Exhibit 21.1

SUBSIDIARIES OF THE COMPANY

Arizona Public Service Company

APS Foundation, Inc.

AXIOM Power Solutions, Inc.

Bixco, Inc.

Powertree Carbon Company, LLC

PWENewco, Inc.

APSES Holdings, Inc.

APS Energy L.P.

APS Energy Services Company, Inc.

Northwind Phoenix LLC

Tucson District Energy LLC

SunCor Development Company

SunCor Golf, Inc.

Westworld Golf Course LLC

Golden Heritage Homes, Inc.

Golden Heritage Construction, Inc.

Golden Heritage Construction Nevada, LLC

Heritage Financial Services, LLC

SCM, Inc.

SunCor Realty & Management Company

Palm Valley Golf Club, Inc.

Rancho Viejo de Santa Fe, Inc.

Ranchland Utility Company

Rancho Viejo Village Center, LLC

SunCor Idaho, LLC

Golf de Mexico, S.A. de C.V.

Type Two, Inc.

Stone Ridge- Prescott Valley LLC

Stone Ridge Golf Course LLC

StoneRidge Commercial, L.L.C.

Hayden Ferry Lakeside LLC

Lakeside Residential Communities, L.L.C.

Edgewater at Hayden Ferry Lakeside, L.L.C.

BV at Hayden Ferry Lakeside, L.L.C.

Club West Golf Course LLC

Scottsdale Mountain LLP

SunRidge Canyon LLC

Sedona Golf Resort LLC

Kabuto/SunCor Joint Venture

Centrepoint Associates LLC

Hidden Hills of Scottsdale LLC

Talavi Associates LLC

Coral Canyon Town Center LLC

Coral Canyon HD, L.L.C.

Foothills Sewer Company, Inc.

Highland Water Company, Inc.

Palm Valley Professional Plaza, LLC

Riverside Distribution Center, LLC

SDC Prescott Valley LLC

SDC Prescott LLC

El Dorado Investment Company

Underground Imaging Technologies, LLC

NAC Holding Inc.

NAC International Inc.

Phoenix Suns Limited Partnership

AZ PB Partnership

El Dorado Ventures III

Phoenix Downtown Theater LLC

Nxt Phase Corporation

Acoustic Locating Services, LLC

Arizona Business Accelerator

PowerOneData, Inc.

Severon Corporation

Pinnacle West Energy Corporation

GenWest, LLC

APACS Holdings LLC