SEC Info - Arizona Public Service Co - ‘10-Q’ for 9/30/96

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Arizona Public Service Co – ‘10-Q’ for 9/30/96

As of: Thursday, 11/14/96 · For: 9/30/96 · Accession #: 950147-96-542 · File #: 1-04473

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/14/96  Arizona Public Service Co         10-Q        9/30/96    3:94K                                    Imperial Fin’l … Corp/FA

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      18     80K 
 2: EX-10.1     Arizona Corporation Commission Order                  18     73K 
 3: EX-27.1     Financial Data Schedule                                2±     9K

10-Q — Quarterly Report
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Environmental Matters Financial Statements Liquidity and Capital Resources Management's Discussion and Analysis of Financial Condition and Results Other Information
1	1st Page - Filing Submission
3	Item 1. Financial Statements
13	Item 2. Management's Discussion and Analysis of Financial Condition and Results
15	Liquidity and Capital Resources
16	Item 5. Other Information
"	Environmental Matters

10-Q 1st Page of 18 TOC ↑Top Previous Next ↓Bottom Just 1st
 
 FORM 10-Q
Securities and Exchange Commission
Washington, D.C. 20549

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE 
 SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 1996 
                              ------------------

OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
 SECURITIES EXCHANGE ACT OF 1934

For the transition period from                 to                               
                  ---------------    -----------------

Commission file number  1-4473                                                  
------                          

ARIZONA PUBLIC SERVICE COMPANY
------------------------------------------------------
(Exact name of registrant as specified in its charter)

Arizona                               86-0011170    
-------------------------------                 ----------------                
(State or other jurisdiction of                 (I.R.S. Employer                
incorporation or organization)                 Identification No.)            

400 North Fifth Street, P.O. Box 53999, Phoenix, Arizona 85072-3999 
------------------------------------------------------------------- 
(Address of principal executive offices)                 (Zip Code) 

Registrant's telephone number, including area code: (602) 250-1000
------------------------------------------------------------------

--------------------------------------------------------------------------------
(Former  name,  former  address and former  fiscal year,  if changed  since last
report)                                                                         

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.                                              

                                   Yes  X   No
                                            ---      ---
Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.                                

  Number of shares of common stock, $2.50 par value,
outstanding as of November 13, 1996:  71,264,947

10-Q 2nd Page of 18 TOC 1st Previous Next ↓Bottom Just 2nd
i 

Glossary
--------

ACC - Arizona Corporation Commission                                            

ACC Order -  ACC Order commencing a formal  rulemaking  process for the adoption
             of Proposed Rules  regarding the  introduction  of retail  electric
competition in Arizona                                

ACC Staff - Staff of the Arizona Corporation Commission                         

AFUDC - Allowance for funds used during construction                            

Affected  Utilities - Utilities  affected by the ACC's  Proposed Rules on retail
electric competition in Arizona     

CC&N - Certificate of convenience and necessity                                 

Company - Arizona Public Service Company                                        

EPA - Environmental Protection Agency                                           

ITC - Investment tax credit                                                     

June 10-Q - Arizona Public Service Company Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 1996                      

1995 10-K - Arizona  Public  Service  Company Annual Report on Form 10-K for the
fiscal year ended December 31, 1995                     

Palo Verde - Palo Verde Nuclear Generating Station                              

Proposed Rules - Proposed rules issued by the ACC regarding the  introduction of
retail electric competition in Arizona        

Pinnacle West - Pinnacle West Capital Corporation                               

10-Q 3rd Page of 18 TOC 1st Previous Next ↓Bottom Just 3rd
PART I - FINANCIAL INFORMATION
------------------------------

Item 1. Financial Statements                                          
----------------------------                                          

ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF INCOME
------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                            Three Months                  
                                                                         Ended September 30,              
                                                           -----------------------------------------------
                                                                    1996                      1995        
                                                           ---------------------     ---------------------
                                                                       (Thousands of Dollars)             

                                                                                                          
ELECTRIC OPERATING REVENUES  . . . . . . . . . . . . . . . $            566,899      $            549,082 
                                                           ---------------------     ---------------------

FUEL EXPENSES:                                                                                            
  Fuel for electric generation . . . . . . . . . . . . . .               68,243                    68,715 
  Purchased power  . . . . . . . . . . . . . . . . . . . .               39,793                    23,539 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              108,036                    92,254 
                                                           ---------------------     ---------------------
OPERATING REVENUES LESS FUEL EXPENSES  . . . . . . . . . .              458,863                   456,828 
                                                           ---------------------     ---------------------

OTHER OPERATING EXPENSES:                                                                                 
  Operations excluding fuel expenses . . . . . . . . . . .               74,816                    75,807 
  Maintenance  . . . . . . . . . . . . . . . . . . . . . .               25,570                    21,758 
  Depreciation and amortization  . . . . . . . . . . . . .               90,431                    61,157 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               90,994                   100,282 
  Other taxes  . . . . . . . . . . . . . . . . . . . . . .               24,745                    35,222 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              306,556                   294,226 
                                                           ---------------------     ---------------------
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . .              152,307                   162,602 
                                                           ---------------------     ---------------------

OTHER INCOME (DEDUCTIONS):                                                                                
  AFUDC - equity . . . . . . . . . . . . . . . . . . . .                  1,942                     1,111 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .               (1,988)                  (14,393)
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               14,922                    21,305 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               14,876                     8,023 
                                                           ---------------------     ---------------------
INCOME BEFORE INTEREST DEDUCTIONS  . . . . . . . . . . . .              167,183                   170,625 
                                                           ---------------------     ---------------------

INTEREST DEDUCTIONS:                                                                                      
  Interest on long-term debt . . . . . . . . . . . . . . .               36,100                    39,063 
  Interest on short-term borrowings  . . . . . . . . . . .                2,597                     3,275 
  Debt discount, premium and expense . . . . . . . . . . .                2,023                     2,072 
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . .                 (2,021)                   (2,130)
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               38,699                    42,280 
                                                           ---------------------     ---------------------

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . .              128,484                   128,345 
PREFERRED STOCK DIVIDEND REQUIREMENTS  . . . . . . . . . .                4,153                     4,775 
                                                           ---------------------     ---------------------
EARNINGS FOR COMMON STOCK  . . . . . . . . . . . . . . . . $            124,331      $            123,570 
                                                           =====================     =====================

See Notes to Condensed Financial Statements.                                    

10-Q 4th Page of 18 TOC 1st Previous Next ↓Bottom Just 4th
 -2-
ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF INCOME
------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                             Nine Months                  
                                                                         Ended September 30,              
                                                           -----------------------------------------------
                                                                    1996                      1995        
                                                           ---------------------     ---------------------
                                                                       (Thousands of Dollars)             
                                                                                                          
ELECTRIC OPERATING REVENUES  . . . . . . . . . . . . . . . $          1,338,818      $          1,266,228 
                                                           ---------------------     ---------------------

FUEL EXPENSES:                                                                                            
  Fuel for electric generation . . . . . . . . . . . . . .              167,866                   160,248 
  Purchased power  . . . . . . . . . . . . . . . . . . . .               76,197                    49,563 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              244,063                   209,811 
                                                           ---------------------     ---------------------
OPERATING REVENUES LESS FUEL EXPENSES  . . . . . . . . . .            1,094,755                 1,056,417 
                                                           ---------------------     ---------------------

OTHER OPERATING EXPENSES:                                                                                 
  Operations excluding fuel expenses . . . . . . . . . . .              213,156                   207,167 
  Maintenance  . . . . . . . . . . . . . . . . . . . . . .               75,269                    76,081 
  Depreciation and amortization  . . . . . . . . . . . . .              207,612                   181,996 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .              172,017                   160,817 
  Other taxes  . . . . . . . . . . . . . . . . . . . . . .               93,894                   105,821 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              761,948                   731,882 
                                                           ---------------------     ---------------------
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . .              332,807                   324,535 
                                                           ---------------------     ---------------------

OTHER INCOME (DEDUCTIONS):                                                                                
  AFUDC - equity . . . . . . . . . . . . . . . . . . . .                  5,620                     3,645 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .               (5,030)                  (10,862)
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               30,111                    29,830 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               30,701                    22,613 
                                                           ---------------------     ---------------------
INCOME BEFORE INTEREST DEDUCTIONS  . . . . . . . . . . . .              363,508                   347,148 
                                                           ---------------------     ---------------------

INTEREST DEDUCTIONS:                                                                                      
  Interest on long-term debt . . . . . . . . . . . . . . .              110,860                   120,986 
  Interest on short-term borrowings  . . . . . . . . . . .                9,396                     6,932 
  Debt discount, premium and expense . . . . . . . . . . .                6,144                     6,082 
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . .                 (7,422)                   (6,481)
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              118,978                   127,519 
                                                           ---------------------     ---------------------

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . .              244,530                   219,629 
PREFERRED STOCK DIVIDEND REQUIREMENTS  . . . . . . . . . .               12,956                    14,358 
                                                           ---------------------     ---------------------
EARNINGS FOR COMMON STOCK  . . . . . . . . . . . . . . . . $            231,574      $            205,271 
                                                           =====================     =====================

See Notes to Condensed Financial Statements.                                    

10-Q 5th Page of 18 TOC 1st Previous Next ↓Bottom Just 5th
 -3-
ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF INCOME
------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                            Twelve Months                 
                                                                          Ended September 30,             
                                                           -----------------------------------------------
                                                                    1996                      1995        
                                                           ---------------------     ---------------------
                                                                        (Thousands of Dollars)            
                                                                                                          
ELECTRIC OPERATING REVENUES  . . . . . . . . . . . . . . . $          1,687,542      $          1,608,308 
                                                           ---------------------     ---------------------

FUEL EXPENSES:                                                                                            
  Fuel for electric generation . . . . . . . . . . . . . .              216,546                   209,258 
  Purchased power  . . . . . . . . . . . . . . . . . . . .               87,504                    61,250 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              304,050                   270,508 
                                                           ---------------------     ---------------------
OPERATING REVENUES LESS FUEL EXPENSES  . . . . . . . . . .            1,383,492                 1,337,800 
                                                           ---------------------     ---------------------

OTHER OPERATING EXPENSES:                                                                                 
  Operations excluding fuel expenses . . . . . . . . . . .              290,831                   279,461 
  Maintenance  . . . . . . . . . . . . . . . . . . . . . .              115,160                   106,699 
  Depreciation and amortization  . . . . . . . . . . . . .              267,714                   243,703 
  Income taxes . . . . . . . . . . . . . . . . . . . . . .              190,065                   181,011 
  Other taxes  . . . . . . . . . . . . . . . . . . . . . .              129,696                   139,827 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              993,466                   950,701 
                                                           ---------------------     ---------------------
OPERATING INCOME . . . . . . . . . . . . . . . . . . . . .              390,026                   387,099 
                                                           ---------------------     ---------------------

OTHER INCOME (DEDUCTIONS):                                                                                
  AFUDC - equity . . . . . . . . . . . . . . . . . . . .                  6,957                     4,749 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .              (11,200)                  (11,823)
  Income taxes . . . . . . . . . . . . . . . . . . . . . .               37,879                    31,399 
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .               33,636                    24,325 
                                                           ---------------------     ---------------------
INCOME BEFORE INTEREST DEDUCTIONS  . . . . . . . . . . . .              423,662                   411,424 
                                                           ---------------------     ---------------------

INTEREST DEDUCTIONS:                                                                                      
  Interest on long-term debt . . . . . . . . . . . . . . .              149,906                   160,617 
  Interest on short-term borrowings  . . . . . . . . . . .               10,607                     8,147 
  Debt discount, premium and expense . . . . . . . . . . .                8,684                     8,136 
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . .                (10,006)                   (8,005)
                                                           ---------------------     ---------------------
     Total . . . . . . . . . . . . . . . . . . . . . . . .              159,191                   168,895 
                                                           ---------------------     ---------------------

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . .              264,471                   242,529 
PREFERRED STOCK DIVIDEND REQUIREMENTS  . . . . . . . . . .               17,732                    19,242 
                                                           ---------------------     ---------------------
EARNINGS FOR COMMON STOCK  . . . . . . . . . . . . . . . . $            246,739      $            223,287 
                                                           =====================     =====================

See Notes to Condensed Financial Statements.                                    

10-Q 6th Page of 18 TOC 1st Previous Next ↓Bottom Just 6th
 -4-
ARIZONA PUBLIC SERVICE COMPANY
CONDENSED BALANCE SHEETS
------------------------

ASSETS
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                     September 30,           December 31,    
                                                                       1996                      1995        
                                                                 ------------------        ------------------

                                                                            (Thousands of Dollars)           
                                                                                                             
UTILITY PLANT:                                                                                               
     Electric plant in service and held for future use  . . . $          6,683,761      $          6,544,860 
     Less accumulated depreciation and amortization . . . . .            2,389,447                 2,231,614 
                                                              ---------------------     ---------------------
        Total . . . . . . . . . . . . . . . . . . . . . . . .            4,294,314                 4,313,246 
     Construction work in progress  . . . . . . . . . . . . .              307,251                   281,757 
     Nuclear fuel, net of amortization  . . . . . . . . . . .               49,829                    52,084 
                                                              ---------------------     ---------------------
        Utility plant - net . . . . . . . . . . . . . . . . .            4,651,394                 4,647,087 
                                                              ---------------------     ---------------------

INVESTMENTS AND OTHER ASSETS :. . . . . . . . . . . . . . .                113,221                    97,742 
                                                              ---------------------     ---------------------

CURRENT ASSETS:                                                                                              
     Cash and cash equivalents  . . . . . . . . . . . . . . .               17,815                    18,389 
     Accounts receivable:                                                                                    
        Service customers . . . . . . . . . . . . . . . . . .              145,341                   100,433 
        Other . . . . . . . . . . . . . . . . . . . . . . . .               18,848                    28,107 
        Allowance for doubtful accounts . . . . . . . . . . .               (1,862)                   (1,656)
     Accrued utility revenues . . . . . . . . . . . . . . . .               74,008                    53,519 
     Materials and supplies, at average cost  . . . . . . . .               75,871                    78,271 
     Fossil fuel, at average cost   . . . . . . . . . . . . .               15,188                    21,722 
     Deferred income taxes  . . . . . . . . . . . . . . . . .                5,614                     5,653 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .               16,132                    17,839 
                                                              ---------------------     ---------------------
        Total current assets  . . . . . . . . . . . . . . . .              366,955                   322,277 
                                                              ---------------------     ---------------------

DEFERRED DEBITS:                                                                                             
     Regulatory asset for income taxes  . . . . . . . . . . .              520,910                   548,464 
     Palo Verde Unit 3 cost deferral  . . . . . . . . . . . .              270,131                   283,426 
     Palo Verde Unit 2 cost deferral  . . . . . . . . . . . .              157,754                   165,873 
     Unamortized costs of reacquired debt . . . . . . . . . .               71,520                    63,518 
     Unamortized debt issue costs . . . . . . . . . . . . . .               16,204                    17,772 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .              267,872                   272,103 
                                                              ---------------------     ---------------------
        Total deferred debits . . . . . . . . . . . . . . . .            1,304,391                 1,351,156 
                                                              ---------------------     ---------------------

        TOTAL . . . . . . . . . . . . . . . . . . . . . . . . $          6,435,961      $          6,418,262 
                                                              =====================     =====================

See Notes to Condensed Financial Statements.                                    

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 -5-
ARIZONA PUBLIC SERVICE COMPANY
CONDENSED BALANCE SHEETS
------------------------

 LIABILITIES
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                       September 30,           December 31,    
                                                                         1996                      1995        
                                                                   ------------------        ------------------
                                                                              (Thousands of Dollars)           
                                                                                                               
CAPITALIZATION:                                                                                                
     Common stock . . . . . . . . . . . . . . . . . . . . . .   $            178,162      $            178,162 
     Premiums and expenses - net  . . . . . . . . . . . . . . .            1,040,681                 1,039,550 
     Retained earnings  . . . . . . . . . . . . . . . . . . .                507,801                   403,843 
                                                                ---------------------     ---------------------
        Common stock equity . . . . . . . . . . . . . . . . .              1,726,644                 1,621,555 
     Non-redeemable preferred stock . . . . . . . . . . . . .                170,391                   193,561 
     Redeemable preferred stock . . . . . . . . . . . . . . .                 53,000                    75,000 
     Long-term debt less current maturities . . . . . . . . .              1,924,507                 2,132,021 
                                                                ---------------------     ---------------------
        Total capitalization  . . . . . . . . . . . . . . . . .            3,874,542                 4,022,137 
                                                                ---------------------     ---------------------

CURRENT LIABILITIES:                                                                                           
     Commercial paper . . . . . . . . . . . . . . . . . . . .                134,500                   177,800 
     Current maturities of long-term debt . . . . . . . . . .                153,643                     3,512 
     Accounts payable . . . . . . . . . . . . . . . . . . . .                116,280                   106,583 
     Accrued taxes  . . . . . . . . . . . . . . . . . . . . .                170,372                    82,827 
     Accrued interest . . . . . . . . . . . . . . . . . . . .                 25,619                    41,549 
     Customer deposits  . . . . . . . . . . . . . . . . . . .                 32,130                    32,746 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .                 38,729                    21,134 
                                                                ---------------------     ---------------------
        Total current liabilities . . . . . . . . . . . . . .                671,273                   466,151 
                                                                ---------------------     ---------------------

DEFERRED CREDITS AND OTHER:                                                                                    
     Deferred income taxes  . . . . . . . . . . . . . . . . . .            1,417,881                 1,429,482 
     Deferred investment tax credit . . . . . . . . . . . . .                 90,025                   115,353 
     Unamortized gain - sale of utility plant . . . . . . . .                 88,083                    91,514 
     Customer advances for construction . . . . . . . . . . .                 23,673                    19,846 
     Other  . . . . . . . . . . . . . . . . . . . . . . . . .                270,484                   273,779 
                                                                ---------------------     ---------------------
        Total deferred credits and other  . . . . . . . . . .              1,890,146                 1,929,974 
                                                                ---------------------     ---------------------

COMMITMENTS AND CONTINGENCIES  (Notes 5, 6 and 7)                                                              

        TOTAL . . . . . . . . . . . . . . . . . . . . . . . .   $          6,435,961      $          6,418,262 
                                                                =====================     =====================

See Notes to Condensed Financial Statements.                                    

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 -6-
ARIZONA PUBLIC SERVICE COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
----------------------------------
 (Unaudited)

                                                        [Enlarge/Download Table]

                                                                           Nine Months                    
                                                                       Ended September 30,                
                                                           -----------------------------------------------
                                                                    1996                      1995        
                                                           ---------------------     ---------------------
                                                                       (Thousands of Dollars)             
                                                                                                          
Cash Flows from Operating Activities:                                                                     
  Net income . . . . . . . . . . . . . . . . . . . . . . . $            244,530      $            219,629 
  Items not requiring cash:                                                                               
    Depreciation and amortization  . . . . . . . . . . . .              207,612                   181,996 
    Nuclear fuel amortization  . . . . . . . . . . . . . .               25,166                    24,354 
    AFUDC - equity . . . . . . . . . . . . . . . . . . . .               (5,620)                   (3,645)
    Deferred income taxes - net  . . . . . . . . . . . . .                2,768                    27,609 
    Deferred investment tax credit - net . . . . . . . . .              (25,328)                  (24,469)
  Changes in certain current assets and liabilities:                                                      
    Accounts receivable - net  . . . . . . . . . . . . . .              (35,443)                  (34,010)
    Accrued utility revenues . . . . . . . . . . . . . . .              (20,489)                  (23,419)
    Materials, supplies and fossil fuel  . . . . . . . . .                8,934                     9,154 
    Other current assets . . . . . . . . . . . . . . . . .                1,707                    (1,731)
    Accounts payable . . . . . . . . . . . . . . . . . . .               13,340                       (65)
    Accrued taxes  . . . . . . . . . . . . . . . . . . . .               87,545                    86,763 
    Accrued interest . . . . . . . . . . . . . . . . . . .              (15,930)                  (13,557)
    Other current liabilities  . . . . . . . . . . . . . .               17,277                    18,360 
  Other - net  . . . . . . . . . . . . . . . . . . . . . .               12,515                    11,999 
                                                           ---------------------     ---------------------
      Net cash flow provided by operating activities . . .              518,584                   478,968 
                                                           ---------------------     ---------------------

Cash Flows from Investing Activities:                                                                     
  Capital expenditures . . . . . . . . . . . . . . . . . .             (196,641)                 (209,471)
  AFUDC - debt . . . . . . . . . . . . . . . . . . . . . .               (7,422)                   (6,481)
  Other  . . . . . . . . . . . . . . . . . . . . . . . . .              (13,691)                  (13,354)
                                                           ---------------------     ---------------------
      Net cash flow used for investing activities. . . . .             (217,754)                 (229,306)
                                                           ---------------------     ---------------------

Cash Flows from Financing Activities:                                                                     
  Long-term debt . . . . . . . . . . . . . . . . . . . . .              100,000                    82,863 
  Short-term borrowings - net  . . . . . . . . . . . . . .              (43,300)                  (69,300)
  Dividends paid on common stock . . . . . . . . . . . . .             (127,500)                 (112,500)
  Dividends paid on preferred stock  . . . . . . . . . . .              (13,456)                  (14,358)
  Repayment of preferred stock . . . . . . . . . . . . . .              (46,083)                       (4)
  Repayment and reacquisition of long-term debt  . . . . .             (171,065)                 (119,707)
                                                           ---------------------     ---------------------
      Net cash flow used for financing activities  . . . .             (301,404)                 (233,006)
                                                           ---------------------     ---------------------

Net increase (decrease) in cash and cash equivalents . . .                 (574)                   16,656 
Cash and cash equivalents at beginning of period . . . . .               18,389                     6,532 
                                                           ---------------------     ---------------------
Cash and cash equivalents at end of period . . . . . . . . $             17,815      $             23,188 
                                                           =====================     =====================

Supplemental Disclosure of Cash Flow Information:                                                         
  Cash paid during the period for:                                                                        
    Interest (excluding capitalized interest)  . . . . . . $            127,492      $            135,034 
    Income taxes . . . . . . . . . . . . . . . . . . . . . $            102,144      $             84,599 

See Notes to Condensed Financial Statements.                                    

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ARIZONA PUBLIC SERVICE COMPANY

 NOTES TO CONDENSED FINANCIAL STATEMENTS

1. In the opinion of the Company, the accompanying unaudited condensed financial
statements  contain all adjustments  (consisting of normal  recurring  accruals)
necessary  to  present  fairly  the  financial  position  of the  Company  as of
September 30, 1996, the results of operations for the three months,  nine months
and twelve months ended  September 30, 1996 and 1995, and the cash flows for the
nine months  ended  September  30,  1996 and 1995.  It is  suggested  that these
condensed financial  statements and notes to condensed  financial  statements be
read in  conjunction  with the  financial  statements  and  notes  to  financial
statements  included in the 1995 10-K.  Certain  prior year  balances  have been
restated to conform to the current year presentation.                           

2.  The  Company's  operations  are  subject  to  seasonal  fluctuations,   with
variations occurring in energy usage by customers from season to season and from
month to month  within a  season,  primarily  as a result  of  changing  weather
conditions.  For this and other  reasons,  the results of operations for interim
periods are not  necessarily  indicative  of the results to be expected  for the
full year.                                                                      

3. All the  outstanding  shares  of  common  stock of the  Company  are owned by
Pinnacle West.                                                                  

4. See  "Liquidity  and Capital  Resources" in Part I, Item 2 of this report for
changes in capitalization for the nine months ended September 30, 1996.         

5. Regulatory Matters                                                           

Regulatory Agreement                                                            

         In April 1996,  the ACC  approved a  regulatory  agreement  between the
Company  and the ACC Staff.  This  agreement  is  substantially  the same as the
agreement  proposed by the Company and the ACC Staff in December 1995. The major
provisions of the 1996 regulatory agreement are:                                

O        An annual rate  reduction of  approximately  $48.5 million ($29 million
         after  income  taxes),  or an  average  3.4% for all  customers  except
certain contract customers, effective July 1, 1996.           

O        Recovery  of  substantially  all of the  Company's  present  regulatory
         assets  through  accelerated  amortization  over an  eight-year  period
         beginning July 1, 1996, increasing annual amortization by approximately
$120 million ($72 million after income taxes).                

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O        A formula  for  sharing  future  cost  savings  between  customers  and
      shareholders, referencing a return on equity (as defined) of 11.25%.

O        A moratorium  on filing for permanent  rate  changes,  except under the
         sharing formula and under certain other limited circumstances, prior to
July 2, 1999.                                                 

O        Infusion of $200 million of common  equity into the Company by Pinnacle
West, in annual increments of $50 million starting in 1996.   

Competition and Electric Industry Restructuring                                 

         In  recognition  of  evolving   competition  in  the  electric  utility
industry, there has been an ongoing investigation by the ACC Staff into industry
restructuring in an open competition  docket involving many parties.  See Note 3
of Notes to Financial Statements in Part II, Item 8 of the 1995 10-K for further
discussion of the industry restructuring.  On October 9, 1996, the ACC issued an
order (the "ACC Order"),  attached hereto and incorporated  herein by reference,
initiating  a formal  rulemaking  process for the  adoption of rules  ("Proposed
Rules")  regarding the  introduction of retail electric  competition in Arizona.
The ACC will hold public  comment  meetings on the Proposed Rules on December 2,
3, and 4, 1996. The ACC has indicated  that, even if it then adopts the Proposed
Rules, issues such as reliability, stranded cost recovery, the phase-in process,
and bundled,  unbundled and metering  services,  as well as legal  issues,  will
require  additional  consideration  and will be addressed  through workshops and
working  groups  which  will  issue  recommendations  to the  ACC  during  1997.
Commissioner Carl Kunasek, the sole Republican on the three-member ACC, provided
a concurring statement to the ACC Order in which he expressed concerns about the
Proposed Rules and his intent to make  substantive  changes in them. As a result
of the recent election, Mr. Kunasek will be joined on the ACC in January 1997 by
Republican  Jim Irvin,  which  will  impact  the  leadership  of the ACC and the
composition  of  the ACC  Staff.  The  positions  on the  rulemaking  that  will
actually be taken by the members of the ACC, as evidenced  by recently  reported
comments, are by no means clear at this time.                                   

The Proposed Rules include the following major provisions:    

O        The  Proposed  Rules  are  intended  to apply to  virtually  all of the
         Arizona  electric  utilities   regulated  by  the  ACC  (the  "Affected
Utilities"), including the Company.                           

O        Each Affected  Utility would be required to make  available at least 20
         percent  of  its  1995  system  retail  peak  demand  for   competitive
         generation  supply to all  customer  classes not later than  January 1,
         1999,  at least 50 percent not later than  January 1, 2001,  and all of
its retail demand not later than January 1, 2003.             

O        "Electric Service  Providers" that obtain a "Certificate of Convenience
         and  Necessity"  ("CC&N")  from the ACC  would be  allowed  to  supply,
         market,  and or broker  specified  electric  services at retail.  These
services  would  not  include  most                           

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         electric  distribution  services.   Affected  Utilities  would  not  be
         required  to  apply  for  CC&N's  for any  services  provided  in their
existing service territories.                                 

O        On or before December 31, 1997,  each Affected  Utility would file with
         the ACC  proposed  tariffs for  "Standard  Offer  Bundled  Service" and
         "Unbundled  Service."  "Standard Offer Bundled  Service" means electric
         service elements (i.e.,  generation,  transmission,  distribution,  and
         ancillary  services)  provided  and  priced as a package  to  consumers
         within a designated  area.  "Unbundled  Service" means electric service
elements provided and priced separately.                      

The  Proposed  Rules  indicate  that the ACC shall  allow  recovery  by Affected
Utilities  of  unmitigated   Stranded  Cost,  defined  as  "the  verifiable  net
difference  between  (a) the  value of all  prudent  jurisdictional  assets  and
obligations  necessary  to  furnish  electricity  (such  as  generating  plants,
purchased power contracts,  fuel contracts, and regulatory assets),  acquired or
entered into prior to the adoption of the [Proposed  Rules],  and (b) the market
value of those assets and obligations directly  attributable to the introduction
of  competition  under the [Proposed  Rules]."  Each  Affected  Utility would be
required to take "every feasible,  cost-effective measure" to mitigate or offset
Stranded Cost and to file with the ACC estimates of  unmitigated  Stranded Cost.
The ACC  would  then,  after  hearing  and  consideration  of  various  factors,
determine the magnitude of Stranded Cost and appropriate  Stranded Cost recovery
mechanisms and charges on a case-by-case basis.                                 

         In comments  submitted  to the ACC, the Company has stated that certain
provisions of the Proposed Rules are deficient, legally and otherwise,  because,
among other things,  (i) the ACC has no authority to require or authorize retail
competition  between  electric  utilities  or  to  regulate  non-public  service
corporations;  (ii) the rules fail to  address  the  vested  property  rights of
Affected Utilities,  including the Company, to receive adequate compensation for
the amendment or rescission of CC&N's or for stranded costs; (iii) the rules are
discriminatory because they favor  newly-certificated  competitors over Affected
Utilities;  (iv) the rules do not provide for the fundamental  statutory and due
process  rights  of the  Company  and other  Affected  Utilities;  (v)  specific
measures of the Proposed Rules,  including the proposed  phase-in,  could affect
the Company's ability to maintain system reliability in a cost-effective manner;
and (vi) the status of certain of the Company's potential competitors, including
public power entities and out-of-state utilities, is unclear.                   

         In April 1996,  an Arizona law  established  legislative  and  advisory
committees to study electric  utility industry  restructuring  issues and report
back  to  the   legislature  by  the  end  of  1997.   The  committees   include
representatives of the ACC and the Company.                                     

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         The Company  believes  that  legislation  will  ultimately  be required
before  significant  implementation  of the Proposed Rules (or whatever they may
evolve into) can lawfully occur.                                                

6. The Palo Verde  participants  have  insurance for public  liability  payments
resulting  from  nuclear  energy  hazards to the full limit of  liability  under
federal law. This potential  liability is covered by primary liability insurance
provided by commercial  insurance carriers in the amount of $200 million and the
balance by an industry-wide  retrospective  assessment program. If losses at any
nuclear power plant  covered by this program  exceed the  accumulated  funds for
this program, the Company could be assessed  retrospective  premium adjustments.
The maximum  assessment per reactor under the program for each nuclear  incident
is  approximately  $79  million,  subject to an annual  limit of $10 million per
incident. Based upon the Company's 29.1% interest in the three Palo Verde units,
the Company's  maximum  potential  assessment per incident is approximately  $69
million, with an annual payment limitation of approximately $9 million.         

         The Palo Verde  participants  maintain  "all risk"  (including  nuclear
hazards) insurance for property damage to, and  decontamination  of, property at
Palo Verde in the aggregate  amount of $2.75 billion,  a substantial  portion of
which must first be applied to stabilization  and  decontamination.  The Company
has also secured  insurance against portions of any increased cost of generation
or  purchased  power  and  business  interruption  resulting  from a sudden  and
unforeseen outage of any of the three units. The insurance coverage discussed in
this and the previous  paragraph  is subject to certain  policy  conditions  and
exclusions.                                                                     

7. The Company has encountered  tube cracking in the Palo Verde steam generators
and has taken, and will continue to take, remedial actions that it believes have
slowed the rate of tube  degradation.  The  projected  service life of the steam
generators is reassessed  periodically  in  conjunction  with  inspections  made
during scheduled outages of the Palo Verde units. The Company's ongoing analyses
indicate that it will be  economically  desirable for the Company to replace the
Unit 2 steam generators, which have been most affected by tube cracking, in five
to ten years.  The Company expects that the steam  generator  replacement can be
accomplished  within financial  parameters  established before replacement was a
consideration, and the Company estimates that its share of the replacement costs
(in 1996 dollars and including installation and replacement power costs) will be
approximately  $50 million,  most of which will be incurred after the year 2000.
The Company expects that the replacement  would be performed in conjunction with
a  normal  refueling  outage  in  order  to  limit  incremental  outage  time to
approximately 50 days. Based on the latest available data, the Company estimates
that the Unit 1 and  Unit 3 steam  generators  should  operate  for the  license
periods (until 2025 and 2027, respectively),  although the Company will continue
its normal periodic assessment of these steam generators.                       

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ARIZONA PUBLIC SERVICE COMPANY

Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         -----------------------------------------------------------------------
of Operations.                                                
--------------                                                

Operating Results                                                               
-----------------                                                               

         The following table summarizes the Company's  revenues and earnings for
the three-month,  nine-month and  twelve-month  periods ended September 30, 1996
and 1995:                                                                       

                      Periods ended September 30
                      (Thousands of Dollars)

                                                        [Enlarge/Download Table]

                        Three Months                        Nine Months                        Twelve Months           
              -------------------------------  ------------------------------------  ----------------------------------
                   1996            1995              1996              1995               1996              1995       
              --------------- ---------------  ----------------- ------------------  ---------------- -----------------
                                                                                                                       
Operating                                                                                                              
revenues         $566,899        $549,082         $1,338,818        $1,266,228          $1,687,542       $1,608,308    

Earnings for                                                                                                           
common stock     $124,331        $123,570         $  231,574        $  205,271          $  246,739       $  223,287    

         Operating  Results  -  Three-month  period  ended  September  30,  1996
         -----------------------------------------------------------------------
compared with three-month period ended September 30, 1995     
---------------------------------------------------------     

         Earnings were flat in the three-month  period ended September 30, 1996.
Results were favorably impacted by increased operating revenues,  the write-down
of an office building in 1995, lower property taxes, and lower interest expense.
Operating  revenues  were higher due to customer  growth,  warmer  weather,  and
higher  residential  usage.  Property tax estimates for 1996 were reduced in the
third quarter to reflect a change in tax law. See  "Property  Taxes" in Part II,
Item 1 of the  June  10-Q.  Interest  expense  decreased  due to  lower  average
interest rates and lower debt balances.                                         

         Substantially  offsetting  these positive  factors were the accelerated
amortization of regulatory  assets, a retail rate reduction,  and an increase in
fuel  expenses.  The  accelerated  regulatory  asset  amortization  and the rate
reduction  were part of a regulatory  agreement  which became  effective July 1,
1996. See Note 5 of Notes to Condensed Financial Statements.  Fuel expenses were
higher  primarily due to higher  natural gas costs, a less favorable mix of fuel
and purchased power, and increased retail sales.                                

         Operating Results - Nine-month period ended September 30, 1996 compared
         -----------------------------------------------------------------------
with nine-month period ended September 30, 1995               
-----------------------------------------------               

         Earnings  increased in the nine-month  period ended  September 30, 1996
primarily  due to increased  operating  revenues,  the                          

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write-down  of an office  building in 1995, a reduction  in property  taxes (see
"Property  Taxes"  in Part II,  Item 1 of the June  10-Q),  and  lower  interest
expense.  Operating revenues were higher due to customer growth, warmer weather,
and higher  residential  usage.  Interest expense decreased due to lower average
interest rates and lower debt balances.                                         

         Partially  offsetting  these positive  factors were an increase in fuel
expenses,  the  accelerated  amortization  of regulatory  assets,  a retail rate
reduction,  and a gain on the sale of a small subsidiary in the first quarter of
1995.  Fuel  expenses  were higher  primarily  due to higher  natural gas costs,
increased retail sales, higher coal prices, and a less favorable mix of fuel and
purchased  power.  The accelerated  regulatory  asset  amortization and the rate
reduction  were part of a regulatory  agreement  which became  effective July 1,
1996. See Note 5 of Notes to Condensed Financial Statements.                    

         Operating  Results -  Twelve-month  period  ended  September  30,  1996
         -----------------------------------------------------------------------
compared with twelve-month period ended September 30, 1995    
----------------------------------------------------------    

         Earnings increased in the twelve-month  period ended September 30, 1996
primarily  due to increased  operating  revenues,  the  write-down  of an office
building in 1995, a reduction in property  taxes (see  "Property  Taxes" in Part
II, Item 1 of the June 10-Q),  and lower interest  expense.  Operating  revenues
were higher due to  customer  growth,  warmer  weather,  and higher  residential
usage.  Interest expense decreased due to lower average interest rates and lower
debt balances.                                                                  

         Partially  offsetting  these positive  factors were an increase in fuel
expenses, the accelerated amortization of regulatory assets, increased operation
and maintenance  expenses, a retail rate reduction,  and a gain on the sale of a
small  subsidiary  in the first  quarter  of 1995.  Fuel  expenses  were  higher
primarily  due to  increased  retail  sales,  higher  natural gas costs,  a less
favorable  mix of  fuel  and  purchased  power,  and  higher  coal  prices.  The
accelerated  regulatory asset amortization and the rate reduction were part of a
regulatory agreement which became effective July 1, 1996. See Note 5 of Notes to
Condensed Financial Statements.  Operations and maintenance expenses were higher
primarily due to the  write-down of certain  inventory in the fourth  quarter of
1995.                                                                           

Other Income                                                  
------------                                                  

         Other income  reflects  accounting  practices  required  for  regulated
public  utilities  and  represents  a  composite  of cash  and  non-cash  items,
including AFUDC. See Note 1 of Notes to Financial  Statements in Part II, Item 8
of the 1995 10-K.                                                               

         As part of a 1994 rate  settlement  agreement with the ACC, the Company
accelerated  amortization  of  substantially  all                               

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deferred ITCs over a five-year period beginning in 1995, resulting in a decrease
in annual income tax expense of approximately $21 million.                      

Voluntary Severance Program                                                     
---------------------------                                                     

         The  Company  will take a charge in the  fourth  quarter  of 1996 for a
voluntary  severance program.  Employees may submit their request to participate
in the program from October 15 through  November  15, 1996.  The Company  cannot
currently estimate the financial impact of this program.                        

Regulatory Matters                                                              
------------------                                                              

         See Note 5 of Notes to Condensed Financial Statements in Part I, Item 1
of this report and Note 3 of Notes to Financial Statements in Part II, Item 8 of
the 1995 10-K for a discussion  of the  Company's  regulatory  agreement and the
Proposed Rules  regarding the  introduction  of retail  electric  competition in
Arizona.                                                                        

Liquidity and Capital Resources                                                 
-------------------------------                                                 

         For the nine months  ended  September  30, 1996,  the Company  incurred
approximately $197 million in capital expenditures, accounting for approximately
76% of the most recently  estimated 1996 capital  expenditures.  The Company has
estimated total capital  expenditures  for the years 1996,  1997, and 1998 to be
approximately $260 million, $284 million, and $284 million, respectively.  These
amounts include about $30 million each year for nuclear fuel expenditures.      

         Required and optional  redemptions  of  preferred  stock and  long-term
debt,  including  premiums  thereon,  and a  capitalized  lease  obligation  are
expected to total approximately $217 million, $164 million, and $114 million for
the years 1996,  1997,  and 1998,  respectively.  During the nine  months  ended
September  30,  1996,  the Company  redeemed  approximately  $171 million of its
long-term  debt and  approximately  $46  million  of its  preferred  stock,  and
incurred $100 million of long-term debt under a revolving credit agreement. As a
result  of the 1996  regulatory  agreement  (see  Note 5 of  Notes to  Condensed
Financial  Statements),  Pinnacle West will invest $50 million in the Company in
each of the years 1996 through 1999. It is the Company's intention over the next
several  years to use excess cash flow  primarily  to retire debt and  preferred
stock.                                                                          

         Although  provisions  in the  Company's  bond  indenture,  articles  of
incorporation,  and  financing  orders  from the ACC  restrict  the  issuance of
additional first mortgage bonds and preferred stock,  management does not expect
any of these  restrictions  to limit the  Company's  ability to meet its capital
requirements.                                                                   

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 PART II - OTHER INFORMATION
 ---------------------------

ITEM 5.      Other Information                                                  
------------------------------                                                  

Environmental Matters                                         
---------------------                                         

         As previously  reported,  the Clean Air Act Amendments of 1990 required
two studies with respect to hazardous air pollutants emitted by electric utility
steam  generating  units.  See   "Environmental   Matters  -  EPA  Environmental
Regulation" in Part I, Item 1 of the 1995 10-K. The EPA has postponed, for up to
three years, the general study concerning the necessity of regulating such units
and has deferred promulgating regulations relating to mercury emissions.        

Palo Verde Nuclear Generating Station                           
-------------------------------------                           

        See Note 7 of Notes to Condensed Financial  Statements in Part I, Item 1
of this  report  for a  discussion  of issues  regarding  the Palo  Verde  steam
generators.                                                                     

Construction and Financing Programs                             
-----------------------------------                             

        See "Liquidity  and Capital  Resources" in Part I, Item 2 of this report
for a discussion of the Company's construction and financing programs.          

Competition and Electric Industry Restructuring               
-----------------------------------------------               

         See Note 5 of the Notes to Condensed  Financial  Statements  in Part I,
Item 1 of this report for a discussion  of  competition  and the Proposed  Rules
regarding the introduction of retail electric competition in Arizona.           

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ITEM 6.  Exhibits and Reports on Form 8-K                                       
-----------------------------------------                                       

(a)  Exhibits                                                 

Exhibit No.       Description                                                   
-----------       -----------                                                   

10.1              Arizona  Corporation  Commission  Order,  Decision No.  59870,
                  dated October 9, 1996,  including the Proposed Rules regarding
              the introduction of retail electric competition in Arizona

27.1              Financial Data Schedule                                       

(b)  Reports on Form 8-K                                      

         During the quarter  ended  September  30,  1996,  and the period  ended
November 13, 1996, the Company filed the following report on Form 8-K:          

         Report  dated  August 28, 1996  regarding  draft rules of the ACC Staff
         relating to the introduction of retail electric competition in Arizona.

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SIGNATURES
----------

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Company  has duly  caused  this  report to be  signed on its  behalf by the
undersigned thereunto duly authorized.                                          

                                                  ARIZONA PUBLIC SERVICE COMPANY
                                                (Registrant)

Dated: November 13, 1996                    By:  Jaron B. Norberg               
      --------------------------------           -------------------------------
                                  Jaron B. Norberg
                                              Executive Vice President and
                                         Chief Financial Officer
                                              (Principal Financial Officer
                                             and Officer Duly Authorized
                                      to sign this Report)

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Dates Referenced Herein and Documents Incorporated by Reference

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	1/1/01	10
	7/2/99	10
	1/1/99	10
	12/31/97	11		10-K405, 11-K
	11/15/96	15
Filed on:	11/14/96
	11/13/96	1	18
	10/9/96	10	17
For Period End:	9/30/96	1	17
	8/28/96	17		8-K
	7/1/96	9	14
	6/30/96	2		10-Q
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	9/30/95	9	14	10-Q
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Arizona Public Service Co – ‘10-Q’ for 9/30/96

As of: Thursday, 11/14/96 · For: 9/30/96 · Accession #: 950147-96-542 · File #: 1-04473

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