8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 31, 2005

	Exact Name of Registrant as Specified in
	Charter; State of Incorporation;	IRS Employer
Commission File Number	Address and Telephone Number	Identification Number
1-8962	Pinnacle West Capital Corporation	86-0512431
	(an Arizona corporation)
	400 North Fifth Street, P.O. Box 53999
	Phoenix, AZ 85072-3999
	(602) 250-1000
1-4473	Arizona Public Service Company	86-0011170
	(an Arizona corporation)
	400 North Fifth Street, P.O. Box 53999
	Phoenix, AZ 85072-3999
	(602) 250-1000

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     o Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)

     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

     This combined Form 8-K is separately filed by Pinnacle West Capital Corporation and Arizona Public Service Company. Each registrant is filing on its own behalf all of the information contained in this Form 8-K that relates to such registrant. Neither registrant is filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.

GLOSSARY

ACC – Arizona Corporation Commission

APS – Arizona Public Service Company, a subsidiary of the Company

Company – Pinnacle West Capital Corporation

FERC – Federal Energy Regulatory Commission

kWh – kilowatt hour, one thousand watts per hour

January Form 8-K – Pinnacle West’s Current Report on Form 8-K filed on January 28, 2005

March Form 8-K – Pinnacle West’s Current Report on Form 8-K filed on March 29, 2005

Native Load – retail and wholesale sales supplied under traditional cost-based rate regulation

Pinnacle West – Pinnacle West Capital Corporation

Pinnacle West Energy – Pinnacle West Energy Corporation, a subsidiary of the Company

PWEC Dedicated Assets – the following Pinnacle West Energy Corporation power plants: Redhawk Units 1 and 2, West Phoenix Units 4 and 5 and Saguaro Unit 3

Sundance Plant – a 450-megawatt generating facility located approximately 55 miles southeast of Phoenix, Arizona

2004 Form 10-K – the Pinnacle West/APS Annual Report on Form 10-K for the fiscal year ended December 31, 2004

2004 Settlement Agreement – an agreement that, as approved by the ACC, established terms to resolve APS’ general rate case originally filed with the ACC in June 2003

TABLE OF CONTENTS

		Page
Item 2.02	Results of Operations and Financial Condition		1
Item 7.01	Regulation FD Disclosure		1
Item 9.01	Financial Statements and Exhibits		4
Signatures			5
EX-99.1
EX-99.2
EX-99.3
EX-99.4
EX-99.5
EX-99.6
EX-99.7
EX-99.8
EX-99.9
EX-99.10

Item 2.02. Results of Operations and Financial Condition

     Certain of the Information referenced in Item 7.01 below relates to Pinnacle West’s results of operations for its fiscal quarter ended March 31, 2005. This Information is attached hereto as Exhibits 99.2, 99.3, and 99.7.

     On April 26, 2005, the Company issued a press release regarding its financial results for its fiscal quarter year ended March 31, 2005. A copy of the press release is attached hereto as Exhibit 99.9.

     The information being furnished pursuant to this Item 2.02 and in Exhibits 99.2, 99.3, 99.7, 99.9 and 99.10 of this report relating to the Company’s financial results for its fiscal quarter ended March 31, 2005 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure

Financial and Business Information

     The Company is providing quarterly consolidated statistical summaries, earnings variance explanations, and a glossary of relevant terms (collectively, “Information”) to help interested parties better understand its business (see Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6, 99.7, and 99.8). This Information is concurrently being posted to the Company’s website at www.pinnaclewest.com. The Information may not represent all of the factors that could affect the Company’s operating or financial results for various periods. Some of the Information is preliminary in nature and could be subject to significant adjustment. Some of the Information is based on information received from third parties and may contain inaccuracies. The Company is not responsible for any such inaccuracies. Although the Company may update or correct the Information if it is aware that such Information has been revised or is inaccurate, the Company assumes no obligation to update or correct the Information and reserves the right to discontinue the provision of all or any portion of the Information at any time or to change the type of Information provided.

Earnings Outlook

     We currently estimate that 2005 earnings will be within a reasonable range around $3.00 per diluted common share. This estimate is based on a number of factors and assumptions, including but not limited to:

•   We assume SunCor Development Company will report 2005 net income of approximately $50 million, or $0.55 per share.

•   Our earnings for the first quarter of 2005 exceeded our initial plan. We expect approximately $0.11 per share of the excess to benefit our 2005 earnings, primarily due to fewer unplanned plant outages and lower related replacement power costs ($0.07 per share) and higher mark-to-market valuations for Native Load hedge positions as a result of higher forward prices for gas and power ($0.04 per share).

•   We assume APS’ acquisition of the Sundance Plant will be approved by the FERC and close in the spring of 2005. Our planned ownership of the Sundance Plant is expected to decrease 2005 earnings approximately $0.03 per share compared with our earnings outlook in the January Form 8-K.

•   Pinnacle West Energy issued $500 million of two-year floating rate notes and repaid the intercompany loan from APS. This refinancing is expected to save approximately $0.02 per share compared with our earnings outlook in the January Form 8-K.

•   The estimate reflects the effects of our expected issuance of approximately 6,095,000 shares of our common stock, which assumes the underwriters’ full exercise of their over-allotment option. The net effect is estimated to be a decrease in earnings of $0.09 per share for 2005.

•   The transfer of the PWEC Dedicated Assets from Pinnacle West Energy to APS, as approved by the ACC in the 2004 Settlement Agreement, is expected to take place after the FERC approves the transfer. We will recognize a regulatory disallowance of approximately $90 million after income taxes in the period when the plant transfer to APS is completed. Our 2005 earnings estimate does not reflect the regulatory disallowance.

•   This estimate does not reflect the effects of a potential sale of our interest in Silverhawk, as discussed under “Silverhawk Power Station” below.

     Except as described in the following sentence, earnings per share amounts for the factors and assumptions discussed above are after income taxes and are based on diluted common shares outstanding before the expected equity issuance. Earnings per share amounts for the net effect of the expected equity issuance are after income taxes and are based on expected average common shares outstanding after the issuance.

     This earnings guidance supersedes all previous earnings guidance provided by the Company and is forward-looking information. Actual results may differ materially from our expectations. See “Forward-Looking Statements” below.

Silverhawk Power Station

     Pinnacle West, through its subsidiary Pinnacle West Energy, has a 75% ownership interest in Silverhawk, a 570 MW combined cycle power plant located 20 miles north of Las Vegas, Nevada. Silverhawk is the only Pinnacle West generating facility that operates as a fully competitive merchant generator. While we believe that our Silverhawk ownership interest will be profitable in the longer term, we estimate that in 2005 and 2006 it will incur annual after-tax losses in the range of $19 million to $23 million, or $0.20 to $0.25 per share. Such a loss for 2005 was assumed in developing the Company’s 2005 earnings outlook discussed above.

     Recently, we have received proposals from several parties that have expressed interest in acquiring our ownership interest in Silverhawk. These proposals contemplate a transaction closing in 2005. Such a transaction would result in our recognizing a loss. If such a transaction were to

2

occur, we would plan to invest the after-tax sale proceeds, estimated to be in the range of $200 million to $215 million, into APS. No assurance can be given that the transaction will occur.

     The information being furnished pursuant to this Item 7.01 and in Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6, 99.7 and 99.8 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section.

Forward-Looking Statements

     This Report on Form 8-K contains forward-looking statements based on current expectations, and we assume no obligation to update these statements or make any further statements on any of these issues, except as required by applicable law. Forward-looking statements are often identified by words such as “estimate,” “predicts,” “hope,” “may,” “believe,” “should, ” “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 us. These factors include, but are not limited to:

•   state and federal regulatory and legislative decisions and actions, including by the FERC;

•   the ongoing restructuring of the electric industry, including the introduction of retail electric competition in Arizona and decisions impacting wholesale competition;

•   the outcome of regulatory, legislative and judicial proceedings relating to the restructuring;

•   market prices for electricity and natural gas;

•   power plant performance and outages;

•   transmission outages and constraints;

•   weather variations affecting local and regional customer energy usage;

•   regional economic and market conditions, including the results of litigation and other proceedings resulting from the California energy situation, volatile purchased power and fuel costs and the completion of generation and transmission construction in the region, which could affect customer growth and the cost of power supplies;

•   the cost of debt and equity capital and access to capital markets and the assumption that the expected equity issuance described above will occur;

•   the uncertainty that current credit ratings will remain in effect for any given period of time;

•   our ability to compete successfully outside traditional regulated markets (including the wholesale market);

•   the performance of our marketing and trading activities due to volatile market liquidity and 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);

•   changes in accounting principles generally accepted in the United States of America and the

3

	interpretation of those principles;
•	the performance of the stock market and the changing interest rate environment, which affect the amount of our required contributions to our pension plan and nuclear decommissioning trust funds, as well as our reported costs of providing pension and other postretirement benefits;
•	technological developments in the electric industry;
•	the strength of the real estate market 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 our control.

Item 9.01. Financial Statements and Exhibits

     (c) Exhibits.

Exhibit
No.		Registrant(s)	Description
	99.1	Pinnacle West APS	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).
	99.2	Pinnacle West APS	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended March 31, 2005 and 2004.
	99.3	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2005.
	99.4	Pinnacle West	Pinnacle West Capital Corporation consolidated statistics by quarter for 2004.
	99.5	Pinnacle West	Pinnacle West Capital Corporation consolidated statistics by quarter for 2003.
	99.6	Pinnacle West	Pinnacle West Capital Corporation consolidated statistics by quarter for 2002.
	99.7	Pinnacle West APS	Pinnacle West Capital Corporation earnings variance explanations for periods ended March 31, 2005 and 2004 and condensed consolidated statements of income for the three months ended March 31, 2005 and 2004.
	99.8	Pinnacle West APS	Glossary of Terms.
	99.9	Pinnacle West APS	Earnings News Release issued on April 26, 2005.
	99.10	Pinnacle West APS	Reconciliation of Operating Income to Gross Margin.

4

SIGNATURES

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

	PINNACLE WEST CAPITAL CORPORATION
	(Registrant)
Dated: April 26, 2005	By:	/s/ Barbara M. Gomez
		Barbara M. Gomez
		Vice President and Treasurer
	ARIZONA PUBLIC SERVICE COMPANY
	(Registrant)
Dated: April 26, 2005	By:	/s/ Barbara M. Gomez
		Barbara M. Gomez
		Vice President and Treasurer

5

EX-99.1

Exhibit 99.1
Last Updated 4/26/05

List of Contents

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2005 and 2004

2005 First Quarter Summary

2004 by Quarter

2003 by Quarter

2002 by Quarter

Quarters may not sum to totals due to rounding.

Certain current and prior year amounts have been reclassified to conform to current period presentation.

The definitions of terms used in this statistical summary are contained
in the “Glossary of Terms” on the Pinnacle West website at:
http://www.pinnaclewest.com/files/investors/2005Q1QuarStatsGloss.pdf

This statistical data may be graphed in various quarterly or annual comparisons
using the “Interactive Charts” tool on the Pinnacle West website at:
http://www.pinnaclewest.com/main/pnw/investors/financials/quarterly/landing.html

EX-99.2

Exhibit 99.2
Last Updated 4/26/05

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005			2004			Incr (Decr)
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	27		$	34		$	(7	)
2	Pinnacle West Energy		(21	)		(18	)		(3	)
3	APS Energy Services		(3	)		2			(5	)
4	SunCor		9			2			7
5	El Dorado		(1	)		—			(1	)
6	Parent Company		13			11			2
7	Income From Continuing Operations		24			31			(7	)
	Income From Discontinued Operations -
8a	Net of Tax		—			—			—
	Cumulative Effect of Change in Accounting -
8b	Net of Tax		—			—			—
9	Net Income	$	24		$	31		$	(7	)
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
10	Arizona Public Service	$	0.30		$	0.38		$	(0.08	)
11	Pinnacle West Energy		(0.22	)		(0.20	)		(0.02	)
12	APS Energy Services		(0.04	)		0.02			(0.06	)
13	SunCor		0.09			0.02			0.07
14	El Dorado		(0.01	)		—			(0.01	)
15	Parent Company		0.15			0.12			0.03
16	Income From Continuing Operations		0.27			0.34			(0.07	)
	Income From Discontinued Operations -
17a	Net of Tax		—			—			—
	Cumulative Effect of Change in Accounting -
17b	Net of Tax		—			—			—
18	Net Income	$	0.27		$	0.34		$	(0.07	)
19	BOOK VALUE PER SHARE	$	32.50		$	31.19		$	1.31
	COMMON SHARES OUTSTANDING - DILUTED (Thousands)
20	Average		92,045			91,376			669
21	End of Period		92,103			91,310			793

See Glossary of Terms. Page 1 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005			2004			Incr (Decr)
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	REGULATED ELECTRICITY SEGMENT
	Retail
22	Residential	$	190		$	189		$	1
23	Business		209			211			(2	)
24	Total retail		399			400			(1	)
	Wholesale revenue on delivered electricity
25	Traditional contracts		3			3			—
26	Retail load hedge management		—			—			—
27	Transmission for others		7			8			(1	)
28	Other miscellaneous services		7			4			3
29	Total regulated electricity		416			415			1
	MARKETING AND TRADING SEGMENT
	Delivered marketing and trading
30	Generation sales other than native load		46			10			36
31	Realized margins on electricity trading (a)		6			5			1
32	Other delivered electricity (a)		58			66			(8	)
33	Total delivered marketing and trading		110			81			29
	Other marketing and trading
34	Realized margins on delivered commodities other than electricity (a)		1			(2	)		3
35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		(2	)		1			(3	)
36	Change in mark-to-market for future-period deliveries		8			8			—
37	Total other marketing and trading		7			7			—
38	Total marketing and trading		117			88			29
39	Total operating electric revenues	$	533		$	503		$	30

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $2 million was transferred to “realized” for the first quarter of 2005. Lines 31, 32 and 34 include amounts totaling $2 million of realized gain for the first quarter of 2005.

See Glossary of Terms. Page 2 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005		2004		Incr (Decr)
	ELECTRIC SALES (GWH)
	Regulated Electricity Segment
	Retail sales
40	Residential		2,367		2,410		(43	)
41	Business		3,042		3,051		(9	)
42	Total retail		5,409		5,461		(52	)
	Wholesale electricity delivered
43	Traditional contracts		155		138		17
44	Retail load hedge management		750		169		581
45	Total regulated electricity		6,314		5,768		546
	Marketing and Trading Segment
	Delivered marketing and trading
46	Generation sales other than native load		979		358		621
47	Electricity trading		4,015		4,198		(183	)
48	Other delivered electricity		1,067		1,139		(72	)
49	Total delivered marketing and trading		6,061		5,695		366
50	Total electric sales		12,375		11,463		912

See Glossary of Terms. Page 3 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005			2004			Incr (Decr)
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
	Current Period Effects
	Realized margin on delivered commodities
	Electricity
51	Generation sales other than native load	$	6		$	3		$	3
52	Other electricity marketing and trading (a)		4			11			(7	)
53	Total electricity		10			14			(4	)
54	Other commodities (a)		1			(2	)		3
55	Total realized margin		11			12			(1	)
	Prior-period mark-to-market (gains) losses on contracts delivered during current period
56	Electricity (a)		(1	)		(1	)		—
57	Other commodities (a)		(1	)		2			(3	)
58	Subtotal		(2	)		1			(3	)
59	Total current period effects (b)		9			13			(4	)
	Change in mark-to-market gains (losses) for future period deliveries (b)
60	Electricity		2			7			(5	)
61	Other commodities		6			1			5
62	Subtotal		8			8			—
63	Total gross margin	$	17		$	21		$	(4	)

Future Marketing and Trading Mark-to-Market Realization

As of March 31, 2005, Pinnacle West had accumulated net mark-to-market gains of $45 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2005, $16 million; 2006, $6 million; 2007, $15 million; and thereafter, $8 million.

(a)

The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 59 and in line 63 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the first quarter of 2005. A $1 million realized gain is included in the $4 million on line 52 for the first quarter of 2005.

(b)

Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.

See Glossary of Terms. Page 4 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005			2004			Incr (Decr)
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued) (Dollars in Millions)
	By Commodity Sold or Traded
64	Electricity	$	11		$	20		$	(9	)
65	Natural gas		6			1			5
66	Coal		—			—			—
67	Emission allowances		—			—			—
68	Other		—			—			—
69	Total gross margin	$	17		$	21		$	(4	)
	By Pinnacle West Entity
	Parent company marketing and trading division
70	Generation sales other than native load	$	1		$	—		$	1
71	Other marketing and trading		13			12			1
	APS
72	Generation sales other than native load		5			3			2
73	Other marketing and trading		(9	)		(8	)		(1	)
	Pinnacle West Energy
74	Generation sales other than native load		—			—			—
75	Other marketing and trading		10			10			—
	APS ES
76	Other marketing and trading		(3	)		4			(7	)
77	Total gross margin before income taxes	$	17		$	21		$	(4	)

See Glossary of Terms. Page 5 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005			2004			Incr (Decr)
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
78	Residential		889,967			855,754			34,213
79	Business		109,772			105,502			4,270
80	Total		999,739			961,256			38,483
81	Wholesale customers		81			81			—
82	Total customers		999,820			961,337			38,483
83	Customer Growth (% over prior year)		4.0	%		3.4	%		0.6	%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
84	Residential		2,430			2,371			59
85	Business		3,058			2,998			60
86	Total		5,488			5,369			119
	RETAIL USAGE (KWh/Average Customer)
87	Residential		2,660			2,816			(156	)
88	Business		27,712			28,919			(1,207	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
89	Residential		2,730			2,770			(40	)
90	Business		27,860			28,422			(562	)
	ELECTRICITY DEMAND (MW)
91	System peak demand		3,997			3,979			18

See Glossary of Terms. Page 6 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005			2004			Incr (Decr)
	ENERGY SOURCES (GWH)
	Generation production
92	Nuclear		2,247			2,148			99
93	Coal		2,940			2,887			53
94	Gas, oil and other		1,127			367			760
95	Total		6,314			5,402			912
	Purchased power
96	Firm load		586			701			(115	)
97	Marketing and trading		5,832			5,506			326
98	Total		6,418			6,207			211
99	Total energy sources		12,732			11,609			1,123
	POWER PLANT PERFORMANCE
	Capacity Factors
100	Nuclear		94	%		88	%		6	%
101	Coal		80	%		77	%		3	%
102	Gas, oil and other		17	%		5	%		12	%
103	System average		49	%		44	%		5	%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
104	Nuclear		52			135			(83	)
105	Coal		138			149			(11	)
106	Gas		212			49			163
107	Total		402			333			69
108	Generation Fuel Cost ($/MWh)	$	15.50		$	11.17		$	4.33

See Glossary of Terms. Page 7 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2005 and 2004

		3 Mo. Ended March
Line		2005			2004			Incr (Decr)
	ENERGY MARKET INDICATORS (a)
	Electricity Average Daily Spot Prices ($/MWh)
	On-Peak
109	Palo Verde	$	49.74		$	43.73		$	6.01
110	SP15	$	55.70		$	48.37		$	7.33
	Off-Peak
111	Palo Verde	$	37.04		$	33.66		$	3.38
112	SP15	$	40.96		$	36.90		$	4.06
	WEATHER INDICATORS
	Actual
113	Cooling degree-days		34			273			(239	)
114	Heating degree-days		457			552			(95	)
115	Average humidity		56	%		39	%		17	%
	10-Year Averages
116	Cooling degree-days		80			80			—
117	Heating degree-days		521			521			—
118	Average humidity		43	%		43	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b) (d)
119	Single-family		6,447			5,571			876
120	Multi-family		1,972			974			998
121	Total		8,419			6,545			1,874
	Arizona Job Growth (c) (d)
122	Payroll job growth (% over prior year)		4.2	%		2.5	%		1.7	%
123	Unemployment rate (%, seasonally adjusted)		4.3	%		5.3	%		(1.0	)%

Sources:

(a)	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security
(d)	The economic indicators reflect latest available data through periods ending February 2005.

See Glossary of Terms. Page 8 of 8

EX-99.3

Exhibit 99.3
Last Updated 4/26/05

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

														Increase
														(Decrease)
Line		1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	27									27			(7	)
2	Pinnacle West Energy		(21	)								(21	)		(3	)
3	APS Energy Services		(3	)								(3	)		(5	)
4	SunCor		9									9			7
5	El Dorado		(1	)								(1	)		(1	)
6	Parent Company		13									13			2
7	Income From Continuing Operations		24			—		—		—		24			(7	)
	Income From Discontinued Operations -
8a	Net of Tax		—									—			—
	Cumulative Effect of Change in Accounting -
8b	Net of Tax		—									—			—
9	Net Income	$	24		$	—	$	—	$	—	$	24		$	(7	)
	EARNINGS PER SHARE BY SUBSIDIARY - DILUTED
10	Arizona Public Service	$	0.30								$	0.30		$	(0.08	)
11	Pinnacle West Energy		(0.22	)								(0.22	)		(0.02	)
12	APS Energy Services		(0.04	)								(0.04	)		(0.06	)
13	SunCor		0.09									0.09			0.07
14	El Dorado		(0.01	)								(0.01	)		(0.01	)
15	Parent Company		0.15									0.15			0.03
16	Income From Continuing Operations		0.27			—		—		—		0.27			(0.07	)
	Income From Discontinued Operations -
17a	Net of Tax		—									—			—
	Cumulative Effect of Change in Accounting -
17b	Net of Tax		—									—			—
18	Net Income	$	0.27		$	—	$	—	$	—	$	0.27		$	(0.07	)
19	BOOK VALUE PER SHARE	$	32.50								$	32.50		$	1.31
	COMMON SHARES OUTSTANDING - DILUTED (Thousands)
20	Average		92,045									92,045			669
21	End of Period		92,103									92,103			793

See Glossary of Terms. Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

Line		1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			Increase (Decrease) vs Prior YTD
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	Regulated Electricity Segment
	Retail
22	Residential	$	190								$	190		$	1
23	Business		209									209			(2	)
24	Total retail		399			—		—		—		399			(1	)
	Wholesale revenue on delivered electricity
25	Traditional contracts		3									3			—
26	Retail load hedge management		—									—			—
27	Transmission for others		7									7			(1	)
28	Other miscellaneous services		7									7			3
29	Total regulated electricity		416			—		—		—		416			1
	Marketing and Trading Segment
	Delivered marketing and trading
30	Generation sales other than native load		46									46			36
31	Realized margins on electricity trading (a)		6									6			1
32	Other delivered electricity (a)		58									58			(8	)
33	Total delivered marketing and trading		110			—		—		—		110			29
	Other Marketing and Trading
34	Realized margins on delivered commodities other than electricity (a)		1									1			3
35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		(2	)								(2	)		(3	)
36	Change in mark-to-market for future-period deliveries		8									8			—
37	Total other marketing and trading		7			—		—		—		7			—
38	Total marketing and trading		117			—		—		—		117			29
39	Total electric operating revenues	$	533		$	—	$	—	$	—	$	533		$	30

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the fourth quarter of 2004. Lines 31, 32 and 34 include amounts totaling $1 million of realized gain for the fourth quarter of 2004.

See Glossary of Terms. Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

												Increase
												(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
	ELECTRIC SALES (GWH)
	Regulated Electricity Segment
	Retail sales
40	Residential		2,367								2,367		(43	)
41	Business		3,042								3,042		(9	)
42	Total retail		5,409		—		—		—		5,409		(52	)
	Wholesale electricity delivered
43	Traditional contracts		155								155		17
44	Retail load hedge management		750								750		581
45	Total regulated electricity		6,314		—		—		—		6,314		546
	Marketing and Trading Segment
	Delivered marketing and trading
46	Generation sales other than native load		979								979		621
47	Electricity trading		4,015								4,015		(183	)
48	Other delivered electricity		1,067								1,067		(72	)
49	Total delivered marketing and trading		6,061		—		—		—		6,061		366
50	Total electric sales		12,375		—		—		—		12,375		912

See Glossary of Terms. Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

														Increase
														(Decrease)
Line		1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS    (Dollars in Millions)
	Realized and Mark-To-Market Components
	Current Period Effects
	Realized margin on delivered commodities
	Electricity
51	Generation sales other than native load	$	6								$	6		$	3
52	Other electricity marketing and trading (a)		4									4			(7	)
53	Total electricity		10			—		—		—		10			(4	)
54	Other commodities (a)		1									1			3
55	Total realized margin		11			—		—		—		11			(1	)
	Prior-period mark-to-market (gains) losses on contracts delivered during current period
56	Electricity (a)		(1	)								(1	)		—
57	Other commodities (a)		(1	)								(1	)		(3	)
58	Subtotal		(2	)		—		—		—		(2	)		(3	)
59	Total current period effects (b)		9			—		—		—		9			(4	)
	Change in mark-to-market gains (losses) for future period deliveries (b)
60	Electricity		2									2			(5	)
61	Other commodities		6									6			5
62	Total future period effects		8			—		—		—		8			—
63	Total gross margin	$	17		$	—	$	—	$	—	$	17		$	(4	)

Future Marketing and Trading Mark-to-Market Realization

As of March 31, 2005, Pinnacle West had accumulated net mark-to-market gains of $45 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2005, $16 million; 2006, $6 million; 2007, $15 million; and thereafter, $8 million.

(a)

The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 59 and in line 63 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the first quarter of 2005. A $1 million realized gain is included in the $4 million on line 52 for the first quarter of 2005.

(b)

Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.

See Glossary of Terms. Page 4 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

														Increase
														(Decrease)
Line		1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued)    (Dollars in Millions)
	By Commodity Sold or Traded
64	Electricity	$	11								$	11		$	(9	)
65	Natural gas		6									6			5
66	Coal		—									—			—
67	Emission allowances		—									—			—
68	Other		—									—			—
69	Total gross margin	$	17		$	—	$	—	$	—	$	17		$	(4	)
	By Pinnacle West Entity
	Parent company marketing and trading division
70	Generation sales other than native load	$	1								$	1		$	1
71	Other marketing and trading		13									13			1
	APS
72	Generation sales other than native load		5									5			2
73	Other marketing and trading		(9	)								(9	)		(1	)
	Pinnacle West Energy
74	Generation sales other than native load		—									—			—
75	Other marketing and trading		10									10			—
	APS ES
76	Other marketing and trading		(3	)								(3	)		(7	)
77	Total gross margin before income taxes	$	17		$	—	$	—	$	—	$	17		$	(4	)

See Glossary of Terms. Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

														Increase
														(Decrease)
Line		1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
78	Residential		889,967									889,967			34,213
79	Business		109,772									109,772			4,270
80	Total		999,739			—		—		—		999,739			38,483
81	Wholesale customers		81									81			—
82	Total customers		999,820			—		—		—		999,820			38,483
83	Customer Growth (% over prior year)		4.0	%								4.0	%		0.6	%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
84	Residential		2,430									2,430			59
85	Business		3,058									3,058			59
86	Total		5,488			—		—		—		5,488			119
	RETAIL USAGE (KWh/Average Customer)
87	Residential		2,660									2,660			(156	)
88	Business		27,712									27,712			(1,207	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
89	Residential		2,730									2,730			(40	)
90	Business		27,860									27,860			(562	)
	ELECTRICITY DEMAND (MW)
91	System peak demand		3,997									3,997			18

See Glossary of Terms. Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

														Increase
														(Decrease)
Line		1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
92	Nuclear		2,247									2,247			99
93	Coal		2,940									2,940			53
94	Gas, oil and other		1,127									1,127			760
95	Total		6,314			—		—		—		6,314			912
	Purchased power
96	Firm load		586									586			(115	)
97	Marketing and trading		5,832									5,832			326
98	Total		6,418			—		—		—		6,418			211
99	Total energy sources		12,732			—		—		—		12,732			1,123
	POWER PLANT PERFORMANCE
	Capacity Factors
100	Nuclear		94	%								94	%		6	%
101	Coal		80	%								80	%		3	%
102	Gas, oil and other		17	%								17	%		12	%
103	System average		49	%								49	%		5	%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
104	Nuclear		52									52			(83	)
105	Coal		138									138			(11	)
106	Gas		212									212			163
107	Total		402			—		—		—		402			69
108	Generation Fuel Cost ($/MWh)	$	15.50								$	15.50		$	4.33

See Glossary of Terms. Page 7 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

														Increase
														(Decrease)
Line		1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
	ENERGY MARKET INDICATORS (a)
	Electricity Average Daily Spot Prices ($/MWh)
	On-Peak
109	Palo Verde	$	49.74								$	49.74		$	6.01
110	SP15	$	55.70								$	55.70		$	7.33
	Off-Peak
111	Palo Verde	$	37.04								$	37.04		$	3.38
112	SP15	$	40.96								$	40.96		$	4.06
	WEATHER INDICATORS
	Actual
113	Cooling degree-days		34									34			(239	)
114	Heating degree-days		457									457			(95	)
115	Average humidity		56	%								56	%		17	%
	10-Year Averages
116	Cooling degree-days		80									80			—
117	Heating degree-days		521									521			—
118	Average humidity		43	%								43	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)(d)
119	Single-family		6,447									6,447			876
120	Multi-family		1,972									1,972			998
121	Total		8,419			—		—		—		8,419			1,874
	Arizona Job Growth (c) (d)
122	Payroll job growth (% over prior year)		4.2	%								4.2	%		1.7	%
123	Unemployment rate (%, seasonally adjusted)		4.3	%								4.3	%		(1.0	)%

Sources:

(a)	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security
(d)	The economic indicators reflect latest available data through periods ending February 2005.

See Glossary of Terms. Page 8 of 8

EX-99.4

Exhibit 99.4
Last Updated 4/26/05

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	34		$	55		$	95		$	15			200		$	19
2	Pinnacle West Energy		(18	)		(11	)		6			(23	)		(47	)		(46	)
3	APS Energy Services		2			1			1			(1	)		3			(13	)
4	SunCor		2			4			4			31			41			(5	)
5	El Dorado		—			34			—			—			33			33
6	Parent Company		11			(11	)		(2	)		7			5			21
7	Income From Continuing Operations		31			72			104			29			235			9
	Income From Discontinued Operations -
8a	Net of Tax		—			1			1			5			8			(7	)
	Cumulative Effect of Change in Accounting -
8b	Net of Tax		—			—			—			—			—			—
9	Net Income	$	31		$	73		$	105		$	34		$	243		$	2
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
10	Arizona Public Service	$	0.38		$	0.60		$	1.04		$	0.16		$	2.18		$	0.20
11	Pinnacle West Energy		(0.20	)		(0.13	)		0.07			(0.25	)		(0.51	)		(0.50	)
12	APS Energy Services		0.02			0.01			0.01			(0.01	)		0.03			(0.15	)
13	SunCor		0.02			0.04			0.05			0.34			0.45			(0.05	)
14	El Dorado		—			0.37			—			—			0.36			0.37
15	Parent Company		0.12			(0.12	)		(0.03	)		0.08			0.06			0.23
16	Income From Continuing Operations		0.34			0.77			1.14			0.32			2.57			0.10
	Income From Discontinued Operations -
17a	Net of Tax		—			0.02			0.01			0.05			0.09			(0.07	)
	Cumulative Effect of Change in Accounting -
17b	Net of Tax		—			—			—			—			—			—
18	Net Income		0.34		$	0.79		$	1.15		$	0.37		$	2.66		$	0.03
19	BOOK VALUE PER SHARE	$	31.19		$	31.68		$	32.55		$	32.24		$	32.24		$	1.27
	COMMON SHARES OUTSTANDING - DILUTED (Thousands)
20	Average		91,376			91,400			91,491			91,779			91,532			127
21	End of Period		91,310			91,309			91,443			91,793			91,793			505

See Glossary of Terms. Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	Regulated Electricity Segment
	Retail
22	Residential	$	189		$	245		$	360		$	190		$	984		$	27
23	Business		211			257			289			222			979			26
24	Total retail		400			502			649			412			1,963			53
	Wholesale revenue on delivered electricity
25	Traditional contracts		3			4			6			3			16			1
26	Retail load hedge management		—			—			—			—			—			—
27	Transmission for others		8			8			8			8			32			5
28	Other miscellaneous services		4			6			8			6			24			(2	)
29	Total regulated electricity		415			520			671			429			2,035			57
	Marketing and Trading Segment
	Delivered marketing and trading
30	Generation sales other than native load		10			30			39			56			135			47
31	Realized margins on electricity trading (a)		5			12			9			10			36			14
32	Other delivered electricity (a)		66			71			77			65			279			(29	)
33	Total delivered marketing and trading		81			113			125			131			450			32
	Other Marketing and Trading
34	Realized margins on delivered commodities other than electricity (a)		(2	)		2			(1	)		(3	)		(4	)		2
35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		1			(4	)		(3	)		(1	)		(5	)		6
36	Change in mark-to-market for future-period deliveries		8			4			8			3			21			28
37	Total other marketing and trading		7			2			4			(1	)		12			36
38	Total marketing and trading		88			115			129			130			462			68
39	Total electric operating revenues	$	503		$	635		$	800		$	559		$	2,497		$	125

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the fourth quarter of 2004. Lines 31, 32 and 34 include amounts totaling $1 million of realized gain for the fourth quarter of 2004.

See Glossary of Terms. Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

												Increase
												(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
	ELECTRIC SALES (GWH)
	Regulated Electricity Segment
	Retail sales
40	Residential		2,410		2,722		4,028		2,368		11,528		381
41	Business		3,051		3,602		3,937		3,236		13,825		409
42	Total retail		5,461		6,324		7,965		5,604		25,353		790
	Wholesale electricity delivered
43	Traditional contracts		138		195		210		167		710		210
44	Retail load hedge management		169		731		943		889		2,732		1,639
45	Total regulated electricity		5,768		7,250		9,118		6,660		28,795		2,639
	Marketing and Trading Segment
	Delivered marketing and trading
46	Generation sales other than native load		358		705		636		1,018		2,717		571
47	Electricity trading		4,198		5,243		7,050		6,225		22,714		1,409
48	Other delivered electricity		1,139		1,194		1,308		1,104		4,745		(606	)
49	Total delivered marketing and trading		5,695		7,142		8,994		8,347		30,176		1,374
50	Total electric sales		11,463		14,392		18,112		15,007		58,971		4,013

See Glossary of Terms. Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

																	Increase (Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS
	(Dollars in Millions)
	Realized and Mark-To-Market Components
	Current Period Effects
	Realized margin on delivered commodities
	Electricity
51	Generation sales other than native load	$	3		$	2		$	5		$	6		$	16		$	9
52	Other electricity marketing and trading (a)		11			17			12			12			52			(14	)
53	Total electricity		14			19			17			18			68			(5	)
54	Other commodities (a)		(2	)		2			(1	)		(3	)		(4	)		4
55	Total realized margin		12			21			16			15			64			(1	)
	Prior-period mark-to-market (gains) losses on contracts delivered during current period
56	Electricity (a)		(1	)		(2	)		(3	)		(2	)		(7	)		7
57	Other commodities (a)		2			(2	)		—			1			2			(1	)
58	Subtotal		1			(4	)		(3	)		(1	)		(5	)		6
59	Total current period effects (b)		13			17			13			14			59			5
	Change in mark-to-market gains (losses) for future period deliveries (b)
60	Electricity		7			3			—			5			14			22
61	Other commodities		1			1			8			(2	)		7			6
62	Total future period effects		8			4			8			3			21			28
63	Total gross margin	$	21		$	21		$	21		$	17		$	80		$	33
	Future Marketing and Trading Mark-to-Market Realization

As of December 31, 2004, Pinnacle West had accumulated net mark-to-market gains of $39 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2005, $15 million; 2006, $6 million; and thereafter, $18 million.

(a)

The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 59 and in line 59 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $2 million was transferred to “realized” for the fourth quarter of 2004. A $2 million realized gain is included in the $12 million on line 52 for the fourth quarter of 2004.

(b)

Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.

See Glossary of Terms. Page 4 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

																Increase
																(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr		4th Qtr			Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued) (Dollars in Millions)
	By Commodity Sold or Traded
64	Electricity	$	20		$	20		$	15	$	21		$	76		$	24
65	Natural gas		1			—			6		(4	)		3			—
66	Coal		—			—			—		—			—			2
67	Emission allowances		—			1			—		—			1			8
68	Other		—			—			—		—			—			(1	)
69	Total gross margin	$	21		$	21		$	21	$	17		$	80		$	33
	By Pinnacle West Entity
	Parent company marketing and trading division
70	Generation sales other than native load	$	—		$	—		$	—	$	—		$	—		$	2
71	Other marketing and trading		12			7			5		1			25			28
	APS
72	Generation sales other than native load		3			3			1		5			12			1
73	Other marketing and trading		(8	)		(3	)		1		(7	)		(17	)		(14	)
	Pinnacle West Energy
74	Generation sales other than native load		—			—			4		1			5			7
75	Other marketing and trading		10			10			6		15			41			31
	APS ES
76	Other marketing and trading		4			4			4		2			14			(22	)
77	Total gross margin before income taxes	$	21		$	21		$	21	$	17		$	80		$	33

See Glossary of Terms. Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
78	Residential		855,754			852,594			856,353			871,575			859,069			30,703
79	Business		105,502			106,517			107,583			108,860			107,115			4,019
80	Total		961,256			959,111			963,936			980,435			966,184			34,722
81	Wholesale customers		81			82			85			77			81			15
82	Total customers		961,337			959,193			964,021			980,512			966,265			34,737
83	Customer Growth (% over prior year)		3.4	%		3.8	%		3.9	%		3.9	%		3.7	%		0.4	%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
84	Residential		2,371			2,762			4,231			2,340			11,704			825
85	Business		2,998			3,616			4,005			3,252			13,870			467
86	Total		5,369			6,378			8,236			5,592			25,574			1,292
	RETAIL USAGE
	(KWh/Average Customer)
87	Residential		2,816			3,193			4,704			2,717			13,418			(39	)
88	Business		28,919			33,816			36,595			29,726			129,392			(1,137	)
	RETAIL USAGE - WEATHER NORMALIZED
	(KWh/Average Customer)
89	Residential		2,770			3,240			4,941			2,686			13,624			491
90	Business		28,422			33,944			37,227			29,871			129,495			(511	)
	ELECTRICITY DEMAND (MW)
91	System peak demand		3,979			5,608			6,402			4,432			6,402			70

See Glossary of Terms. Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
92	Nuclear		2,148			1,860			2,364			1,812			8,184			(131	)
93	Coal		2,887			3,035			3,417			3,327			12,666			1,300
94	Gas, oil and other		367			1,339			2,547			1,074			5,327			(764	)
95	Total		5,402			6,234			8,328			6,213			26,177			405
	Purchased power
96	Firm load		701			1,532			1,068			1,024			4,325			1,214
97	Marketing and trading		5,506			7,167			9,301			8,218			30,192			2,443
98	Total		6,207			8,699			10,369			9,242			34,517			3,657
99	Total energy sources		11,609			14,933			18,697			15,455			60,694			4,062
	POWER PLANT PERFORMANCE
	Capacity Factors
100	Nuclear		88	%		77	%		96	%		74	%		84	%		(3	)%
101	Coal		77	%		81	%		90	%		88	%		84	%		8	%
102	Gas, oil and other		5	%		20	%		38	%		12	%		18	%		(10	)%
103	System average		44	%		50	%		64	%		48	%		51	%		(4	)%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
104	Nuclear		135			233			13			261			161			29
105	Coal		149			153			63			61			107			(163	)
106	Gas		49			47			39			34			42			(163	)
107	Total		333			433			115			356			310			(296	)
108	Generation Fuel Cost ($/MWh)	$	11.17		$	18.59		$	20.73		$	20.90		$	18.31		$	0.95

See Glossary of Terms. Page 7 of 8

Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY MARKET INDICATORS (a)
	Electricity Average Daily Spot Prices ($/MWh)
	On-Peak
109	Palo Verde	$	43.73		$	50.36		$	51.86		$	51.23		$	49.30		$	0.70
110	SP15	$	48.37		$	54.73		$	57.09		$	60.62		$	55.20		$	3.82
	Off-Peak
111	Palo Verde	$	33.66		$	33.74		$	33.37		$	38.21		$	34.75		$	2.72
112	SP15	$	36.90		$	37.32		$	37.18		$	43.07		$	38.62		$	3.96
	WEATHER INDICATORS
	Actual
113	Cooling degree-days		273			1,598			2,471			352			4,694			(205	)
114	Heating degree-days		552			11			—			422			985			249
115	Average humidity		39	%		19	%		26	%		45	%		32	%		1	%
	10-Year Averages
116	Cooling degree-days		80			1,491			2,540			420			4,531			420
117	Heating degree-days		521			36			—			415			972			415
118	Average humidity		43	%		24	%		33	%		40	%		35	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
119	Single-family		10,045			13,636			14,111			10,325			48,117			8,466
120	Multi-family		1,757			1,324			2,149			2,356			7,586			859
121	Total		11,802			14,960			16,260			12,681			55,703			9,325
	Arizona Job Growth (c)
122	Payroll job growth (% over prior year)		2.7	%		3.3	%		3.6	%		3.9	%		3.4	%		2.0	%
123	Unemployment rate (%, seasonally adjusted)		5.2	%		5.1	%		4.9	%		4.6	%		5.0	%		(0.7	)%

	Sources:
(a)	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security

See Glossary of Terms. Page 8 of 8

EX-99.5

EXHIBIT 99.5
Last Updated 4/26/05

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																Increase
																(Decrease)
Line		1st Qtr			2nd Qtr		3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	16		$	43	$	100		$	21		$	181		$	(18	)
2	Pinnacle West Energy		5			2		3			(12	)		(1	)		18
3	APS Energy Services		8			5		1			3			16			(12	)
4	SunCor		1			2		6			36			46			36
5	El Dorado		—			—		—			—			—			(4	)
6	Parent Company		(12	)		2		(1	)		(3	)		(16	)		(36	)
7	Income From Continuing Operations		18			54		109			45			226			(16	)
	Income From Discontinued Operations —
8a	Net of Tax		7			2		1			4			15			42
	Cumulative Effect of Change in Accounting —
8b	Net of Tax		—			—		—			—			—			66
9	Net Income	$	25		$	56	$	110		$	49		$	241		$	92
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
10	Arizona Public Service	$	0.17		$	0.47	$	1.10		$	0.24		$	1.98		$	(0.37	)
11	Pinnacle West Energy		0.06			0.02		0.04			(0.14	)		(0.01	)		0.22
12	APS Energy Services		0.08			0.06		0.01			0.03			0.18			(0.15	)
13	SunCor		0.01			0.02		0.07			0.39			0.50			0.37
14	El Dorado		—			—		(0.01	)		—			(0.01	)		(0.06	)
15	Parent Company		(0.12	)		0.02		(0.02	)		(0.03	)		(0.17	)		(0.40	)
16	Income From Continuing Operations		0.20			0.59		1.19			0.49			2.47			(0.39	)
	Income From Discontinued Operations —
17a	Net of Tax		0.08			0.02		0.01			0.05			0.16			0.48
	Cumulative Effect of Change in Accounting —
17b	Net of Tax		—			—		—			—			—			0.77
18	Net Income	$	0.28		$	0.61	$	1.20		$	0.54		$	2.63		$	0.86
19	BOOK VALUE PER SHARE	$	29.39		$	29.95	$	30.68		$	30.97		$	30.97		$	1.57
	COMMON SHARES OUTSTANDING — DILUTED (Thousands)
20	Average		91,359			91,450		91,467			91,403			91,405			6,441
21	End of Period		91,257			91,262		91,271			91,288			91,288			33

Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	Regulated Electricity Segment
	Retail
22	Residential	$	168		$	233		$	363		$	193		$	957		$	51
23	Business		196			251			284			222			953			25
24	Total retail		364			484			647			415			1,910			76
	Wholesale revenue on delivered electricity
25	Traditional contracts		3			4			5			3			15			6
26	Retail load hedge management		—			—			—			—			—			—
27	Transmission for others		6			5			9			7			27			(3	)
28	Other miscellaneous services		7			6			6			7			26			9
29	Total regulated electricity		380			499			667			432			1,978			88
	Marketing and Trading Segment
	Delivered marketing and trading
30	Generation sales other than native load		44			20			8			16			88			38
31	Realized margins on electricity trading (a)		9			5			2			6			22			(28	)
32	Other delivered electricity (a)		72			78			84			74			308			140
33	Total delivered marketing and trading		125			103			94			96			418			150
	Other Marketing and Trading
34	Realized margins on delivered commodities other than electricity (a)		(2	)		(2	)		(5	)		1			(8	)		(16	)
35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		(3	)		1			(3	)		(1	)		(11	)		30
36	Change in mark-to-market for future-period deliveries		(3	)		(1	)		(3	)		(5	)		(7	)		(59	)
37	Total other marketing and trading		(8	)		(2	)		(11	)		(5	)		(26	)		(45	)
38	Total marketing and trading		117			101			83			91			392			105
39	Total electric operating revenues	$	497		$	600		$	750		$	523		$	2,370		$	193

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the fourth quarter of 2003. Lines 31, 32 and 34 include amounts totaling $1 million of realized gain for the fourth quarter of 2003.

Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

												Increase
												(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
	ELECTRIC SALES (GWH)
	Regulated Electricity Segment
	Retail sales
40	Residential		2,104		2,543		4,126		2,374		11,147		703
41	Business		2,849		3,450		3,891		3,226		13,416		499
42	Total retail		4,953		5,993		8,017		5,600		24,563		1,202
	Wholesale electricity delivered
43	Traditional contracts		130		131		127		112		500		26
44	Retail load hedge management		109		205		446		333		1,093		(1,549	)
45	Total regulated electricity		5,192		6,329		8,590		6,045		26,156		(321	)
	Marketing and Trading Segment
	Delivered marketing and trading
46	Generation sales other than native load		992		476		203		475		2,146		355
47	Electricity trading		5,074		4,936		5,640		5,655		21,305		3,268
48	Other delivered electricity		1,306		1,386		1,412		1,247		5,351		2,324
49	Total delivered marketing and trading		7,372		6,798		7,255		7,377		28,802		5,947
50	Total electric sales		12,564		13,127		15,845		13,422		54,958		5,626

Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS
	(Dollars in Millions)
	Realized and Mark-To-Market Components
	Current Period Effects
	Realized margin on delivered commodities
	Electricity
51	Generation sales other than native load	$	3		$	1		$	—		$	3		$	7		$	(7	)
52	Other electricity marketing and trading (a)		24			21			9			12			66			(33	)
53	Total electricity		27			22			9			15			73			(40	)
54	Other commodities (a)		(2	)		(2	)		(5	)		1			(8	)		(16	)
55	Total realized margin		25			20			4			16			65			(56	)
	Prior-period mark-to-market (gains) losses on contracts delivered during current period
56	Electricity (a)		(5	)		(2	)		(3	)		(2	)		(14	)		16
57	Other commodities (a)		2			3			—			1			3			14
58	Subtotal		(3	)		1			(3	)		(1	)		(11	)		30
59	Total current period effects (b)		22			21			1			15			54			(26	)
	Change in mark-to-market gains (losses) for future period deliveries (b)
60	Electricity		(6	)		1			—			(5	)		(8	)		(71	)
61	Other commodities		3			(2	)		(3	)		—			1			12
62	Total future period effects		(3	)		(1	)		(3	)		(5	)		(7	)		(59	)
63	Total gross margin	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)
	Future Marketing and Trading Mark-to-Market Realization

As of December 31, 2003, Pinnacle West had accumulated net mark-to-market gains of $23 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2004, $5 million; 2005, $5 million; 2006, $3 million and thereafter, $10 million.

(a)

The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 59 and in line 63 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $2 million was transferred to “realized” for the fourth quarter of 2003. A $2 million realized gain is included in the $12 million on line 52 for the fourth quarter of 2003.

(b)

Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.

Page 4 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued)
	(Dollars in Millions)
	By Commodity Sold or Traded
64	Electricity	$	17		$	21		$	6		$	8		$	52		$	(95	)
65	Natural gas		2			3			(5	)		3			3			9
66	Coal		(1	)		(1	)		—			—			(2	)		—
67	Emission allowances		—			(3	)		(3	)		(1	)		(7	)		—
68	Other		1			—			—			—			1			1
69	Total gross margin	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)
	By Pinnacle West Entity
	Parent company marketing and trading division
70	Generation sales other than native load	$	(2	)	$	—		$	—		$	—		$	(2	)	$	(10	)
71	Other marketing and trading		4			4			(2	)		(9	)		(3	)		(85	)
	APS
72	Generation sales other than native load		6			1			—			4			11			9
73	Other marketing and trading		—			3			(6	)		—			(3	)		(3	)
	Pinnacle West Energy
74	Generation sales other than native load		(1	)		—			—			(1	)		(2	)		(6	)
75	Other marketing and trading		—			—			—			10			10			10
	APS ES
76	Other marketing and trading		12			12			6			6			36			—
77	Total gross margin before income taxes	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)

Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
78	Residential		827,937			821,331			824,655			839,539			828,366			26,565
79			101,999			102,601			103,262			104,521			103,096			2,868
80	Total		929,936			923,932			927,917			944,060			931,462			29,432
81	Wholesale customers		65			66			66			66			66			(1	)
82	Total customers		930,001			923,998			927,983			944,126			931,528			29,431
83	Customer Growth (% over prior year)		3.3	%		3.1	%		3.2	%		3.4	%		3.3	%		0.2	%
	RETAIL SALES (GWH) —
	WEATHER NORMALIZED
84	Residential		2,223			2,520			3,872			2,264			10,879			389
85			2,886			3,485			3,858			3,174			13,403			498
86	Total		5,109			6,005			7,730			5,438			24,282			887
	RETAIL USAGE
	(KWh/Average Customer)
87	Residential		2,541			3,096			5,004			2,828			13,457			432
88			27,927			33,625			37,677			30,865			130,529			1,288
	RETAIL USAGE —
	WEATHER NORMALIZED
	(KWh/Average Customer)
89	Residential		2,685			3,067			4,695			2,697			13,133			50
90			28,290			33,969			37,360			30,371			130,006			1,251
	ELECTRICITY DEMAND (MW)
91	System peak demand		3,569			5,571			6,332			5,124			6,332			529

Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
92	Nuclear		2,306			2,047			2,230			1,732			8,315			(666	)
93	Coal		2,770			2,824			2,972			2,800			11,366			(690	)
94	Gas, oil and other		1,288			1,572			2,696			535			6,091			1,722
95	Total		6,364			6,443			7,898			5,067			25,772			366
	Purchased power
96	Firm load		(12	)		606			1,099			1,418			3,111			1,492
97	Marketing and trading		6,489			6,527			7,498			7,235			27,749			4,045
98	Total		6,477			7,133			8,597			8,653			30,860			5,537
99	Total energy sources		12,841			13,576			16,495			13,720			56,632			5,903
	POWER PLANT PERFORMANCE
	Capacity Factors
100	Nuclear		98	%		86	%		93	%		72	%		87	%		(7	)%
101	Coal		75	%		75	%		79	%		74	%		76	%		(4	)%
102	Gas, oil and other		26	%		31	%		44	%		9	%		28	%		1	%
103	System average		58	%		59	%		64	%		41	%		55	%		(8	)%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
104	Nuclear		31			136			61			297			131			64
105	Coal		292			254			277			253			269			102
106	Gas		189			148			154			338			205			157
107	Total		512			538			492			888			605			323
108	Generation Fuel Cost ($/MWh)	$	15.89		$	16.80		$	19.52		$	15.40		$	17.36		$	4.35

Page 7 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY MARKET INDICATORS (a)
	Electricity Average Daily Spot Prices ($/MWh)
	On-Peak
109	Palo Verde	$	49.66		$	48.88		$	52.88		$	42.98		$	48.60		$	16.32
110	SP15	$	54.35		$	50.73		$	53.54		$	46.88		$	51.38		$	17.16
	Off-Peak
111	Palo Verde	$	36.09		$	25.48		$	36.08		$	30.48		$	32.03		$	12.14
112	SP15	$	39.70		$	28.27		$	37.81		$	32.85		$	34.66		$	12.97
	WEATHER INDICATORS
	Actual
113	Cooling degree-days		76			1,550			2,701			572			4,899			24
114	Heating degree-days		349			17			—			370			736			(64	)
115	Average humidity		44	%		18	%		30	%		34	%		31	%		4	%
	10-Year Averages
116	Cooling degree-days		80			1,491			2,540			420			4,531			—
117	Heating degree-days		521			36			—			415			972			—
118	Average humidity		43	%		24	%		33	%		40	%		35	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
119	Single-family		8,030			10,613			11,191			9,817			39,651			5,339
120	Multi-family		863			2,053			1,231			2,580			6,727			(347	)
121	Total		8,893			12,666			12,422			12,397			46,378			4,992
	Arizona Job Growth (c)
122	Payroll job growth (% over prior year)		1.1	%		0.9	%		1.5	%		2.0	%		1.4	%		1.4	%
123	Unemployment rate (%, seasonally adjusted)		5.8	%		5.9	%		5.7	%		5.3	%		5.7	%		(0.5	)%

	Sources:
(a)	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security

Page 8 of 8

EX-99.6

EXHIBIT 99.6
Last Updated 4/26/05

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																Increase
																(Decrease)
Line		1st Qtr		2nd Qtr			3rd Qtr			4th Qtr			Year To Date			vs Prior YTD
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	32	$	64		$	87		$	16		$	199		$	(82	)
2	Pinnacle West Energy		1		1			10			(31	)		(19	)		(37	)
3	APS Energy Services		2		11			7			8			28			38
4	SunCor		1		2			(1	)		8			10			7
5	El Dorado		—		(3	)		(2	)		9			4			4
6	Parent Company		17		(6	)		8			1			20			(15	)
7	Income From Continuing Operations		53		69			109			11			242			(85	)
	Income From Discontinued Operations —
8a	Net of Tax		1		6			(8	)		(26	)		(27	)		(27	)
	Cumulative Effect of Change in Accounting —
8b	Net of Tax		—		—			—			(66	)		(66	)		(51	)
9	Net Income	$	54	$	75		$	101		$	(81	)	$	149		$	(163	)
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
10	Arizona Public Service	$	0.37	$	0.76		$	1.02		$	0.19		$	2.35		$	(0.95	)
11	Pinnacle West Energy		0.01		0.01			0.12			(0.37	)		(0.23	)		(0.44	)
12	APS Energy Services		0.03		0.13			0.08			0.09			0.33			0.45
13	SunCor		0.02		0.02			(0.01	)		0.09			0.13			0.09
14	El Dorado		—		(0.04	)		(0.02	)		0.10			0.05			0.05
15	Parent Company		0.20		(0.07	)		0.10			0.02			0.23			(0.19	)
16	Income From Continuing Operations		0.63		0.81			1.29			0.12			2.86			(0.99	)
	Income From Discontinued Operations —
17a	Net of Tax		—		0.08			(0.10	)		(0.30	)		(0.32	)		(0.32	)
	Cumulative Effect of Change in Accounting —
17b	Net of Tax		—		—			—			(0.77	)		(0.77	)		(0.60	)
18	Net Income	$	0.63	$	0.89		$	1.19		$	(0.95	)	$	1.77		$	(1.91	)
19	BOOK VALUE PER SHARE COMMON SHARES OUTSTANDING — DILUTED (Thousands)	$	30.06	$	30.54		$	31.39		$	29.40		$	29.40		$	(0.06	)
20	Average		84,884		84,926			84,797			85,302			84,964			34
21	End of Period		84,789		84,768			84,756			91,255			91,255			6,531

Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year To Date			vs Prior YTD
	ELECTRIC OPERATING REVENUES
	(Dollars in Millions)
	Regulated Electricity Segment
	Retail
22	Residential	$	171		$	226		$	337		$	172		$	906		$	(9	)
23	Business		195			251			270			212			928			(24	)
24	Total retail		366			477			607			384			1,834			(33	)
	Wholesale revenue on delivered electricity
25	Traditional contracts		2			1			3			3			9			(64	)
26	Retail load hedge management		—			—			—			—			—			—
27	Transmission for others		6			6			6			12			30			4
28	Other miscellaneous services		4			2			4			7			17			(1	)
29	Total regulated electricity		378			486			620			406			1,890			(94	)
	Marketing and Trading Segment
	Delivered marketing and trading
30	Generation sales other than native load		8			2			8			32			50			(98	)
31	Realized margins on electricity trading (a)		28			13			8			1			50			(20	)
32	Other delivered electricity (a)		21			31			45			71			168			36
33	Total delivered marketing and trading		57			46			61			104			268			(82	)
	Other Marketing and Trading
34	Realized margins on delivered commodities other than electricity (a)		4			1			(3	)		6			8			22
35	Prior period mark to market (gains) losses on contracts delivered during current period (a)		(22	)		(9	)		2			(8	)		(41	)		(47	)
36	Change in mark to market for future period deliveries		23			3			23			(1	)		52			(76	)
37	Total other marketing and trading		5			(5	)		22			(3	)		19			(101	)
38	Total marketing and trading		62			41			83			101			287			(183	)
39	Total electric operating revenues	$	440		$	527		$	703		$	507		$	2,177		$	(277	)

(a) The net effect on net electric operating revenues from realization of prior period mark to market included in line 39 is zero. Realization of prior period mark to market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior period mark to market gain of $41 million was transferred to “realized” for the total year 2002. Lines 31, 32 and 34 include amounts totaling $41 million of realized gain for the total year 2002.

Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

												Increase
												(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year To Date		vs Prior YTD
	ELECTRIC SALES (GWH)
	Regulated Electricity Segment
	Retail sales
40	Residential		2,141		2,441		3,806		2,056		10,444		109
41	Business		2,771		3,429		3,681		3,036		12,917		(147	)
42	Total retail		4,912		5,870		7,487		5,092		23,361		(38	)
	Wholesale electricity delivered
43	Traditional contracts		71		121		142		140		474		(739	)
44	Retail load hedge management		158		230		1,958		296		2,642		(398	)
45	Total regulated electricity		5,141		6,221		9,587		5,528		26,477		(1,175	)
	Marketing and Trading Segment
	Delivered marketing and trading
46	Generation sales other than native load		376		73		291		1,051		1,791		403
47	Electricity trading		3,410		3,852		6,120		4,655		18,037		4,450
48	Other delivered electricity		426		518		693		1,390		3,027		2,001
49	Total delivered marketing and trading		4,212		4,443		7,104		7,096		22,855		6,854
50	Total electric sales		9,353		10,664		16,691		12,624		49,332		5,679

Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year To Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT
	PRETAX GROSS MARGIN ANALYSIS
	(Dollars in Millions)
	Realized and Mark To Market Components
	Current Period Effects
	Realized margin on delivered commodities
	Electricity
51	Generation sales other than native load	$	2		$			$	3		$	9		$	14		$	(66	)
52	Other electricity marketing and trading (a)		33			24			19			23			99			(18	)
53	Total electricity		35			24			22			32			113			(84	)
54	Other commodities (a)		4			1			(3	)		6			8			22
55	Total realized margin		39			25			19			38			121			(62	)
	Prior period mark to market (gains) losses on contracts delivered during current period
56	Electricity (a)		(16	)		(9	)		(4	)		(4	)		(30	)		(19	)
57	Other commodities (a)		(6	)					6			(4	)		(11	)		(36	)
58	Subtotal		(22	)		(9	)		2			(8	)		(41	)		(47	)
59	Total current period effects (b)		17			16			21			30			80			(109	)
	Change in mark to market gains (losses) for future period deliveries (b)
60	Electricity		25			10			25			6			63			(83	)
61	Other commodities		(2	)		(7	)		(2	)		(7	)		(11	)		7
62	Total future period effects		23			3			23			(1	)		52			(76	)
63	Total gross margin	$	40		$	19		$	44		$	29		$	132		$	(185	)
	Future Marketing and Trading Mark to Market Realization

	As of December 31, 2002, Pinnacle West had accumulated mark to net market gains of $41 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2003, $4 million; 2004, $10 million; 2005 and thereafter, $27 million.
(a)	The net effect on pretax gross margin from realization of prior period mark to market included in line 59 and in line 63 is zero. Realization of prior period mark to market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior period mark to market gain of $30 million was transferred to “realized” for the total year 2002. A $30 million realized gain is included in the $99 million on line 52 for total year 2002.
(b)	Quarterly amounts do not total to the annual amounts because of intra year mark to market eliminations.

Page 4 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year To Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT
	PRETAX GROSS MARGIN ANALYSIS (continued)
	(Dollars in Millions)
	By Commodity Sold or Traded
64	Electricity	$	45		$	25		$	43		$	34		$	147		$	(181	)
65	Natural gas		(5	)		1			3			(5	)		(6	)		2
66	Coal		(1	)		(2	)		1			—			(2	)		(9	)
67	Emission allowances		1			(5	)		(3	)		—			(7	)		3
68	Other		—			—			—			—			—			—
69	Total gross margin	$	40		$	19		$	44		$	29		$	132		$	(185	)
	By Pinnacle West Entity
	Parent company marketing and trading division
70	Generation sales other than native load	$	1		$	—		$	2		$	5		$	8		$	8
71	Other marketing and trading		34			9			30			9			82			4
	APS
72	Generation sales other than native load		1			—			1			—			2			(77	)
73	Other marketing and trading		—			—			—			—			—			(156	)
	Pinnacle West Energy
74	Generation sales other than native load		—			—			—			4			4			4
75	Other marketing and trading		—			—			—			—			—			—
	APS ES
76	Other marketing and trading		4			10			11			11			36			32
77	Total gross margin before income taxes	$	40		$	19		$	44		$	29		$	132		$	(185	)

Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year To Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
78	Residential		801,000			795,681			798,590			811,930			801,801			25,462
79	Business		99,335			100,096			100,318			101,177			100,228			2,030
80	Total		900,335			895,777			898,908			913,107			902,029			27,492
81	Wholesale customers		67			67			67			67			67			1
82	Total customers		900,402			895,844			898,975			913,174			902,096			27,493
83	Customer Growth (% over prior year)		3.2	%		3.2	%		3.1	%		3.2	%		3.1	%		(0.5	)%
	RETAIL SALES (GWH) —
	WEATHER NORMALIZED
84	Residential		2,148			2,461			3,746			2,135			10,490			641
85	Business		2,776			3,410			3,696			3,024			12,905			86
86	Total		4,924			5,871			7,441			5,159			23,395			727
	RETAIL USAGE
	(KWh/Average Customer)
87	Residential		2,673			3,068			4,766			2,532			13,025			(287	)
88	Business		27,896			34,258			36,691			30,011			129,241			(4,384	)
	RETAIL USAGE —
	WEATHER NORMALIZED
	(KWh/Average Customer)
89	Residential		2,681			3,093			4,690			2,630			13,083			396
90	Business		27,943			34,065			36,839			29,885			128,754			(1,788	)
	ELECTRICITY DEMAND (MW)
91	System peak demand		3,921			5,425			5,803			3,828			5,803			116

Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year To Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
92	Nuclear		2,257			2,242			2,387			2,095			8,981			596
93	Coal		2,890			2,703			3,280			3,183			12,056			(516	)
94	Gas, oil and other		337			659			1,918			1,455			4,369			375
95	Total		5,484			5,604			7,585			6,733			25,406			455
	Purchased power
96	Firm load		70			846			859			(157	)		1,619			(1,342	)
97	Marketing and trading		3,993			4,599			8,771			6,340			23,704			6,051
98	Total		4,063			5,445			9,630			6,183			25,323			4,709
99	Total energy sources		9,547			11,049			17,215			12,916			50,729			5,164
	POWER PLANT PERFORMANCE
	Capacity Factors
100	Nuclear		96	%		95	%		100	%		87	%		94	%		6	%
101	Coal		78	%		72	%		87	%		84	%		80	%		(4	)%
102	Gas, oil and other		12	%		20	%		38	%		29	%		27	%		(10	)%
103	System average		62	%		62	%		69	%		60	%		63	%		(7	)%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
104	Nuclear		62			66			12			129			67			(60	)
105	Coal		184			279			88			116			167			—
106	Gas		12			18			106			54			48			16
107	Total		258			363			206			299			282			(44	)
108	Generation Fuel Cost ($/MWh)	$	11.57		$	11.89		$	14.84		$	13.05		$	13.01		$	(3.21	)

Page 7 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year To Date			vs Prior YTD
	ENERGY MARKET INDICATORS (a)
	Electricity Average Daily Spot Prices ($/MWh)
	On-Peak
109	Palo Verde	$	26.86		$	30.65		$	35.45		$	36.18		$	32.28		$	(86.13	)
110	SP15	$	28.46		$	31.51		$	35.55		$	41.35		$	34.22		$	(85.77	)
	Off-Peak
111	Palo Verde	$	22.17		$	14.10		$	18.21		$	25.09		$	19.89		$	(41.68	)
112	SP15	$	22.76		$	15.95		$	19.54		$	28.52		$	21.69		$	(51.79	)
	WEATHER INDICATORS
	Actual
113	Cooling degree-days		89			1,741			2,647			398			4,875			(247	)
114	Heating degree-days		472			—			—			328			800			(360	)
115	Average humidity		28	%		16	%		27	%		38	%		27	%		(9	)%
	10-Year Averages
116	Cooling degree-days		80			1,491			2,540			420			4,531			—
117	Heating degree-days		521			36			—			415			972			—
118	Average humidity		43	%		24	%		33	%		40	%		35	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
119	Single-family		7,682			9,666			8,689			8,275			34,312			1,447
120	Multi-family		1,249			2,005			2,662			1,158			7,074			(1,930	)
121	Total		8,931			11,671			11,351			9,433			41,386			(483	)
	Arizona Job Growth (c)
122	Payroll job growth (% over prior year)		(0.8	)%		(0.2	)%		(0.1	)%		1.1	%		0.0	%		(1.0	)%
123	Unemployment rate (%, seasonally adjusted)		6.3	%		6.2	%		6.1	%		6.0	%		6.2	%		1.5	%

Sources:

(a)	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security

Page 8 of 8

EX-99.7

EXHIBIT 99.7

LAST UPDATE: 4/26/05

Pinnacle West Capital Corporation
Earnings Variance Explanations
for Periods Ended March 31, 2005 and 2004

     This discussion explains the changes in our consolidated earnings for the three-month periods ended March 31, 2005 and 2004. Condensed Consolidated Statements of Income for the three months ended March 31, 2005 and 2004 follow this discussion. We will file our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2005 on or before May 10, 2005. Additional operating and financial statistics and a glossary of terms are available on our website (www.pinnaclewest.com).

EARNINGS CONTRIBUTION BY BUSINESS SEGMENT

     We have three principal business segments (determined by services and the regulatory environment):

•   our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to “Native Load” customers) and related activities and includes electricity generation, transmission and distribution;

•   our marketing and trading segment, which consists of our competitive energy business activities, including wholesale marketing and trading and APS Energy Services’ commodity-related energy services; and

•   our real estate segment, which consists of SunCor’s real estate development and investment activities.

     The following table summarizes net income for the three months ended March 31, 2005 and the comparable prior-year period (dollars in millions):

	2005		2004
Regulated electricity	$	13	$	18
Marketing and trading		1		10
Real estate		9		2
Other		1		1
Net income	$	24	$	31

General

     Throughout the following explanations of our results of operations, we refer to “gross margin.” With respect to our regulated electricity segment and our marketing and trading segment, gross margin refers to electric operating revenues less purchased power and fuel costs. “Gross margin” is a “non-GAAP financial measure,” as defined in accordance with SEC rules. Exhibit 99.10 reconciles this non-GAAP financial measure to operating income, which is the most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States of America. We view gross margin as an important performance measure of the core profitability of our operations. This measure is a key component of our internal financial reporting and is used by our management in analyzing our business segments. We believe that investors benefit from having access to the same financial measures that our management uses. In addition, we have reclassified certain prior period amounts to conform to our current period presentation.

Operating Results – Three-month period ended March 31, 2005 compared with the three-month period ended March 31, 2004

     Our consolidated net income for the three months ended March 31, 2005 was $24 million compared with $31 million for the prior-year period. The $7 million decrease in the period-to-period comparison reflected the following changes in earnings by segment:

•   Regulated Electricity Segment – Net income decreased approximately $5 million primarily due to higher operations and maintenance costs primarily related to customer service, generation and benefit costs; lower other income, net of other expense, primarily due to gains on asset sales in the prior year period; increased property taxes due to increased plant in service; and the effects of milder weather on retail sales. These negative factors were partially offset by the absence of regulatory asset amortization; higher retail sales volumes due to customer growth and usage; decreased purchased power and fuel costs due to lower hedged gas and power prices; and lower replacement power costs due to fewer unplanned outages.

•   Marketing and Trading Segment – Net income decreased approximately $9 million primarily due to increased costs related to the Silverhawk Power Station, which was placed in service in mid-2004 and lower margins on competitive retail sales in California by APS Energy Services.

•   Real Estate Segment – Net income increased approximately $7 million primarily due to increased land sales.

2

Additional details on the major factors that increased (decreased) net income are contained in the following table (dollars in millions).

	Increase (Decrease)
	Pretax			After Tax
Regulated electricity segment gross margin:
Higher retail sales volumes due to customer growth, excluding weather effects	$	7		$	4
Decreased purchased power and fuel costs due to lower hedged gas and power prices		5			3
Lower replacement power costs due to fewer unplanned outages		4			3
Effects of weather on retail sales		(5	)		(3	)
Net increase in regulated electricity segment gross margin		11			7
Marketing and trading segment gross margin:
Lower competitive retail unit margins in California by APS Energy Services		(6	)		(4	)
Lower realized margins on wholesale sales primarily due to lower unit margins		(1	)		(1	)
Increase in generation sales other than Native Load due to higher sales volumes		3			2
Net decrease in marketing and trading segment gross margin		(4	)		(3	)
Net increase in gross margin for regulated electricity and marketing and trading segments		7			4
Higher real estate segment contribution primarily related to increased land sales		12			7
Higher operations and maintenance expense primarily related to customer service, generation and benefit costs		(19	)		(11	)
Depreciation and amortization decreases (increases):
Absence of regulatory asset amortization		9			5
Increased delivery and other assets		(2	)		(1	)
Higher property taxes due to increased plant in service		(5	)		(3	)
Lower other income net of other expense primarily due to gain on asset sales and higher interest income in prior-year period		(9	)		(5	)
Miscellaneous items, net		(1	)		(3	)
Net decrease in net income	$	(8	)	$	(7	)

     The increase in net costs (primarily depreciation, interest expense, property taxes and operations and maintenance expense, net of gross margin contributions) related to the Silverhawk Power Station, which was placed in service in mid-2004 by Pinnacle West Energy totaled approximately $4 million after income taxes in the three months ended March 31, 2005 compared with the prior-year period.

Regulated Electricity Segment Revenues

     Regulated electricity segment revenues were $1 million higher for the three months ended March 31, 2005 compared with the prior-year period primarily as a result of:

•   a $13 million increase in retail revenues related to customer growth, excluding weather effects;

•   a $13 million decrease in retail revenues related to milder weather; and

•   a $1 million increase due to miscellaneous factors.

3

Marketing and Trading Segment Revenues

     Marketing and trading segment revenues were $29 million higher for the three months ended March 31, 2005 compared with the prior-year period primarily as a result of:

•   a $36 million increase from generation sales other than Native Load primarily due to higher sales volumes, including sales from the Silverhawk Power Station, and higher wholesale market prices;

•   $1 million of higher energy trading revenues on realized sales of electricity primarily due to higher electricity prices; and

•   an $8 million decrease from lower competitive retail sales and prices in California by APS Energy Services.

Real Estate Revenues

     Real estate revenues were $20 million higher for the three months ended March 31, 2005 compared with the prior-year period primarily due to higher land and home sales.

4

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts)

	THREE MONTHS ENDED
	MARCH 31,						Increase (Decrease)
	2005			2004			Amount			Percent
Operating Revenues
Regulated electricity segment	$	416,030		$	415,464		$	566			0.1	%	B
Marketing and trading segment		116,866			88,383			28,483			32.2	%	B
Real estate segment		72,056			51,593			20,463			39.7	%	B
Other revenues		10,135			10,905			(770	)		7.1	%	W
Total		615,087			566,345			48,742			8.6	%	B
Operating Expenses
Regulated electricity segment purchased power and fuel		78,423			88,611			(10,188	)		11.5	%	B
Marketing and trading segment purchased power and fuel		100,641			67,764			32,877			48.5	%	W
Operations and maintenance		156,496			137,386			19,110			13.9	%	W
Real estate segment operations		56,476			47,690			8,786			18.4	%	W
Depreciation and amortization		94,231			101,616			(7,385	)		7.3	%	B
Taxes other than income taxes		35,190			30,330			4,860			16.0	%	W
Other expenses		8,374			8,750			(376	)		4.3	%	B
Total		529,831			482,147			47,684			9.9	%	W
Operating Income		85,256			84,198			1,058			1.3	%	B
Other
Allowance for equity funds used during construction		2,603			2,002			601			30.0	%	B
Other income		1,744			11,412			(9,668	)		84.7	%	W
Other expense		(5,309	)		(5,945	)		636			10.7	%	B
Total		(962	)		7,469			(8,431	)		112.9	%	W
Interest Expense
Interest charges		49,195			50,319			(1,124	)		2.2	%	B
Capitalized interest		(3,289	)		(4,911	)		1,622			33.0	%	W
Total		45,906			45,408			498			1.1	%	W
Income From Continuing Operations Before Income Taxes		38,388			46,259			(7,871	)		17.0	%	W
Income Taxes		14,732			15,468			(736	)		4.8	%	B
Income From Continuing Operations		23,656			30,791			(7,135	)		23.2	%	W
Income From Discontinued Operations
Net of Income Tax Expense		792			635			157			24.7	%	B
Net Income	$	24,448		$	31,426		$	(6,978	)		22.2	%	W
Weighted-Average Common Shares Outstanding — Basic		91,962			91,294			668			0.7	%
Weighted-Average Common Shares Outstanding — Diluted		92,045			91,376			669			0.7	%
Earnings Per Weighted-Average Common Share Outstanding
Income From Continuing Operations — Basic	$	0.26		$	0.34		$	(0.08	)		23.5	%	W
Net Income — Basic	$	0.27		$	0.34		$	(0.07	)		20.6	%	W
Income From Continuing Operations — Diluted	$	0.26		$	0.34		$	(0.08	)		23.5	%	W
Net Income — Diluted	$	0.27		$	0.34		$	(0.07	)		20.6	%	W

Certain prior-year amounts have been reclassified to conform to the 2005 presentation.

B — Better

W — Worse

EX-99.8

EXHIBIT 99.8

Last Updated 4/26/05

Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Glossary of Terms

Arizona Job Growth	Percentage growth over the prior year in total non-farm payroll employment for the state of Arizona, non-seasonally adjusted.
Building Permits – Metro Phoenix	The number of residential dwellings permitted to be built by authorized agencies in Maricopa County, Arizona. Single-family refers to detached buildings intended to be occupied by one family each. Multi-family permits represent the number of units authorized to be built in condominium, townhouse and apartment complexes.
Capacity Factor	The ratio of the average operating load of an electric power generating unit for a period of time to the capacity rating of the unit during that period.
Change in Mark-To-Market Gains (Losses) For Future-Period Deliveries	The gross margin related to the change in mark-to-market value in the current period of transactions which have been entered into during the current period or prior periods for which the commodities are scheduled for delivery in a future period.
Current Period Effects	The net effect of the total revenue or gross margins realized on delivery of commodities in the period being measured, and the amount of prior-period mark-to-market (gains) losses on contracts delivered during period. The net effect of transferring prior-period mark-to-market to realized does not affect total revenues, gross margin or earnings.
Degree-Days — Cooling	A measure of temperatures designed to indicate the amount of electricity demand for cooling purposes. Cooling degree-days are calculated by summing the difference between each day’s actual average temperature and a base temperature of 65°F for the month. Average temperatures less than the base temperature are ignored.
Degree-Days — Heating	A measure of temperatures designed to indicate the amount of electricity demand for heating purposes. Heating degree-days are calculated by summing the difference between each day’s actual average temperature and a base temperature of 65°F for the month. Average temperatures greater than the base temperature are ignored.

- 2 -

Electricity Marketing and Trading – Delivered	All wholesale sales of electricity not accounted for in sales under traditional contracts or retail load hedge management. These sales are made to other electric companies, power marketers, or public entities for the purpose of resale. Measured in gigawatt-hours.
Electricity Spot Prices —Palo Verde – Off-Peak	Electricity average daily spot prices at Palo Verde substation during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Electricity Spot Prices — Palo Verde – On-Peak	Electricity average daily spot prices at Palo Verde substation during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Electricity Spot Prices — SP15 – Off-Peak	Electricity average daily spot prices at SP15, a region of California substations, during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Electricity Spot Prices — SP15 – On-Peak	Electricity average daily spot prices at SP15, a region of California substations, during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Generation Capacity Out of Service and Replaced for Native Load	Total capacity required and economic, yet unavailable for retail customers and traditional wholesale contracts due to scheduled or unscheduled outages. Measured in megawatts per day.
Generation Sales Other Than Native Load	Sales of electricity from generation owned by the company that is over and above the amount required to serve retail customers and traditional wholesale contracts.
Generation Production — Coal	Amount of net energy produced by coal-fueled generators. Measured in gigawatt-hours.

Pinnacle West Capital Corporation — Quarterly Consolidated Statistical Summary — Glossary of Terms

- 3 -

Generation Production — Gas/Oil/Other	Amount of net energy predominately produced by natural gas and oil-fueled generators. A small amount of energy from hydroelectric and solar power plants is also included. Measured in gigawatt-hours.
Generation Production — Nuclear	Amount of net energy produced by nuclear-fueled generators. Measured in gigawatt-hours.
Gigawatt-hour (GWH)	A unit of energy equivalent to 1,000 megawatt-hours or 1,000,000 kilowatt-hours.
Marketing and Trading Gross Margin – Pretax	Revenues from marketing and trading activities (other than retail sales, traditional wholesale sales and retail load hedge management) less the costs of the related commodities, with mark-to-market gains or losses, before income taxes.
Marketing and Trading Gross Margin by Commodity — Pretax	Marketing and trading gross margin, before income taxes, for generation sales other than native load and for sales and purchases of electricity and other commodities by the company in the wholesale market, summarized by the underlying commodities.
Native Load	Retail and wholesale sales supplied under traditional cost-based rate regulation.
Realized and Mark-to-Market Components	Marketing and trading gross margin, before income taxes, for generation sales other than native load and for sales and purchases of electricity and other commodities by the company in the wholesale market, summarized by the period of delivery and whether the margin is realized or mark-to-market. Realized margins relate to commodities that have been delivered. Mark-to-market margins relate to commodities that have delivery dates in future periods.
Mark-To-Market	Adjustments to revenues or costs to recognize value of sales and purchase contracts, for which the commodities are scheduled for delivery in a future period, at current forward wholesale prices.
Megawatt (MW)	One million watts.
Megawatt-hour (MWh)	A unit of energy equivalent to 1,000 kilowatt-hours.

Pinnacle West Capital Corporation — Quarterly Consolidated Statistical Summary — Glossary of Terms

- 4 -

Prior Period Mark-To-Market (Gains) Losses on Contracts Delivered During Current Period	The reversal of the gross margin related to mark-to-market transactions entered into in prior periods for which the commodities were delivered in the current period. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition or earnings recognition, because in accordance with mark-to-market accounting, the margin was already recorded in the prior period. A negative amount shown in this category represents the arithmetic opposite of a gain recognized in the period in which the commodities were delivered; an equal positive amount is reflected in the realized revenue or margin for delivered commodities. A positive amount shown in this category represents the arithmetic opposite of a loss recognized in the period in which the commodities were delivered; an equal negative amount is reflected in the realized revenue or margin for delivered commodities.
Purchased Power – Firm Load	Power purchased from wholesale market sources used to serve regulated retail demand and traditional wholesale contracts. Measured in gigawatt-hours.
Purchased Power – Marketing and Trading	Power purchased from wholesale market sources used to serve marketing and trading sales not served by company-owned generation. Measured in gigawatt-hours.
Realized Margin on Delivered Commodities	Marketing and trading gross margin related to electricity and other commodities that were delivered in the then-current period.
Retail Customer Growth	Percentage growth over the prior year in the number of retail customers.
Retail Electricity Usage	Total retail sales for a period divided by the average retail customers for the same period. Measured in kilowatt-hours per average customer.
Retail Load Hedge Management	Wholesale sales to liquidate electricity purchases originally intended to meet firm load during peak times, which purchases were not needed ultimately for firm load. These sales are made to other electric companies, power marketers, or public entities for the purpose of resale. Measured in gigawatt-hours.
Retail Sales	Sales of electricity made directly to retail customers or ultimate customers. Residential retail sales are sales to households. Business retail sales include commercial, industrial, irrigation, and streetlighting sales. Measured in gigawatt-hours.

Pinnacle West Capital Corporation — Quarterly Consolidated Statistical Summary — Glossary of Terms

- 5 -

System Peak Demand	The demand for electricity during the one hour of highest use each month. Measured in megawatts.
Traditional Contracts	Wholesale sales resulting from unique cost-based, long-term contracts held by the company with various entities for the supply of electricity at agreed-upon prices.
Weather Normalized	Adjusted to exclude the effects of abnormal weather patterns.

Pinnacle West Capital Corporation — Quarterly Consolidated Statistical Summary — Glossary of Terms

EX-99.9

Exhibit 99.9

FOR IMMEDIATE RELEASE		April 26, 2005
Media Contact:	Alan Bunnell, (602) 250-3376	Page 1 of 2
Analyst Contacts:	Rebecca Hickman, (602) 250-5668
	Lisa Malagon, (602) 250-5671
Web site:	www.pinnaclewest.com

PINNACLE WEST FIRST QUARTER EARNINGS
SIGNIFICANTLY AHEAD OF PLAN, COMPANY SAYS
Results Reflect Growth in the Company’s Core Business

PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the quarter ended March 31, 2005, of $24.4 million, or $0.27 per diluted share of common stock. This result compares with net income of $31.4 million, or $0.34 per share, for the comparable quarter a year ago.

“While first quarter results were lower than the same period a year ago, they were significantly better than our plan,” said Chairman Bill Post. “Further, they reflect our strong core business performance and the rising demand for electricity in the growing Arizona market.”

Post added that recent approval of the Company’s rate settlement provides a regulatory structure which places all of the company’s Arizona power plants in rate base, while strengthening and clarifying Arizona Public Service’s (APS) responsibility to provide for the energy needs of its customers.

Results for the quarter were positively impacted by higher retail sales at APS due to customer growth of 4 percent (three times the national average); lower replacement power costs attributable to fewer unplanned plant outages; lower gas and power prices; the absence of regulatory asset amortization; and higher earnings at the Company’s real estate subsidiary.

These positive items were more than offset by a number of factors, including a net increase in costs related to placing the Silverhawk Power Station into service in mid-2004; an increase in operating costs primarily related to customer service, generation and benefits costs; the effects of milder weather; lower results from the Company’s competitive retail operations; and increased property taxes.

For more information on Pinnacle West’s operating statistics and earnings, please visit http://www.pinnaclewest.com/main/pnw/investors/financials/quarterly/default.html.

Conference Call
Pinnacle West invites interested parties to listen to the live web cast of management’s conference call to discuss the Company’s 2005 first quarter earnings and recent

PINNACLE WEST 2005 FIRST QUARTER EARNINGS	April 26, 2005
	Page 2 of 2

developments at 11 a.m. (ET) Wednesday, April 27, 2005. The web cast can be accessed at www.pinnaclewest.com/main/pnw/investors/presentations/default.html. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 5245903.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $10 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial, and industrial real estate projects.

-30-

This press release may contain forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, and 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. These factors include, but are not limited to: state and federal regulatory and legislative decisions and actions, including by the FERC; the ongoing restructuring of the electric industry, including the introduction of retail electric competition in Arizona and decisions impacting wholesale competition; the outcome of regulatory, legislative and judicial proceedings relating to the restructuring; market prices for electricity and natural gas; power plant performance and outages, including transmission outages and constraints; weather variations affecting local and regional customer energy usage; customer growth and energy usage; regional economic and market conditions, including the results of litigation and other proceedings resulting from the California energy situation, volatile purchased power and fuel costs and the completion of generation and transmission construction in the region, which could affect customer growth and the cost of power supplies; the cost of debt and equity capital and access to capital markets; the uncertainty that current credit ratings will remain in effect for any given period of time; our ability to compete successfully outside traditional regulated markets (including the wholesale market); the performance of our marketing and trading activities due to volatile market liquidity and 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); changes in accounting principles generally accepted in the United States of America and the interpretation of those principles; the performance of the stock market and the changing interest rate environment, which affect the amount of required contributions to Pinnacle West’s pension plan and APS’ nuclear decommissioning trust funds, as well as the reported costs of providing pension and other postretirement benefits; technological developments in the electric industry; the strength of the real estate market 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.

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts)

	THREE MONTHS ENDED
	MARCH 31,
	2005			2004
Operating Revenues
Regulated electricity segment	$	416,030		$	415,464
Marketing and trading segment		116,866			88,383
Real estate segment		72,056			51,593
Other revenues		10,135			10,905
Total		615,087			566,345
Operating Expenses
Regulated electricity segment purchased power and fuel		78,423			88,611
Marketing and trading segment purchased power and fuel		100,641			67,764
Operations and maintenance		156,496			137,386
Real estate segment operations		56,476			47,690
Depreciation and amortization		94,231			101,616
Taxes other than income taxes		35,190			30,330
Other expenses		8,374			8,750
Total		529,831			482,147
Operating Income		85,256			84,198
Other
Allowance for equity funds used during construction		2,603			2,002
Other income		1,744			11,412
Other expense		(5,309	)		(5,945	)
Total		(962	)		7,469
Interest Expense
Interest charges		49,195			50,319
Capitalized interest		(3,289	)		(4,911	)
Total		45,906			45,408
Income From Continuing Operations Before Income Taxes		38,388			46,259
Income Taxes		14,732			15,468
Income From Continuing Operations		23,656			30,791
Income From Discontinued Operations Net of Income Tax Expense		792			635
Net Income	$	24,448		$	31,426
Weighted-Average Common Shares Outstanding — Basic		91,962			91,294
Weighted-Average Common Shares Outstanding — Diluted		92,045			91,376
Earnings Per Weighted-Average Common Share Outstanding
Income From Continuing Operations — Basic	$	0.26		$	0.34
Net Income — Basic	$	0.27		$	0.34
Income From Continuing Operations — Diluted	$	0.26		$	0.34
Net Income — Diluted	$	0.27		$	0.34

Certain prior year amounts have been reclassified to conform to the 2005 presentation.

EX-99.10

Exhibit 99.10

PINNACLE WEST CAPITAL CORPORATION
NON-GAAP MEASURE RECONCILIATION — OPERATING INCOME (GAAP MEASURE) TO GROSS MARGIN (NON-GAAP MEASURE)
(in thousands)

	THREE MONTHS ENDED
	MARCH 31,
	2005		2004		Increase (Decrease)
RECONCILIATION OF REGULATED ELECTRICITY SEGMENT GROSS MARGIN
Operating Income (closest GAAP measure)	$	85,256	$	84,198	$	1,058
Plus:
Operations and maintenance		156,496		137,386		19,110
Real estate segment operations		56,476		47,690		8,786
Depreciation and amortization		94,231		101,616		(7,385	)
Taxes other than income taxes		35,190		30,330		4,860
Other expenses		8,374		8,750		(376	)
Marketing and trading segment purchased power and fuel		100,641		67,764		32,877
Less:
Real estate segment revenues		72,056		51,593		20,463
Other revenues		10,135		10,905		(770	)
Marketing and trading segment revenues		116,866		88,383		28,483
Regulated electricity segment gross margin	$	337,607	$	326,853	$	10,754
RECONCILIATION OF MARKETING AND TRADING SEGMENT GROSS MARGIN
Operating Income (closest GAAP measure)	$	85,256	$	84,198	$	1,058
Plus:
Operations and maintenance		156,496		137,386		19,110
Real estate segment operations		56,476		47,690		8,786
Depreciation and amortization		94,231		101,616		(7,385	)
Taxes other than income taxes		35,190		30,330		4,860
Other expenses		8,374		8,750		(376	)
Regulated electricity segment purchased power and fuel		78,423		88,611		(10,188	)
Less:
Real estate segment revenues		72,056		51,593		20,463
Other revenues		10,135		10,905		(770	)
Regulated electricity segment revenues		416,030		415,464		566
Marketing and trading segment gross margin	$	16,225	$	20,619	$	(4,394	)