CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
OPERATING REVENUES	$ 890,648	$ 906,264	$ 1,561,867	$ 1,592,515
OPERATING EXPENSES
Fuel and purchased power	281,477	290,854	504,714	540,640
Operations and maintenance	210,965	211,222	425,909	424,104
Depreciation and amortization	122,739	105,150	243,688	206,922
Taxes other than income taxes	43,032	44,004	86,248	89,849
Other expenses	462	921	1,651	1,717
Total	658,675	652,151	1,262,210	1,263,232
OPERATING INCOME	231,973	254,113	299,657	329,283
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	9,345	7,499	18,569	14,941
Other income (Note 9)	175	2,781	410	5,148
Other expense (Note 9)	(2,609)	(508)	(6,895)	(5,192)
Total	6,911	9,772	12,084	14,897
INTEREST EXPENSE
Interest charges	48,328	51,751	96,727	104,720
Allowance for borrowed funds used during construction	(4,322)	(3,790)	(8,538)	(7,560)
Total	44,006	47,961	88,189	97,160
INCOME BEFORE INCOME TAXES	194,878	215,924	223,552	247,020
INCOME TAXES	67,371	74,540	75,318	80,945
NET INCOME	127,507	141,384	148,234	166,075
Less: Net income attributable to noncontrolling interests (Note 6)	4,605	8,926	9,210	17,851
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 122,902	$ 132,458	$ 139,024	$ 148,224
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC (in shares)	110,986	110,565	110,958	110,546
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in shares)	111,460	111,002	111,426	110,925
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
Net income attributable to common shareholders - basic (in dollars per share)	$ 1.11	$ 1.20	$ 1.25	$ 1.34
Net income attributable to common shareholders - diluted (in dollars per share)	1.10	1.19	1.25	1.34
DIVIDENDS DECLARED PER SHARE (in dollars per share)	$ 1.19	$ 1.14	$ 1.19	$ 1.14
Arizona Public Service Company
ELECTRIC OPERATING REVENUES	$ 889,723	$ 905,578	$ 1,560,391	$ 1,591,123
OPERATING EXPENSES
Fuel and purchased power	281,477	290,854	504,714	540,640
Operations and maintenance	208,031	208,059	417,978	416,344
Depreciation and amortization	122,716	105,127	243,642	206,875
Income taxes	71,672	77,371	83,911	87,849
Taxes other than income taxes	43,123	43,773	86,109	89,386
Total	727,019	725,184	1,336,354	1,341,094
OPERATING INCOME	162,704	180,394	224,037	250,029
OTHER INCOME (DEDUCTIONS)
Income taxes	2,980	1,568	5,131	2,778
Allowance for equity funds used during construction	9,345	7,499	18,569	14,941
Other income (Note 9)	710	3,221	1,349	5,983
Other expense (Note 9)	(2,449)	(1,477)	(7,803)	(6,533)
Total	10,586	10,811	17,246	17,169
INTEREST EXPENSE
Interest on long-term debt	44,826	48,462	90,254	97,358
Interest on short-term borrowings	1,705	1,637	2,879	3,050
Debt discount, premium and expense	1,103	1,054	2,237	2,065
Allowance for borrowed funds used during construction	(4,311)	(3,790)	(8,527)	(7,560)
Total	43,323	47,363	86,843	94,913
NET INCOME	129,967	143,842	154,440	172,285
Less: Net income attributable to noncontrolling interests (Note 6)	4,605	8,926	9,210	17,851
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 125,362	$ 134,916	$ 145,230	$ 154,434