8-K

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, 2002

PINNACLE WEST CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)

Arizona	1-8962	86-0512431
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification Number)

400 North Fifth Street, P.O. Box 53999, Phoenix, Arizona	85072-3999
(Address of principal executive offices)	(Zip Code)

(602) 250-1000
(Registrant’s telephone number, including area code)

NONE
(Former name or former address, if changed since last report)

Item 5.  Other Events

Arizona Electric Industry Restructuring

       As previously reported, on February 8, 2002, the Chief Administrative Law Judge of the Arizona Corporation Commission (the "ACC") issued a procedural order which consolidated several ACC dockets, including:

• the ACC docket relating to an October 2001 filing by Arizona Public Service Company ("APS") requesting approval of a long-term purchase power agreement between APS and Pinnacle West Capital Corporation (the "Company"), as well as a variance from a competitive bidding process required by an ACC rule; and
  
  
• a "generic" docket requested by the ACC Chairman to "determine if changed circumstances require the [ACC] to take another look at restructuring in Arizona."

See Note 3 of Notes to Consolidated Financial Statements in the Company's Report on Form 10-K for the fiscal year ended December 31, 2001 for additional information about the consolidated docket, the comprehensive 1999 Settlement Agreement approved by the ACC among APS and various parties related to the implementation of retail electric competition in Arizona, and the retail electric competition rules adopted by the ACC.

       On April 19, 2002, APS filed a motion in the consolidated docket addressing the following issues, among others:

• APS confirmed its position that whether or not the ACC approved the matters requested in its October 2001 filing, APS would proceed with the divestiture of its generation assets this year.
  
  
• APS also advised the ACC that whether or not the ACC approved the matters requested in its October 2001 filing, APS would implement a competitive bidding process later this year to the extent legally required.
  
  
• APS noted that Pinnacle West Energy Corporation ("Pinnacle West Energy"), the affiliate to which APS intends to transfer the generation assets, had committed to a $1 billion investment in generating capacity to meet APS customer needs in reliance on the 1999 Settlement Agreement and in accordance with an ACC rule that prohibited APS' ownership of new generation assets. APS further noted that it had taken numerous actions in reliance on the 1999 Settlement Agreement and the ACC retail electric competition rules, including writing off $234 million of prudently incurred costs, reducing retail rates by approximately $120 million in a still-ongoing series of rate reductions, and incurring tens of millions of dollars in expenses related to the expected generation asset transfer. APS stated that if the ACC elects to reverse course on retail electric competition or attempts to stay the transfer of APS' generation assets, the ACC would be legally required to address just compensation to APS and Pinnacle West Energy, which would include, at a minimum:
  
  
  • recognizing the transfer to APS of all assets that Pinnacle West Energy constructed to meet APS' load-serving requirements, and subsequently including such units in APS' rate base in accordance with traditional rate-of-return regulation;
    
    
  • reversing APS' $234 million write-off and providing for the recovery of such amounts in future rates; and
    
    
  • providing for the recovery of all costs incurred as a result of the transition to competition, including 100 percent of the costs incurred in preparation for divestiture (and not just the 2/3 of costs permitted under the Settlement Agreement approved by the ACC in 1999).

• APS recommended that the ACC confirm whether or not Arizona would proceed with the transition to a competitive electric market, and proposed the following procedural plan in response to issues identified by the ACC staff in a previous report:
  
  
  • Market Power and Market Monitoring: APS recommended that the ACC monitor evolving federal regulatory developments in the wholesale power markets and respond to market power or market monitoring issues at the state level after the federal issues are more fully developed.
    
    
  • Competitive Bidding: APS advised the ACC that it intends to issue a request for proposal for competitive bidding no later than September 1, 2002, with the amount bid dependent on the ACC's action on the October 2001 filing made by APS.
    
    
  • Transfer of Generation Assets: Consistent with, and in reliance upon, the 1999 Settlement Agreement, APS has been addressing the legal and regulatory requirements necessary to complete the transfer of its generation assets to Pinnacle West Energy on or before December 31, 2002. As required and authorized by the 1999 Settlement Agreement, on or about August 1, 2002, APS intends to formally provide the ACC with a 30-day notice of the generation assets being transferred to Pinnacle West Energy.
    
    
  • Transmission Constraints and Reliability: APS recommended that the ACC staff structure a process to address the various issues affecting transmission constraints and reliability in Arizona, and suggested that this process could begin in May 2002 as part of the ACC's 2002-2003 Biennial Transmission Assessment.
    
    
  • Adjustor Mechanisms: APS recommended that it is appropriate for the ACC to consider specific standard-offer rate adjustor mechanisms in utility-specific proceedings and noted that the 1999 Settlement Agreement requires APS to submit an adjustment clause for ACC approval that will recover electric competition-related costs specified in the 1999 Settlement Agreement.
    
    
  • Retail Direct Access and Shopping Credits: APS recommended that the ACC staff initiate a workshop process to assess the appropriate scope of direct access and noted that the specific issues surrounding the "shopping credit" for APS should be addressed in the general rate case that APS is required to file by June 30, 2003 pursuant to the 1999 Settlement Agreement. A "shopping credit" is the amount that a customer does not pay to a utility distribution company if the customer obtains generation from another party.

       A copy of APS' motion is attached to this Form 8-K as Exhibit 99.11. The Company cannot currently predict the outcome of the October 2001 filing or the consolidated docket, including the potential for changes to the existing Arizona electric competition rules or effects to the 1999 Settlement Agreement.

Item 7.  Financial Statements, Pro Form Financial Information and Exhibits

       (c) Exhibits.

Exhibit No.	Description
99.1	Pinnacle West Capital Corporation quarterly consolidated statistical summary for March 31, 2002 (cover page, table of contents and list of contents).
99.2	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended March 31, 2002 and 2001.
99.3	Pinnacle West Capital Corporation consolidated statistics by quarter for 2002.
99.4	Pinnacle West Capital Corporation consolidated statistics by quarter for 2001.
99.5	Pinnacle West Capital Corporation consolidated statistics by quarter for 2000.
99.6	Pinnacle West Capital Corporation consolidated statistics by quarter for 1999.
99.7	Pinnacle West Capital Corporation earnings variance explanations for the periods ended March 31, 2002 and 2001 and condensed consolidated statements of income for the three months and twelve months ended March 31, 2002 and 2001.
99.8	Glossary of Terms.
99.9	Pinnacle West Capital Corporation graphical data presentation for the periods from January 1999 through February 2002 and January 1999 through March 2002.
99.10	Slide presentation for use at the analyst conferences to be held in Boston, Massachusetts on April 23, 2002 and in New York, New York on April 24, 2002.
99.11	Motion of Arizona Public Service Company for Procedural Schedule, as filed with the Arizona Corporation Commission on April 19, 2002.

Item 9.  Regulation FD Disclosure

       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. 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.

SIGNATURES

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

	PINNACLE WEST CAPITAL CORPORATION (Registrant)
Dated: April 22, 2002	By:  Barbara M. Gomez
	Barbara M. Gomez
	Treasurer

PINNACLE WEST CAPITAL CORPORATION
Exhibit Index to Current Report on Form 8-K

Exhibit No.	Description
99.1	Pinnacle West Capital Corporation quarterly consolidated statistical summary for March 31, 2002 (cover page, table of contents and list of contents).
99.2	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended March 31, 2002 and 2001.
99.3	Pinnacle West Capital Corporation consolidated statistics by quarter for 2002.
99.4	Pinnacle West Capital Corporation consolidated statistics by quarter for 2001.
99.5	Pinnacle West Capital Corporation consolidated statistics by quarter for 2000.
99.6	Pinnacle West Capital Corporation consolidated statistics by quarter for 1999.
99.7	Pinnacle West Capital Corporation earnings variance explanations for the periods ended March 31, 2002 and 2001 and condensed consolidated statements of income for the three months and twelve months ended March 31, 2002 and 2001.
99.8	Glossary of Terms.
99.9	Pinnacle West Capital Corporation graphical data presentation for the periods from January 1999 through February 2002 and January 1999 through March 2002.
99.10	Slide presentation for use at the analyst conferences to be held in Boston, Massachusetts on April 23, 2002 and in New York, New York on April 24, 2002.
99.11	Motion of Arizona Public Service Company for Procedural Schedule, as filed with the Arizona Corporation Commission on April 19, 2002.

EX-99.1

Exhibit 99.1

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Period Ended March 31, 2002

This file contains financial and operating statistics
for the three-month and twelve-month periods
ended March 31, 2002 and 2001.

The same statistics by quarter for 2002 through 1999
are available in the complete-format PDF and Excel files,
which are posted to this website.

Please see the Glossary of Terms on this website
for definitions of terms used in this summary.

EX-99.2

Exhibit 99.2

                                                          Last Updated 4/23/2002

                       Pinnacle West Capital Corporation

                   Quarterly Consolidated Statistical Summary
                     Periods Ended March 31, 2002 and 2001


                                                                            3 MO. ENDED MARCH 31                      12 MO. ENDED MARCH 31
                                                                    -------------------------------------     -------------------------------------
Line                                                                  2002          2001       INCR (DECR)      2002          2001       INCR (DECR)
                                                                    ---------     ---------    ----------     ---------     ---------    ----------
    EARNINGS CONTRIBUTION BY SUBSIDIARY ($ IN MILLIONS)

1      Arizona Public Service                                       $      32     $      65     $     (33)    $     248     $     338     $     (90)
2      Pinnacle West Energy                                                 1            --             1            19            (2)           21
3      APS Energy Services                                                  2            (8)           10            --           (20)           20
4      SunCor                                                               2            --             2             5             7            (2)
5      El Dorado                                                           --             1            (1)           --           (17)           17
6      Parent Company                                                      17             4            13            46             5            41
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

7         Income Before Accounting Change                                  54            62            (8)          318           311             7

8      Cumulative Effect of Change in Accounting -
          Net of Tax                                                       --            (3)            3           (12)           (3)           (9)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

9         Net Income                                                $      54     $      59     $      (5)    $     306     $     308     $      (2)
                                                                    =========     =========     =========     =========     =========     =========

    EARNINGS PER SHARE BY SUBSIDIARY - DILUTED

10     Arizona Public Service                                       $    0.37        $ 0.76       $ (0.39)       $ 2.92        $ 3.99       $ (1.07)
11     Pinnacle West Energy                                              0.01            --          0.01          0.22         (0.03)         0.25
12     APS Energy Services                                               0.03         (0.10)         0.13            --         (0.23)         0.23
13     SunCor                                                            0.02          0.01          0.01          0.06          0.08         (0.02)
14     El Dorado                                                           --          0.01         (0.01)           --         (0.19)         0.19
15     Parent Company                                                    0.20          0.05          0.15          0.56          0.03          0.53
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

16        Income Before Accounting Change                                0.63          0.73         (0.10)         3.76          3.65          0.11

17     Cumulative Effect of Change in Accounting -
          Net of Tax                                                       --         (0.03)         0.03         (0.15)        (0.03)        (0.12)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

18        Net Income                                                $    0.63     $    0.70     $   (0.07)    $    3.61     $    3.62     $   (0.01)
                                                                    =========     =========     =========     =========     =========     =========

19  BOOK VALUE PER SHARE                                            $   30.06     $   28.83     $    1.23     $   30.06     $   28.83     $    1.23

    COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS)
20     Average                                                         84,884        84,966           (82)       84,910        84,874            36
21     End of Period                                                   84,789        84,718            71        84,789        84,718            71

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                   Quarterly Consolidated Statistical Summary
                      Periods Ended March 31, 2002 and 2001

                                                                             3 MO. ENDED MARCH 31                     12 MO. ENDED MARCH 31
                                                                    -------------------------------------     -------------------------------------
Line                                                                  2002          2001       INCR (DECR)      2002          2001       INCR (DECR)
                                                                    ---------     ---------    ----------     ---------     ---------    ----------

    ELECTRIC OPERATING REVENUES
       (DOLLARS IN  MILLIONS)
    Retail
22     Residential                                                  $     171     $     173     $      (2)    $     913     $     897     $      16
23     Business                                                           195           199            (4)          948           938            10
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
24        Total retail                                                    366           372            (6)        1,861         1,835            26
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Wholesale revenue on delivered electricity
25     Traditional contracts                                                2            26           (24)           49           135           (86)
26     Retail load hedge management                                         2             5            (3)          575           558            17
       Marketing and trading -- delivered
27        Generation sales other than native load                           8            87           (79)           69           194          (125)
28        Other delivered electricity (a)                                 185           359          (174)        1,386         1,177           209
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
29        Total delivered marketing and trading                           193           446          (253)        1,455         1,371            84
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
30     Total delivered wholesale electricity                              197           477          (280)        2,079         2,064            15
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Other marketing and trading
       Realized margins on delivered commodities
31        other than electricity (a)                                        4            (5)            9            (5)           (8)            3
       Prior period mark-to-market (gains) losses realized
32        on contracts delivered during current period (a)                (22)            6           (28)          (44)          (22)          (22)
33     Change in mark-to-market for future-period deliveries               25            47           (22)          119            79            40
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
34     Total other marketing and trading                                    7            48           (41)           70            49            21
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
35  Transmission for others                                                 6             4             2            28            16            12
36  Other miscellaneous services                                            4             6            (2)           18            28           (10)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
37        Total electric operating revenues                         $     580     $     907     $    (327)    $   4,056     $   3,992     $      64
                                                                    =========     =========     =========     =========     =========     =========

    ELECTRIC SALES (GWH)

    Retail sales
38     Residential                                                      2,141         2,122            19        10,354        10,026           328
39     Business                                                         2,771         2,824           (53)       13,011        12,842           169
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
40        Total retail                                                  4,912         4,946           (34)       23,365        22,868           497
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Wholesale electricity delivered
41     Traditional contracts                                               71           569          (498)          716         1,848        (1,132)
42     Retail load hedge management                                       158            75            83         3,122         6,517        (3,395)
       Marketing and trading -- delivered
43        Generation sales other than native load                         376           623          (247)        1,141         1,721          (580)
44        Other delivered electricity                                   3,836         3,050           786        15,399        13,240         2,159
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
45        Total delivered marketing and trading                         4,212         3,673           539        16,540        14,961         1,579
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
46     Total delivered wholesale electricity                            4,441         4,317           124        20,378        23,326        (2,948)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
47        Total electric sales                                          9,353         9,263            90        43,743        46,194        (2,451)
                                                                    =========     =========     =========     =========     =========     =========

- ----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 37 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 32 are
     included in lines 28 and 31. For example, line 32 shows that a prior-period
     mark-to-market gain of $22 million was transferred to "realized" for the
     first quarter of 2002. Lines 28 and 31 include amounts totaling $22 million
     of realized revenues for the first quarter of 2002.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                   Quarterly Consolidated Statistical Summary
                      Periods Ended March 31, 2002 and 2001

                                                                             3 MO. ENDED MARCH 31                     12 MO. ENDED MARCH 31
                                                                    -------------------------------------     -------------------------------------
Line                                                                  2002          2001       INCR (DECR)      2002          2001       INCR (DECR)
                                                                    ---------     ---------    ----------     ---------     ---------    ----------
    MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS
       (DOLLARS IN  MILLIONS)

    REALIZED AND MARK-TO-MARKET COMPONENTS
    Current Period Effects
       Realized margin on delivered commodities
          Electricity
48          Generation sales other than native load                 $       2     $      48     $     (46)    $      34     $     100     $     (66)
49          Other electricity marketing and trading (a)                    33             4            29           146            70            76
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
50          Total electricity                                              35            52           (17)          180           170            10
51        Other commodities (a)                                             4            (5)            9            (5)           (9)            4
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
52        Total realized margin                                            39            47            (8)          175           161            14
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

       Prior-period mark-to-market (gains) losses on contracts
          delivered during current period
53        Electricity (a)                                                 (16)            1           (17)          (48)          (13)          (35)
54        Other commodities (a)                                            (6)           12           (18)           10            (1)           11
          Charge related to trading activities with Enron
55           and its affiliates                                            --            --            --            (8)           --            (8)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
56        Subtotal                                                        (22)           13           (35)          (46)          (14)          (32)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
57     Total current period effects (b)                                    17            60           (43)          129           147           (18)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

    Change in mark-to-market gains (losses) for
       future period deliveries (b)
58     Electricity                                                         25            45           (20)          145            63            82
59     Other commodities                                                   (2)            2            (4)          (24)           16           (40)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
60     Subtotal                                                            23            47           (24)          121            79            42
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
61  Total gross margin                                              $      40     $     107     $     (67)    $     250     $     226     $      24
                                                                    =========     =========     =========     =========     =========     =========

    BY COMMODITY SOLD OR TRADED

62  Electricity                                                     $      45     $      98     $     (53)    $     274     $     219     $      55
63  Natural gas                                                            (5)           (3)           (2)          (10)            2           (12)
64  Coal                                                                   (1)           14           (15)           (7)           11           (18)
65  Emission allowances                                                     1            (2)            3            (7)           (6)           (1)
66  Other                                                                  --            --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
67     Total Gross Margin                                           $      40     $     107     $     (67)    $     250     $     226     $      24
                                                                    =========     =========     =========     =========     =========     =========

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

As of March 31, 2002, Pinnacle West had accumulated mark-to-market net gains of
$139 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: remainder of 2002, $24 million; 2003, $26
million; 2004, $27 million; 2005 and thereafter, $62 million.

- ----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 57 and in line 61 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 53 are
     included in line 49. The opposites of amounts included in line 54 are
     included in line 51. For example, line 53 shows that a prior-period
     mark-to-market gain of $16 million was transferred to "realized" for the
     first quarter of 2002. A $16 million realized gain is included in the $33
     million on line 49 for the first quarter of 2002.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                   Quarterly Consolidated Statistical Summary
                      Periods Ended March 31, 2002 and 2001

                                                                             3 MO. ENDED MARCH 31                     12 MO. ENDED MARCH 31
                                                                    -------------------------------------     -------------------------------------
Line                                                                  2002          2001       INCR (DECR)      2002          2001       INCR (DECR)
                                                                    ---------     ---------    ----------     ---------     ---------    ----------
    AVERAGE ELECTRIC CUSTOMERS

    Retail customers
68     Residential                                                    801,000       775,317        25,683       782,760       756,482        26,278
69     Business                                                        99,335        97,222         2,113        98,726        95,267         3,459
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
70        Total                                                       900,335       872,539        27,796       881,486       851,749        29,737
71  Wholesale customers                                                    67            68            (1)           66            67            (1)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
72        Total customers                                             900,402       872,607        27,795       881,552       851,816        29,736
                                                                    =========     =========     =========     =========     =========     =========

73  Customer Growth (% over prior year)                                   3.2%          4.0%         (0.8)%         3.5%          4.1%         (0.6)%


    RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED

74  Residential                                                         2,164         2,037           127         9,804         9,574           230
75  Business                                                            2,774         2,825           (51)       12,726        12,732            (6)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
76        Total                                                         4,938         4,862            76        22,530        22,306           224
                                                                    =========     =========     =========     =========     =========     =========

    RETAIL ELECTRICITY USAGE
       (KWH/AVERAGE CUSTOMER)

77  Residential                                                         2,673         2,737           (64)       13,228        13,251           (23)
78  Business                                                           27,896        29,047        (1,151)      131,809       134,789        (2,980)


    RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
       (KWH/AVERAGE CUSTOMER)

79  Residential                                                         2,702         2,627            75        12,524        12,659          (135)
80  Business                                                           27,926        29,057        (1,131)      128,912       133,645        (4,733)


    ELECTRICITY DEMAND (MW)

81  System peak demand                                                  3,708         3,661            47         5,687         5,478           209

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                   Quarterly Consolidated Statistical Summary
                      Periods Ended March 31, 2002 and 2001

                                                                             3 MO. ENDED MARCH 31                     12 MO. ENDED MARCH 31
                                                                    -------------------------------------     -------------------------------------
Line                                                                  2002          2001       INCR (DECR)      2002          2001       INCR (DECR)
                                                                    ---------     ---------    ----------     ---------     ---------    ----------
    ENERGY SOURCES (GWH)

    Generation production
82     Nuclear                                                          2,257         2,261            (4)        8,380         8,777          (397)
83     Coal                                                             2,890         2,901           (11)       12,561        12,582           (21)
84     Gas, oil and other                                                 337         1,007          (670)        3,333         3,468          (135)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
85        Total                                                         5,484         6,169          (685)       24,274        24,827          (553)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Purchased power
86     Firm load                                                          429           170           259         3,220         2,634           586
87     Marketing and trading                                            3,993         3,126           867        18,520        19,758        (1,238)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
88        Total                                                         4,422         3,296         1,126        21,740        22,392          (652)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
89        Total energy sources                                          9,906         9,465           441        46,014        47,219        (1,205)
                                                                    =========     =========     =========     =========     =========     =========

    POWER PLANT PERFORMANCE

    Capacity Factors
90     Nuclear                                                             96%           96%            0%           88%           92%           (4)%
91     Coal                                                                78%           78%            0%           84%           84%            0%
92     Gas, oil and other                                                  12%           39%          (27)%          29%           34%           (5)%
93     System average                                                      62%           71%           (9)%          68%           71%           (3)%

    Generation Capacity Out of Service (average MW/day)
94     Nuclear                                                             62            57             5           129            87            42
95     Coal                                                               184           284          (100)          143           170           (27)
96     Gas                                                                 12            36           (24)           25            29            (4)
97        Total                                                           258           376          (118)          297           286           (11)

98  Generation Fuel Cost ($/MWh)                                    $   11.57     $   19.64     $   (8.07)    $   14.30     $   15.93     $   (1.63)

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                   Quarterly Consolidated Statistical Summary
                      Periods Ended March 31, 2002 and 2001

                                                                             3 MO. ENDED MARCH 31                     12 MO. ENDED MARCH 31
                                                                    -------------------------------------     -------------------------------------
Line                                                                  2002          2001       INCR (DECR)      2002          2001       INCR (DECR)
                                                                    ---------     ---------    ----------     ---------     ---------    ----------
    ENERGY MARKET INDICATORS (a)

    Electricity Average Daily Spot Prices ($/MWh)
       On-Peak
99        Palo Verde                                                $   26.86     $  214.21     $ (187.35)    $   71.57     $  157.36     $  (85.79)
100       SP15                                                      $   28.46     $  219.66     $ (191.20)    $   72.19     $  154.42     $  (82.23)
       Off-Peak
101       Palo Verde                                                $   22.17     $  130.40     $ (108.23)    $   34.51     $   79.88     $  (45.37)
102       SP15                                                      $   22.76     $  159.80     $ (137.04)    $   39.22     $   94.56     $  (55.34)


    WEATHER INDICATORS

    Actual
103    Cooling degree-days                                                 89           106           (17)        5,105         4,618           487
104    Heating degree-days                                                472           657          (185)          975         1,166          (191)
105    Average humidity                                                    28%           50%          (22)%          31%           37%           (6)%
    10-Year Averages
106    Cooling degree-days                                                 71            71            --         4,381         4,381            --
107    Heating degree-days                                                556           556            --         1,026         1,026            --
108    Average humidity                                                    45%           45%            0%           36%           36%            0%


    ECONOMIC INDICATORS

    Building Permits--- Metro Phoenix (b) (d)
109    Single-family                                                    6,983         7,476          (493)       31,928        33,199        (1,271)
110    Multi-family                                                     1,094         3,137        (2,043)        6,524        11,257        (4,733)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
111       Total                                                         8,077        10,613        (2,536)       38,452        44,456        (6,004)
                                                                    =========     =========     =========     =========     =========     =========
    Arizona Job Growth (c) (d)
112    Payroll job growth (% over prior year)                            (1.3)%         3.2%         (4.5)%        (0.2)%         3.8%         (4.0)%
113    Unemployment rate (%, seasonally adjusted)                         5.8%          3.9%          1.9%          4.8%          3.9%          0.9%

- ----------
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 College of Business
(c)  Arizona Department of Economic Security
(d)  The economic indicators reflect three month and twelve month ended February
     2001 and February 2002.

See Glossary of Terms.

EX-99.3

Exhibit 99.3

                                                          Last Updated 4/23/2002

                        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                                               $      32     $     (33)
2      Pinnacle West Energy                                                 1                                                       1             1
3      APS Energy Services                                                  2                                                       2            10
4      SunCor                                                               2                                                       2             2
5      El Dorado                                                           --                                                      --            (1)
6      Parent Company                                                      17                                                      17            13
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

7         Income Before Accounting Change                                  54                                                      54            (8)

       Cumulative Effect of Change in Accounting -
8         Net of Tax                                                       --                                                      --             3
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

9         Net Income                                                $      54                                               $      54     $      (5)
                                                                    =========     =========     =========     =========     =========     =========

    EARNINGS PER SHARE BY SUBSIDIARY - DILUTED

10     Arizona Public Service                                       $    0.37                                               $    0.37     $   (0.39)
11     Pinnacle West Energy                                              0.01                                                    0.01          0.01
12     APS Energy Services                                               0.03                                                    0.03          0.13
13     SunCor                                                            0.02                                                    0.02          0.01
14     El Dorado                                                           --                                                      --         (0.01)
15     Parent Company                                                    0.20                                                    0.20          0.15
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

16        Income Before Accounting Change                                0.63                                                    0.63         (0.10)

       Cumulative Effect of Change in Accounting -
17        Net of Tax                                                       --                                                      --          0.03
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

18        Net Income                                                $    0.63                                               $    0.63     $   (0.07)
                                                                    =========     =========     =========     =========     =========     =========

19  BOOK VALUE PER SHARE                                            $   30.06                                               $   30.06     $    1.23

    COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS)
20     Average                                                         84,884                                                  84,884           (82)
21     End of Period                                                   84,789                                                  84,789            71

See Glossary of Terms.

                                                          Last Updated 4/16/2002

                        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)
    Retail
22     Residential                                                  $     171                                               $     171     $      (2)
23     Business                                                           195                                                     195            (4)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
24        Total retail                                                    366                                                     366            (6)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Wholesale revenue on delivered electricity
25     Traditional contracts                                                2                                                       2           (24)
26     Retail load hedge management                                         2                                                       2            (3)
       Marketing and trading -- delivered
27        Generation sales other than native load                           8                                                       8           (79)
28        Other delivered electricity (a)                                 185                                                     185          (174)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
29        Total delivered marketing and trading                           193                                                     193          (253)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
30     Total delivered wholesale electricity                              197                                                     197          (280)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Other marketing and trading
       Realized margins on delivered commodities
31        other than electricity (a)                                        4                                                       4             9
       Prior period mark-to-market (gains) losses on
32        contracts delivered during current period (a)                   (22)                                                    (22)          (28)
       Change in mark-to-market for
33        future-period deliveries                                         25                                                      25           (22)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
34     Total other marketing and trading                                    7                                                       7           (41)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
35  Transmission for others                                                 6                                                       6             2
36  Other miscellaneous services                                            4                                                       4            (2)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
37        Total electric operating revenues                         $     580                                               $     580     $    (327)
                                                                    =========     =========     =========     =========     =========     =========

    ELECTRIC SALES (GWH)

    Retail sales
38     Residential                                                      2,141                                                   2,141            19
39     Business                                                         2,771                                                   2,771           (53)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
40        Total retail                                                  4,912                                                   4,912           (34)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Wholesale electricity delivered                                                                                                                                                                                                        -
41     Traditional contracts                                               71                                                      71          (498)
42     Retail load hedge management                                       158                                                     158            83
       Marketing and trading -- delivered
43        Generation sales other than native load                         376                                                     376          (247)
44        Other delivered electricity                                   3,836                                                   3,836           786
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
45        Total delivered marketing and trading                         4,212                                                   4,212           539
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
46     Total delivered wholesale electricity                            4,441                                                   4,441           124
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
47        Total electric sales                                          9,353                                                   9,353            90
                                                                    =========     =========     =========     =========     =========     =========

- ----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 37 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 32 are
     included in lines 28 and 31. For example, line 32 shows that a prior-period
     mark-to-market gain of $22 million was transferred to "realized" for the
     first quarter of 2002. Lines 28 and 31 include amounts totaling $22 million
     of realized revenues for the first quarter of 2002.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        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 PRETAX GROSS MARGIN ANALYSIS
       (DOLLARS IN  MILLIONS)

    REALIZED AND MARK-TO-MARKET COMPONENTS
    Current Period Effects
       Realized margin on delivered commodities
          Electricity
48          Generation sales other than native load                 $       2                                               $       2     $     (46)
49          Other electricity marketing and trading (a)                    33                                                      33            29
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
50          Total electricity                                              35                                                      35           (17)
51        Other commodities (a)                                             4                                                       4             9
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
52        Total realized margin                                            39                                                      39            (8)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
       Prior-period mark-to-market (gains) losses on contracts
          delivered during current period
53        Electricity (a)                                                 (16)                                                    (16)          (17)
54        Other commodities (a)                                            (6)                                                     (6)          (18)
          Charge related to trading activities with Enron
55           and its affiliates                                            --                                                      --            --
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
56        Subtotal                                                        (22)                                                    (22)          (35)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
57     Total current period effects (b)                                    17                                                      17           (43)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Change in mark-to-market gains (losses) for
       future period deliveries (b)
58     Electricity                                                         25                                                      25           (20)
59     Other commodities                                                   (2)                                                     (2)           (4)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
60     Total future period effects                                         23                                                      23           (24)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
61  Total gross margin                                              $      40                                               $      40     $     (67)
                                                                    =========     =========     =========     =========     =========     =========

    BY COMMODITY SOLD OR TRADED

62  Electricity                                                     $      45                                               $      45     $     (53)
63  Natural gas                                                            (5)                                                     (5)           (2)
64  Coal                                                                   (1)                                                     (1)          (15)
65  Emission allowances                                                     1                                                       1             3
66  Other                                                                  --                                                      --            --
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
67     Total gross margin                                           $      40                                               $      40     $     (67)
                                                                    =========     =========     =========     =========     =========     =========

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

As of March 31, 2002, Pinnacle West had accumulated mark-to-market net gains of
$139 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: remainder of 2002, $24 million; 2003, $26
million; 2004, $27 million; 2005 and thereafter, $62 million.

- ----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 57 and in line 61 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 53 are
     included in line 49. The opposites of amounts included in line 54 are
     included in line 51. For example, line 53 shows that a prior-period
     mark-to-market gain of $16 million was transferred to "realized" for the
     first quarter of 2002. A $16 million realized gain is included in the $33
     million on line 49 for the first quarter of 2002.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        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
68     Residential                                                    801,000                                                 801,000        25,683
69     Business                                                        99,335                                                  99,335         2,113
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
70        Total                                                       900,335                                                 900,335        27,796
71  Wholesale customers                                                    67                                                      67            (1)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
72        Total customers                                             900,402                                                 900,402        27,795
                                                                    =========     =========     =========     =========     =========     =========

73  Customer Growth (% over prior year)                                   3.2%                                                    3.2%         (0.8)%


    RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED

74  Residential                                                         2,164                                                   2,164           127
75  Business                                                            2,774                                                   2,774           (51)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
76        Total                                                         4,938                                                   4,938            76
                                                                    =========     =========     =========     =========     =========     =========

    RETAIL ELECTRICITY USAGE
       (KWH/AVERAGE CUSTOMER)

77  Residential                                                         2,673                                                   2,673           (64)
78  Business                                                           27,896                                                  27,896        (1,151)


    RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
       (KWH/AVERAGE CUSTOMER)

79  Residential                                                         2,702                                                   2,702            74
80  Business                                                           27,926                                                  27,926        (1,132)


    ELECTRICITY DEMAND (MW)

81  System peak demand                                                  3,708                                                   3,708            47

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        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
82     Nuclear                                                          2,257                                                   2,257            (4)
83     Coal                                                             2,890                                                   2,890           (11)
84     Gas, oil and other                                                 337                                                     337          (670)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
85        Total                                                         5,484                                                   5,484          (685)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Purchased power
86     Firm load                                                          429                                                     429           259
87     Marketing and trading                                            3,993                                                   3,993           867
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
88        Total                                                         4,422                                                   4,422         1,126
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
89        Total energy sources                                          9,906                                                   9,906           441
                                                                    =========     =========     =========     =========     =========     =========

    POWER PLANT PERFORMANCE

    Capacity Factors
90     Nuclear                                                             96%                                                     96%            0%
91     Coal                                                                78%                                                     78%            0%
92     Gas, oil and other                                                  12%                                                     12%          (27)%
93     System average                                                      62%                                                     62%           (9)%

    Generation Capacity Out of Service (average MW/day)
94     Nuclear                                                             62                                                      62             5
95     Coal                                                               184                                                     184          (100)
96     Gas                                                                 12                                                      12           (24)
97        Total                                                           258                                                     258          (118)

98  Generation Fuel Cost ($/MWh)                                    $   11.57                                               $   11.57     $   (8.07)

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        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
99        Palo Verde                                                $   26.86                                               $   26.86     $ (187.35)
100       SP15                                                      $   28.46                                               $   28.46     $ (191.20)
       Off-Peak
101       Palo Verde                                                $   22.17                                               $   22.17     $ (108.23)
102       SP15                                                      $   22.76                                               $   22.76     $ (137.04)


    WEATHER INDICATORS

    Actual
103    Cooling degree-days                                                 89                                                      89           (17)
104    Heating degree-days                                                472                                                     472          (185)
105    Average humidity                                                    28%                                                     28%          (22)%
    10-Year Averages
106    Cooling degree-days                                                 71                                                      71            --
107    Heating degree-days                                                556                                                     556            --
108    Average humidity                                                    45%                                                     45%            0%


    ECONOMIC INDICATORS

    Building Permits -- Metro Phoenix (b) (d)
109    Single-family                                                    6,983                                                   6,983          (493)
110    Multi-family                                                     1,094                                                   1,094        (2,043)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
111       Total                                                         8,077                                                   8,077        (2,536)
                                                                    =========     =========     =========     =========     =========     =========

    Arizona Job Growth  (c) (d)
112    Payroll job growth (% over prior year)                            (1.3)%                                                  (1.3)%        (4.0)%
113    Unemployment rate (%, seasonally adjusted)                         5.8%                                                    5.8%          0.9%

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 College of Business
(c)  Arizona Department of Economic Security
(d)  The economic indicators reflect three month ended February 2002.

See Glossary of Terms.

EX-99.4

Exhibit 99.4

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2001

                                                                                                                                          INCREASE
                                                                                                                                         (DECREASE)
Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR   VS PRIOR YEAR
                                                                    ---------     ---------     ---------     ---------    ----------   -------------
    EARNINGS CONTRIBUTION BY SUBSIDIARY ($ MILLIONS)

1      Arizona Public Service                                       $      65     $      70     $     107     $      39     $     281     $     (26)
2      Pinnacle West Energy                                                --             1            14             3            18            20
3      APS Energy Services                                                 (8)           --            (2)           --           (10)            3
4      SunCor                                                              --            --             2             1             3            (8)
5      El Dorado                                                            1            --            --            --             1            (1)
6      Parent Company                                                       4            (4)           41            (7)           34            37
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

7         Income Before Accounting Change                                  62            67           162            36           327            25

       Cumulative Effect of Change in Accounting -
8         Net of Tax                                                       (3)           --           (12)           --           (15)          (15)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

9         Net Income                                                $      59     $      67     $     150     $      36     $     312     $      10
                                                                    =========     =========     =========     =========     =========     =========

    EARNINGS PER SHARE BY SUBSIDIARY - DILUTED

10     Arizona Public Service                                       $    0.76     $    0.82     $    1.27     $    0.46     $    3.30     $   (0.31)
11     Pinnacle West Energy                                                --          0.02          0.16          0.04          0.21          0.24
12     APS Energy Services                                              (0.10)           --         (0.03)           --         (0.12)         0.04
13     SunCor                                                            0.01            --          0.03          0.01          0.04         (0.10)
14     El Dorado                                                         0.01            --            --            --            --         (0.02)
15     Parent Company                                                    0.05         (0.05)         0.49         (0.09)         0.42          0.44
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

16        Income Before Accounting Change                                0.73          0.79          1.92          0.42          3.85          0.29

       Cumulative Effect of Change in Accounting -
17        Net of Tax                                                    (0.03)           --         (0.15)           --         (0.17)        (0.17)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------

18        Net Income                                                $    0.70     $    0.79     $    1.77     $    0.42     $    3.68     $    0.12
                                                                    =========     =========     =========     =========     =========     =========

19  BOOK VALUE PER SHARE                                            $   28.83     $   28.17     $   29.37     $   29.46     $   29.46     $    1.37

    COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS)
20     Average                                                         84,966        85,042        84,909        84,824        84,930            (5)
21     End of Period                                                   84,718        84,713        84,663        84,724        84,724             9

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2001

                                                                                                                                          INCREASE
                                                                                                                                         (DECREASE)
Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR   VS PRIOR YEAR
                                                                    ---------     ---------     ---------     ---------    ----------   -------------
    ELECTRIC OPERATING REVENUES
       (DOLLARS IN  MILLIONS)
    Retail
22     Residential                                                  $     173     $     234     $     328     $     180     $     915     $      34
23     Business                                                           199           258           276           219           952            17
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
24        Total retail                                                    372           492           604           399         1,867            51
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Wholesale revenue on delivered electricity
25     Traditional contracts                                               26            55           (10)            2            73           (48)
26     Retail load hedge management                                         5           182           364            27           578            18
       Marketing and trading -- delivered
27        Generation sales other than native load                          87            51             4             6           148            32
28        Other delivered electricity (a)                                 359           443           461           297         1,560           686
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
29        Total delivered marketing and trading                           446           494           465           303         1,708           718
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
30     Total delivered wholesale electricity                              477           731           819           332         2,359           688
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Other marketing and trading
       Realized margins on delivered commodities
31        other than electricity (a)                                       (5)          (12)           (1)            4           (14)           (5)
       Prior period mark-to-market (gains) losses on
32        contracts delivered during current period (a)                     6             5           (37)          (51)           (1)            1
       Change in mark-to-market for
33        future-period deliveries                                         47            35           130            (9)          127           113
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
34     Total other marketing and trading                                   48            28            92           (56)          112           109
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
35  Transmission for others                                                 4             5             9             8            26            11
36  Other miscellaneous services                                            6             5             6             1            18            (9)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
37        Total electric operating revenues                         $     907     $   1,261     $   1,530     $     684     $   4,382     $     850
                                                                    =========     =========     =========     =========     =========     =========

    ELECTRIC SALES (GWH)

    Retail sales
38     Residential                                                      2,122         2,467         3,597         2,149        10,335           554
39     Business                                                         2,824         3,445         3,724         3,071        13,064           310
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
40        Total retail                                                  4,946         5,912         7,321         5,220        23,399           864
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Wholesale electricity delivered
41     Traditional contracts                                              569           598           (37)           83         1,214          (396)
42     Retail load hedge management                                        75           736         1,847           382         3,040        (3,634)
       Marketing and trading -- delivered
43        Generation sales other than native load                         623           436            73           256         1,388          (106)
44        Other delivered electricity                                   3,050         3,169         3,820         4,574        14,613         2,394
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
45        Total delivered marketing and trading                         3,673         3,605         3,893         4,830        16,001         2,288
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
46     Total delivered wholesale electricity                            4,317         4,939         5,703         5,295        20,255        (1,742)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
47        Total electric sales                                          9,263        10,851        13,024        10,515        43,654          (878)
                                                                    =========     =========     =========     =========     =========     =========

- ----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 37 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 32 are
     included in lines 28 and 31. For example, line 32 shows that a prior-period
     mark-to-market gain of $1 million was transferred to "realized" for the
     total year 2001. Lines 28 and 31 include amounts totaling $1 million of
     realized revenues for the year 2001.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2001

                                                                                                                                          INCREASE
                                                                                                                                         (DECREASE)
Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR   VS PRIOR YEAR
                                                                    ---------     ---------     ---------     ---------    ----------   -------------
    MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS
       (DOLLARS IN  MILLIONS)

    REALIZED AND MARK-TO-MARKET COMPONENTS
    Current Period Effects
       Realized margin on delivered commodities
          Electricity
48          Generation sales other than native load                 $      48     $      26     $       3     $       3     $      80     $      26
49          Other electricity marketing and trading (a)                     4            43            14            56           117            48
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
50          Total electricity                                              52            69            17            59           197            74
51        Other commodities (a)                                            (5)          (12)           (1)            4           (14)           (5)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
52        Total realized margin                                            47            57            16            63           183            69
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
       Prior-period mark-to-market (gains) losses on
          contracts delivered during current period
53        Electricity (a)                                                   1            --           (38)          (38)          (11)           (9)
54        Other commodities (a)                                            12             5             1            (4)           25            25
          Charge related to trading activities with Enron
55           and its affiliates                                            --            --            --            (8)           (8)           (8)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
56        Subtotal                                                         13             5           (37)          (50)            6             8
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
57     Total current period effects (b)                                    60            62           (21)           13           189            77
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Change in mark-to-market gains (losses) for
       future period deliveries (b)
58     Electricity                                                         45            42           126            (2)          146           139
59     Other commodities                                                    2            (6)            3            (7)          (18)          (25)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
60     Total future period effects                                         47            36           129            (9)          128           114
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
61  Total gross margin                                              $     107     $      98     $     108     $       4     $     317     $     191
                                                                    =========     =========     =========     =========     =========     =========

    BY COMMODITY SOLD OR TRADED

62  Electricity                                                     $      98     $     111     $     105     $      15     $     328     $     201
63  Natural gas                                                            (3)          (12)            9            (3)           (8)          (15)
64  Coal                                                                   14             2            (2)           (6)            7            10
65  Emission allowances                                                    (2)           (3)           (4)           (2)          (10)           (5)
66  Other                                                                  --            --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
67     Total gross margin                                           $     107     $      98     $     108     $       4     $     317     $     191
                                                                    =========     =========     =========     =========     =========     =========

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

As of December 31, 2001, Pinnacle West had accumulated mark-to-market net gains
of $138.0 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: 2002, $43.0 million; 2003,
$22.6 million; 2004, $23.6 million; 2005 and thereafter, $48.8 million.

- ----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 57 and in line 61 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 53 are
     included in line 49. The opposites of amounts included in line 54 are
     included in line 51. For example, line 53 shows that a prior-period
     mark-to-market gain of $11 million was transferred to "realized" for the
     total year 2001. A $11 million realized gain is included in the $117
     million on line 49 for the total year 2001.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2001

                                                                                                                                          INCREASE
                                                                                                                                         (DECREASE)
Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR   VS PRIOR YEAR
                                                                    ---------     ---------     ---------     ---------    ----------   -------------
    AVERAGE ELECTRIC CUSTOMERS

    Retail customers
68     Residential                                                    775,317       770,335       773,321       786,382       776,339        27,054
69     Business                                                        97,222        98,065        98,874        98,631        98,198         4,070
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
70        Total                                                       872,539       868,400       872,195       885,013       874,537        31,124
71  Wholesale customers                                                    68            66            66            66            66            (1)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
72        Total customers                                             872,607       868,466       872,261       885,079       874,603        31,123
                                                                    =========     =========     =========     =========     =========     =========

73  Customer Growth (% over prior year)                                   4.0%          3.9%          3.7%          3.2%          3.7%         (0.4)%

    RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED

74  Residential                                                         2,037         2,204         3,307         2,129         9,677           207
75  Business                                                            2,825         3,321         3,618         3,013        12,777           134
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
76        Total                                                         4,862         5,525         6,925         5,142        22,454           341
                                                                    =========     =========     =========     =========     =========     =========

    RETAIL ELECTRICITY USAGE
       (KWH/AVERAGE CUSTOMER)

77  Residential                                                         2,737         3,203         4,651         2,733        13,312           259
78  Business                                                           29,047        35,130        37,664        31,136       133,037        (2,459)

    RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
       (KWH/AVERAGE CUSTOMER)

79  Residential                                                         2,627         2,861         4,276         2,707        12,465          (174)
80  Business                                                           29,057        33,865        36,592        30,548       130,115        (4,202)

    ELECTRICITY DEMAND (MW)

81  System peak demand                                                  3,661         5,358         5,687         3,898         5,687           209

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2001

                                                                                                                                          INCREASE
                                                                                                                                         (DECREASE)
Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR   VS PRIOR YEAR
                                                                    ---------     ---------     ---------     ---------    ----------   -------------
    ENERGY SOURCES (GWH)

    Generation production
82     Nuclear                                                          2,261         1,985         2,320         1,818         8,384          (457)
83     Coal                                                             2,901         3,245         3,223         3,203        12,572            63
84     Gas, oil and other                                               1,007         1,256         1,157           583         4,003         1,219
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
85        Total                                                         6,169         6,486         6,700         5,604        24,959           825
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
    Purchased power
86     Firm load                                                          170           845         1,734           212         2,961           446
87     Marketing and trading                                            3,126         3,905         5,667         4,955        17,653        (1,240)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
88        Total                                                         3,296         4,750         7,401         5,167        20,614          (794)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
89        Total energy sources                                          9,465        11,236        14,101        10,771        45,573            31
                                                                    =========     =========     =========     =========     =========     =========

    POWER PLANT PERFORMANCE

    Capacity Factors
90     Nuclear                                                             96%           84%           97%           76%           88%           (5)%
91     Coal                                                                78%           87%           85%           85%           84%            1%
92     Gas, oil and other                                                  39%           46%           38%           20%           37%           10%
93     System average                                                      71%           73%           73%           62%           70%            1%

    Generation Capacity Out of Service (average MW/day)
94     Nuclear                                                             57           180            26           246           127            47
95     Coal                                                               284           166           129            90           167            13
96     Gas                                                                 36            52            24            16            32            10
97        Total                                                           376           398           179           352           326            70

98  Generation Fuel Cost ($/MWh)                                    $   19.64     $   19.28     $   13.21     $   12.51     $   16.22     $    2.50

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2001

                                                                                                                                          INCREASE
                                                                                                                                         (DECREASE)
Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR   VS PRIOR YEAR
                                                                    ---------     ---------     ---------     ---------    ----------   -------------
    ENERGY MARKET INDICATORS (a)

    Electricity Average Daily Spot Prices ($/MWh)
       On-Peak
99        Palo Verde                                                $  214.21     $  182.71     $   49.80     $   26.89     $  118.41     $    6.98
100       SP15                                                      $  219.66     $  186.30     $   45.61     $   28.38     $  119.99     $   12.64
       Off-Peak
101       Palo Verde                                                $  130.40     $   70.32     $   27.22     $   18.33     $   61.57     $    8.55
102       SP15                                                      $  159.80     $   84.78     $   28.92     $   20.41     $   73.48     $   12.74

    WEATHER INDICATORS

    Actual
103    Cooling degree-days                                                106         1,733         2,663           620         5,122           539
104    Heating degree-days                                                657            43            --           460         1,160           192
105    Average humidity                                                    50%           25%           31%           39%           36%            2%
    10-Year Averages
106    Cooling degree-days                                                 71         1,458         2,454           398         4,381            --
107    Heating degree-days                                                556            35            --           435         1,026            --
108    Average humidity                                                    45%           25%           34%           40%           36%            0%

    ECONOMIC INDICATORS

    Building Permits -- Metro Phoenix (b)
109    Single-family                                                    8,681         9,270         8,264         6,240        32,455           (54)
110    Multi-family                                                     3,918         1,820         2,514           717         8,969        (1,259)
                                                                    ---------     ---------     ---------     ---------     ---------     ---------
111       Total                                                        12,599        11,090        10,778         6,957        41,424        (1,313)
                                                                    =========     =========     =========     =========     =========     =========
    Arizona Job Growth  (c)
112    Payroll job growth (% over prior year)                             2.9%          1.4%          0.2%         (0.9)%         0.9%         (3.0)%
113    Unemployment rate (%, seasonally adjusted)                         4.1%          4.3%          4.2%          5.4%          4.5%          0.6%

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 College of Business
(c)  Arizona Department of Economic Security

See Glossary of Terms.

EX-99.5

Exhibit 99.5

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2000

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    EARNINGS CONTRIBUTION BY SUBSIDIARY ($ MILLIONS)

1      Arizona Public Service                                       $      33     $      96     $     124     $      54     $     307
2      Pinnacle West Energy                                                --            (1)           --            (1)           (2)
3      APS Energy Services                                                 (2)           (2)           --            (9)          (13)
4      SunCor                                                               5             1             2             3            11
5      El Dorado                                                           19            (3)           (9)           (5)            2
6      Parent Company                                                      (1)           (1)           (1)           --            (3)
                                                                    ---------     ---------     ---------     ---------     ---------

7         Income Before Accounting Change                                  54            90           116            42           302

       Cumulative Effect of Change in Accounting -
8         Net of Tax                                                       --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------

9         Net Income                                                $      54     $      90     $     116     $      42     $     302
                                                                    =========     =========     =========     =========     =========

    EARNINGS PER SHARE BY SUBSIDIARY - DILUTED

10     Arizona Public Service                                       $    0.39     $    1.13     $    1.46     $    0.63     $    3.61
11     Pinnacle West Energy                                                --         (0.01)        (0.01)        (0.01)        (0.03)
12     APS Energy Services                                              (0.02)        (0.03)           --         (0.11)        (0.16)
13     SunCor                                                            0.06          0.01          0.03          0.04          0.14
14     El Dorado                                                         0.22         (0.04)        (0.10)        (0.06)         0.02
15     Parent Company                                                   (0.01)           --         (0.01)           --         (0.02)
                                                                    ---------     ---------     ---------     ---------     ---------

16        Income Before Accounting Change                                0.64          1.06          1.37          0.49          3.56

       Cumulative Effect of Change in Accounting -
17        Net of Tax                                                       --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------

18        Net Income                                                $    0.64     $    1.06     $    1.37     $    0.49     $    3.56
                                                                    =========     =========     =========     =========     =========

19  BOOK VALUE PER SHARE                                            $   26.29     $   27.00     $   28.01     $   28.09     $   28.09

    COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS)
20     Average                                                         84,834        84,891        85,012        85,015        84,935
21     End of Period                                                   84,723        84,727        84,779        84,715        84,715

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2000

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    ELECTRIC OPERATING REVENUES
       (DOLLARS IN  MILLIONS)
    Retail
22     Residential                                                  $     157     $     228     $     324     $     172     $     881
23     Business                                                           196           253           275           211           935
                                                                    ---------     ---------     ---------     ---------     ---------
24        Total retail                                                    353           481           599           383         1,816
                                                                    ---------     ---------     ---------     ---------     ---------
    Wholesale revenue on delivered electricity
25     Traditional contracts                                               12            18            75            16           121
26     Retail load hedge management                                         7            36           471            46           560
       Marketing and trading -- delivered
27        Generation sales other than native load                           9            13            14            80           116
28        Other delivered electricity (a)                                  56           134           408           276           874
                                                                    ---------     ---------     ---------     ---------     ---------
29        Total delivered marketing and trading                            65           147           422           356           990
                                                                    ---------     ---------     ---------     ---------     ---------
30     Total delivered wholesale electricity                               84           201           968           418         1,671
                                                                    ---------     ---------     ---------     ---------     ---------
    Other marketing and trading
       Realized margins on delivered commodities
31        other than electricity (a)                                       (5)            1            (4)           (1)           (9)
       Prior period mark-to-market (gains) losses on
32        contracts delivered during current period (a)                    --            --           (17)           (2)           (2)
       Change in mark-to-market for
33        future-period deliveries                                          7            25            10           (11)           14
                                                                    ---------     ---------     ---------     ---------     ---------
34     Total other marketing and trading                                    2            26           (11)          (14)            3
                                                                    ---------     ---------     ---------     ---------     ---------
35  Transmission for others                                                 3             4             4             4            15
36  Other miscellaneous services                                            4             8             8             7            27
                                                                    ---------     ---------     ---------     ---------     ---------
37        Total electric operating revenues                         $     446     $     720     $   1,568     $     798     $   3,532
                                                                    =========     =========     =========     =========     =========

    ELECTRIC SALES (GWH)

    Retail sales
38     Residential                                                      1,877         2,370         3,506         2,028         9,781
39     Business                                                         2,736         3,379         3,674         2,965        12,754
                                                                    ---------     ---------     ---------     ---------     ---------
40        Total retail                                                  4,613         5,749         7,180         4,993        22,535
                                                                    ---------     ---------     ---------     ---------     ---------
    Wholesale electricity delivered
41     Traditional contracts                                              331           391           538           350         1,610
42     Retail load hedge management                                       232           585         5,155           702         6,674
       Marketing and trading -- delivered
43        Generation sales other than native load                         396           215           163           720         1,494
44        Other delivered electricity                                   2,029         2,404         4,737         3,049        12,219
                                                                    ---------     ---------     ---------     ---------     ---------
45        Total delivered marketing and trading                         2,425         2,619         4,900         3,769        13,713
                                                                    ---------     ---------     ---------     ---------     ---------
46     Total delivered wholesale electricity                            2,988         3,595        10,593         4,821        21,997
                                                                    ---------     ---------     ---------     ---------     ---------
47        Total electric sales                                          7,601         9,344        17,773         9,814        44,532
                                                                    =========     =========     =========     =========     =========

- ----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 37 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 32 are
     included in lines 28 and 31. For example, line 32 shows that a prior-period
     mark-to-market gain of $2 million was transferred to "realized" for the
     total year 2000. Lines 28 and 31 include amounts totaling $2 million of
     realized revenues for the year 2000.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2000

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS
       (DOLLARS IN  MILLIONS)

    REALIZED AND MARK-TO-MARKET COMPONENTS
    Current Period Effects
       Realized margin on delivered commodities
          Electricity
48           Generation sales other than native load                $       2     $       6     $       7     $      39     $      54
49           Other electricity marketing and trading (a)                    3            28            33             5            69
                                                                    ---------     ---------     ---------     ---------     ---------
50           Total electricity                                              5            34            40            44           123
51        Other commodities (a)                                            (5)            1            (4)           (1)           (9)
                                                                    ---------     ---------     ---------     ---------     ---------
52        Total realized margin                                            --            35            36            43           114
                                                                    ---------     ---------     ---------     ---------     ---------
       Prior-period mark-to-market (gains) losses on contracts
          delivered during current period (b)
53        Electricity (a)                                                  --            --           (18)           (2)           (2)
54        Other commodities (a)                                            --            --             1            --            --
          Charge related to trading activities with Enron
55           and its affiliates                                            --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------
56        Subtotal                                                         --            --           (17)           (2)           (2)
                                                                    ---------     ---------     ---------     ---------     ---------
57     Total current period effects (b)                                    --            35            19            41           112
                                                                    ---------     ---------     ---------     ---------     ---------
    Change in mark-to-market gains (losses) for
       future period deliveries (b)
58     Electricity                                                          2            27             6           (10)            7
59     Other commodities                                                    5            (2)            4            (1)            7
                                                                    ---------     ---------     ---------     ---------     ---------
60     Total future period effects                                          7            25            10           (11)           14
                                                                    ---------     ---------     ---------     ---------     ---------
61  Total gross margin                                              $       7     $      60     $      29     $      30     $     126
                                                                    =========     =========     =========     =========     =========

    BY COMMODITY SOLD OR TRADED

62  Electricity                                                             7            61            28            32           128
63  Natural gas                                                            --            (1)            3             3             5
64  Coal                                                                   --            --            (2)           --            (2)
65  Emission allowances                                                    --            --            --            (5)           (5)
66  Other                                                                  --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------
67     Total gross margin                                           $       7     $      60     $      29     $      30     $     126
                                                                    =========     =========     =========     =========     =========

- ----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 57 and in line 61 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 53 are
     included in line 49. The opposites of amounts included in line 54 are
     included in line 51. For example, line 53 shows that a prior-period
     mark-to-market gain of $2 million was transferred to "realized" for the
     total year 2000. A $2 million realized gain is included in the $69 million
     on line 49 for the total year 2000.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2000

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    AVERAGE ELECTRIC CUSTOMERS

    Retail customers
68     Residential                                                    746,528       742,485       746,742       761,386       749,285
69     Business                                                        92,667        93,343        94,479        96,024        94,128
                                                                    ---------     ---------     ---------     ---------     ---------
70        Total                                                       839,195       835,828       841,221       857,410       843,413
71  Wholesale customers                                                    67            67            67            67            67
                                                                    ---------     ---------     ---------     ---------     ---------
72        Total customers                                             839,262       835,895       841,288       857,477       843,480
                                                                    =========     =========     =========     =========     =========

73  Customer Growth (% over prior year)                                   4.0%          4.1%          4.1%          4.2%          4.1%

    RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED

74  Residential                                                         1,933         2,218         3,393         1,926         9,470
75  Business                                                            2,736         3,276         3,626         3,005        12,643
                                                                    ---------     ---------     ---------     ---------     ---------
76        Total                                                         4,669         5,494         7,019         4,931        22,113
                                                                    =========     =========     =========     =========     =========

    RETAIL ELECTRICITY USAGE
       (KWH/AVERAGE CUSTOMER)

77  Residential                                                         2,514         3,192         4,695         2,664        13,054
78  Business                                                           29,525        36,200        38,887        30,878       135,496

    RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
       (KWH/AVERAGE CUSTOMER)

79  Residential                                                         2,589         2,987         4,544         2,530        12,639
80  Business                                                           29,525        35,096        38,379        31,294       134,317

    ELECTRICITY DEMAND (MW)

81  System peak demand                                                  3,315         5,095         5,478         4,331         5,478

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2000

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    ENERGY SOURCES (GWH)

    Generation production
82     Nuclear                                                          2,325         2,090         2,348         2,078         8,841
83     Coal                                                             2,828         3,163         3,343         3,175        12,509
84     Gas, oil and other                                                 323           526         1,046           889         2,784
                                                                    ---------     ---------     ---------     ---------     ---------
85        Total                                                         5,476         5,779         6,737         6,142        24,134
                                                                    ---------     ---------     ---------     ---------     ---------
    Purchased power
86     Firm load                                                           51           819         1,550            95         2,515
87     Marketing and trading                                            2,261         2,989         9,893         3,750        18,893
                                                                    ---------     ---------     ---------     ---------     ---------
88        Total                                                         2,312         3,808        11,443         3,845        21,408
                                                                    ---------     ---------     ---------     ---------     ---------
89        Total energy sources                                          7,788         9,587        18,180         9,987        45,542
                                                                    =========     =========     =========     =========     =========

    POWER PLANT PERFORMANCE

    Capacity Factors
90     Nuclear                                                             98%           88%           98%           87%           93%
91     Coal                                                                76%           85%           88%           84%           83%
92     Gas, oil and other                                                  13%           21%           40%           34%           27%
93     System average                                                      63%           67%           77%           70%           69%

    Generation Capacity Out of Service (average MW/day)
94     Nuclear                                                             27           129            21           143            80
95     Coal                                                               223           124            85           187           155
96     Gas                                                                  8            43            16            20            22
97        Total                                                           258           296           122           350           257

98  Generation Fuel Cost ($/MWh)                                    $   10.65     $   12.69     $   14.77     $   16.28     $   13.72

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      2000

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    ENERGY MARKET INDICATORS (a)

    Electricity Average Daily Spot Prices ($/MWh)
       On-Peak
99        Palo Verde                                                $   30.52     $   90.49     $  170.40     $  154.33     $  111.44
100       SP15                                                      $   31.40     $   82.67     $  152.74     $  162.59     $  107.35
       Off-Peak
101       Palo Verde                                                $   22.97     $   31.91     $   61.48     $   95.72     $   53.02
102       SP15                                                      $   24.52     $   32.45     $   66.28     $  119.72     $   60.74

    WEATHER INDICATORS

    Actual
103    Cooling degree-days                                                 71         1,712         2,547           253         4,583
104    Heating degree-days                                                459             9            --           500           968
105    Average humidity                                                    37%           23%           29%           46%           34%
    10-Year Averages
106    Cooling degree-days                                                 71         1,458         2,454           398         4,381
107    Heating degree-days                                                556            35            --           435         1,026
108    Average humidity                                                    45%           25%           34%           40%           36%

    ECONOMIC INDICATORS

    Building Permits -- Metro Phoenix (b)
109    Single-family                                                    8,163         9,605         8,331         6,410        32,509
110    Multi-family                                                     3,208         2,651         2,417         1,952        10,228
                                                                    ---------     ---------     ---------     ---------     ---------
111       Total                                                        11,371        12,256        10,748         8,362        42,737
                                                                    =========     =========     =========     =========     =========
    Arizona Job Growth (c)
112    Payroll job growth (% over prior year)                             4.4%          4.0%          3.9%          3.4%          3.9%
113    Unemployment rate (%, seasonally adjusted)                         4.1%          3.9%          3.8%          3.7%          3.9%

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 College of Business
(c)  Arizona Department of Economic Security

See Glossary of Terms.

EX-99.6

Exhibit 99.6

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      1999

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    EARNINGS CONTRIBUTION BY SUBSIDIARY ($ MILLIONS)

1      Arizona Public Service                                       $      33     $      70     $     130     $      34     $     267
2      Pinnacle West Energy                                                --            --            --            --            --
3      APS Energy Services                                                 (2)           (2)           (2)           (3)           (9)
4      SunCor                                                               1             3            --             2             6
5      El Dorado                                                           --            --            --            11            11
6      Parent Company                                                      (1)           (2)           (2)           --            (5)
                                                                    ---------     ---------     ---------     ---------     ---------

7         Income From Continuing Operations                                31            69           126            44           270

8a     Income Tax Benefit From Discontinued Operations                     --            --            38            --            38
8b     Extraordinary Charge-- Net of Income Tax                            --            --          (140)           --          (140)
                                                                    ---------     ---------     ---------     ---------     ---------

9         Net Income                                                $      31     $      69     $      24     $      44     $     168
                                                                    =========     =========     =========     =========     =========

    EARNINGS PER SHARE BY SUBSIDIARY - DILUTED

10     Arizona Public Service                                       $    0.38     $    0.82     $    1.52     $    0.42     $    3.14
11     Pinnacle West Energy                                                --            --            --            --            --
12     APS Energy Services                                              (0.02)        (0.02)        (0.02)        (0.05)        (0.11)
13     SunCor                                                            0.01          0.03         (0.01)         0.03          0.07
14     El Dorado                                                           --            --            --          0.13          0.14
15     Parent Company                                                   (0.01)        (0.02)        (0.01)           --         (0.07)
                                                                    ---------     ---------     ---------     ---------     ---------

16        Income From Continuing Operations                              0.36          0.81          1.48          0.53          3.17

17a    Income Tax Benefit From Discontinued Operations                     --            --          0.45            --          0.45
17b    Extraordinary Charge-- Net of Income Tax                            --            --         (1.65)           --         (1.65)
                                                                    ---------     ---------     ---------     ---------     ---------

18        Net Income                                                $    0.36     $    0.81     $    0.28     $    0.53     $    1.97
                                                                    =========     =========     =========     =========     =========

19  BOOK VALUE PER SHARE                                            $   25.49     $   25.58     $   25.84     $   26.00     $   26.00

    COMMON SHARES OUTSTANDING - DILUTED (THOUSANDS)
20     Average                                                         85,176        85,093        84,989        84,894        85,009
21     End of Period                                                   84,645        84,771        84,735        84,750        84,750

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      1999

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    ELECTRIC OPERATING REVENUES
       (DOLLARS IN  MILLIONS)
    Retail
22     Residential                                                  $     157     $     189     $     295     $     164     $     805
23     Business                                                           190           237           269           216           912
                                                                    ---------     ---------     ---------     ---------     ---------
24        Total retail                                                    347           426           564           380         1,717
                                                                    ---------     ---------     ---------     ---------     ---------
    Wholesale revenue on delivered electricity
25     Traditional contracts                                               11            16            21            13            61
26     Retail load hedge management                                        --            --           108            --           108
       Marketing and trading--- delivered
27        Generation sales other than native load                           7             6             6            11            30
28        Other delivered electricity (a)                                  44            51           163            87           345
                                                                    ---------     ---------     ---------     ---------     ---------
29        Total delivered marketing and trading                            51            57           169            98           375
                                                                    ---------     ---------     ---------     ---------     ---------
30     Total delivered wholesale electricity                               62            73           298           111           544
                                                                    ---------     ---------     ---------     ---------     ---------
    Other marketing and trading
       Realized margins on delivered commodities
31        other than electricity (a)                                       (1)           --            (2)            5             2
       Prior period mark-to-market (gains) losses on
32        contracts delivered during current period (a)                    --            --            --            --            --
       Change in mark-to-market for
33        future-period deliveries                                         --             6            (1)           (4)            1
                                                                    ---------     ---------     ---------     ---------     ---------
34     Total other marketing and trading                                   (1)            6            (3)            1             3
                                                                    ---------     ---------     ---------     ---------     ---------
35  Transmission for others                                                 3             3             3             3            11
36  Other miscellaneous services                                            3             4             6             5            18
                                                                    ---------     ---------     ---------     ---------     ---------
37        Total electric operating revenues                         $     414     $     512     $     868     $     500     $   2,293
                                                                    =========     =========     =========     =========     =========

    ELECTRIC SALES (GWH)

    Retail sales
38     Residential                                                      1,796         1,939         3,160         1,880         8,775
39     Business                                                         2,665         3,239         3,464         2,932        12,300
                                                                    ---------     ---------     ---------     ---------     ---------
40        Total retail                                                  4,461         5,178         6,624         4,812        21,075
                                                                    ---------     ---------     ---------     ---------     ---------
    Wholesale electricity delivered
41     Traditional contracts                                              309           351           441           321         1,422
42     Retail load hedge management                                        --            --           631            --           631
       Marketing and trading -- delivered
43        Generation sales other than native load                         348           254           171           494         1,267
44        Other delivered electricity                                   2,188         2,390         5,102         2,693        12,373
                                                                    ---------     ---------     ---------     ---------     ---------
45        Total delivered marketing and trading                         2,536         2,644         5,273         3,187        13,640
                                                                    ---------     ---------     ---------     ---------     ---------
46     Total delivered wholesale electricity                            2,845         2,995         6,345         3,508        15,693
                                                                    ---------     ---------     ---------     ---------     ---------
47        Total electric sales                                          7,306         8,173        12,969         8,320        36,768
                                                                    =========     =========     =========     =========     =========

- ----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 37 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 32 are
     included in lines 28 and 31. For example, line 32 shows that a prior-period
     mark-to-market gain of $0 million was transferred to "realized" for the
     total year 1999. Lines 28 and 31 include amounts totaling $0 million of
     realized revenues for the year 1999.

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      1999

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS
       (DOLLARS IN  MILLIONS)

    REALIZED AND MARK-TO-MARKET COMPONENTS
    Current Period Effects
       Realized margin on delivered commodities
          Electricity
48          Generation sales other than native load                 $       2     $       1     $       2     $       2     $       7
49          Other electricity marketing and trading (a)                     6            (2)            3            --             7
                                                                    ---------     ---------     ---------     ---------     ---------
50          Total electricity                                               8            (1)            5             2            14
51        Other commodities (a)                                            (1)           --            (2)            6             3
                                                                    ---------     ---------     ---------     ---------     ---------
52        Total realized margin                                             7            (1)            3             8            17
                                                                    ---------     ---------     ---------     ---------     ---------
       Prior-period mark-to-market (gains) losses on contracts
          delivered during current period (a)
53        Electricity                                                      --            --            --            --            --
54        Other commodities                                                --            --            --            --            --
          Charge related to trading activities with Enron
55           and its affiliates                                            --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------
56        Subtotal                                                         --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------
57     Total current period effects                                         7            (1)            3             8            17
                                                                    ---------     ---------     ---------     ---------     ---------
    Change in mark-to-market gains (losses) for
       future period deliveries
58     Electricity                                                         (1)            4            (1)           --             2
59     Other commodities                                                    1             2            --            (4)           (1)
                                                                    ---------     ---------     ---------     ---------     ---------
60     Total future period effects                                         --             6            (1)           (4)            1
                                                                    ---------     ---------     ---------     ---------     ---------
61  Total gross margin                                              $       7     $       5     $       2     $       4     $      18
                                                                    =========     =========     =========     =========     =========

    BY COMMODITY SOLD OR TRADED

62  Electricity                                                     $       7     $       3     $       4     $       2     $      16
63  Natural gas                                                            (1)           --            --             1            --
64  Coal                                                                   --            --            --            --            --
65  Emission allowances                                                     1             2            (2)            1             2
66  Other                                                                  --            --            --            --            --
                                                                    ---------     ---------     ---------     ---------     ---------
67     Total gross margin                                           $       7     $       5     $       2     $       4     $      18
                                                                    =========     =========     =========     =========     =========

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

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      1999

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    AVERAGE ELECTRIC CUSTOMERS

    Retail customers
68     Residential                                                    717,540       713,259       717,204       731,092       719,774
69     Business                                                        89,046        89,949        91,076        91,914        90,496
                                                                    ---------     ---------     ---------     ---------     ---------
70        Total                                                       806,586       803,208       808,280       823,006       810,270
71  Wholesale customers                                                    67            67            71            73            70
                                                                    ---------     ---------     ---------     ---------     ---------
72        Total customers                                             806,653       803,275       808,351       823,079       810,340
                                                                    =========     =========     =========     =========     =========

73  Customer Growth (% over prior year)                                   4.2%          4.3%          4.2%          4.0%          4.2%

    RETAIL ELECTRIC SALES (GWH) - WEATHER NORMALIZED

74  Residential                                                         1,859         1,952         3,124         1,916         8,851
75  Business                                                            2,669         3,264         3,448         2,886        12,267
                                                                    ---------     ---------     ---------     ---------     ---------
76        Total                                                         4,528         5,216         6,572         4,802        21,118
                                                                    =========     =========     =========     =========     =========

    RETAIL ELECTRICITY USAGE
       (KWH/AVERAGE CUSTOMER)

77  Residential                                                         2,503         2,719         4,406         2,571        12,191
78  Business                                                           29,928        36,009        38,034        31,899       135,918


    RETAIL ELECTRICITY USAGE - WEATHER NORMALIZED
       (KWH/AVERAGE CUSTOMER)

79  Residential                                                         2,591         2,737         4,356         2,621        12,297
80  Business                                                           29,973        36,287        37,858        31,399       135,553


    ELECTRICITY DEMAND (MW)

81  System peak demand                                                  3,343         4,885         4,935         3,881         4,935

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      1999

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    ENERGY SOURCES (GWH)

    Generation production
82     Nuclear                                                          2,295         2,080         2,397         2,077         8,849
83     Coal                                                             2,677         2,764         3,230         3,204        11,875
84     Gas, oil and other                                                 241           477           557           484         1,759
                                                                    ---------     ---------     ---------     ---------     ---------
85        Total                                                         5,213         5,321         6,184         5,765        22,483
                                                                    ---------     ---------     ---------     ---------     ---------
    Purchased power
86     Firm load                                                          170           753         1,470            87         2,480
87     Marketing and trading                                            2,189         2,390         5,734         2,693        13,006
                                                                    ---------     ---------     ---------     ---------     ---------
88        Total                                                         2,359         3,143         7,204         2,780        15,486
                                                                    ---------     ---------     ---------     ---------     ---------
89        Total energy sources                                          7,572         8,464        13,388         8,545        37,969
                                                                    =========     =========     =========     =========     =========

    POWER PLANT PERFORMANCE

    Capacity Factors
90     Nuclear                                                             98%           88%          100%           87%           93%
91     Coal                                                                72%           74%           85%           85%           79%
92     Gas, oil and other                                                   9%           18%           21%           18%           17%
93     System average                                                      61%           61%           71%           66%           65%

    Generation Capacity Out of Service (average MW/day)
94     Nuclear                                                             36           135             3           152            82
95     Coal                                                               337           368           177           172           264
96     Gas                                                                 --            --            --            --            --
97        Total                                                           373           503           180           324           345

98  Generation Fuel Cost ($/MWh)                                    $   10.00     $   10.96     $   11.02     $   11.33     $   10.85

See Glossary of Terms.

                                                          Last Updated 4/23/2002

                        Pinnacle West Capital Corporation

                       Consolidated Statistics By Quarter
                                      1999

Line                                                                 1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                    ---------     ---------     ---------     ---------    ----------
    ENERGY MARKET INDICATORS (a)

    Electricity Average Daily Spot Prices ($/MWh)
       On-Peak
99        Palo Verde                                                $   21.57     $   29.02     $   38.46     $   33.31     $   30.59
100       SP15                                                      $   21.26     $   27.17     $   35.01     $   33.84     $   29.32
       Off-Peak
101       Palo Verde                                                $   13.94     $   15.33     $   20.73     $   22.26     $   18.07
102       SP15                                                      $   13.68     $   14.47     $   20.60     $   25.06     $   18.45

    WEATHER INDICATORS

    Actual
103    Cooling degree-days                                                 71         1,312         2,353           589         4,325
104    Heating degree-days                                                459           112            --           359           930
105    Average humidity                                                    34%           27%           40%           28%           32%
    10-Year Averages
106    Cooling degree-days                                                 71         1,458         2,454           398         4,381
107    Heating degree-days                                                556            35            --           435         1,026
108    Average humidity                                                   45%            25%           34%           40%           36%

    ECONOMIC INDICATORS

    Building Permits -- Metro Phoenix (b)
109    Single-family                                                    8,873         9,299         8,223         6,855        33,250
110    Multi-family                                                     2,337         2,396         1,861         3,011         9,605
                                                                    ---------     ---------     ---------     ---------     ---------
111       Total                                                        11,210        11,695        10,084         9,866        42,855
                                                                    =========     =========     =========     =========     =========
    Arizona Job Growth (c)
112    Payroll job growth (% over prior year)                             3.9%          4.4%          4.6%          4.2%          4.3%
113    Unemployment rate (%, seasonally adjusted)                         4.4%          4.4%          4.3%          4.3%          4.4%

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 College of Business
(c)  Arizona Department of Economic Security

See Glossary of Terms.

EX-99.7

Exhibit 99.7

Last Updated 4/19/02

Pinnacle West Capital Corporation
Earnings Variance Explanations
For Periods Ended March 31, 2002 and 2001

       This discussion explains the changes in our earnings for the three and twelve months ended March 31, 2002 and 2001. We suggest this section be read along with the Pinnacle West Annual Report on Form 10-K for the fiscal year ended December 31, 2001. Consolidated income statements for the three and twelve months ended March 31, 2002 and 2001 follow this discussion. Additional operating and financial statistics and a glossary of terms are available on the Company’s website (www.pinnaclewest.com).

Earnings Contributions by Subsidiary

       The following table summarizes net income for the three and twelve months ended March 31, 2002 and the comparable prior-year periods for Pinnacle West and each of its subsidiaries (dollars in millions):

	Three Months					Twelve Months
	Ended					Ended
	March 31,					March 31,
	2002		2001			2002			2001
Arizona Public Service (APS)	$	32	$	65		$	248		$	338
Pinnacle West Energy		1		--			19			(2	)
APS Energy Services (APSES)		2		(8	)		--			(20	)
SunCor		2		--			5			7
El Dorado		--		1			--			(17	)
Parent Company (a)		17		4			46			5
Income before accounting
change		54		62			318			311
Cumulative effect of a change
in accounting – net of
income taxes		--		(3	)		(12	)		(3	)
Net income	$	54	$	59		$	306		$	308

(a) These amounts primarily include marketing and trading activities. APS also includes some marketing and trading activities in 2001.

Business Segments

       We have two principal business segments determined by products, services and regulatory environment, which consist of our regulated retail electricity business and related activities (retail business segment) and competitive business activities (marketing and trading segment). Our retail business segment currently includes activities related to electricity transmission and distribution, as well as electricity generation. Our marketing and trading segment currently includes activities related to wholesale marketing and trading and APSES’ competitive energy services.

       The following table summarizes net income by business segment for the three and twelve months ended March 31, 2002 and the comparable prior-year periods (dollars in millions):

	Three Months					Twelve Months
	Ended					Ended
	March 31,					March 31,
	2002		2001			2002			2001
Retail	$	31	$	3		$	179		$	199
Marketing and trading		21		58			134			122
Other		2		1			5			(10	)
Income before accounting
change		54		62			318			311
Cumulative effect of a change
in accounting – net of
income taxes		--		(3	)		(12	)		(3	)
Net income	$	54	$	59		$	306		$	308

Earnings Variance Explanations

       Operating Results - Three-month period ended March 31, 2002 compared withthree-month period ended March 31, 2001

       Our consolidated net income for the three months ended March 31, 2002 was $54 million compared with $59 million for the same period in the prior year.In 2001, we recognized a $3 million after-tax loss in net income as the cumulative effect of a change in accounting for derivatives, as required by Statement of Financial Accounting Standards (SFAS) No.133.

       Income before accounting change for the three months ended March 31, 2002 was $54 million compared with $62 million for the same period in the prior year. The period-to-period decrease is the result of lower marketing and trading earnings contributions and a retail electricity price decrease. These negative factors were partially offset by lower costs for replacement power due to lower market prices and less outages, power plant maintenance, and generation reliability. The major factors that increased (decreased) income before accounting change were as follows (dollars in millions):

	Increase
	(Decrease)
Increases (decreases) in electric revenues, net of purchased power and fuel
expense due to:
Marketing and trading activities:
Decrease from generation sales other than native load due to lower
market prices and resulting lower sales volumes	$	(46	)
Increase in other realized marketing and trading in the current period
primarily due to higher unit margins on increased volumes		38	(a)
Change in prior-period mark-to-market gains for contracts delivered
during the current period (b)		(35	)(a)
Lower mark-to-market gains for future-period deliveries (b)		(24	)
Net decrease in marketing and trading gross margin		(67	)
Lower replacement power costs for plant outages due to lower
market prices and fewer unplanned outages		50
Increased fuel costs related to higher hedged natural gas and
purchased power prices		(11	)
Change in mark-to-market for hedged natural gas and purchased power
costs for future-period deliveries related to accounting for
derivatives		3
Effects of milder weather on retail sales		(6	)
Higher retail sales volumes due to customer growth and higher
average usage excluding weather effects		4
Retail price reductions effective July 1, 2001		(5	)
Miscellaneous factors – net		1
Total decrease in electric revenues, net of purchased power and fuel expense		(31	)
Lower operations and maintenance expenses primarily related to reliability,
outage and maintenance costs, and the absence of a provision for credit
expense, partially offset by higher employee benefit costs		8
Lower depreciation and amortization primarily due to lower regulatory asset
amortization		5
Miscellaneous items, net		4
Decrease in income before income taxes		(14	)
Lower income taxes primarily due to lower income		6
Decrease in income before accounting change	$	(8	)

(a)	Net marketing and trading gains (excluding the effects of generation sales other than native load) realized during the current period increased $3 million.
(b)	Essentially all of our marketing and trading activities are structured activities. This means our portfolio of forward sales positions is hedged with a portfolio of forward purchases that protects the economic value of the sales transactions.

       Electric operating revenues decreased approximately $327 million primarily because of:

• changes in marketing and trading revenues ($294 million, net decrease) due to:
  • decreased revenues related to generation sales other than native load due to lower market prices and resulting lower sales volumes ($79 million);
  • decreased realized revenues related to other realized marketing and trading in the current period primarily due to lower prices ($165 million);
  • change in prior-period mark-to-market gains on contracts delivered during the current period ($28 million decrease);
  • lower mark-to-market gains for future-period deliveries primarily as a result of lower market price volatility ($22 million);
• decreased revenues related to other wholesale sales as a result of lower sales volumes and lower prices ($27 million);
• decreased retail revenues related to milder weather ($9 million);
• increased retail revenues related to customer growth and higher usage excluding weather effects ($7 million);
• decreased retail revenues related to a reduction in retail electricity prices ($5 million); and
• other miscellaneous factors ($1 million increase).

       Purchased power and fuel expenses decreased approximately $296 million primarily because of:

• changes in purchased power and fuel costs related to marketing and trading activities ($227 million, net decrease) due to:
  • decreased fuel costs related to generation sales other than native load primarily because of lower sales volumes and lower natural gas prices ($33 million);
  • decreased purchased power costs related to other realized marketing and trading in the current period primarily due to lower prices ($203 million);
  • change in prior-period mark-to-market fuel costs for current-period deliveries related to accounting for derivatives ($7 million increase);
  • change in mark-to-market fuel costs for future-period deliveries related to accounting for derivatives ($2 million increase);
• decreased costs related to other wholesale sales as a result of lower sales volumes and lower prices ($27 million);
• increased fuel costs related to higher hedged natural gas and purchased power prices ($11 million);
• change in mark-to-market for hedged natural gas and purchased power costs for future-period deliveries related to accounting for derivatives ($3 million decrease);
• decreased costs related to the effects of milder weather on retail sales ($3 million);
• increased costs related to retail sales growth excluding weather effects ($3 million); and
• decreased replacement power costs for power plant outages due to lower market prices and fewer unplanned outages ($50 million).

       The decrease in operations and maintenance expenses of $8 million primarily related to costs incurred in 2001 for the generation reliability program (the addition of generation capacity to enhance reliability for the summer of 2001) and plant outages and maintenance ($7 million); and the absence of a provision for credit exposure related to the California energy situation recorded in 2001 ($5 million). These factors were partially offset by increased employee benefit and other costs in the current period ($4 million).

       The decrease in depreciation and amortization expenses of $5 million primarily related to lower regulatory asset amortization, in accordance with APS’ 1999 regulatory settlement agreement.

       Operating Results - Twelve-month period ended March 31, 2002 compared withtwelve-month period ended March 31, 2001

       Our consolidated net income for the twelve months ended March 31, 2002 was $306 million compared with $308 million for the same period in the prior year. We recognized a $12 million after-tax loss in the twelve months ended March 31, 2002 and a $3 million after-tax loss in the twelve months ended March 31, 2001 as cumulative effects of a change in accounting for derivatives, as required by SFAS No.133.

       Income before accounting change for the twelve months ended March 31, 2002 was $318 million compared with $311 million for the same period a year earlier. The period-to-period comparison benefited from favorable marketing and trading results, including significant benefits in the third quarter of 2001 from structured trading activities; lower replacement power costs; and retail customer growth. These factors were partially offset by continuing retail electricity price decreases; higher hedged purchased power and fuel costs, costs of generation reliability measures; and charges related to Enron and its affiliates. The major factors that increased (decreased) income before accounting change were as follows (dollars in millions):

	Increase
	(Decrease)
Increases (decreases) in electric revenues, net of purchased power and
fuel expense due to:
Marketing and trading activities:
Decrease from generation sales other than native load due to
lower market prices and resulting lower sales volumes	$	(66	)
Increase in other realized marketing and trading in the current
period primarily due to higher unit margins on increased sales
volumes		80	(a)
Change in prior-period mark-to-market gains for contracts
delivered in the current period (b)		(24	)(a)
Change in prior-period mark-to-market value related to trading with
Enron and its affiliates (c)		(8	)
Increase in mark-to-market gains for future-period deliveries (b)		42
Net increase in marketing and trading		24
Lower replacement power costs for plant outages related to lower
market prices and fewer unplanned outages		24
Retail price reductions effective July 1, 2001 and 2000		(27	)
Charges related to purchased power contracts with Enron and its
affiliates(c)		(13	)
Change in mark-to-market for hedged natural gas and purchased power
costs for future-period deliveries related to accounting for
derivatives		(9	)
Higher retail sales primarily related to customer growth and
weather impacts, partially offset by lower usage and higher
hedged cost of purchased power and fuel		20
Total increase in electric revenues, net of purchased power and fuel		19
expense
Higher operations and maintenance expense primarily related to 2001
generation reliability program		(57	)
Lower depreciation and amortization primarily due to lower regulatory
asset amortization		11
Lower net interest expense primarily due to higher capitalized interest		15
Lower other net expense primarily related to El Dorado		33
Miscellaneous items, net		(4	)
Net increase in income before income taxes		17
Higher income taxes primarily due to higher income		(10	)
Net increase in income before accounting change	$	7

(a)	Net marketing and trading gains (excluding the effects of generation sales other than native load) realized during the current period increased $56 million.
(b)	Essentially all of our marketing and trading activities are structured activities. This means our portfolio of forward sales positions is hedged with a portfolio of forward purchases that protects the economic value of the sales transactions.
(c)	We recorded charges totaling $21 million for exposure to Enron and its affiliates in the fourth quarter of 2001.

       Electric operating revenues increased approximately $64 million primarily because of:

• changes in marketing and trading revenues ($105 million, net increase) due to:
  • decreased revenues related to generation sales other than native load as a result of lower market prices and resulting lower sales volumes ($125 million);
  • increased realized revenues related to other marketing and trading in the current period primarily due to higher sales volumes ($212 million);
  • decrease in prior-period mark-to-market value related to trading with Enron and its affiliates ($8 million);
  • change in prior-period mark-to-market gains for contracts delivered during the current period ($14 million decrease);
  • increased mark-to-market gains for future-period deliveries primarily because of higher sales volumes ($40 million);
• decreased wholesale and other revenues as a result of lower sales volumes ($69 million);
• higher retail sales related to customer growth and weather impacts, partially offset by lower average residential usage ($55 million); and
• decreased retail revenues related to reductions in retail electricity prices effective July 1, 2001 and 2000 ($27 million).

       Purchased power and fuel expenses increased approximately $45 million primarily because of:

• changes in purchased power and fuel costs related to marketing and trading activities ($81 million, net increase) due to:
  • decreased fuel costs related to generation sales other than native load as a result of lower sales volumes ($59 million);
  • increased fuel and purchased power costs related to other realized marketing and trading in the current period primarily due to higher sales volumes ($132 million);
  • change in prior-period mark-to-market fuel costs for current-period deliveries related to accounting for derivatives ($10 million increase);
  • change in mark-to-market fuel costs for future-period deliveries related to accounting for derivatives ($2 million decrease);
• decreased costs related to other wholesale sales as a result of lower sales volumes ($69 million);
• lower replacement power costs primarily due to lower market prices and fewer unplanned outages ($24 million);
• higher costs related to retail sales as a result of the higher hedged cost of purchased power and fuel and higher retail sales volumes related to customer growth and weather impacts ($35 million);
• change in mark-to-market for hedged natural gas and purchased power costs for future-period deliveries related to accounting for derivatives ($9 million increase) and;
• charges related to purchased power contracts with Enron and its affiliates ($13 million).

       The increase in operations and maintenance expenses of $57 million primarily related to the 2001 generation reliability program (the addition of generating capability to enhance reliability for the summer of 2001) and scheduled plant outages and maintenance ($39 million); and increased employee benefit and other costs ($28 million). These factors were partially offset by a provision for our credit exposure related to the California energy situation recorded in the prior period ($10 million).

       The decrease in depreciation and amortization expenses of $11 million primarily related to lower regulatory asset amortization, in accordance with APS’ 1999 regulatory settlement agreement.

       Net other expense decreased $33 million primarily because of a change in the market value of El Dorado’s investment in a technology-related venture capital partnership in the prior period and an insurance recovery of environmental remediation costs, partially offset by other non-operating costs. The major investment in the venture capital partnership was sold in the first quarter of 2001.

       Net interest expense decreased by $15 million primarily because of the increase in capitalized interest ($23 million) related to our generation expansion program and the effects of lower interest rates. The reductions in net interest expense more than offset the increases in interest expense for higher debt balances that were related primarily to our generation expansion program.

Exhibit 99.7

                        PINNACLE WEST CAPITAL CORPORATION
                        CONSOLIDATED STATEMENTS OF INCOME
                (Dollars in Thousands, Except Per Share Amounts)
                                   (Unaudited)

                                                                    THREE MONTHS ENDED        TWELVE MONTHS ENDED
                                                                           MARCH                      MARCH
                                                                --------------------------    --------------------------
                                                                   2002           2001           2002           2001
                                                                -----------    -----------    -----------    -----------
OPERATING REVENUES
     Electric                                                   $   579,772    $   906,494    $ 4,055,743    $ 3,992,076
     Real estate                                                     41,185         32,335        177,758        148,811
                                                                -----------    -----------    -----------    -----------
         Total                                                      620,957        938,829      4,233,501      4,140,887
                                                                -----------    -----------    -----------    -----------
OPERATING EXPENSES
     Purchased power and fuel                                       221,036        516,424      2,368,830      2,323,784
     Operations and maintenance                                     117,430        125,250        522,275        465,006
     Real estate operations                                          37,358         31,008        159,812        132,610
     Depreciation and amortization                                   99,913        104,781        423,035        433,553
     Taxes other than income taxes                                   26,758         25,303        102,523         99,691
                                                                -----------    -----------    -----------    -----------
         Total                                                      502,495        802,766      3,576,475      3,454,644
                                                                -----------    -----------    -----------    -----------

OPERATING INCOME                                                    118,462        136,063        657,026        686,243
                                                                -----------    -----------    -----------    -----------

OTHER INCOME (EXPENSE)                                                1,088           (738)        (3,939)       (36,635)
                                                                -----------    -----------    -----------    -----------
INTEREST EXPENSE
     Interest charges                                                44,688         42,749        177,761        169,697
     Capitalized interest                                           (14,123)       (10,427)       (51,558)       (28,216)
                                                                -----------    -----------    -----------    -----------
         Total                                                       30,565         32,322        126,203        141,481
                                                                -----------    -----------    -----------    -----------

INCOME BEFORE INCOME TAXES                                           88,985        103,003        526,884        508,127

INCOME TAXES                                                         35,228         40,798        207,965        197,660
                                                                -----------    -----------    -----------    -----------

INCOME BEFORE ACCOUNTING CHANGE                                      53,757         62,205        318,919        310,467

CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING FOR DERIVATIVES -
     NET OF INCOME TAX                                                   --         (2,755)       (12,446)        (2,755)
                                                                -----------    -----------    -----------    -----------

NET INCOME                                                      $    53,757    $    59,450    $   306,473    $   307,712
                                                                ===========    ===========    ===========    ===========

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC                   84,735         84,727         84,719         84,732

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED                 84,884         84,966         84,910         84,974

EARNINGS PER WEIGHTED AVERAGE COMMON SHARE OUTSTANDING
     Income Before Accounting Change - Basic                    $      0.63    $      0.73    $      3.76    $      3.66
     Net Income - Basic                                         $      0.63    $      0.70    $      3.62    $      3.63
     Income Before Accounting Change - Diluted                  $      0.63    $      0.73    $      3.76    $      3.65
     Net Income - Diluted                                       $      0.63    $      0.70    $      3.61    $      3.62

Certain prior year amounts have been restated to conform to the 2002
presentation.

EX-99.8

Exhibit 99.8

Last Updated 4/23/02

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(degree)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(degree)F for the month. Average temperatures greater than the base temperature are ignored.
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	Total capacity required and economic yet unavailable 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.
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.
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 purchase 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.
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.
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.

EX-99.9 11 ex99-9.htm GRAPHICAL DATA PRESENTATION

Exhibit 99.9

EX-99.9

 Pinnacle West Capital Corporation - Exhibit 99.9 

EX-99.10

Exhibit 99.10

EX-99.11

    Pinnacle West Capital Corporation - Exhibit 99.11