking Statements
This Form 8-K contains forward-looking statements regarding our 2009 and 2010
earnings outlook. Neither Pinnacle West nor APS assumes any obligation to update
these statements or make any further statements on any of these issues, except
as required by applicable law. These forward-looking statements are often
identified by words such as "estimate," "predict," "hope," "may," "believe,"
"anticipate," "plan," "expect," "require," "intend," "assume" and similar words.
Because actual results may differ materially from expectations, we caution
readers not to place undue reliance on these statements. A number of factors
could cause future results to differ materially from historical results, or from
results or outcomes currently expected or sought by Pinnacle West or APS. In
addition to the Risk Factors described in Item 1A of the Pinnacle West/APS
Annual Report on Form 10-K for the fiscal year ended December 31, 2008, these
factors include, but are not limited to, state and federal regulatory and
legislative decisions and actions, including the outcome or timing of the
pending rate case of APS; increases in our capital expenditures and operating
costs and our ability to achieve timely and adequate rate recovery of these
increased costs; our ability to reduce capital expenditures and other costs
while maintaining reliability and customer service levels, and unexpected
developments that would limit us from achieving all or some of our planned
capital expenditure reductions; volatile fuel and purchased power costs,
including fluctuations in market prices for natural gas, coal, uranium and other
fuels used in our generating facilities, availability of supplies of such
commodities, and our ability to recover the costs of such commodities; the
outcome and resulting costs of regulatory, legislative and judicial proceedings,
both current and future, including those related to environmental matters and
climate change; the availability of sufficient water supplies to operate our
generation facilities, including as the result of drought conditions; the
potential for additional restructuring of the electric industry, including
decisions impacting wholesale competition and the introduction of retail
electric competition in Arizona; regional, national and international economic
and market conditions, including the strength of the real estate, credit and
financial markets; the potential adverse impact of current economic conditions
on our results of operations; the cost of debt and equity capital and access to
capital markets; changes in the market price of our common stock; restrictions
on dividends or other burdensome provisions in new or existing credit
agreements; our ability, or the ability of our subsidiaries, to meet debt
service obligations; current credit ratings remaining in effect for any given
period of time; the performance of the stock market and the changing interest
rate environment, which affect the value of our nuclear decommissioning trust,
pension, and other postretirement benefit plan assets, the amount of required
contributions to Pinnacle West's pension plan and contributions to APS' nuclear
decommissioning trust funds, as well as the reported costs of providing pension
and other postretirement benefits and our ability to recover such costs;
volatile market liquidity, any deteriorating counterparty credit and the use of
derivative contracts in our business (including the interpretation of the
subjective and complex accounting rules related to these contracts); the
potential shortfall in insurance coverage for a loss resulting from an insurer
failing to meet, or being unwilling to meet, its obligations under our insurance
policies, or from our commercially reasonable levels of insurance failing to
fully cover the loss incurred; changes in accounting principles generally
accepted in the United States of America, the interpretation of those principles
and the impact of the adoption of new accounting standards; customer growth and
energy usage; weather variations affecting local and regional customer energy
usage; power plant performance and outages; transmission outages and
constraints; the completion of generation and transmission construction in the
region, which could affect customer growth and the cost of power supplies; risks
inherent in the operation of nuclear facilities, such as environmental,
regulatory, health and financial risks, risk of terrorist attack, planned and
unplanned outages, and unfunded decommissioning costs; the ability of our power
plant participants to meet contractual or other obligations; technological
developments in the electric industry; the results of litigation and other
proceedings resulting from the California and Pacific Northwest energy
situations; the performance of Pinnacle West's subsidiaries and any resulting
effects on its cash flow; the strength of the real estate and credit markets and
economic and other conditions affecting the real estate and credit markets in
SunCor's market areas, which include Arizona, Idaho, New Mexico and Utah; and
other uncertainties, all of which are difficult to predict and many of which are
beyond the control of Pinnacle West and APS.
(d) Exhibits.
Exhibit
No. Registrant(s) Description
99.1 Pinnacle West Pinnacle West Capital Corporation quarterly
APS consolidated statistical summary for the
three-month and six-month periods ended June 30,
2009 and 2008.
99.2 Pinnacle West Earnings News Release issued on August 4, 2009.
APS
99.3 Pinnacle West Pinnacle West Capital Corporation Second Quarter
APS 2009 slide presentation accompanying August 4,
2009 conference call.
99.4 Pinnacle West 2009 Earnings Outlook Reconciliation.
APS
99.5 Pinnacle West 2010 Earnings Outlook Reconciliation.
APS
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