Exhibit 99.9

FOR IMMEDIATE RELEASE		October 27, 2006
Media Contact:	Alan Bunnell, (602) 250-3376	Page 1 of 2
Analyst Contacts:	Rebecca Hickman, (602) 250-5668
	Lisa Malagon, (602) 250-5671
Web site:	www.pinnaclewest.com

PINNACLE WEST REPORTS LOWER ON-GOING EARNINGS
FOR 2006 THIRD QUARTER

PHOENIX — Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income for the quarter ended September 30, 2006, of $184.2 million, or $1.84 per diluted share of common stock. This result reflects a decline from on-going earnings of $186.4 million, or $1.89 per diluted share, for the same period in 2005.

Third-quarter 2005 on-going results exclude several non-recurring items, the largest of which was a regulatory disallowance of $87 million, or $0.88 per share, recorded in that prior-year quarter. On-going earnings for the 2005 third quarter also exclude $4.3 million, or $0.04 per share, of income from discontinued operations related to the sales of the Company’s interests in NAC International and the Silverhawk Power Station. Reported consolidated net income was $103.7 million, or $1.05 per diluted share, for the third quarter of 2005.

“Customer price increases granted by the Arizona Corporation Commission earlier this year have had no impact on 2006 earnings” said Chairman Bill Post. “These fuel related price increases decreased customer fuel cost liabilities and stabilized our declining cash flow.”

The quarter-to-quarter comparison was negatively impacted by higher fuel costs; lower results from the Company’s wholesale power marketing and real estate operations; and milder weather. These items were substantially offset by higher fuel cost deferrals and increased retail sales at Arizona Public Service (APS) due to customer growth of 4.4 percent.

In addition, APS reported net income for the third quarter of 2006 of $168.6 million, compared with on-going earnings of $148.1 million for the same period a year ago. Third quarter 2005 on-going results exclude the previously mentioned $87 million regulatory disallowance. APS reported net income of $61.1 million for the third quarter of 2005. SunCor Development Co., Pinnacle West’s real estate subsidiary, reported net income of $17.5 million, compared with $21.4 million in the 2005 third quarter.

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

PINNACLE WEST 2006 THIRD QUARTER EARNINGS  OCTOBER 27, 2006
Page 2 of 2

Conference Call
Pinnacle West invites interested parties to listen to the live web cast of management’s conference call to discuss the Company’s 2006 third quarter earnings and recent developments at 12 noon (ET) today, October 27. The web cast can be accessed at www.pinnaclewest.com/presentations and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 9001144. A replay of the call also will be available until 11:55 p.m. (ET), Friday, November 3, 2006, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and the same reservation number.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial, and industrial real estate projects.

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

	Three Months Ended				Three Months Ended
	September 30, 2006				September 30, 2005
	$ in		Diluted		$ in			Diluted
	Millions		EPS		Millions			EPS
Net Income	$	184.2	$	1.84	$	103.7		$	1.05
Adjustments:
Regulatory disallowance		—		—		87.0			0.88
Income from discontinued operations — Silverhawk Power Station operations		—		—		(0.6	)		—
Income from discontinued operations — NAC International		—		—		(3.7	)		(0.04	)
On-going Earnings	$	184.2	$	1.84	$	186.4		$	1.89

ARIZONA PUBLIC SERVICE COMPANY
NON-GAAP FINANCIAL MEASURE RECONCILIATION — NET INCOME
(GAAP MEASURE) TO ON-GOING EARNINGS (NON-GAAP FINANCIAL MEASURE)

	Three Months Ended		Three Months Ended
	September 30, 2006		September 30, 2005
	$ in Millions		$ in Millions
Net Income	$	168.6	$	61.1
Adjustments:
Regulatory disallowance		—		87.0
On-going Earnings	$	168.6	$	148.1

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

	THREE MONTHS ENDED						NINE MONTHS ENDED
	SEPTEMBER 30,						SEPTEMBER 30,
	2006			2005			2006			2005
Operating Revenues
Regulated electricity segment	$	886,979		$	753,428		$	2,065,823		$	1,749,110
Marketing and trading segment		84,425			107,031			259,352			267,460
Real estate segment		97,871			78,755			318,328			232,950
Other revenues		7,167			16,369			28,173			46,763
Total		1,076,442			955,583			2,671,676			2,296,283
Operating Expenses
Regulated electricity segment fuel and purchased power		314,150			203,519			735,489			442,532
Marketing and trading segment fuel and purchased power		80,906			86,945			227,797			215,347
Operations and maintenance		164,396			158,940			511,155			467,121
Real estate segment operations		78,853			67,508			248,595			190,555
Depreciation and amortization		90,390			85,763			267,308			262,030
Taxes other than income taxes		31,697			34,325			99,970			103,528
Other expenses		5,610			13,521			22,562			39,451
Regulatory disallowance		—			143,217			—			143,217
Total		766,002			793,738			2,112,876			1,863,781
Operating Income		310,440			161,845			558,800			432,502
Other
Allowance for equity funds used during construction		3,178			2,852			10,612			8,407
Other income		18,055			8,694			34,448			18,019
Other expense		(3,693	)		(4,915	)		(12,953	)		(12,985	)
Total		17,540			6,631			32,107			13,441
Interest Expense
Interest charges		50,577			46,778			143,985			142,820
Capitalized interest		(5,612	)		(3,301	)		(14,595	)		(10,134	)
Total		44,965			43,477			129,390			132,686
Income From Continuing Operations Before Income Taxes		283,015			124,999			461,517			313,257
Income Taxes		98,836			40,305			154,900			113,863
Income From Continuing Operations		184,179			84,694			306,617			199,394
Income (Loss) From Discontinued Operations
Net of Income Taxes		(12	)		19,043			2,159			(44,474	)
Net Income	$	184,167		$	103,737		$	308,776		$	154,920
Weighted-Average Common Shares Outstanding — Basic		99,491			98,697			99,277			95,642
Weighted-Average Common Shares Outstanding — Diluted		99,973			98,816			99,723			95,755
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	1.85		$	0.86		$	3.09		$	2.08
Net income — basic	$	1.85		$	1.05		$	3.11		$	1.62
Income from continuing operations — diluted	$	1.84		$	0.86		$	3.07		$	2.08
Net income — diluted	$	1.84		$	1.05		$	3.10		$	1.62

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