EXHIBIT 99.9

FOR IMMEDIATE RELEASE		July 21, 2006
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 REPORTS 2006 SECOND QUARTER RESULTS
Strong APS Customer Growth Continues

PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the quarter ended June 30, 2006, of $112.2 million, or $1.13 per diluted share of common stock. This result compares with net income of $26.7 million, or $0.28 per diluted share, for the same quarter a year ago.

On-going consolidated earnings in the 2006 second quarter were $102 million, or $1.03 per share, compared with $86 million, or $0.89 per share in the comparable 2005 quarter. The 2006 results exclude income tax credits related to prior years of $10 million, or $0.10 per share. On-going earnings for the second quarter of 2005 exclude an after-tax loss of $59 million, or $0.61 per share, related to the sale of the Silverhawk Power Station.

“Growth in our service territory remains robust,” said Pinnacle West Chairman Bill Post, citing Arizona’s population growth, which is three times the national average. “Successfully serving this growth will require continuing cooperation from state regulators as our company invests in new, long-term resources to meet the ever-increasing demand for electricity.”

Results for the quarter were positively impacted by higher retail sales at Arizona Public Service (APS) due to customer growth of 4.6 percent; fuel and purchased power cost deferrals; and warmer weather, punctuated by the hottest June on record. The average temperature during June was almost 5 degrees above normal. The warmer weather added $0.10 per share compared with last year’s second quarter.

These positive items were partially offset by higher fuel and purchased power costs; and an increase in operating costs primarily related to higher generation maintenance and customer service costs.

APS reported net income of $93.8 million for the second quarter of 2006, compared with net income of $64.0 million for the same period a year ago. In addition, SunCor Development Co., Pinnacle West’s real estate subsidiary, reported net income of $9.6 million, compared with $11.3 million in the 2005 second quarter.

PINNACLE WEST SECOND QUARTER EARNINGS	July 21, 2006
	Page 2 of 2

For more information on Pinnacle West’s operating statistics and earnings, please visit www.pinnaclewest.com/financials.

Conference Call
Pinnacle West invites interested parties to listen to the live web cast of management’s conference call to discuss the Company’s 2006 second quarter earnings and recent developments at 1:00 p.m. (ET), today, Friday, July 21, 2006. The web cast can be accessed at www.pinnaclewest.com/presentations and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter Conference ID Number 2026344. A replay of the call also will be available until 11:55 p.m. (ET), Friday, July 28, 2006, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same ID number as above.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11 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-

PINNACLE WEST CAPITAL CORPORATION
NON-GAAP FINANCIAL MEASURE RECONCILIATION — NET INCOME
(GAAP MEASURE) TO ON-GOING EARNINGS (NON-GAAP FINANCIAL MEASURE)

	Three Months Ended						Three Months Ended
	June 30, 2006						June 30, 2005
	Dollars in			Diluted			Dollars in		Diluted
	Millions			EPS			Millions		EPS
Pinnacle West Capital Corporation
Net Income	$	112		$	1.13		$	27	$	0.28
Adjustments:
Income tax credits related to prior periods		(10	)		(0.10	)		—		—
Loss from discontinued operations — Silverhawk Power Station write-down		—			—			56		0.57
Loss from discontinued operations — Silverhawk Power Station operations		—			—			3		0.04
On-going Earnings	$	102		$	1.03		$	86	$	0.89

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

	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,						JUNE 30,
	2006			2005			2006			2005
Operating Revenues
Regulated electricity segment	$	712,718		$	579,652		$	1,178,844		$	995,682
Marketing and trading segment		89,925			71,172			174,927			160,429
Real estate segment		112,603			84,259			220,457			154,195
Other revenues		9,782			20,259			21,006			30,394
Total		925,028			755,342			1,595,234			1,340,700
Operating Expenses
Regulated electricity segment fuel and purchased power		263,944			160,590			421,339			239,013
Marketing and trading segment fuel and purchased power		72,716			57,593			146,891			128,402
Operations and maintenance		168,332			153,097			346,759			308,181
Real estate segment operations		98,412			67,713			169,742			123,047
Depreciation and amortization		89,297			85,323			176,918			176,267
Taxes other than income taxes		32,700			34,638			68,273			69,203
Other expenses		8,430			17,556			16,952			25,930
Total		733,831			576,510			1,346,874			1,070,043
Operating Income		191,197			178,832			248,360			270,657
Other
Allowance for equity funds used during construction		3,633			2,952			7,434			5,555
Other income		12,022			8,684			17,489			9,487
Other expense		(5,815	)		(3,846	)		(10,356	)		(8,232	)
Total		9,840			7,790			14,567			6,810
Interest Expense
Interest charges		45,882			50,077			93,408			96,042
Capitalized interest		(4,959	)		(3,544	)		(8,983	)		(6,833	)
Total		40,923			46,533			84,425			89,209
Income From Continuing Operations Before Income Taxes		160,114			140,089			178,502			188,258
Income Taxes		49,271			54,988			56,064			73,558
Income From Continuing Operations		110,843			85,101			122,438			114,700
Income (Loss) From Discontinued Operations
Net of Income Taxes		1,311			(58,366	)		2,171			(63,517	)
Net Income	$	112,154		$	26,735		$	124,609		$	51,183
Weighted-Average Common Shares Outstanding — Basic		99,221			96,192			99,168			94,089
Weighted-Average Common Shares Outstanding — Diluted		99,640			96,299			99,562			94,189
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	1.12		$	0.88		$	1.23		$	1.22
Net income — basic	$	1.13		$	0.28		$	1.26		$	0.54
Income from continuing operations — diluted	$	1.11		$	0.88		$	1.23		$	1.22
Net income — diluted	$	1.13		$	0.28		$	1.25		$	0.54

Certain prior-year amounts have been reclassified to conform to the 2006 presentation.