Exhibit 99.11

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

	Nine Months Ended						Nine Months Ended
	September 30, 2006						September 30, 2005
	$ in			Diluted			$ in			Diluted
	Millions			EPS			Millions			EPS
Net Income	$	309		$	3.10		$	155		$	1.62
Adjustments:
Regulatory disallowance		—			—			87			0.91
Income tax credit related to prior periods		(10	)		(0.10	)		—			—
Loss from discontinued operations — Silverhawk Power Station write-down		—			—			55			0.58
Loss from discontinued operations — Silverhawk Power Station operations		—			—			9			0.09
Income from discontinued operations — NAC International		—			—			(4	)		(0.04	)
On-going Earnings	$	299		$	3.00		$	302		$	3.16