8-K

UNITED STATES
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): September 30, 2007

	Exact Name of Registrant as Specified in
	Charter; State of Incorporation;	IRS Employer
Commission File Number	Address and Telephone Number	Identification Number
1-8962	Pinnacle West Capital Corporation	86-0512431
	(an Arizona corporation)
	400 North Fifth Street, P.O. Box 53999
	Phoenix, AZ 85072-3999
	(602) 250-1000
1-4473	Arizona Public Service Company	86-0011170
	(an Arizona corporation)
	400 North Fifth Street, P.O. Box 53999
	Phoenix, AZ 85072-3999
	(602) 250-1000

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

     This combined Form 8-K is separately filed by Pinnacle West Capital Corporation and Arizona Public Service Company. Each registrant is filing on its own behalf all of the information contained in this Form 8-K that relates to such registrant and, where required, its subsidiaries. Except as stated in the preceding sentence, neither registrant is filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.

TABLE OF CONTENTS

	Page
Item 2.02 Results of Operations and Financial Condition		2
Item 7.01 Regulation FD Disclosure		2
Item 9.01 Financial Statements and Exhibits		4
Signatures		5
EX-99.1
EX-99.2
EX-99.3
EX-99.4
EX-99.5
EX-99.6
EX-99.7
EX-99.8
EX-99.9

Item 2.02. Results of Operations and Financial Condition

     On October 25, 2007, Pinnacle West Capital Corporation (the “Company” or “Pinnacle West”) issued a press release regarding its financial results for its fiscal quarter ended September 30, 2007. A copy of the press release is attached hereto as Exhibit 99.9.

     Certain of the Information referenced in Item 7.01 below relates to the Company’s results of operations for its fiscal quarter ended September 30, 2007. This Information is attached hereto as Exhibits 99.2, 99.3, 99.7 and 99.9.

Item 7.01. Regulation FD Disclosure

Financial and Business Information

     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 (see Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6, 99.7 and 99.8). 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.

2007 Earnings Outlook

     We are updating Pinnacle West’s 2007 earnings outlook. The differences between our current guidance and our previous guidance are described below. In this discussion, earnings per share amounts are after income taxes and are based on diluted common shares outstanding. The earnings guidance in this Form 8-K supersedes all previous earnings guidance provided by Pinnacle West. Our earnings forecasts are subject to numerous risks, including those described under “Forward-Looking Statements” below.

     We currently estimate that our consolidated earnings for 2007 will be within a reasonable range of $2.90 per share. We estimate that Arizona Public Service Company’s (“APS”) earnings contribution included in such 2007 consolidated earnings will be within a reasonable range of $2.70 per share (equivalent to a return on APS’ average common equity of 8.25%). These estimates include the $8 million ($0.08 per share) after-tax regulatory disallowance recorded in the second quarter of 2007 as a result of the general retail rate case decision; and $13 million ($0.13 per share) of income tax benefits related to prior years resolved in 2007. We currently estimate that net income for 2007 for our real estate subsidiary, SunCor Development Company (“SunCor”), will be approximately $20 million. See “APS General Rate Case and Power Supply Adjustor” in Note 5 of Notes to Condensed Consolidated Financial Statements in the Pinnacle West/APS Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007 for additional information about the rate case decision.

     We previously estimated that our consolidated earnings for 2007 would be within a reasonable range of $2.55 per share. See the Pinnacle West/APS Report on Form 8-K filed with the Securities and Exchange Commission on July 26, 2007 for further information on our prior 2007 guidance. Our current guidance differs from our prior guidance principally due to the following factors:

2

• Hotter than normal weather during the three months ended September 30, 2007 increased our estimate by $0.14 per share.

• Income tax benefits related to prior years, but resolved during 2007, increased our estimate by $0.13 per share.

• Lower earnings expectations for SunCor attributable to deteriorating credit markets in the second half of 2007 decreased our estimate by $0.10 per share.

• The net effect of numerous other factors increased our estimate by $0.18 per share. These factors are minor individually and include, among other items, lower effective income tax rates, higher retail sales and lower interest expense.

Forward-Looking Statements

     This Form 8-K contains forward-looking statements regarding our 2007 earnings outlook. Neither the Company nor APS assumes any obligation to update these statements or make any further statements on any of these issues, except as required by applicable law. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by Pinnacle West or APS. In addition to the Risk Factors described in Item 1A of the Pinnacle West/APS Annual Report on Form 10-K for the fiscal year ended December 31, 2006, these factors include, but are not limited to, state and federal regulatory and legislative decisions and actions, particularly those affecting our rates and recovery of fuel and purchased power costs; the ongoing restructuring of the electric industry, including the introduction of retail electric competition in Arizona and decisions impacting wholesale competition; the outcome of regulatory, legislative and judicial proceedings, both current and future, relating to the restructuring and environmental matters (including those relating to climate change); market prices for electricity and natural gas; power plant performance and outages; transmission outages and constraints; weather variations affecting local and regional customer energy usage; customer growth and energy usage; regional economic and market conditions, including the results of litigation and other proceedings resulting from the California energy situation, volatile fuel and purchased power costs and the completion of generation and transmission construction in the region, which could affect customer growth and the cost of power supplies; the cost of debt and equity capital and access to capital markets; current credit ratings remaining in effect for any given period of time; our ability to compete successfully outside traditional regulated markets (including the wholesale market); the performance of our marketing and trading activities due to volatile market liquidity and any deteriorating counterparty credit and the use of derivative contracts in our business (including the interpretation of the subjective and complex accounting rules related to these contracts); changes in accounting principles generally accepted in the United States of America and the interpretation of those principles; the performance of the stock market and the changing interest rate environment, which affect the value of our nuclear decommissioning trust, pension, and other postretirement benefit plans assets, the amount of required contributions to Pinnacle West’s pension plan and contributions to APS’ nuclear decommissioning trust funds, as well as the reported costs of providing pension and other postretirement benefits; technological developments in the electric industry; the strength of the real estate market in SunCor’s market areas, which include Arizona, Idaho, New Mexico and Utah; and other uncertainties, all of which are difficult to predict and many of which are beyond the control of Pinnacle West and APS.

3

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit
No.	Registrant(s)	Description
99.1	Pinnacle West APS	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).
99.2	Pinnacle West APS	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the three-month and nine-month periods ended September 30, 2007 and 2006.
99.3	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2007.
99.4	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2006.
99.5	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2005.
99.6	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2004.
99.7	Pinnacle West APS	Pinnacle West Capital Corporation earnings variance explanations for the three and nine months ended September 30, 2007 and 2006 and unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2007 and 2006.
99.8	Pinnacle West APS	Glossary of Terms.
99.9	Pinnacle West APS	Earnings News Release issued on October 25, 2007.

4

SIGNATURES

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

	PINNACLE WEST CAPITAL CORPORATION
	(Registrant)
Dated: October 25, 2007	By:	/s/ Donald E. Brandt
		Donald E. Brandt
		Executive Vice President and
		Chief Financial Officer
	ARIZONA PUBLIC SERVICE COMPANY
	(Registrant)
Dated: October 25, 2007	By:	/s/ Donald E. Brandt
		Donald E. Brandt
		President and Chief Financial Officer

5

Exhibit Index

Exhibit
No.	Registrant(s)	Description
99.1	Pinnacle West APS	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).
99.2	Pinnacle West APS	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the three-month and nine-month periods ended September 30, 2007 and 2006.
99.3	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2007.
99.4	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2006.
99.5	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2005.
99.6	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2004.
99.7	Pinnacle West APS	Pinnacle West Capital Corporation earnings variance explanations for the three and nine months ended September 30, 2007 and 2006 and unaudited condensed consolidated statements of income for the three and nine months ended September 30, 2007 and 2006.
99.8	Pinnacle West APS	Glossary of Terms.
99.9	Pinnacle West APS	Earnings News Release issued on October 25, 2007.

6

EX-99.1

Exhibit 99.1

Last Updated       10/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2007 and 2006

List of Contents

2007 Third Quarter Summary

2007 by Quarter

2006 by Quarter

2005 by Quarter

2004 by Quarter

Quarters may not sum to totals due to rounding.

The definitions of terms used in this statistical summary are contained
in the “Glossary of Terms” on the Pinnacle West website at:
http://www.pinnaclewest.com/files/investors/2007Q3QuarStatsGloss.pdf

This statistical data may be graphed in various quarterly or annual comparisons
using the “Interactive Charts” tool on the Pinnacle West website at:
http://www.pinnaclewest.com/main/pnw/investors/financials/quarterly/landing.html

EX-99.2

Exhibit 99.2

Last Updated      10/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended September 30, 2007 and 2006

		3 Mo. Ended September									9 Mo. Ended September
Line		2007			2006			Incr (Decr)			2007			2006			Incr (Decr)
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	204		$	169		$	35		$	284		$	257		$	27
2	Pinnacle West Energy		—			—			—			—			—			—
3	APS Energy Services		2			(2	)		4			1			(1	)		2
4	SunCor		(2	)		17			(19	)		6			47			(41	)
5	El Dorado		(3	)		—			(3	)		(5	)		(2	)		(3	)
6	Parent Company		—			—			—			9			6			3
7	Income From Continuing Operations		201			184			17			295			307			(12	)
	Income (Loss) From Discontinued Operations — Net of Tax
8	Silverhawk		—			—			—			—			—			—
9	SunCor		8			—			8			9			2			7
10	NAC		—			—			—			—			—			—
11	Total		8			—			8			9			2			7
12	Net Income	$	209		$	184		$	25		$	304		$	309		$	(5	)
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	2.03		$	1.69		$	0.34		$	2.82		$	2.57		$	0.25
14	Pinnacle West Energy		—			—			—			—			—			—
15	APS Energy Services		0.01			(0.02	)		0.03			0.01			(0.01	)		0.02
16	SunCor		(0.02	)		0.17			(0.19	)		0.07			0.47			(0.40	)
17	El Dorado		(0.03	)		—			(0.03	)		(0.05	)		(0.02	)		(0.03	)
18	Parent Company		—			—			—			0.08			0.06			0.02
19	Income From Continuing Operations		1.99			1.84			0.15			2.93			3.07			(0.14	)
	Income (Loss) From Discontinued Operations — Net of Tax
20	Silverhawk		—			—			—			—			—			—
21	SunCor		0.08			—			0.08			0.09			0.03			0.06
22	NAC		—			—			—			—			—			—
23	Total		0.08			—			0.08			0.09			0.03			0.06
24	Net Income	$	2.07		$	1.84		$	0.23		$	3.02		$	3.10		$	(0.08	)
25	BOOK VALUE PER SHARE	$	35.55	*	$	34.07		$	1.48		$	35.55	*	$	34.07		$	1.48
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		100,829			99,973			856			100,767			99,723			1,044
27	End of Period		100,367			99,648			719			100,367			99,648			719

* Estimate

See Glossary of Terms. Page 2 of 31

Last Updated      10/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended September 30, 2007 and 2006

		3 Mo. Ended September							9 Mo. Ended September
Line		2007		2006		Incr (Decr)			2007		2006		Incr (Decr)
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	REGULATED ELECTRICITY SEGMENT
	Retail
28	Residential	$	574	$	490	$	84		$	1,155	$	1,029	$	126
29	Business		425		371		54			1,031		937		94
30	Total retail		999		861		138			2,186		1,966		220
	Wholesale revenue on delivered electricity
31	Traditional contracts		12		12		—			26		25		1
32	Off-system sales		16		—		16			33		34		(1	)
33	Transmission for others		8		7		1			22		19		3
34	Other miscellaneous services		9		7		2			24		22		2
35	Total regulated operating electricity revenues		1,044		887		157			2,291		2,066		225
	MARKETING AND TRADING
36	Electricity and other commodity sales		99		85		14			264		259		5
37	Total operating electric revenues	$	1,143	$	972	$	171		$	2,555	$	2,325	$	230
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		5,084		4,720		364			11,105		10,423		682
39	Business		4,426		4,222		204			11,715		11,392		323
40	Total retail		9,510		8,942		568			22,820		21,815		1,005
	Wholesale electricity delivered
41	Traditional contracts		296		321		(25	)		733		717		16
42	Off-system sales		478		219		259			1,031		1,109		(78	)
43	Retail load hedge management		529		450		79			900		1,250		(350	)
44	Total regulated electricity		10,813		9,932		881			25,484		24,891		593
	MARKETING AND TRADING
45	Wholesale sales of electricity		3,623		4,841		(1,218	)		8,286		12,665		(4,379	)
46	Total electric sales		14,436		14,773		(337	)		33,770		37,556		(3,786	)

See Glossary of Terms. Page 3 of 31

Last Updated      10/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended September 30, 2007 and 2006

		3 Mo. Ended September									9 Mo. Ended September
Line		2007			2006			Incr (Decr)			2007			2006			Incr (Decr)
	POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
47	Deferred fuel and purchased power regulatory asset — beginning balance	$	137		$	175		$	(38	)	$	160		$	173		$	(13	)
48	Deferred fuel and purchased power costs — current period		69			134			(65	)		198			225			(27	)
49	Regulatory disallowance		—			—			—			(14	)		—			(14	)
50	Interest on deferred fuel		2			2			—			5			6			(1	)
51	Amounts recovered through revenues		(58	)		(102	)		44			(199	)		(195	)		(4	)
52	Deferred fuel and purchased power regulatory asset — ending balance	$	150		$	209		$	(59	)	$	150		$	209		$	(59	)
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
53	Electricity and other commodity sales, realized (a)	$	6		$	7		$	(1	)	$	46		$	36		$	10
54	Mark-to-market reversals on realized sales (a) (b)		(3	)		(1	)		(2	)		(13	)		(3	)		(10	)
55	Change in mark-to-market value of forward sales		2			(3	)		5			5			(1	)		6
56	Total gross margin	$	5		$	3		$	2		$	38		$	32		$	6
	By Pinnacle West Entity
57	APS	$	—		$	(3	)	$	3		$	7		$	8		$	(1	)
58	Pinnacle West		1			4			(3	)		21			16			5
59	APS Energy Services		4			2			2			10			8			2
60	Pinnacle West Energy		—			—			—			—			—			—
61	Total gross margin	$	5		$	3		$	2		$	38		$	32		$	6

Future Marketing and Trading Mark-to-Market Realization

As of September 30, 2007, Pinnacle West had accumulated net mark-to-market gains of $10 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: 2007, $3 million; 2008, $2 million; and thereafter, $5 million.

(a)

Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 53 and in line 54 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 54. For example, line 54 shows that a prior-period mark-to-market gain of $3 million was transferred to “realized” for the third quarter of 2007. A $3 million realized gain is included in the $6 million on line 53 for the third quarter of 2007.

(b)

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

See Glossary of Terms. Page 4 of 31

Last Updated      10/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended September 30, 2007 and 2006

		3 Mo. Ended September									9 Mo. Ended September
Line		2007			2006			Incr (Decr)			2007			2006			Incr (Decr)
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
62	Residential		963,874			935,523			28,351			963,799			932,241			31,558
63	Business		120,918			116,009			4,909			119,786			114,795			4,991
64	Total		1,084,792			1,051,532			33,260			1,083,585			1,047,036			36,549
65	Wholesale customers		61			76			(15	)		62			76			(14	)
66	Total customers		1,084,853			1,051,608			33,245			1,083,647			1,047,112			36,535
67	Customer growth (% over prior year)		3.2	%		4.4	%		(1.2	)%		3.5	%		4.5	%		(1.0	)%
	RETAIL SALES (GWH) — WEATHER NORMALIZED
68	Residential		4,805			4,772			33			10,667			10,370			297
69	Business		4,371			4,231			140			11,576			11,412			164
70	Total		9,176			9,003			173			22,243			21,782			461
	RETAIL USAGE (KWh/Average Customer)
71	Residential		5,275			5,045			230			11,522			11,181			341
72	Business		36,601			36,394			207			97,797			99,238			(1,441	)
	RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		4,985			5,101			(116	)		11,067			11,124			(57	)
74	Business		36,152			36,470			(318	)		96,644			99,412			(2,768	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		7,545			7,652			(107	)		7,545			7,652			(107	)

See Glossary of Terms. Page 5 of 31

Last Updated      10/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended September 30, 2007 and 2006

		3 Mo. Ended September									9 Mo. Ended September
Line		2007			2006			Incr (Decr)			2007			2006			Incr (Decr)
	ENERGY SOURCES (GWH)
	Generation production
76	Nuclear		2,218			2,202			16			6,363			5,120			1,243
77	Coal		3,563			3,574			(11	)		9,992			9,839			153
78	Gas, oil and other		2,479			2,433			46			5,147			5,756			(609	)
79	Total generation production		8,260			8,209			51			21,502			20,715			787
	Purchased power
80	Firm load		2,521			1,962			559			4,475			4,067			408
81	Marketing and trading		4,469			5,353			(884	)		9,786			14,542			(4,756	)
82	Total purchased power		6,990			7,315			(325	)		14,261			18,609			(4,348	)
83	Total energy sources		15,250			15,524			(274	)		35,763			39,324			(3,561	)
	POWER PLANT PERFORMANCE
	Capacity Factors
84	Nuclear		89	%		88	%		1	%		86	%		69	%		17	%
85	Coal		93	%		94	%		(1	)%		88	%		87	%		1	%
86	Gas, oil and other		34	%		34	%		0	%		24	%		26	%		(2	)%
87	System average		61	%		61	%		0	%		52	%		51	%		1	%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
88	Nuclear		22			97			(75	)		115			319			(204	)
89	Coal		79			62			17			156			167			(11	)
90	Gas		147			109			38			273			142			131
91	Total		248			268			(20	)		544			628			(84	)

(a) Includes planned and unplanned outages

See Glossary of Terms. Page 6 of 31

Last Updated      10/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended September 30, 2007 and 2006

		3 Mo. Ended September									9 Mo. Ended September
Line		2007			2006			Incr (Decr)			2007			2006			Incr (Decr)
	ENERGY MARKET INDICATORS (a)
	Electricity Average Daily Spot Prices ($/MWh)
	On-Peak
92	Palo Verde	$	69.26		$	65.89		$	3.37		$	62.84		$	58.10		$	4.73
93	SP15	$	68.84		$	71.89		$	(3.05	)	$	65.87		$	61.87		$	4.00
	Off-Peak
94	Palo Verde	$	37.03		$	38.45		$	(1.42	)	$	40.18		$	36.25		$	3.93
95	SP15	$	41.23		$	43.94		$	(2.71	)	$	44.41		$	38.82		$	5.59
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		2,686			2,455			231			4,566			4,238			328
97	Heating degree-days		—			—			—			597			468			129
98	Average humidity		30	%		33	%		(3	)%		29	%		26	%		3	%
	10-Year Averages
99	Cooling degree-days		2,544			2,544			—			4,198			4,198			—
100	Heating degree-days		—			—			—			544			544			—
101	Average humidity		32	%		32	%		0	%		32	%		32	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)(d)
102	Single-family		3,816			4,446			(630	)		18,280			22,045			(3,765	)
103	Multi-family		1,982			2,034			(52	)		9,686			7,897			1,789
104	Total		5,798			6,480			(682	)		27,966			29,942			(1,976	)
	Arizona Job Growth (c) (d)
105	Payroll job growth (% over prior year)		2.8	%		5.2	%		(2.4	)%		3.5	%		5.6	%		(2.1	)%
106	Unemployment rate (%, seasonally adjusted)		3.7	%		4.0	%		(0.3	)%		3.8	%		4.1	%		(0.3	)%

Sources:

(a)   Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.

(b)   Arizona Real Estate Center, Arizona State University W.P. Carey College of Business

(c)   Arizona Department of Economic Security

(d)   Economic indicators reflect periods ended August 31, 2007 (latest available data) and August 31, 2006.

See Glossary of Terms. Page 7 of 31

EX-99.3

Exhibit 99.3

Last Updated          10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2007

																	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	$	4		$	75		$	204				$	284		$	27
	2	Pinnacle West Energy		—			—			—					—			—
	3	APS Energy Services		1			(1	)		2					1			2
	4	SunCor		8			—			(2	)				6			(41	)
	5	El Dorado		(2	)		—			(3	)				(5	)		(3	)
	6	Parent Company		5			5			—					9			3
	7	Income From Continuing Operations		16			79			201			—		295			(12	)
		Income (Loss) From Discontinued Operations — Net of Tax
	8	Silverhawk		—			—			—					—			—
	9	SunCor		1			—			8					9			7
	10	NAC		—			—			—					—			—
	11	Total		1			—			8			—		9			7
	12	Net Income	$	17		$	79		$	209		$	—	$	304		$	(5	)
		EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
	13	Arizona Public Service	$	0.04		$	0.75		$	2.03				$	2.82		$	0.25
	14	Pinnacle West Energy		—			—			—					—			—
	15	APS Energy Services		0.01			(0.01	)		0.01					0.01			0.02
	16	SunCor		0.09			—			(0.02	)				0.07			(0.40	)
	17	El Dorado		(0.02	)		—			(0.03	)				(0.05	)		(0.03	)
	18	Parent Company		0.04			0.04			—					0.08			0.02
	19	Income From Continuing Operations		0.16			0.78			1.99			—		2.93			(0.14	)
		Income (Loss) From Discontinued Operations — Net of Tax
	20	Silverhawk		—			—			—					—			—
	21	SunCor		—			—			0.08					0.09			0.06
	22	NAC		—			—			—					—			—
	23	Total		—			—			0.08			—		0.09			0.06
	24	Net Income	$	0.16		$	0.78		$	2.07		$	—	$	3.02		$	(0.08	)
	25	BOOK VALUE PER SHARE	$	34.45		$	34.13		$	35.55	*			$	35.55	*		1.48
		COMMON SHARES OUTSTANDING (Thousands)
	26	Average — Diluted		100,622			100,779			100,829					100,767			1,044
	27	End of Period		100,115			100,290			100,367					100,367			719

* Estimate

See Glossary of Terms. Page 8 of 31

Last Updated          10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2007

													Increase
													(Decrease)
Line			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
		ELECTRIC OPERATING REVENUES (Dollars in Millions)
		REGULATED ELECTRICITY SEGMENT
		Retail
	28	Residential	$	246	$	335	$	574			$	1,155	$	126
	29	Business		264		342		425				1,031		94
	30	Total retail		510		677		999		—		2,186		220
		Wholesale revenue on delivered electricity
	31	Traditional contracts		5		9		12				26		1
	32	Off-system sales		7		10		16				33		(1	)
	33	Transmission for others		7		7		8				22		3
	34	Other miscellaneous services		7		8		9				24		2
	35	Total regulated operating electricity revenues		536		711		1,044		—		2,291		225
		MARKETING AND TRADING
	36	Electricity and other commodity sales		72		93		99				264		5
	37	Total operating electric revenues	$	608	$	804	$	1,143	$	—	$	2,555	$	230
		ELECTRIC SALES (GWH)
		REGULATED ELECTRICITY SEGMENT
		Retail sales
	38	Residential		2,734		3,287		5,084				11,105		682
	39	Business		3,285		4,004		4,426				11,715		323
	40	Total retail		6,019		7,291		9,510		—		22,820		1,005
		Wholesale electricity delivered
	41	Traditional contracts		175		262		296				733		16
	42	Off-system sales		243		310		478				1,031		(78	)
	43	Retail load hedge management		117		254		529				900		(350	)
	44	Total regulated electricity		6,554		8,117		10,813		—		25,484		593
		MARKETING AND TRADING
	45	Wholesale sales of electricity		2,057		2,606		3,623				8,286		(4,379	)
	46	Total electric sales		8,611		10,723		14,436		—		33,770		(3,786	)

See Glossary of Terms. Page 9 of 31

Last Updated          10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2007

																Increase
																(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year-To-Date			vs Prior YTD
	POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
47	Deferred fuel and purchased power regulatory asset — beginning balance	$	160		$	118		$	137				$	160		$	(13	)
48	Deferred fuel and purchased power costs — current period		25			104			69					198			(27	)
49	Regulatory disallowance		—			(14	)		—					(14	)		(14	)
50	Interest on deferred fuel		2			1			2					5			(1	)
51	Amounts recovered through revenues		(69	)		(72	)		(58	)				(199	)		(4	)
52	Deferred fuel and purchased power regulatory asset — ending balance	$	118		$	137		$	150		$	—	$	150		$	(59	)
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
53	Electricity and other commodity sales, realized (a)	$	12		$	22		$	6				$	46		$	10
54	Mark-to-market reversals on realized sales (a) (b)		(8	)		1			(3	)				(13	)		(10	)
55	Change in mark-to-market value of forward sales		10			(6	)		2					5			6
56	Total gross margin	$	14		$	17		$	5		$	—	$	38		$	6
	By Pinnacle West Entity
57	APS	$	(1	)	$	7		$	—				$	7		$	(1	)
58	Pinnacle West		10			9			1					21			5
59	APS Energy Services		5			1			4					10			2
60	Pinnacle West Energy		—			—			—					—			—
61	Total gross margin	$	14		$	17		$	5		$	—	$	38		$	6

Future Marketing and Trading Mark-to-Market Realization

As of September 30, 2007, Pinnacle West had accumulated net mark-to-market gains of $10 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: 2007, $3 million; 2008, $2 million; and thereafter, $5 million.

(a)

Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 53 and in line 54 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 54. For example, line 54 shows that a prior-period mark-to-market gain of $3 million was transferred to “realized” for the third quarter of 2007. A $3 million realized gain is included in the $6 million on line 53 for the third quarter of 2007.

(b)

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

See Glossary of Terms. Page 10 of 31

Last Updated          10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2007

																Increase
																(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
62	Residential		965,428			962,095			963,874					963,799			31,558
63	Business		118,649			119,792			120,918					119,786			4,991
64	Total		1,084,077			1,081,887			1,084,792			—		1,083,585			36,549
65	Wholesale customers		63			62			61					62			(14	)
66	Total customers		1,084,140			1,081,949			1,084,853			—		1,083,647			36,535
67	Customer growth (% over prior year)		3.8	%		3.5	%		3.2	%				3.5	%		(1.0	)%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
68	Residential		2,648			3,214			4,805					10,667			297
69	Business		3,228			3,977			4,371					11,576			164
70	Total		5,876			7,191			9,176			—		22,243			461
	RETAIL USAGE (KWh/Average Customer)
71	Residential		2,832			3,417			5,275					11,522			341
72	Business		27,687			33,425			36,601					97,797			(1,441	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		2,743			3,340			4,985					11,067			(57	)
74	Business		27,204			33,202			36,152					96,644			(2,768	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		4,781			6,982			7,545					7,545			(107	)

See Glossary of Terms. Page 11 of 31

Last Updated          10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2007

																	Increase
																	(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr		Year-To-Date			vs Prior YTD
		ENERGY SOURCES (GWH)
		Generation production
	76	Nuclear		2,299			1,846			2,218					6,363			1,243
	77	Coal		3,164			3,265			3,563					9,992			153
	78	Gas, oil and other		1,151			1,517			2,479					5,147			(609	)
	79	Total generation production		6,614			6,628			8,260			—		21,502			787
		Purchased power
	80	Firm load		278			1,676			2,521					4,475			408
	81	Marketing and trading		2,262			3,055			4,469					9,786			(4,756	)
	82	Total purchased power		2,540			4,731			6,990			—		14,261			(4,348	)
	83	Total energy sources		9,154			11,359			15,250			—		35,763			(3,561	)
		POWER PLANT PERFORMANCE
		Capacity Factors
	84	Nuclear		94	%		75	%		89	%				86	%		17	%
	85	Coal		84	%		86	%		93	%				88	%		1	%
	86	Gas, oil and other		16	%		21	%		34	%				24	%		(2	)%
	87	System average		50	%		49	%		61	%				52	%		1	%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
	88	Nuclear		57			266			22					115			(204	)
	89	Coal		203			189			79					156			(11	)
	90	Gas		267			405			147					273			131
	91	Total		527			860			248			—		544			(84	)

(a) Includes planned and unplanned outages

See Glossary of Terms. Page 12 of 31

Last Updated          10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2007

																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
92	Palo Verde	$	54.62		$	64.64		$	69.26				$	62.84		$	4.73
93	SP15	$	60.02		$	68.75		$	68.84				$	65.87		$	4.00
	Off-Peak
94	Palo Verde	$	42.06		$	41.46		$	37.03				$	40.18		$	3.93
95	SP15	$	45.86		$	46.14		$	41.23				$	44.41		$	5.59
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		172			1,708			2,686					4,566			328
97	Heating degree-days		589			8			—					597			129
98	Average humidity		36	%		18	%		30	%				29	%		3	%
	10-Year Averages
99	Cooling degree-days		97			1,557			2,544					4,198			—
100	Heating degree-days		513			31			—					544			—
101	Average humidity		42	%		22	%		32	%				32	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b) (d)
102	Single-family		7,017			7,447			3,816					18,280			(3,765	)
103	Multi-family		4,131			3,573			1,982					9,686			1,789
104	Total		11,148			11,020			5,798			—		27,966			(1,976	)
	Arizona Job Growth (c) (d)
105	Payroll job growth (% over prior year)		4.1	%		3.3	%		2.8	%				3.5	%		(2.1	)%
106	Unemployment rate (%, seasonally adjusted)		4.0	%		3.7	%		3.7	%				3.8	%		(0.3	)%

Sources:
(a)	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security
(d)	Economic indicators reflect periods ended August 31, 2007 (latest available data).

See Glossary of Terms. Page 13 of 31

EX-99.4

Exhibit 99.4

Last Updated       10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2006

																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	$	(6	)	$	94	$	169		$	13		$	270		$	100
2	Pinnacle West Energy		—			—		—			—			—			85
3	APS Energy Services		1			—		(2	)		(2	)		(3	)		3
4	SunCor		21			8		17			3			50			11
5	El Dorado		(1	)		—		—			(1	)		(3	)		(1	)
6	Parent Company		(3	)		9		—			(3	)		3			(104	)
7	Income From Continuing Operations		12			111		184			10			317			94
	Income (Loss) From Discontinued Operations — Net of Tax
8	Silverhawk		—			—		—			—			1			68
9	SunCor		1			1		—			8			10			(7	)
10	NAC		—			—		—			—			(1	)		(4	)
11	Total		1			1		—			8			10			57
12	Net Income	$	13		$	112	$	184		$	18		$	327		$	151
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	(0.06	)	$	0.95	$	1.69		$	0.13		$	2.70		$	0.93
14	Pinnacle West Energy		—			—		—			—			—			0.89
15	APS Energy Services		0.01			—		(0.02	)		(0.02	)		(0.03	)		0.03
16	SunCor		0.21			0.07		0.17			0.03			0.50			0.10
17	El Dorado		(0.01	)		—		—			(0.01	)		(0.03	)		(0.01	)
18	Parent Company		(0.03	)		0.09		—			(0.03	)		0.03			(1.08	)
19	Income From Continuing Operations		0.12			1.11		1.84			0.10			3.17			0.86
	Income (Loss) From Discontinued Operations — Net of Tax
20	Silverhawk		—			—		—			—			—			0.69
21	SunCor		0.01			0.02		—			0.08			0.10			(0.07	)
22	NAC		—			—		—			—			—			(0.03	)
23	Total		0.01			0.02		—			0.08			0.10			0.59
24	Net Income	$	0.13		$	1.13	$	1.84		$	0.18		$	3.27		$	1.45
25	BOOK VALUE PER SHARE	$	32.37		$	33.08	$	34.07		$	34.48		$	34.48		$	(0.10	)
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		99,449			99,640		99,973			100,474			100,010			3,420
27	End of Period		99,187			99,284		99,648			99,959			99,959			902

See Glossary of Terms. Page 14 of 31

Last Updated       10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2006

													Increase
													(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr			Year-To-Date		vs Prior YTD
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	REGULATED ELECTRICITY SEGMENT
	Retail
28	Residential	$	202	$	337	$	490	$	242		$	1,271	$	192
29	Business		233		333		371		302			1,239		198
30	Total retail		435		670		861		544			2,510		390
	Wholesale revenue on delivered electricity
31	Traditional contracts		6		7		12		(3	)		22		(1	)
32	Off-system sales		12		22		—		12			46		6
33	Transmission for others		6		6		7		7			26		—
34	Other miscellaneous services		7		8		7		9			31		3
35	Total regulated operating electricity revenues		466		713		887		569			2,635		398
	MARKETING AND TRADING
36	Electricity and other commodity sales		85		90		85		71			331		(21	)
37	Total operating electric revenues	$	551	$	803	$	972	$	640		$	2,966	$	377
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		2,419		3,284		4,720		2,571			12,994		771
39	Business		3,199		3,971		4,222		3,584			14,976		722
40	Total retail		5,618		7,255		8,942		6,155			27,970		1,493
	Wholesale electricity delivered
41	Traditional contracts		215		181		321		166			883		33
42	Off-system sales		672		218		219		504			1,613		277
43	Retail load hedge management		178		622		450		340			1,590		(1,420	)
44	Total regulated electricity		6,683		8,276		9,932		7,165			32,056		383
	MARKETING AND TRADING
45	Wholesale sales of electricity		3,962		3,862		4,841		3,690			16,355		(7,217	)
46	Total electric sales		10,645		12,138		14,773		10,855			48,411		(6,834	)

See Glossary of Terms. Page 15 of 31

Last Updated       10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2006

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
47	Deferred fuel and purchased power regulatory asset — beginning balance	$	173		$	169		$	175			209		$	173		$	173
48	Deferred fuel and purchased power costs — current period		13			78			134			19			244			73
49	Regulatory disallowance		—			—			—			—			—			—
50	Interest on deferred fuel		1			3			2			2			8			6
51	Amounts recovered through revenues		(18	)		(75	)		(102	)		(70	)		(265	)		(265	)
52	Deferred fuel and purchased power regulatory asset — ending balance	$	169		$	175		$	209		$	160		$	160		$	(13	)
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
53	Electricity and other commodity sales, realized (a)	$	10		$	17		$	7		$	18		$	54		$	(1	)
54	Mark-to-market reversals on realized sales (a) (b)		(1	)		(1	)		(1	)		(6	)		(14	)		2
55	Change in mark-to-market value of forward sales		1			—			(3	)		(3	)		—			(20	)
56	Total gross margin	$	10		$	16		$	3		$	9		$	40		$	(19	)
	By Pinnacle West Entity
57	APS	$	8		$	2		$	(3	)	$	5		$	13		$	19
58	Pinnacle West		(1	)		11			4			3			18			(41	)
59	APS Energy Services		3			3			2			1			9			8
60	Pinnacle West Energy		—			—			—			—			—			(5	)
61	Total gross margin	$	10		$	16		$	3		$	9		$	40		$	(19	)

Future Marketing and Trading Mark-to-Market Realization

As of December 31, 2006, Pinnacle West had accumulated net mark-to-market gains of $30 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: 2007, $16 million; and 2008, $14 million.

(a)

Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 53 and in line 54 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 54. For example, line 54 shows that a prior-period mark-to-market gain of $14 million was transferred to “realized” for the total year 2006. A $14 million realized gain is included in the $54 million on line 53 for the total year 2006.

(b)

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

See Glossary of Terms. Page 16 of 31

Last Updated       10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2006

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
62	Residential		930,799			930,402			935,523			949,132			936,464			39,992
63	Business		113,570			114,803			116,009			117,342			115,431			4,263
64	Total		1,044,369			1,045,205			1,051,532			1,066,474			1,051,895			44,255
65	Wholesale customers		75			76			76			80			77			(1	)
66	Total customers		1,044,444			1,045,281			1,051,608			1,066,554			1,051,972			44,254
67	Customer growth (% over prior year)		4.5	%		4.6	%		4.4	%		4.1	%		4.4	%		0.1	%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
68	Residential		2,475			3,123			4,772			2,634			13,004			695
69	Business		3,248			3,933			4,231			3,603			15,016			731
70	Total		5,723			7,056			9,003			6,237			28,020			1,426
	RETAIL USAGE (KWh/Average Customer)
71	Residential		2,763			3,530			5,045			2,709			13,876			241
72	Business		30,444			34,590			36,394			30,552			129,749			1,235
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		2,659			3,357			5,101			2,775			13,886			156
74	Business		28,600			34,263			36,470			30,706			130,082			1,579
	ELECTRICITY DEMAND (MW)
75	System peak demand		4,205			6,624			7,652			5,316			7,652			652

See Glossary of Terms. Page 17 of 31

Last Updated       10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2006

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
76	Nuclear		1,720			1,198			2,202			1,868			6,988			(521	)
77	Coal		3,083			3,182			3,574			3,337			13,176			116
78	Gas, oil and other		1,323			2,000			2,433			1,628			7,384			(1,051	)
79	Total generation production		6,126			6,380			8,209			6,833			27,548			(1,456	)
	Purchased power
80	Firm load		365			1,740			1,962			223			4,290			816
81	Marketing and trading		4,592			4,597			5,353			4,326			18,868			(6,845	)
82	Total purchased power		4,957			6,337			7,315			4,549			23,158			(6,029	)
83	Total energy sources		11,083			12,717			15,524			11,382			50,706			(7,485	)
	POWER PLANT PERFORMANCE
	Capacity Factors
84	Nuclear		71	%		49	%		88	%		75	%		71	%		(6	)%
85	Coal		83	%		84	%		94	%		87	%		87	%		0	%
86	Gas, oil and other		18	%		28	%		34	%		22	%		25	%		(3	)%
87	System average		46	%		48	%		61	%		50	%		51	%		(2	)%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
88	Nuclear		306			553			97			267			153			39
89	Coal		257			184			62			155			82			9
90	Gas		201			117			109			286			89			(4	)
91	Total		764			854			268			708			324			44

(a) Includes planned and unplanned outages

See Glossary of Terms. Page 18 of 31

Last Updated       10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2006

																	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
92	Palo Verde	$	53.78		$	54.63		$	65.89		$	52.72		$	56.76		$	(9.64	)
93	SP15	$	58.34		$	55.39		$	71.89		$	62.16		$	61.95		$	(10.99	)
	Off-Peak
94	Palo Verde	$	41.92		$	28.38		$	38.45		$	39.62		$	37.09		$	(10.46	)
95	SP15	$	44.79		$	27.43		$	43.94		$	46.27		$	40.61		$	(11.45	)
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		43			1,740			2,455			457			4,695			32
97	Heating degree-days		464			4			—			383			851			85
98	Average humidity		28	%		18	%		33	%		33	%		28	%		(6	)%
	10-Year Averages
99	Cooling degree-days		97			1,557			2,544			441			4,640			—
100	Heating degree-days		513			31			—			296			840			—
101	Average humidity		42	%		22	%		32	%		38	%		33	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
102	Single-family		8,716			8,883			5,969			4,408			27,976			(15,282	)
103	Multi-family		2,887			2,976			3,215			1,029			10,107			2,329
104	Total		11,603			11,859			9,184			5,437			38,083			(12,953	)
	Arizona Job Growth (c)
105	Payroll job growth (% over prior year)		6.2	%		5.3	%		5.1	%		4.9	%		5.4	%		0.0	%
106	Unemployment rate (%, seasonally adjusted)		4.2	%		4.1	%		4.0	%		4.1	%		4.1	%		(0.5	)%

Sources:

(a)     Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.

(b)     Arizona Real Estate Center, Arizona State University W.P. Carey College of Business

(c)     Arizona Department of Economic Security

See Glossary of Terms. Page 19 of 31

EX-99.5

Exhibit 99.5

Last Updated     10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2005

																	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	$	27		$	64		$	61		$	18		$	170		$	(30	)
2	Pinnacle West Energy		(21	)		12			(71	)		(6	)		(85	)		(27	)
3	APS Energy Services		(3	)		1			—			(3	)		(6	)		(9	)
4	SunCor		9			10			7			13			39			(2	)
5	El Dorado		(1	)		—			—			—			(2	)		(35	)
6	Parent Company		19			(2	)		88			2			107			79
7	Income From Continuing Operations		30			85			85			24			223			(24	)
	Income (Loss) From Discontinued
	Operations — Net of Tax
8	Silverhawk		(7	)		(59	)		1			(3	)		(67	)		(55	)
9	SunCor		1			1			14			—			17			13
10	NAC		—			—			4			—			3			(1	)
11	Total		(6	)		(58	)		19			(3	)		(47	)		(43	)
12	Net Income	$	24		$	27		$	104		$	21		$	176		$	(67	)
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	0.30		$	0.66		$	0.62		$	0.19		$	1.77		$	(0.41	)
14	Pinnacle West Energy		(0.23	)		0.13			(0.72	)		(0.06	)		(0.89	)		(0.26	)
15	APS Energy Services		(0.04	)		0.01			—			(0.04	)		(0.06	)		(0.09	)
16	SunCor		0.09			0.11			0.07			0.13			0.40			(0.05	)
17	El Dorado		(0.01	)		—			(0.01	)		(0.01	)		(0.02	)		(0.38	)
18	Parent Company		0.21			(0.03	)		0.90			0.03			1.11			0.81
19	Income From Continuing Operations		0.32			0.88			0.86			0.24			2.31			(0.38	)
	Income (Loss) From Discontinued
	Operations — Net of Tax
20	Silverhawk		(0.06	)		(0.61	)		—			(0.03	)		(0.69	)		(0.57	)
21	SunCor		0.01			0.01			0.15			0.01			0.17			0.13
22	NAC		—			—			0.04			—			0.03			(0.02	)
23	Total		(0.05	)		(0.60	)		0.19			(0.02	)		(0.49	)		(0.46	)
24	Net Income	$	0.27		$	0.28		$	1.05		$	0.22		$	1.82		$	(0.84	)
25	BOOK VALUE PER SHARE	$	32.50		$	32.89		$	35.81		$	34.58		$	34.58		$	2.44
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		92,045			96,299			98,816			99,050			96,590			5,058
27	End of Period		92,103			98,442			98,881			99,057			99,057			7,264

See Glossary of Terms. Page 20 of 31

Last Updated     10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2005

												Increase
												(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	REGULATED ELECTRICITY SEGMENT
	Retail
28	Residential	$	190	$	268	$	414	$	207	$	1,079	$	95
29	Business		209		281		308		243		1,041		63
30	Total retail		399		549		722		450		2,120		158
	Wholesale revenue on delivered electricity
31	Traditional contracts		3		5		9		6		23		7
32	Off-system sales		—		12		8		20		40		40
33	Transmission for others		7		7		7		5		26		(6	)
34	Other miscellaneous services		7		7		7		7		28		3
35	Total regulated operating electricity revenues		416		580		753		488		2,237		202
	MARKETING AND TRADING
36	Electricity and other commodity sales		89		71		107		84		352		(49	)
37	Total operating electric revenues	$	505	$	651	$	860	$	572	$	2,589	$	153
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		2,367		2,889		4,449		2,518		12,223		696
39	Business		3,042		3,684		4,100		3,427		14,254		428
40	Total retail		5,409		6,573		8,549		5,945		26,477		1,124
	Wholesale electricity delivered
41	Traditional contracts		155		200		269		227		850		141
42	Off-system sales		—		598		212		526		1,336		1,336
43	Retail load hedge management		750		702		1,026		532		3,010		278
44	Total regulated electricity		6,314		8,073		10,056		7,230		31,673		2,879
	MARKETING AND TRADING
45	Wholesale sales of electricity		6,060		5,009		7,263		5,240		23,572		(6,606	)
46	Total electric sales		12,374		13,082		17,319		12,470		55,245		(3,727	)

See Glossary of Terms. Page 21 of 31

Last Updated     10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2005

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
47	Deferred fuel and purchased power regulatory asset — beginning balance	$	—		$	—		$	38		$	143		$	—		$	—
48	Deferred fuel and purchased power costs — current period		—			38			104			29			171			171
49	Regulatory disallowance		—			—			—			—			—			—
50	Interest on deferred fuel		—			—			1			1			2			2
51	Amounts recovered through revenues		—			—			—			—			—			—
52	Deferred fuel and purchased power regulatory asset — ending balance	$	—		$	38		$	143		$	173		$	173		$	173
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
53	Electricity and other commodity sales, realized (a)	$	12		$	18		$	3		$	23		$	55		$	(9	)
54	Mark-to-market reversals on realized sales (a)(b)		(3	)		(8	)		3			(17	)		(16	)		(11	)
55	Change in mark-to-market value of forward sales		10			3			14			1			20			(1	)
56	Total gross margin	$	19		$	13		$	20		$	7		$	59		$	(21	)
	By Pinnacle West Entity
57	APS	$	(4	)	$	3		$	(8	)	$	3		$	(6	)	$	(1	)
58	Pinnacle West		21			6			26			6			59			34
59	APS Energy Services		(3	)		4			2			(2	)		1			(13	)
60	Pinnacle West Energy		5			—			—			—			5			(41	)
61	Total gross margin	$	19		$	13		$	20		$	7		$	59		$	(21	)

(a)

Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 53 and in line 54 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 54. For example, line 54 shows that a prior-period mark-to-market gain of $16 million was transferred to “realized” for the total year 2005. A $16 million realized gain is included in the $55 million on line 53 for the total year 2005.

(b)

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

See Glossary of Terms. Page 22 of 31

Last Updated     10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2005

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
62	Residential		889,967			888,509			895,789			911,623			896,472			37,403
63	Business		109,795			110,658			111,648			112,569			111,168			4,053
64	Total		999,762			999,167			1,007,437			1,024,192			1,007,640			41,456
65	Wholesale customers		81			76			78			77			78			(3	)
66	Total customers		999,843			999,243			1,007,515			1,024,269			1,007,718			41,453
67	Customer growth (% over prior year)		4.0	%		4.2	%		4.5	%		4.5	%		4.3	%		0.6	%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
68	Residential		2,438			2,924			4,427			2,520			12,309			573
69	Business		3,062			3,705			4,106			3,412			14,285			412
70	Total		5,500			6,629			8,533			5,932			26,594			985
	RETAIL USAGE (KWh/Average Customer)
71	Residential		2,660			3,252			4,967			2,763			13,635			217
72	Business		27,706			33,292			36,723			30,444			128,514			(878	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		2,739			3,291			4,942			2,764			13,730			69
74	Business		27,887			33,483			36,777			30,313			128,503			(1,014	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		3,997			6,458			7,000			5,169			7,000			598

See Glossary of Terms. Page 23 of 31

Last Updated     10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2005

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
76	Nuclear		2,247			1,619			2,147			1,496			7,509			(674	)
77	Coal		2,940			3,088			3,574			3,458			13,060			394
78	Gas, oil and other		1,128			2,129			3,064			2,114			8,435			3,107
79	Total generation production		6,315			6,836			8,785			7,068			29,004			2,827
	Purchased power
80	Firm load		586			880			1,589			402			3,474			(851	)
81	Marketing and trading		5,832			5,984			7,795			6,102			25,713			(4,479	)
82	Total purchased power		6,418			6,864			9,384			6,504			29,187			(5,330	)
83	Total energy sources		12,733			13,700			18,169			13,572			58,191			(2,503	)
	POWER PLANT PERFORMANCE
	Capacity Factors
84	Nuclear		94	%		67	%		88	%		61	%		77	%		(7	)%
85	Coal		80	%		83	%		95	%		92	%		87	%		3	%
86	Gas, oil and other		17	%		29	%		39	%		27	%		28	%		9	%
87	System average		49	%		51	%		62	%		50	%		53	%		2	%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
88	Nuclear		52			329			107			419			114			(45	)
89	Coal		195			244			47			103			73			(55	)
90	Gas		212			164			140			226			93			45
91	Total		459			737			294			748			280			(54	)

(a) Includes planned and unplanned outages

See Glossary of Terms. Page 24 of 31

Last Updated     10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2005

																	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
92	Palo Verde	$	49.74		$	53.33		$	78.94		$	83.58		$	66.40		$	17.10
93	SP15	$	55.70		$	55.19		$	83.21		$	97.65		$	72.94		$	17.74
	Off-Peak
94	Palo Verde	$	37.04		$	33.03		$	52.35		$	67.79		$	47.55		$	12.81
95	SP15	$	40.96		$	34.73		$	56.08		$	76.45		$	52.06		$	13.44
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		34			1,538			2,583			508			4,663			(31	)
97	Heating degree-days		457			1			—			308			766			(219	)
98	Average humidity		56	%		20	%		29	%		30	%		34	%		2	%
	10-Year Averages
99	Cooling degree-days		97			1,557			2,544			441			4,640			—
100	Heating degree-days		513			31			—			296			840			—
101	Average humidity		42	%		22	%		32	%		38	%		33	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
102	Single-family		10,356			12,013			11,577			9,312			43,258			(4,859	)
103	Multi-family		1,741			1,645			2,360			2,032			7,778			192
104	Total		12,097			13,658			13,937			11,344			51,036			(4,667	)
	Arizona Job Growth (c)
105	Payroll job growth (% over prior year)		4.8	%		5.5	%		6.0	%		5.2	%		5.4	%		1.7	%
106	Unemployment rate (%, seasonally adjusted)		4.6	%		4.7	%		4.7	%		4.6	%		4.6	%		(0.3	)%

Sources:
(a)	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security

See Glossary of Terms. Page 25 of 31

EX-99.6

Exhibit 99.6

Last Updated           10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																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	$	34		$	55		$	95	$	15		$	200		$	19
2	Pinnacle West Energy		(22	)		(14	)		1		(23	)		(58	)		(50	)
3	APS Energy Services		2			1			1		(1	)		3			(13	)
4	SunCor		2			4			4		31			41			(5	)
5	El Dorado		—			34			—		—			33			34
6	Parent Company		15			(6	)		3		16			28			37
7	Income From Continuing Operations		31			74			104		38			247			22
	Income (Loss) From Discontinued Operations — Net of Tax
8	Silverhawk		—			(3	)		—		(8	)		(12	)		(13	)
9	SunCor		—			1			1		1			4			(6	)
10	NAC		—			1			—		3			4			(1	)
11	Total		—			(1	)		1		(4	)		(4	)		(20	)
12	Net Income	$	31		$	73		$	105	$	34		$	243		$	2
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	0.38		$	0.60		$	1.04	$	0.16		$	2.18		$	0.20
14	Pinnacle West Energy		(0.24	)		(0.15	)		0.01		(0.25	)		(0.63	)		(0.55	)
15	APS Energy Services		0.02			0.01			0.01		(0.01	)		0.03			(0.15	)
16	SunCor		0.02			0.04			0.05		0.34			0.45			(0.05	)
17	El Dorado		—			0.37			—		—			0.36			0.37
18	Parent Company		0.15			(0.06	)		0.03		0.17			0.30			0.40
19	Income From Continuing Operations		0.33			0.81			1.14		0.41			2.69			0.22
	Income (Loss) From Discontinued Operations — Net of Tax
20	Silverhawk		—			(0.03	)		—		(0.09	)		(0.12	)		(0.12	)
21	SunCor		0.01			—			0.01		0.02			0.04			(0.07	)
22	NAC		—			0.01			—		0.03			0.05			—
23	Total		0.01			(0.02	)		0.01		(0.04	)		(0.03	)		(0.19	)
24	Net Income	$	0.34		$	0.79		$	1.15	$	0.37		$	2.66		$	0.03
25	BOOK VALUE PER SHARE	$	31.19		$	31.68		$	32.55	$	32.14		$	32.14		$	1.17
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		91,376			91,400			91,491		91,779			91,532			127
27	End of Period		91,310			91,309			91,443		91,793			91,793			505

See Glossary of Terms. Page 26 of 31

Last Updated           10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

												Increase
												(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	REGULATED ELECTRICITY SEGMENT
	Retail
28	Residential	$	189	$	245	$	360	$	190	$	984	$	27
29	Business		211		257		289		221		978		25
30	Total retail		400		502		649		411		1,962		52
	Wholesale revenue on delivered electricity
31	Traditional contracts		3		4		6		3		16		1
32	Off-system sales		—		—		—		—		—		—
33	Transmission for others		8		8		8		8		32		4
34	Other miscellaneous services		4		6		8		7		25		—
35	Total regulated operating electricity revenues		415		520		671		429		2,035		57
	MARKETING AND TRADING
36	Electricity and other commodity sales		89		110		91		111		401		9
37	Total operating electric revenues	$	504	$	630	$	762	$	540	$	2,436	$	66
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		2,410		2,722		4,028		2,367		11,527		380
39	Business		3,051		3,602		3,937		3,236		13,826		411
40	Total retail		5,461		6,324		7,965		5,603		25,353		791
	Wholesale electricity delivered
41	Traditional contracts		138		195		210		166		709		209
42	Off-system sales		—		—		—		—		—		—
43	Retail load hedge management		169		731		943		889		2,732		1,638
44	Total regulated electricity		5,768		7,250		9,118		6,658		28,794		2,638
	MARKETING AND TRADING
45	Wholesale sales of electricity		5,696		7,141		8,994		8,347		30,178		1,375
46	Total electric sales		11,464		14,391		18,112		15,005		58,972		4,013

See Glossary of Terms. Page 27 of 31

Last Updated           10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
47	Deferred fuel and purchased power regulatory asset — beginning balance	$	—		$	—		$	—		$	—		$	—		$	—
48	Deferred fuel and purchased power costs — current period		—			—			—			—			—			—
49	Regulatory disallowance		—			—			—			—			—			—
50	Interest on deferred fuel		—			—			—			—			—			—
51	Amounts recovered through revenues		—			—			—			—			—			—
52	Deferred fuel and purchased power regulatory asset — ending balance	$	—		$	—		$	—		$	—		$	—		$	—
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
53	Electricity and other commodity sales, realized (a)	$	12		$	21		$	16		$	15		$	64		$	(1	)
54	Mark-to-market reversals on realized sales (a) (b)		1			(4	)		(3	)		(1	)		(5	)		6
55	Change in mark-to-market value of forward sales		8			4			8			3			21			28
56	Total gross margin	$	21		$	21		$	21		$	17		$	80		$	33
	By Pinnacle West Entity
57	APS	$	(5	)	$	—		$	2		$	(2	)	$	(5	)	$	(13	)
58	Pinnacle West		12			6			5			1			25			30
59	APS Energy Services		4			4			4			2			14			(22	)
60	Pinnacle West Energy		10			11			10			16			46			38
61	Total gross margin	$	21		$	21		$	21		$	17		$	80		$	33

(a)

Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 53 and in line 54 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The opposites of amounts included in line 53 are included in line 54. For example, line 54 shows that a prior-period mark-to-market gain of $5 million was transferred to “realized” for the total year 2004. A $5 million realized gain is included in the $64 million on line 53 for the total year 2004.

(b)

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

See Glossary of Terms. Page 28 of 31

Last Updated           10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
62	Residential		855,754			852,594			856,353			871,575			859,069			30,703
63	Business		105,502			106,517			107,583			108,860			107,115			4,019
64	Total		961,256			959,111			963,936			980,435			966,184			34,722
65	Wholesale customers		81			82			85			77			81			15
66	Total customers		961,337			959,193			964,021			980,512			966,265			34,737
67	Customer growth (% over prior year)		3.4	%		3.8	%		3.9	%		3.9	%		3.7	%		0.4	%
	RETAIL SALES (GWH) — WEATHER NORMALIZED
68	Residential		2,365			2,818			4,215			2,338			11,736			804
69	Business		2,990			3,623			4,033			3,226			13,873			470
70	Total		5,355			6,441			8,248			5,564			25,609			1,274
	RETAIL USAGE (KWh/Average Customer)
71	Residential		2,816			3,193			4,704			2,717			13,418			(39	)
72	Business		28,919			33,816			36,595			29,726			129,392			(1,137	)
	RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		2,764			3,305			4,922			2,682			13,661			464
74	Business		28,345			34,018			37,489			29,636			129,517			(485	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		3,979			5,632			6,402			4,432			6,402			70

See Glossary of Terms. Page 29 of 31

Last Updated           10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
76	Nuclear		2,148			1,860			2,364			1,811			8,183			(132	)
77	Coal		2,887			3,035			3,417			3,327			12,666			1,299
78	Gas, oil and other		367			1,339			2,547			1,075			5,328			(763	)
79	Total generation production		5,402			6,234			8,328			6,213			26,177			404
	Purchased power
80	Firm load		701			1,532			1,068			1,024			4,325			1,214
81	Marketing and trading		5,506			7,167			9,301			8,218			30,192			2,442
82	Total purchased power		6,207			8,699			10,369			9,242			34,517			3,656
83	Total energy sources		11,609			14,933			18,697			15,455			60,694			4,060
	POWER PLANT PERFORMANCE
	Capacity Factors
84	Nuclear		88	%		76	%		96	%		74	%		84	%		(3	)%
85	Coal		77	%		81	%		90	%		88	%		84	%		8	%
86	Gas, oil and other		5	%		20	%		38	%		17	%		19	%		(8	)%
87	System average		44	%		49	%		64	%		48	%		51	%		(3	)%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
88	Nuclear		132			231			13			261			159			28
89	Coal		237			153			63			61			128			(140	)
90	Gas		71			46			39			34			48			(160	)
91	Total		440			430			115			356			334			(272	)

(a) Includes planned and unplanned outages

See Glossary of Terms. Page 30 of 31

Last Updated           10/25/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	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
92	Palo Verde	$	43.73		$	50.36		$	51.86		$	51.23		$	49.30		$	0.70
93	SP15	$	48.37		$	54.73		$	57.09		$	60.62		$	55.20		$	3.82
	Off-Peak
94	Palo Verde	$	33.66		$	33.74		$	33.37		$	38.21		$	34.75		$	2.72
95	SP15	$	36.90		$	37.32		$	37.18		$	43.07		$	38.62		$	3.96
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		273			1,598			2,471			352			4,694			(205	)
97	Heating degree-days		552			11			—			422			985			249
98	Average humidity		39	%		19	%		26	%		45	%		32	%		1	%
	10-Year Averages
99	Cooling degree-days		97			1,557			2,544			441			4,640			—
100	Heating degree-days		513			31			—			296			840			—
101	Average humidity		42	%		22	%		32	%		38	%		33	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
102	Single-family		10,045			13,636			14,111			10,325			48,117			8,466
103	Multi-family		1,757			1,324			2,149			2,356			7,586			859
104	Total		11,802			14,960			16,260			12,681			55,703			9,325
	Arizona Job Growth (c)
105	Payroll job growth (% over prior year)		2.6	%		3.4	%		4.0	%		4.6	%		3.7	%		2.3	%
106	Unemployment rate (%, seasonally adjusted)		5.2	%		5.0	%		4.9	%		4.6	%		4.9	%		(0.8	)%

Sources:
(a)	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business
(c)	Arizona Department of Economic Security

See Glossary of Terms. Page 31 of 31

EX-99.7

Exhibit 99.7

LAST UPDATED
10/25/07

Pinnacle West Capital Corporation
Earnings Variance Explanations
For the Three-Month and Nine-Month Periods Ended September 30, 2007 and 2006

     This discussion explains the changes in our consolidated net income for the three-month and nine-month periods ended September 30, 2007 and 2006. Unaudited Condensed Consolidated Statements of Income for the three months and nine months ended September 30, 2007 and 2006 follow this discussion. We will file our Quarterly Report on Form 10-Q for the fiscal period ended September 30, 2007 on or before November 9, 2007. We suggest that this discussion be read in connection with the Pinnacle West Capital Corporation (“Pinnacle West”) Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and the Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2007 and June 30, 2007. Additional operating and financial statistics and a glossary of terms are available on our website (www.pinnaclewest.com).

EARNINGS CONTRIBUTION BY BUSINESS SEGMENT

     Pinnacle West’s two reportable business segments are:

• our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities and includes electricity generation, transmission and distribution; and

• our real estate segment, which consists of SunCor’s real estate development and investment activities.

     The following table summarizes income (loss) from continuing operations for the three months and nine months ended September 30, 2007 and 2006 and reconciles net income in total (dollars in millions):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2007			2006			2007		2006
Regulated electricity segment	$	205		$	170		$	278	$	252
Real estate segment		(2	)		17			7		47
All other (a)		(2	)		(3	)		10		8
Income from continuing operations		201			184			295		307
Discontinued operations — net of tax (b)		8			—			9		2
Net income	$	209		$	184		$	304	$	309

(a)	All other includes activities related to marketing and trading, APSES products and services and El Dorado. None of these segments is a reportable segment.
(b)	Primarily relates to sales of commercial properties.

PINNACLE WEST CONSOLIDATED — RESULTS OF OPERATIONS

Regulatory Matters

     On June 28, 2007, the Arizona Corporation Commission (the “ACC”) issued an order in the general rate case of Arizona Public Service Company (“APS”). In its order, effective July 1, 2007, among other things, the ACC (a) approved an increase in APS’ retail base rates, the components of which included an increase in APS’ base fuel rate and a non-fuel rate increase; (b) modified the Power Supply Adjustor (“PSA”); and (c) disallowed certain PSA deferrals as described below.

     Under the PSA, APS defers for future rate recovery or refund 90% of the difference between actual retail fuel and purchased power costs and the base fuel rate included in APS’ retail rates, subject to specified parameters. APS absorbs the other 10% of variances between actual retail fuel and purchased power costs and the base fuel rate. The increase in APS’ base fuel rate approved by the ACC reduced the amount of fuel and purchased power costs subject to the 90/10 PSA sharing arrangement. APS recovers PSA deferrals from its customers through PSA annual adjustors and surcharges. The recovery of PSA deferrals recorded as revenue is offset dollar-for-dollar by the amortization of those deferred expenses recorded as fuel and purchased power. The balance of APS’ PSA accumulated unrecovered deferrals at September 30, 2007 was approximately $150 million. See “APS General Rate Case and Power Supply Adjustor” in Note 5 of Notes to Condensed Consolidated Financial Statements in the Pinnacle West/APS Report on Form 10-Q for the fiscal quarter ended June 30, 2007 for additional information about the ACC order and the PSA.

     APS recorded PSA deferrals of (a) $45 million related to replacement power costs in 2005 associated with Palo Verde outages (the “2005 Deferrals”) and (b) $79 million related to replacement power costs in 2006 associated with outages or reduced power operations at Palo Verde (the “2006 Deferrals”). In its order, the ACC (a) disallowed approximately $14 million, including accrued interest ($8 million after income taxes), of the 2005 Deferrals and (b) approved APS’ recovery of the balance of the 2005 Deferrals (approximately $34 million, including accrued interest) through a temporary PSA surcharge over a twelve-month period beginning July 1, 2007. The ACC directed the ACC staff to conduct a “prudence audit” of the 2006 Palo Verde outage costs. Virtually all of the 2006 Deferrals were associated with a Unit 1 vibration issue. On October 4, 2007, the ACC staff filed a report with the ACC that concludes that APS’ response to the Unit 1 vibration issue was “reasonable and prudent.” APS continues to believe that the 2006 Deferrals were prudently incurred and, therefore, are recoverable.

Operating Results — Three-month period ended September 30, 2007 compared with three-month period ended September 30, 2006

     Our consolidated net income for the three months ended September 30, 2007 was $209 million compared with $184 million for the comparable prior-year period. The current period includes income from discontinued operations of $8 million, which was related to income from the sale of commercial properties at SunCor. Income from continuing operations increased $17 million in the period-to-period comparison, reflecting the following changes in earnings:

2

• Regulated Electricity Segment — Income from continuing operations increased approximately $35 million primarily due to the effects of hotter weather on retail sales; higher retail sales primarily due to customer growth and usage patterns; impacts of the retail rate increase (see “Regulatory Matters” above); and income tax benefits related to prior years resolved in 2007. These positive factors were partially offset by higher operations and maintenance expense primarily for customer service and regulatory programs and increased costs for generation, including the Palo Verde performance improvement plan. In addition, higher fuel and purchased power costs related to commodity price increases were offset by the deferral of such costs in accordance with the PSA. See “Regulatory Matters” above.

• Real Estate Segment — Income from continuing operations decreased approximately $19 million primarily due to lower sales of residential property and land parcels resulting from the continued slowdown in the western United States real estate markets and prior-year sales of certain joint venture assets. Income from discontinued operations increased $8 million due to increased commercial property sales.

3

Additional details on the major factors that increased (decreased) net income for the three-month period ended September 30, 2007 compared with the prior-year period are contained in the following table (dollars in millions):

	Increase (Decrease)
	Pretax			After Tax
Regulated electricity segment:
Effects of hotter weather on retail sales	$	27		$	16
Higher retail sales primarily due to customer growth and usage patterns, excluding weather effects		17			10
Impacts of retail rate increase (see discussion above):
Revenue increase related to higher base fuel rate		114			70
Decreased deferred fuel and purchased power costs related to higher base fuel rate		(103	)		(63	)
Non-fuel rate increase		5			3
Net changes in fuel and purchased power costs related to prices:
Higher fuel and purchased power costs due to increased prices		(39	)		(24	)
Increased deferred fuel and purchased power costs related to increased prices		37			23
Operations and maintenance increases primarily due to:
Customer service costs and regulatory programs		(8	)		(5	)
Increased generation costs, including Palo Verde performance improvement plan		(6	)		(4	)
Income tax benefits related to prior years resolved in 2007		—			10
Miscellaneous items, net		(4	)		(1	)
Increase in regulated electricity segment net income		40			35
Lower real estate segment contribution primarily due to decreased sales of residential property and land parcels and prior-year sales of certain joint venture assets		(31	)		(19	)
Other miscellaneous items, net		1			1
Increase in income from continuing operations	$	10			17
Discontinued operations primarily related to sales of commercial real estate assets					8
Increase in net income				$	25

Regulated Electricity Segment Revenues

     Regulated electricity segment revenues were $157 million higher for the three months ended September 30, 2007 compared with the prior-year period primarily because of:

• a $119 million increase in retail revenues due to retail rate increase effective July 1, 2007;

• a $36 million increase in retail revenues due to the effects of hotter weather;

• a $22 million increase in retail revenues primarily related to customer growth and usage patterns, excluding weather effects;

• a $16 million increase in Off-System Sales due to higher prices and volumes;

4

• a $44 million decrease in retail revenues related to recovery of PSA deferrals, which had no earnings effect because of amortization of the same amount recorded as fuel and purchased power expense (see “Regulatory Matters” above); and

• an $8 million net increase due to miscellaneous factors.

Real Estate Segment Revenues

     Real estate segment revenues were $50 million lower for the three months ended September 30, 2007 compared with the prior-year period primarily because of:

• a $48 million decrease in residential property sales due to the continued slowdown in the western United States real estate markets;

• a $4 million decrease in revenue primarily due to lower sales of land parcels; and

• a $2 million net increase due to miscellaneous factors.

All Other Revenues

     Marketing and trading revenues were $15 million higher for the three months ended September 30, 2007 compared with the prior-year period primarily due to an increase in competitive retail sales volumes in California.

     Other revenues were $8 million higher for the three months ended September 30, 2007 compared to the prior-year period primarily as a result of increased sales by APSES of energy related products and services.

Operating Results — Nine-month period ended September 30, 2007 compared with nine-month period ended September 30, 2006

     Our consolidated net income for the nine months ended September 30, 2007 was $304 million compared with $309 million for the comparable prior-year period. Our net income includes income from discontinued operations related primarily to sales of commercial properties by SunCor of $9 million in the current period and $2 million in the prior-year period. Income from continuing operations decreased $12 million in the period-to-period comparison, reflecting the following changes in earnings:

• Regulated Electricity Segment — Income from continuing operations increased approximately $26 million primarily due to higher retail sales primarily due to customer growth and usage patterns; the effects of weather on retail sales; impacts of the retail rate increase; and income tax benefits related to prior years resolved in 2007. These positive factors were partially offset by higher operations and maintenance expense primarily due to increased generation costs, including the Palo Verde performance

5

improvement plan, customer service and regulatory programs; income tax credits related to prior years resolved in 2006; lower other income, net of expense, primarily due to miscellaneous asset sales in the prior-year period and lower interest income as a result of lower investment balances; and a regulatory disallowance. In addition, higher fuel and purchased power costs related to commodity price increases were partially offset by the deferral of such costs in accordance with the PSA. See “Regulatory Matters” for further discussion.

•

Real Estate Segment — Income from continuing operations decreased approximately $40 million primarily due to lower sales of residential property and land parcels resulting from the continued slowdown in the western United States real estate markets and prior-year sales of certain joint venture assets. Income from discontinued operations increased $7 million due to increased commercial property sales.

6

Additional details on the major factors that increased (decreased) net income for the nine-month period ended September 30, 2007 compared with the prior-year period are contained in the following table (dollars in millions):

	Increase (Decrease)
	Pretax			After Tax
Regulated electricity segment:
Higher retail sales primarily due to customer growth and usage patterns, excluding weather effects	$	37		$	23
Effects of weather on retail sales		33			20
Impacts of retail rate increase (see discussion above):
Revenue increase related to higher base fuel rate		114			70
Decreased deferred fuel and purchased power costs related to higher base fuel rate		(103	)		(63	)
Non-fuel rate increase		5			3
Net changes in fuel and purchased power costs related to price:
Higher fuel and purchased power costs due to increased prices		(80	)		(49	)
Increased deferred fuel and purchased power costs related to increased prices		75			46
Regulatory disallowance (see “Regulatory Matters” above)		(14	)		(8	)
Operations and maintenance increases primarily due to:
Increased generation costs, including Palo Verde performance improvement plan		(8	)		(5	)
Customer service costs and regulatory programs		(8	)		(5	)
Higher depreciation and amortization primarily due to increased plant balances		(8	)		(5	)
Lower other income, net of expense, primarily due to lower interest income as a result of lower investment balances and miscellaneous asset sales in the prior-year period		(13	)		(8	)
Income tax benefits related to prior years resolved in 2007		—			13
Income tax credits related to prior years resolved in 2006		—			(10	)
Miscellaneous items, net		7			4
Increase in regulated electricity segment net income		37			26
Lower real estate segment contribution primarily due to decreased sales of residential property and land parcels and prior year sales of certain joint venture assets		(66	)		(40	)
Higher marketing and trading contribution primarily due to higher competitive retail sales volumes in California and higher mark-to-market gains because of changes in forward prices		6			4
Other miscellaneous items, net		(3	)		(2	)
Decrease in income from continuing operations	$	(26	)		(12	)
Discontinued operations primarily related to increased sales of commercial real estate assets					7
Decrease in net income				$	(5	)

Regulated Electricity Segment Revenues

     Regulated electricity segment revenues were $225 million higher for the nine months ended September 30, 2007 compared with the prior-year period primarily because of:

7

• a $119 million increase in retail revenues due to retail rate increase effective July 1, 2007;

• a $49 million increase in retail revenues primarily related to customer growth and usage patterns, excluding weather effects;

• a $45 million increase in retail revenues due to the effects of weather; and

• a $12 million net increase due to miscellaneous factors.

Real Estate Segment Revenues

     Real estate segment revenues were $145 million lower for the nine months ended September 30, 2007 compared with the prior-year period primarily because of:

• a $124 million decrease in residential property sales due to the continued slowdown in western United States real estate markets;

• a $23 million decrease in revenue primarily due to lower sales of land parcels; and

• a $2 million net increase due to miscellaneous factors.

All Other Revenues

     Marketing and trading revenues were $5 million higher for the nine months ended September 30, 2007 compared with the prior-year period primarily because of higher competitive retail sales volumes in California and higher mark-to-market gains because of changes in forward prices.

     Other revenues were $8 million higher for the nine months ended September 30, 2007 compared to the prior-year period primarily as a result of increased sales by APSES of energy-related products and services.

8

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

	THREE MONTHS ENDED
	SEPTEMBER 30,						Increase (Decrease)
	2007			2006			Amount			Percent
Operating Revenues
Regulated electricity segment	$	1,043,723		$	886,979		$	156,744			17.7	%	B
Real estate segment		47,411			97,871			(50,460	)		51.6	%	W
Marketing and trading		99,203			84,425			14,778			17.5	%	B
Other revenues		15,597			7,167			8,430			117.6	%	B
Total		1,205,934			1,076,442			129,492			12.0	%	B
Operating Expenses
Regulated electricity segment fuel and purchased power		407,242			314,150			93,092			29.6	%	W
Real estate segment operations		46,391			78,853			(32,462	)		41.2	%	B
Marketing and trading fuel and purchased power		93,860			80,906			12,954			16.0	%	W
Operations and maintenance		178,419			164,396			14,023			8.5	%	W
Depreciation and amortization		95,059			90,390			4,669			5.2	%	W
Taxes other than income taxes		34,940			31,697			3,243			10.2	%	W
Other expenses		11,246			5,610			5,636			100.5	%	W
Total		867,157			766,002			101,155			13.2	%	W
Operating Income		338,777			310,440			28,337			9.1	%	B
Other
Allowance for equity funds used during construction		5,235			3,178			2,057			64.7	%	B
Other income		4,276			18,055			(13,779	)		76.3	%	W
Other expense		(6,744	)		(3,693	)		(3,051	)		82.6	%	W
Total		2,767			17,540			(14,773	)		84.2	%	W
Interest Expense
Interest charges		54,393			50,577			3,816			7.5	%	W
Capitalized interest		(5,435	)		(5,612	)		177			3.2	%	W
Total		48,958			44,965			3,993			8.9	%	W
Income From Continuing Operations Before Income Taxes		292,586			283,015			9,571			3.4	%	B
Income Taxes		91,588			98,836			(7,248	)		7.3	%	B
Income From Continuing Operations		200,998			184,179			16,819			9.1	%	B
Income (Loss) From Discontinued Operations
Net of Income Taxes		7,710			(12	)		7,722			64350.0	%	B
Net Income	$	208,708		$	184,167		$	24,541			13.3	%	B
Weighted-Average Common Shares Outstanding — Basic		100,324			99,491			833			0.8	%
Weighted-Average Common Shares Outstanding — Diluted		100,829			99,973			856			0.9	%
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	2.00		$	1.85		$	0.15			8.1	%	B
Net income — basic	$	2.08		$	1.85		$	0.23			12.4	%	B
Income from continuing operations — diluted	$	1.99		$	1.84		$	0.15			8.2	%	B
Net income — diluted	$	2.07		$	1.84		$	0.23			12.5	%	B
B — Better
W — Worse

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

	NINE MONTHS ENDED
	SEPTEMBER 30,						Increase (Decrease)
	2007			2006			Amount			Percent
Operating Revenues
Regulated electricity segment	$	2,291,067		$	2,065,823		$	225,244			10.9	%	B
Real estate segment		173,013			318,328			(145,315	)		45.6	%	W
Marketing and trading		264,311			259,352			4,959			1.9	%	B
Other revenues		36,113			28,173			7,940			28.2	%	B
Total		2,764,504			2,671,676			92,828			3.5	%	B
Operating Expenses
Regulated electricity segment fuel and purchased power		880,932			735,489			145,443			19.8	%	W
Real estate segment operations		154,008			248,595			(94,587	)		38.0	%	B
Marketing and trading fuel and purchased power		226,337			227,797			(1,460	)		0.6	%	B
Operations and maintenance		527,307			511,155			16,152			3.2	%	W
Depreciation and amortization		277,515			267,308			10,207			3.8	%	W
Taxes other than income taxes		104,416			99,970			4,446			4.4	%	W
Other expenses		28,537			22,562			5,975			26.5	%	W
Total		2,199,052			2,112,876			86,176			4.1	%	W
Operating Income		565,452			558,800			6,652			1.2	%	B
Other
Allowance for equity funds used during construction		14,874			10,612			4,262			40.2	%	B
Other income		11,976			34,448			(22,472	)		65.2	%	W
Other expense		(13,685	)		(12,953	)		(732	)		5.7	%	W
Total		13,165			32,107			(18,942	)		59.0	%	W
Interest Expense
Interest charges		158,352			143,985			14,367			10.0	%	W
Capitalized interest		(15,455	)		(14,595	)		(860	)		5.9	%	B
Total		142,897			129,390			13,507			10.4	%	W
Income From Continuing Operations Before Income Taxes		435,720			461,517			(25,797	)		5.6	%	W
Income Taxes		140,428			154,900			(14,472	)		9.3	%	B
Income From Continuing Operations		295,292			306,617			(11,325	)		3.7	%	W
Income From Discontinued Operations
Net of Income Taxes		8,940			2,159			6,781			314.1	%	B
Net Income	$	304,232		$	308,776		$	(4,544	)		1.5	%	W
Weighted-Average Common Shares Outstanding — Basic		100,200			99,277			923			0.9	%
Weighted-Average Common Shares Outstanding — Diluted		100,767			99,723			1,044			1.0	%
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	2.95		$	3.09		$	(0.14	)		4.5	%	W
Net income — basic	$	3.04		$	3.11		$	(0.07	)		2.3	%	W
Income from continuing operations — diluted	$	2.93		$	3.07		$	(0.14	)		4.6	%	W
Net income — diluted	$	3.02		$	3.10		$	(0.08	)		2.6	%	W
B — Better
W — Worse

EX-99.8

Exhibit 99.8

Last Updated 10/25/07

Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Glossary of Terms

Amounts Recovered Through Revenues	Amounts recovered from retail customers through the power supply adjustor in the current period.
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 Value of Forward Sales	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.
Deferred Fuel and Purchased Power Costs — Current Period	Deferrals recorded in the period for recovery or refund to the extent actual retail fuel and purchased power costs vary from the amount included in base retail rates (currently $0.0325 per kWh).
Deferred Fuel and Purchased Power Regulatory Asset	Balance of accumulated deferrals, net of amounts recovered through revenues, recorded for recovery or refund to the extent actual retail fuel and purchased power costs vary from the amount included in base retail rates (currently $0.0325 per kWh).
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°F for the month. Average temperatures less than the base temperature are ignored.

-2-

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°F for the month. Average temperatures greater than the base temperature are ignored.
Electricity and Other Commodity Sales, Realized	Marketing and trading gross margin related to electricity and other commodities that were delivered in the then-current period.
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 and Replaced for Native Load	Total capacity required and economic, yet unavailable for retail customers and traditional wholesale contracts due to scheduled or unscheduled outages. Measured in megawatts per day.
Generation Production — Coal	Amount of net energy produced by coal-fueled generators. Measured in gigawatt-hours.

-3-

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.
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.
Mark-To-Market Reversals on Realized Sales	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.
Megawatt (MW)	One million watts.
Megawatt-hour (MWh)	A unit of energy equivalent to 1,000 kilowatt-hours.
Native Load	Retail and wholesale sales supplied under traditional cost-based rate regulation.
Off-System Sales	Sales of electricity from generation owned or contracted by the company that is over and above the amount required to serve retail customers and traditional wholesale contracts.

-4-

Power Supply Adjustor (“PSA”)	Power supply adjustor provides for recovery or refund of variations in actual fuel and purchased power costs compared with the amount included in base retail rates (currently $0.0325 per kWh) subject to certain specified parameters.
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 and Mark-to-Market Components	Marketing and trading gross margin, before income taxes, for off-system sales and for sales and purchases 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.
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.

-5-

Weather Normalized	Adjusted to exclude the effects of abnormal weather patterns.
Wholesale Sales of Electricity	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.

EX-99.9

Exhibit 99.9

FOR IMMEDIATE RELEASE		October 25, 2007
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 THIRD QUARTER RESULTS BUOYED BY HOT WEATHER

PHOENIX — Benefiting from one of the hottest Arizona summers on record, Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income for the quarter ended September 30, 2007, of $208.7 million, or $2.07 per diluted share of common stock. This result compares with $184.2 million, or $1.84 per diluted share, for the same period in 2006.

“Our improved results were driven by higher retail sales at Arizona Public Service (APS) as a result of hotter than normal temperatures,” said Pinnacle West Chairman Bill Post. The extreme weather in the quarter – punctuated by a record 32 days with highs of 110 degrees or higher in the Phoenix metropolitan area and by the hottest August on record – improved the Company’s earnings by $16 million, or $0.16 per share.

In addition to the weather effects, the 2007 third quarter also was positively impacted by tax benefits of $10 million, or $0.10 per share, related to prior years. Solid customer growth was offset by increases in operating and maintenance costs for generation and customer service; and lower results from the Company’s real estate operations.

APS reported net income of $204.3 million for the third quarter of 2007, compared with net income of $168.6 million for the same period a year ago. The Company benefited from strong operational performance at the Palo Verde Nuclear Generating Station (which achieved a site average capacity factor of 89 percent); increased retail sales of 6.4 percent; and retail customer growth of 3.2 percent.

“Even with a slowing housing market, our growth continues at a fairly strong level of 3.2 percent compared with our ten-year average of 3.8 percent,” Post said. “Our state’s rapidly growing population requires continuing infrastructure investments. Over the next five years, we expect to spend about $1 billion annually on transmission, distribution and generation infrastructure to meet our customers’ needs and support Arizona’s economy.”

SunCor Development Co., Pinnacle West’s real estate subsidiary, reported net income of $6.0 million, compared with $17.5 million in the 2006 third quarter. The decrease was primarily due to lower sales of residential property and land parcels attributable to the effects of deteriorating credit markets.

PINNACLE WEST 2007 THIRD QUARTER EARNINGS October 25, 2007
Page 2 of 2

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

Conference Call
Pinnacle West invites interested parties to listen to the live web cast of management’s conference call to discuss the Company’s 2007 third quarter earnings and recent developments at 1:30 pm (ET) today, October 25. 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 19150269. A replay of the call also will be available until 11:55 p.m. (ET), Thursday, November 1, 2007, 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.

-30-

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,
	2007			2006			2007			2006
Operating Revenues
Regulated electricity segment	$	1,043,723		$	886,979		$	2,291,067		$	2,065,823
Real estate segment		47,411			97,871			173,013			318,328
Marketing and trading		99,203			84,425			264,311			259,352
Other revenues		15,597			7,167			36,113			28,173
Total		1,205,934			1,076,442			2,764,504			2,671,676
Operating Expenses
Regulated electricity segment fuel and purchased power		407,242			314,150			880,932			735,489
Real estate segment operations		46,391			78,853			154,008			248,595
Marketing and trading fuel and purchased power		93,860			80,906			226,337			227,797
Operations and maintenance		178,419			164,396			527,307			511,155
Depreciation and amortization		95,059			90,390			277,515			267,308
Taxes other than income taxes		34,940			31,697			104,416			99,970
Other expenses		11,246			5,610			28,537			22,562
Total		867,157			766,002			2,199,052			2,112,876
Operating Income		338,777			310,440			565,452			558,800
Other
Allowance for equity funds used during construction		5,235			3,178			14,874			10,612
Other income		4,276			18,055			11,976			34,448
Other expense		(6,744	)		(3,693	)		(13,685	)		(12,953	)
Total		2,767			17,540			13,165			32,107
Interest Expense
Interest charges		54,393			50,577			158,352			143,985
Capitalized interest		(5,435	)		(5,612	)		(15,455	)		(14,595	)
Total		48,958			44,965			142,897			129,390
Income From Continuing Operations Before Income Taxes		292,586			283,015			435,720			461,517
Income Taxes		91,588			98,836			140,428			154,900
Income From Continuing Operations		200,998			184,179			295,292			306,617
Income (Loss) From Discontinued Operations
Net of Income Taxes		7,710			(12	)		8,940			2,159
Net Income	$	208,708		$	184,167		$	304,232		$	308,776
Weighted-Average Common Shares Outstanding — Basic		100,324			99,491			100,200			99,277
Weighted-Average Common Shares Outstanding — Diluted		100,829			99,973			100,767			99,723
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	2.00		$	1.85		$	2.95		$	3.09
Net income — basic	$	2.08		$	1.85		$	3.04		$	3.11
Income from continuing operations — diluted	$	1.99		$	1.84		$	2.93		$	3.07
Net income — diluted	$	2.07		$	1.84		$	3.02		$	3.10