APS 2015 Annual Report Download - page 61
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Table of Contents
negative factors were partially offset by lower operations and maintenance expenses related to lower employee benefit costs, higher
other income, and increased revenues for lost fixed cost recovery. All other segment's income was lower by $4 million primarily related
to El Dorado's investment losses.
The following table presents net income attributable to common shareholders by business segment compared with the prior
year:
Year Ended
December 31,
2014
2013
Net change
(dollars in millions)
Regulated Electricity Segment:
Operating revenues less fuel and purchased power expenses $ 2,309
$ 2,356
$ (47)
Operations and maintenance (908)
(925)
17
Depreciation and amortization (417)
(416)
(1)
Taxes other than income taxes (172)
(164)
(8)
All other income and expenses, net 28
11
17
Interest charges, net of allowance for borrowed funds used during
construction (185)
(187)
2
Income taxes (224)
(232)
8
Less income related to noncontrolling interests (Note 18) (26)
(34)
8
Regulated electricity segment income 405
409
(4)
All other (7)
(3)
(4)
Net Income Attributable to Common Shareholders $ 398
$ 406
$ (8)
Operating revenues less fuel and purchased power expenses. Regulated electricity segment operating revenues less fuel and
purchased power expenses were $47 million lower for the year ended December 31, 2014 compared with the prior year. The following
table summarizes the major components of this change:
Increase (Decrease)
Operating
revenues
Fuel and
purchased
power
expenses
Net change
(dollars in millions)
Effects of weather $ (45)
$ (16)
$ (29)
Lower demand side management regulatory surcharges, offset by
renewable energy regulatory surcharges and purchased power —
20
(20)
Lower retail transmission revenues (7)
—
(7)
Lower retail sales due to changes in customer usage patterns and related
pricing, partially offset by customer growth (4)
—
(4)
Higher net fuel and purchased power costs, including related deferrals
and higher off-system sales margins 78
79
(1)
Lost fixed cost recovery 12
—
12
Miscellaneous items, net 3
1
2
Total $ 37
$ 84
$ (47)
58