2001 Highlights
FINANCIAL
Our income from continuing operations of $327 million was the highest in our company’s history.
Earnings per share from continuing operations increased 8.1 percent in 2001 to $3.85 per diluted share of common stock.
For the eighth consecutive year, we increased our annual dividend by 10 cents per share over the previous year.
Our five-year annualized earnings per share growth rate for 1996 to 2001 was 9.8 percent – ranking in the top 20 percent of the electric utility industry.
Our five-year annualized dividend growth rate for 1996 to 2001 was the second highest among U.S. utilities at 7.8 percent, compared with a negative growth rate for the rest of the industry.
OPERATIONAL
APS’ retail service territory experienced customer growth of 3.7 percent – about three times the national average.
APS lowered retail prices for the seventh time in eight years.
For the 10th consecutive year, the Palo Verde Nuclear Generating Station was the nation’s number one power producer of any kind.
Our Cholla, West Phoenix, Ocotillo and Saguaro fossil-fueled plants had their best years ever in terms of production.
Pinnacle West Energy put Unit 4 of the West Phoenix Power Plant into operation, neared completion on Units 1 and 2 of the new Redhawk Power Plant, and broke ground on West Phoenix Unit 5.
Moving Ahead
OUR LONG-TERM STRATEGIES
Deliver shareholders combined earnings and dividend growth that is above the industry average.
Provide retail electricity customers reliable energy at stable prices.
Capture retail electric growth opportunities and capitalize on opportunities in Western competitive markets as they develop.
Build our generation portfolio consistent with our native load, cash flow and market conditions.
Manage purchases and sales of wholesale electricity and related commodities to limit risk and optimize usage of resources.
Maintain the corporate discipline to focus on our long-term goals, while remaining agile enough to adapt to changing circumstances.
