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): March 31, 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 (an Arizona corporation) 400 North Fifth Street, P.O. Box 53999 Phoenix, AZ 85072-3999 (602) 250-1000	86-0512431
1-4473	Arizona Public Service Company (an Arizona corporation) 400 North Fifth Street, P.O. Box 53999 Phoenix, AZ 85072-3999 (602) 250-1000	86-0011170

     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		3
Signatures		4
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
EX-99.10

Item 2.02. Results of Operations and Financial Condition

     On April 25, 2007, Pinnacle West Capital Corporation (the “Company” or “Pinnacle West”) issued a press release regarding its financial results for its fiscal quarter ended March 31, 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 March 31, 2007. This Information is attached hereto as Exhibits 99.2, 99.3, 99.7, 99.9, and 99.10.

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, 99.8 and 99.10). 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.

2

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.	Registrant(s)	Description
99.1	Pinnacle West Arizona Public Service Company (“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 periods ended March 31, 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 months ended March 31, 2007 and 2006 and unaudited condensed consolidated statements of income for the three months ended March 31, 2007 and 2006.
99.8	Pinnacle West APS	Glossary of Terms.
99.9	Pinnacle West APS	Earnings News Release issued on April 25, 2007.
99.10	Pinnacle West APS	Non-GAAP Financial Measure Reconciliation - Operating Income (GAAP measure) to Gross Margin (non-GAAP financial measure).

3

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: April 25, 2007	By:	/s/ Barbara M. Gomez
		Barbara M. Gomez
		Vice President and Treasurer
	ARIZONA PUBLIC SERVICE COMPANY (Registrant)
Dated: April 25, 2007	By:	/s/ Barbara M. Gomez
		Barbara M. Gomez
		Vice President and Treasurer

4

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 periods ended March 31, 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 months ended March 31, 2007 and 2006 and unaudited condensed consolidated statements of income for the three months ended March 31, 2007 and 2006.
99.8	Pinnacle West APS	Glossary of Terms.
99.9	Pinnacle West APS	Earnings News Release issued on April 25, 2007.
99.10	Pinnacle West APS	Non-GAAP Financial Measure Reconciliation - Operating Income (GAAP measure) to Gross Margin (non-GAAP financial measure).

5

EX-99.1

Exhibit 99.1

Last Updated 4/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2007 and 2006

List of Contents

2007 First Quarter Summary

2006 by Quarter

2005 by Quarter

2004 by Quarter

Quarters may not sum to totals due to rounding.

Certain current and prior-year amounts have been reclassified to conform to current-period presentation.

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/2007Q1QuarStatsGloss.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     4/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2007 and 2006

		3 Mo. Ended March
Line		2007			2006			Incr (Decr)
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	4		$	(6	)	$	10
2	Pinnacle West Energy		—			—			—
3	APS Energy Services		1			1			—
4	SunCor		8			21			(13	)
5	El Dorado		(2	)		(1	)		(1	)
6	Parent Company		5			(3	)		8
7	Income From Continuing Operations		16			12			4
	Income (Loss) From Discontinued Operations — Net of Tax
8	Silverhawk		—			—			—
9	SunCor		1			1			—
10	NAC		—			—			—
11	Total		1			1			—
12	Net Income	$	17		$	13		$	4
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	0.04		$	(0.06	)	$	0.10
14	Pinnacle West Energy		—			—			—
15	APS Energy Services		0.01			0.01			—
16	SunCor		0.09			0.21			(0.12	)
17	El Dorado		(0.02	)		(0.01	)		(0.01	)
18	Parent Company		0.04			(0.03	)		0.07
19	Income From Continuing Operations		0.16			0.12			0.04
	Income (Loss) From Discontinued Operations — Net of Tax
20	Silverhawk		—			—			—
21	SunCor		—			0.01			(0.01	)
22	NAC		—			—			—
23	Total		—			0.01			(0.01	)
24	Net Income	$	0.16		$	0.13		$	0.03
25	BOOK VALUE PER SHARE	$	34.45	*	$	32.37		$	2.08
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		100,622			99,449			1,173
27	End of Period		100,115			99,187			928

*  Estimate

See Glossary of Terms.

Page 2 of 31

Last Updated     4/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2007 and 2006

		3 Mo. Ended March
Line		2007		2006		Incr (Decr)
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	REGULATED ELECTRICITY SEGMENT
	Retail
28	Residential	$	246	$	202	$	44
29	Business		264		233		31
30	Total retail		510		435		75
	Wholesale revenue on delivered electricity
31	Traditional contracts		5		6		(1	)
32	Off-system sales		7		12		(5	)
33	Transmission for others		7		6		1
34	Other miscellaneous services		7		7		—
35	Total regulated operating electricity revenues		536		466		70
	MARKETING AND TRADING
36	Electricity and other commodity sales		72		85		(13	)
37	Total operating electric revenues	$	608	$	551	$	57
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		2,734		2,419		315
39	Business		3,285		3,199		86
40	Total retail		6,019		5,618		401
	Wholesale electricity delivered
41	Traditional contracts		175		215		(40	)
42	Off-system sales		243		672		(429	)
43	Retail load hedge management		117		178		(61	)
44	Total regulated electricity		6,554		6,683		(129	)
	MARKETING AND TRADING
45	Wholesale sales of electricity		2,057		3,962		(1,905	)
46	Total electric sales		8,611		10,645		(2,034	)

See Glossary of Terms.

Page 3 of 31

Last Updated     4/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2007 and 2006

		3 Mo. Ended March
Line		2007			2006			Incr (Decr)
	POWER SUPPLY ADJUSTOR (“PSA”) - REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
47	Deferred fuel and purchased power regulatory asset – beginning balance	$	160		$	173		$	(13	)
48	Deferred fuel and purchased power costs – current period		25			13			12
49	Interest on deferred fuel		2			1			1
50	Amounts recovered through revenues		(69	)		(18	)		(51	)
51	Deferred fuel and purchased power regulatory asset – ending balance	$	118		$	169		$	(51	)
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
52	Electricity and other commodity sales, realized (a)	$	12		$	10		$	2
53	Mark-to-market reversals on realized sales (a) (b)		(8	)		(1	)		(7	)
54	Change in mark-to-market value of forward sales		10			1			9
55	Total gross margin	$	14		$	10		$	4
	By Pinnacle West Entity
56	APS	$	(1	)	$	8		$	(9	)
57	Pinnacle West Marketing & Trading (c)		1			—			1
58	Parent Company (c)		9			(1	)		10
59	APS Energy Services		5			3			2
60	Pinnacle West Energy		—			—			—
61	Total gross margin	$	14		$	10		$	4

Future Marketing and Trading Mark-to-Market Realization

As of March 31, 2007, Pinnacle West had accumulated net mark-to-market gains of $28 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, $13 million; and 2008, $15 million.

(a)	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 52 and in line 53 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 52 are included in line 53. For example, line 53 shows that a prior-period mark-to-market gain of $8 million was transferred to “realized” for the first quarter of 2007. A $8 million realized gain is included in the $12 million on line 52 for the first quarter of 2007.
(b)	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.
(c)	On February 1, 2007, the Parent Company transferred its market based rate tariff and wholesale power sales agreements to a newly-created subsidiary, Pinnacle West Marketing & Trading, which resulted in Pinnacle West no longer being a public utility under the Federal Power Act. As a result, Pinnacle West is no longer subject to FERC jurisdiction in connection with its issuance of securities or its incurrence of long-term debt.

See Glossary of Terms.

Page 4 of 31

Last Updated     4/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2007 and 2006

		3 Mo. Ended March
Line		2007			2006			Incr (Decr)
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
62	Residential		965,428			930,799			34,629
63	Business		118,649			113,570			5,079
64	Total		1,084,077			1,044,369			39,708
65	Wholesale customers		63			75			(12	)
66	Total customers		1,084,140			1,044,444			39,696
67	Customer growth (% over prior year)		3.8	%		4.5	%		(0.7	)%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
68	Residential		2,648			2,475			173
69	Business		3,228			3,248			(20	)
70	Total		5,876			5,723			153
	RETAIL USAGE (KWh/Average Customer)
71	Residential		2,832			2,763			69
72	Business		27,687			30,444			(2,757	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		2,743			2,659			84
74	Business		27,204			28,600			(1,396	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		4,781			4,205			576

See Glossary of Terms.

Page 5 of 31

Last Updated     4/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2007 and 2006

		3 Mo. Ended March
Line		2007			2006			Incr (Decr)
	ENERGY SOURCES (GWH)
	Generation production
76	Nuclear		2,299			1,720			579
77	Coal		3,164			3,083			81
78	Gas, oil and other		1,151			1,323			(172	)
79	Total generation production		6,614			6,126			488
	Purchased power
80	Firm load		278			365			(87	)
81	Marketing and trading		2,262			4,592			(2,330	)
82	Total purchased power		2,540			4,957			(2,417	)
83	Total energy sources		9,154			11,083			(1,929	)
	POWER PLANT PERFORMANCE
	Capacity Factors
84	Nuclear		94	%		71	%		23	%
85	Coal		84	%		83	%		1	%
86	Gas, oil and other		16	%		18	%		(2	)%
87	System average		50	%		46	%		4	%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
88	Nuclear		57			306			(249	)
89	Coal		203			257			(54	)
90	Gas		267			201			66
91	Total		527			764			(237	)

(a) Includes planned and unplanned outages

See Glossary of Terms.

Page 6 of 31

Last Updated     4/25/2007

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2007 and 2006

		3 Mo. Ended March
Line		2007			2006			Incr (Decr)
	ENERGY MARKET INDICATORS (a)
	Electricity Average Daily Spot Prices ($/MWh)
	On-Peak
92	Palo Verde	$	54.62		$	53.78		$	0.84
93	SP15	$	60.02		$	58.34		$	1.68
	Off-Peak
94	Palo Verde	$	42.06		$	41.92		$	0.14
95	SP15	$	45.86		$	44.79		$	1.07
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		172			43			129
97	Heating degree-days		589			464			125
98	Average humidity		36	%		28	%		8	%
	10-Year Averages
99	Cooling degree-days		97			97			—
100	Heating degree-days		513			513			—
101	Average humidity		42	%		42	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b) (d)
102	Single-family		4,089			5,386			(1,297	)
103	Multi-family		2,457			2,448			9
104	Total		6,546			7,834			(1,288	)
	Arizona Job Growth (c) (d)
105	Payroll job growth (% over prior year)		4.4	%		6.2	%		(1.8	)%
106	Unemployment rate (%, seasonally adjusted)		4.1	%		4.2	%		(0.1	)%

	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 February 28, 2007 (latest available data) and February 28, 2006.

See Glossary of Terms.

Page 7 of 31

EX-99.3

Exhibit 99.3

Last Updated     4/25/2007

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								$	4		$	10
2	Pinnacle West Energy		—									—			—
3	APS Energy Services		1									1			—
4	SunCor		8									8			(13	)
5	El Dorado		(2	)								(2	)		(1	)
6	Parent Company		5									5			8
												—
7	Income From Continuing Operations		16			—		—		—		16			4
	Income (Loss) From Discontinued Operations — Net of Tax
8	Silverhawk		—									—			—
9	SunCor		1									1			—
10	NAC		—									—			—
11	Total		1			—		—		—		1			—
12	Net Income	$	17		$	—	$	—	$	—	$	17		$	4
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	0.04								$	0.04		$	0.10
14	Pinnacle West Energy		—									—			—
15	APS Energy Services		0.01									0.01			—
16	SunCor		0.09									0.09			(0.12	)
17	El Dorado		(0.02	)								(0.02	)		(0.01	)
18	Parent Company		0.04									0.04			0.07
19	Income From Continuing Operations		0.16			—		—		—		0.16			0.04
	Income (Loss) From Discontinued Operations — Net of Tax
20	Silverhawk		—									—			—
21	SunCor		—									—			(0.01	)
22	NAC		—									—			—
23	Total		—			—		—		—		—			(0.01	)
24	Net Income	$	0.16		$	—	$	—	$	—	$	0.16		$	0.03
25	BOOK VALUE PER SHARE	$	34.45	*							$	34.45	*		2.08
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		100,622												1,173
27	End of Period		100,115												928
	* Estimate

See Glossary of Terms. Page 8 of 31

Last Updated     4/25/2007

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							$	246	$	44
29	Business		264								264		31
30	Total retail		510		—		—		—		510		75
	Wholesale revenue on delivered electricity
31	Traditional contracts		5								5		(1	)
32	Off-system sales		7								7		(5	)
33	Transmission for others		7								7		1
34	Other miscellaneous services		7								7		—
35	Total regulated operating electricity revenues		536		—		—		—		536		70
	MARKETING AND TRADING
36	Electricity and other commodity sales		72								72		(13	)
37	Total operating electric revenues	$	608	$	—	$	—	$	—	$	608	$	57
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		2,734								2,734		315
39	Business		3,285								3,285		86
40	Total retail		6,019		—		—		—		6,019		401
	Wholesale electricity delivered
41	Traditional contracts		175								175		(40	)
42	Off-system sales		243								243		(429	)
43	Retail load hedge management		117								117		(61	)
44	Total regulated electricity		6,554		—		—		—		6,554		(129	)
	MARKETING AND TRADING
45	Wholesale sales of electricity		2,057								2,057		(1,905	)
46	Total electric sales		8,611		—		—		—		8,611		(2,034	)

See Glossary of Terms. Page 9 of 31

Last Updated     4/25/2007

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								$	160		$	(13	)
48	Deferred fuel and purchased power costs — current period		25									25			12
49	Interest on deferred fuel		2									2			1
50	Amounts recovered through revenues		(69	)								(69	)		(51	)
51	Deferred fuel and purchased power regulatory asset — ending balance	$	118		$	—	$	—	$	—	$	118		$	(51	)
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
52	Electricity and other commodity sales, realized (a)	$	12								$	12		$	2
53	Mark-to-market reversals on realized sales (a) (b)		(8	)								(8	)		(7	)
54	Change in mark-to-market value of forward sales		10									10			9
55	Total gross margin	$	14		$	—	$	—	$	—	$	14		$	4
	By Pinnacle West Entity
56	APS	$	(1	)							$	(1	)	$	(9	)
57	Pinnacle West Marketing & Trading (c)		1									1			1
58	Parent Company (c)		9									9			10
59	APS Energy Services		5									5			2
60	Pinnacle West Energy		—									—			—
61	Total gross margin	$	14		$	—	$	—	$	—	$	14		$	4

Future Marketing and Trading Mark-to-Market Realization

As of March 31, 2007, Pinnacle West had accumulated net mark-to-market gains of $28 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, $13 million; and 2008, $15 million.

(a)	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 52 and in line 53 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 52 are included in line 53. For example, line 53 shows that a prior-period mark-to-market gain of $8 million was transferred to “realized” for the first quarter of 2007. A $8 million realized gain is included in the $12 million on line 52 for the first quarter of 2007.
(b)	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.
(c)	On February 1, 2007, the Parent Company transferred its market based rate tariff and wholesale power sales agreements to a newly-created subsidiary, Pinnacle West Marketing & Trading, which resulted in Pinnacle West no longer being a public utility under the Federal Power Act. As a result, Pinnacle West is no longer subject to FERC jurisdiction in connection with its issuance of securities or its incurrence of long-term debt.

See Glossary of Terms. Page 10 of 31

Last Updated     4/25/2007

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									965,428			34,629
63	Business		118,649									118,649			5,079
64	Total		1,084,077			—		—		—		1,084,077			39,708
65	Wholesale customers		63									63			(12	)
66	Total customers		1,084,140			—		—		—		1,084,140			39,696
67	Customer growth (% over prior year)		3.8	%								3.8	%		(0.7	)%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
68	Residential		2,648									2,648			173
69	Business		3,228									3,228			(20	)
70	Total		5,876			—		—		—		5,876			153
	RETAIL USAGE (KWh/Average Customer)
71	Residential		2,832									2,832			69
72	Business		27,687									27,687			(2,757	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		2,743									2,743			84
74	Business		27,204									27,204			(1,396	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		4,781									4,781			576

See Glossary of Terms. Page 11 of 31

Last Updated     4/25/2007

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									2,299			579
77	Coal		3,164									3,164			81
78	Gas, oil and other		1,151									1,151			(172	)
79	Total generation production		6,614			—		—		—		6,614			488
	Purchased power
80	Firm load		278									278			(87	)
81	Marketing and trading		2,262									2,262			(2,330	)
82	Total purchased power		2,540			—		—		—		2,540			(2,417	)
83	Total energy sources		9,154			—		—		—		9,154			(1,929	)
	POWER PLANT PERFORMANCE
	Capacity Factors
84	Nuclear		94	%								94	%		23	%
85	Coal		84	%								84	%		1	%
86	Gas, oil and other		16	%								16	%		(2	)%
87	System average		50	%								50	%		4	%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
88	Nuclear		57									57			(249	)
89	Coal		203									203			(54	)
90	Gas		267									267			66
91	Total		527			—		—		—		527			(237	)

(a) Includes planned and unplanned outages

See Glossary of Terms. Page 12 of 31

Last Updated     4/25/2007

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								$	54.62		$	0.84
93	SP15	$	60.02								$	60.02		$	1.68
	Off-Peak
94	Palo Verde	$	42.06								$	42.06		$	0.14
95	SP15	$	45.86								$	45.86		$	1.07
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		172									172			129
97	Heating degree-days		589									589			125
98	Average humidity		36	%								36	%		8	%
	10-Year Averages
99	Cooling degree-days		97									97			—
100	Heating degree-days		513									513			—
101	Average humidity		42	%								42	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b) (d)
102	Single-family		4,089									4,089			(1,297	)
103	Multi-family		2,457									2,457			9
104	Total		6,546			—		—		—		6,546			(1,288	)
	Arizona Job Growth (c) (d)
105	Payroll job growth (% over prior year)		4.4	%								4.4	%		(1.8	)%
106	Unemployment rate (%, seasonally adjusted)		4.1	%								4.1	%		0.0	%

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 February 28, 2007 (latest available data).

See Glossary of Terms. Page 13 of 31

EX-99.4

Exhibit 99.4

Last Updated     4/25/2007

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			0.08		0.17			0.03			0.50			0.10
17	El Dorado		(0.01	)		—		—			(0.01	)		(0.03	)		(0.01	)
18	Parent Company		(0.03	)		0.08		—			(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     4/25/2007

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     4/25/2007

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	Interest on deferred fuel		1			3			2			2			8			6
50	Amounts recovered through revenues		(18	)		(75	)		(102	)		(70	)		(265	)		(265	)
51	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
52	Electricity and other commodity sales, realized (a)	$	10		$	17		$	8		$	18		$	54		$	(1	)
53	Mark-to-market reversals on realized sales (a) (b)		(1	)		(1	)		(1	)		(6	)		(14	)		2
54	Change in mark-to-market value of forward sales		1			—			(3	)		(3	)		—			(20	)
55	Total gross margin	$	10		$	16		$	4		$	9		$	40		$	(19	)
	By Pinnacle West Entity
56	APS	$	8		$	2		$	(3	)	$	5		$	13		$	19
57	Pinnacle West Marketing & Trading (c)		—			—			—			—			—			—
58	Parent Company (c)		(1	)		11			5			3			18			(41	)
59	APS Energy Services		3			3			2			1			9			8
60	Pinnacle West Energy		—			—			—			—			—			(5	)
61	Total gross margin	$	10		$	16		$	4		$	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 52 and in line 53 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 52 are included in line 53. For example, line 53 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 52 for the total year 2006.
(b)	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.
(c)	On February 1, 2007, the Parent Company transferred its market based rate tariff and wholesale power sales agreements to a newly-created subsidiary, Pinnacle West Marketing & Trading, which resulted in Pinnacle West no longer being a public utility under the Federal Power Act. As a result, Pinnacle West is no longer subject to FERC jurisdiction in connection with its issuance of securities or its incurrence of long-term debt.

See Glossary of Terms.

Page 16 of 31

Last Updated     4/25/2007

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     4/25/2007

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     4/25/2007

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) (d)
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     4/25/2007

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     4/25/2007

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     4/25/2007

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	Interest on deferred fuel		—			—			1			1			2			2
50	Amounts recovered through revenues		—			—			—			—			—			—
51	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
52	Electricity and other commodity sales, realized (a)	$	12		$	18		$	3		$	23		$	55		$	(9	)
53	Mark-to-market reversals on realized sales (a) (b)		(3	)		(8	)		3			(17	)		(16	)		(11	)
54	Change in mark-to-market value of forward sales		10			3			14			1			20			(1	)
55	Total gross margin	$	19		$	13		$	20		$	7		$	59		$	(21	)
	By Pinnacle West Entity
56	APS	$	(4	)	$	3		$	(8	)	$	3		$	(6	)	$	(1	)
57	Pinnacle West Marketing & Trading (c)		—			—			—			—			—			—
58	Parent Company (c)		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 52 and in line 53 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 52 are included in line 53. For example, line 53 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 52 for the total year 2005.
(b)	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.
(c)	On February 1, 2007, the Parent Company transferred its market based rate tariff and wholesale power sales agreements to a newly-created subsidiary, Pinnacle West Marketing & Trading, which resulted in Pinnacle West no longer being a public utility under the Federal Power Act. As a result, Pinnacle West is no longer subject to FERC jurisdiction in connection with its issuance of securities or its incurrence of long-term debt.

See Glossary of Terms.

Page 22 of 31

Last Updated     4/25/2007

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     4/25/2007

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     4/25/2007

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     4/25/2007

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     4/25/2007

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     4/25/2007

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	Interest on deferred fuel		—			—			—			—			—			—
50	Amounts recovered through revenues		—			—			—			—			—			—
51	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
52	Electricity and other commodity sales, realized (a)	$	12		$	21		$	16		$	15		$	64		$	(1	)
53	Mark-to-market reversals on realized sales (a) (b)		1			(4	)		(3	)		(1	)		(5	)		6
54	Change in mark-to-market value of forward sales		8			4			8			3			21			28
55	Total gross margin	$	21		$	21		$	21		$	17		$	80		$	33
	By Pinnacle West Entity
56	APS	$	(5	)	$	—		$	2		$	(2	)	$	(5	)	$	(13	)
57	Pinnacle West Marketing & Trading (c)		—			—			—			—			—			—
58	Parent Company (c)		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 52 and in line 53 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The opposites of amounts included in line 52 are included in line 53. For example, line 53 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 52 for the total year 2004.
(b)	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.
(c)	On February 1, 2007, the Parent Company transferred its market based rate tariff and wholesale power sales agreements to a newly-created subsidiary, Pinnacle West Marketing & Trading, which resulted in Pinnacle West no longer being a public utility under the Federal Power Act. As a result, Pinnacle West is no longer subject to FERC jurisdiction in connection with its issuance of securities or its incurrence of long-term debt.

See Glossary of Terms.

Page 28 of 31

Last Updated     4/25/2007

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     4/25/2007

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     4/25/2007

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     4/25/07

Pinnacle West Capital Corporation
Earnings Variance Explanations
For the Three-Month Periods Ended March 31, 2007 and 2006

     This discussion explains the changes in our consolidated net income for the three-month periods ended March 31, 2007 and 2006. Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2007 and 2006 follow this discussion. We will file our Quarterly Report on Form 10-Q for the fiscal period ended March 31, 2007 on or before May 10, 2007. We suggest that this discussion be read in connection with the Pinnacle West Capital Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2006. 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 principal 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 from continuing operations by segment for the three months ended March 31, 2007 and 2006 and reconciles net income in total (dollars in millions):

	Three Months Ended
	March 31,
	2007		2006
Regulated electricity	$	4	$	(12	)
Real estate		8		21
Other (a)		4		3
Income from continuing operations		16		12
Discontinued operations — net of tax:
Real estate		1		1
Net income	$	17	$	13

(a) Primarily marketing and trading activity.

PINNACLE WEST CONSOLIDATED — RESULTS OF OPERATIONS

General

     Throughout the following explanations of our results of operations, we refer to “gross margin.” With respect to our regulated electricity segment, gross margin refers to operating revenues less fuel and purchased power costs. “Gross margin” is a “non-GAAP financial measure,” as defined in accordance with SEC rules. Exhibit 99.10 reconciles this non-GAAP financial measure to operating income, which is the most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP). We view gross margin as an important performance measure of the core profitability of our operations. This measure is a key component of our internal financial reporting and is used by our management in analyzing our business. We believe that investors benefit from having access to the same financial measures that our management uses.

Deferred Fuel and Purchased Power Costs

     Our subsidiary, Arizona Public Service Company (“APS”), settled its 2003 general retail rate case effective April 1, 2005. As part of the settlement, the Arizona Corporation Commission (“ACC”) approved the power supply adjustor (“PSA”), which permits APS to defer for recovery or refund fluctuations in retail fuel and purchased power costs, subject to specified parameters. In accordance with the PSA, APS defers for future rate recovery 90% of the difference between actual retail fuel and purchased power costs and the amount of such costs currently included in base rates. APS’ recovery of PSA deferrals from its customers is subject to the ACC’s approval of annual PSA adjustments and periodic surcharge applications.

     Since the inception of the PSA, APS has incurred substantially higher fuel and purchased power costs than those authorized for recovery through APS’ current base rates, primarily due to the use of higher cost resources and higher fuel prices, and has deferred those cost differences in accordance with the PSA. The balance of APS’ PSA accumulated unrecovered deferrals at March 31, 2007 was approximately $118 million. The recovery of PSA deferrals through ACC approved adjustors and surcharges recorded as revenue is offset dollar-for-dollar by the amortization of those deferred expenses recorded as fuel and purchased power.

     APS recorded PSA deferrals of (a) $45 million related to replacement power costs in 2005 associated with unplanned Palo Verde outages and (b) $79 million related to replacement power costs in 2006 associated with unplanned outages or reduced power operations at Palo Verde. The PSA deferrals associated with these unplanned Palo Verde outages and reduced power operations are the subject of ACC prudence reviews. The ACC staff has completed its prudence review of 2005 unplanned outages and has recommended disallowance of $16 million of the 2005 costs. The recommendation is being considered as part of APS’ general rate case currently pending before the ACC. The ACC staff recommendation does not change management’s belief that the expenses in question were prudently incurred and, therefore, are recoverable. The prudence review of 2006 unplanned outages has not yet been completed.

2

Operating Results — Three-month period ended March 31, 2007 compared with three-month period ended March 31, 2006

     Our consolidated net income for the three months ended March 31, 2007 was $17 million compared with $13 million for the comparable prior-year period. Net income increased $4 million in the period-to-period comparison, reflecting the following changes in earnings by segment:

• Regulated Electricity Segment — Net income increased approximately $16 million primarily due to the effects of cooler weather on retail sales; higher retail sales due to customer growth; and lower operations and maintenance expense related to generation. In addition, higher fuel and purchased power costs were partially offset by the deferral of such costs in accordance with the PSA. See “Deferred Fuel and Purchased Power Costs” above.

• Real Estate Segment — Net income decreased approximately $13 million primarily due to lower sales of land parcels and residential property.

• Other miscellaneous items, net, increased approximately $1 million.

3

Additional details on the major factors that increased (decreased) net income are contained in the following table (dollars in millions):

	Increase (Decrease)
	Pretax			After Tax
Regulated electricity segment gross margin:
Effects of cooler weather on retail sales	$	13		$	8
Higher retail sales due to customer growth, excluding weather effects		10			6
Higher fuel and purchased power costs due to increased prices (see “Deferred Fuel and Purchased Power Costs” above)		(14	)		(9	)
Increased deferred fuel and purchased power costs		12			7
Miscellaneous items, net		3			3
Net increase in regulated electricity segment gross margin		24			15
Lower real estate segment contribution primarily due to decreased sales of land parcels and residential property		(21	)		(13	)
Operations and maintenance decreases primarily due to:
Generation costs, including fewer power plant maintenance outages		4			2
Miscellaneous items, net		3			2
Other miscellaneous items, net		(4	)		(2	)
Net increase in net income	$	6		$	4

Regulated Electricity Segment Revenues

     Regulated electricity segment revenues were $70 million higher for the three months ended March 31, 2007 compared with the prior-year period primarily as a result of:

• a $51 million increase 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 “Deferred Fuel and Purchased Power Costs” above);

• an $18 million increase in retail revenues due to cooler weather;

• a $13 million increase in retail revenues related to customer growth, excluding weather effects;

• a $5 million decrease in Off-System Sales due to lower sales volumes; and

• a $7 million decrease due to miscellaneous factors.

Real Estate Segment Revenues

     Real estate segment revenues were $31 million lower for the three months ended March 31, 2007 compared with the prior-year period primarily as a result of:

• a $20 million decrease in residential sales due to a slowdown in the western United States residential real estate markets;

4

• a $15 million decrease in revenue primarily due to a significant land parcel sale in 2006 without a comparable sale in 2007; and

• a $4 million increase due to miscellaneous factors.

Other Revenues

     Marketing and trading revenues were $13 million lower for the three months ended March 31, 2007 compared with the prior-year period primarily as a result of:

• an $11 million decrease from lower competitive retail sales volumes in California; and

• a $2 million decrease due to miscellaneous factors.

5

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

	THREE MONTHS ENDED
	MARCH 31,						Increase (Decrease)
	2007			2006			Amount			Percent
Operating Revenues
Regulated electricity segment	$	536,051		$	466,126		$	69,925			15.0	%	B
Real estate segment		77,250			107,854			(30,604	)		28.4	%	W
Marketing and trading		72,471			85,002			(12,531	)		14.7	%	W
Other revenues		9,363			11,224			(1,861	)		16.6	%	W
Total		695,135			670,206			24,929			3.7	%	B
Operating Expenses
Regulated electricity segment fuel and purchased power		203,353			157,395			45,958			29.2	%	W
Real estate segment operations		61,443			71,330			(9,887	)		13.9	%	B
Marketing and trading fuel and purchased power		57,944			74,175			(16,231	)		21.9	%	B
Operations and maintenance		171,578			178,427			(6,849	)		3.8	%	B
Depreciation and amortization		89,621			87,621			2,000			2.3	%	W
Taxes other than income taxes		34,719			35,573			(854	)		2.4	%	B
Other expenses		8,488			8,522			(34	)		0.4	%	B
Total		627,146			613,043			14,103			2.3	%	W
Operating Income		67,989			57,163			10,826			18.9	%	B
Other
Allowance for equity funds used during construction		4,444			3,801			643			16.9	%	B
Other income		4,512			5,467			(955	)		17.5	%	W
Other expense		(6,353	)		(4,541	)		(1,812	)		39.9	%	W
Total		2,603			4,727			(2,124	)		44.9	%	W
Interest Expense
Interest charges		50,992			47,526			3,466			7.3	%	W
Capitalized interest		(4,807	)		(4,024	)		(783	)		19.5	%	B
Total		46,185			43,502			2,683			6.2	%	W
Income From Continuing Operations Before Income Taxes		24,407			18,388			6,019			32.7	%	B
Income Taxes		8,609			6,793			1,816			26.7	%	W
Income From Continuing Operations		15,798			11,595			4,203			36.2	%	B
Income From Discontinued Operations
Net of Income Taxes		732			860			(128	)		14.9	%	W
Net Income	$	16,530		$	12,455		$	4,075			32.7	%	B
Weighted-Average Common Shares Outstanding – Basic		100,045			99,115			930			0.9	%
Weighted-Average Common Shares Outstanding – Diluted		100,622			99,449			1,173			1.2	%
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations – basic	$	0.16		$	0.12		$	0.04			33.3	%	B
Net income – basic	$	0.17		$	0.13		$	0.04			30.8	%	B
Income from continuing operations – diluted	$	0.16		$	0.12		$	0.04			33.3	%	B
Net income – diluted	$	0.16		$	0.13		$	0.03			23.1	%	B

B – Better
W – Worse

EX-99.8

Exhibit 99.8
Last updated 10/27/05

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 $0.020743 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 $0.020743 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 $0.020743 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		April 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 REPORTS FIRST QUARTER EARNINGS IMPROVEMENT
Cooler Weather Spurs Increase in Electricity Sales

PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the quarter ended March 31, 2007, of $16.5 million, or $0.16 per diluted share of common stock. This result compares with net income of $12.5 million, or $0.13 per share, for the comparable quarter a year ago.

The improved results were driven largely by higher retail sales at Arizona Public Service (APS) due to cooler weather and by fewer power plant outages, partially offset by lower results from the Company’s real estate operations. Weather effects, highlighted by the coldest Arizona January in nearly two decades, contributed $8 million, or $0.08 per share, to the quarterly improvement.

Compared with the first quarter a year ago, electricity consumption by APS retail customers increased 7.1 percent in 2007 with a customer base that grew 3.8 percent, according to Chairman Bill Post.

“Serving Arizona’s growth continues to drive our business and our strategies,” he said. “During the first quarter alone, we invested more than $180 million in capital improvements to Arizona’s electric infrastructure. And, over the balance of the year, we expect to invest an additional $750 million to continue reliably serving our retail customers.”

APS reported earnings of $4.3 million for the first quarter of 2007, compared with a net loss of $5.5 million in the 2006 first quarter. Operationally, the 2007 quarter reflected significantly improved performance at the Palo Verde Nuclear Generating Station, which recorded a site capacity factor of 94 percent.

SunCor Development Co., Pinnacle West’s real estate subsidiary, reported net income of $9.3 million, down from $22.0 million for the same period a year ago, primarily due to decreased sales of land parcels and residential property.

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

PINNACLE WEST FIRST QUARTER EARNINGS	April 25, 2007
	Page 2 of 2

Pinnacle West is a Phoenix-based company with consolidated assets of about $12 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.

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 first quarter earnings and recent developments at 2 p.m. (ET), today, Wednesday, April 25, 2007. 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 5864791. A replay of the call also will be available until 11:55 p.m. (ET), Tuesday, May 1, 2007, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same reservation number as above.

-30-

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

	THREE MONTHS ENDED
	MARCH 31,
	2007			2006
Operating Revenues
Regulated electricity segment	$	536,051		$	466,126
Real estate segment		77,250			107,854
Marketing and trading		72,471			85,002
Other revenues		9,363			11,224
Total		695,135			670,206
Operating Expenses
Regulated electricity segment fuel and purchased power		203,353			157,395
Real estate segment operations		61,443			71,330
Marketing and trading fuel and purchased power		57,944			74,175
Operations and maintenance		171,578			178,427
Depreciation and amortization		89,621			87,621
Taxes other than income taxes		34,719			35,573
Other expenses		8,488			8,522
Total		627,146			613,043
Operating Income		67,989			57,163
Other
Allowance for equity funds used during construction		4,444			3,801
Other income		4,512			5,467
Other expense		(6,353	)		(4,541	)
Total		2,603			4,727
Interest Expense
Interest charges		50,992			47,526
Capitalized interest		(4,807	)		(4,024	)
Total		46,185			43,502
Income From Continuing Operations Before Income Taxes		24,407			18,388
Income Taxes		8,609			6,793
Income From Continuing Operations		15,798			11,595
Income From Discontinued Operations Net of Income Taxes		732			860
Net Income	$	16,530		$	12,455
Weighted-Average Common Shares Outstanding — Basic		100,045			99,115
Weighted-Average Common Shares Outstanding — Diluted		100,622			99,449
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	0.16		$	0.12
Net income — basic	$	0.17		$	0.13
Income from continuing operations — diluted	$	0.16		$	0.12
Net income — diluted	$	0.16		$	0.13

EX-99.10

Exhibit 99.10

PINNACLE WEST CAPITAL CORPORATION
NON-GAAP FINANCIAL MEASURE RECONCILIATION — OPERATING INCOME
(GAAP MEASURE) TO GROSS MARGIN (NON-GAAP FINANCIAL MEASURE)
(in thousands)

	THREE MONTHS ENDED
	MARCH 31,				Increase (Decrease)
	2007		2006		Pretax			After Tax
RECONCILIATION OF REGULATED ELECTRICITY SEGMENT GROSS MARGIN
Operating Income (closest GAAP measure)	$	67,989	$	57,163	$	10,826		$	6,598
Plus:
Operations and maintenance		171,578		178,427		(6,849	)		(4,174	)
Real estate segment operations		61,443		71,330		(9,887	)		(6,026	)
Depreciation and amortization		89,621		87,621		2,000			1,219
Taxes other than income taxes		34,719		35,573		(854	)		(521	)
Other expenses		8,488		8,522		(34	)		(21	)
Marketing and trading fuel and purchased power		57,944		74,175		(16,231	)		(9,893	)
Less:
Real estate segment revenues		77,250		107,854		(30,604	)		(18,653	)
Other revenues		9,363		11,224		(1,861	)		(1,134	)
Marketing and trading revenues		72,471		85,002		(12,531	)		(7,638	)
Regulated electricity segment gross margin	$	332,698	$	308,731	$	23,967		$	14,607