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, 2008

	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 April 29, 2008, Pinnacle West Capital Corporation (the “Company” or “Pinnacle West”) issued a press release regarding its financial results for its fiscal quarter ended March 31, 2008. 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, 2008. 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.

2008 Earnings Outlook

     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 2008 will be within a reasonable range of $2.50 per share. Although our current estimate is consistent with our previous guidance, it reflects changes in certain components. We currently estimate that Arizona Public Service Company (“APS”) will contribute substantially all of the 2008 earnings. We estimate that APS’ 2008 earnings will be higher than previously expected for a number of reasons, including but not limited to: increased wholesale revenues, favorable first-quarter 2008 weather, favorable mark-to-market valuations related to fuel hedges, favorable resolutions of various tax matters, and an assumed mid-2008 transmission revenue increase. We expect these favorable effects will be partially offset by lower customer growth reflecting economic conditions. As a result of the weak real estate market, we currently estimate that the 2008 earnings contribution by SunCor Development Company (“SunCor”) will be minimal.

      For information on our prior 2008 guidance, see the Pinnacle West/APS Current Report on Form 8-K filed with the Securities and Exchange Commission on January 30, 2008. For information on transmission revenue increases, see “Rate Requests for Transmission and Ancillary Services” in Note 3 of Notes to Consolidated Financial Statements in the Pinnacle West/APS Annual Report on Form 10-K for the fiscal year ended December 31, 2007.

Forward-Looking Statements

     Our earnings forecasts are subject to numerous risks, including those described below. This Form 8-K contains forward-looking statements regarding our 2008 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, 2007, these factors include, but are not limited to, state and federal regulatory and legislative decisions and actions, including the outcome or timing of the rate case filed with the ACC on March 24, 2008; the outcome of regulatory, legislative and judicial proceedings, both current and future, relating to the restructuring of the electric industry and environmental matters (including those related to climate change); the ongoing restructuring of the electric industry, including decisions impacting wholesale competition and the introduction of retail electric competition in Arizona; fluctuations in market prices for electricity, natural gas, coal, uranium and other fuels used in our generating facilities, and supplies of such commodities; volatile market liquidity, 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

2

contracts); 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 and Pacific Northwest energy situations, 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; ability of power plant participants to meet contractual or other obligations; 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); 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 trusts, pension and other postretirement benefit plan 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 periods ended March 31, 2008 and 2007.
99.3	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2008.
99.4	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2007.
99.5	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2006.
99.6	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2005.
99.7	Pinnacle West APS	Pinnacle West Capital Corporation earnings variance explanations for the three months ended March 31, 2008 and 2007 and unaudited condensed consolidated statements of income for the three months ended March 31, 2008 and 2007.
99.8	Pinnacle West APS	Glossary of Terms.
99.9	Pinnacle West APS	Earnings News Release issued on April 29, 2008.

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: April 29, 2008	By:	/s/ Donald E. Brandt
		Donald E. Brandt
		President and Chief Operating Officer
	ARIZONA PUBLIC SERVICE COMPANY (Registrant)
Dated: April 29, 2008	By:	/s/ Donald E. Brandt
		Donald E. Brandt
		President and Chief Executive 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 periods ended March 31, 2008 and 2007.
99.3	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2008.
99.4	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2007.
99.5	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2006.
99.6	Pinnacle West APS	Pinnacle West Capital Corporation consolidated statistics by quarter for 2005.
99.7	Pinnacle West APS	Pinnacle West Capital Corporation earnings variance explanations for the three months ended March 31, 2008 and 2007 and unaudited condensed consolidated statements of income for the three months ended March 31, 2008 and 2007.
99.8	Pinnacle West APS	Glossary of Terms.
99.9	Pinnacle West APS	Earnings News Release issued on April 29, 2008.

6

EX-99.1

Exhibit 99.1

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2008 and 2007

List of Contents

2008 First Quarter Summary

2008 by Quarter

2007 by Quarter

2006 by Quarter

2005 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/2008Q1QuarStatsGloss.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 4/29/2008

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2008 and 2007

			3 Mo. Ended March
Line			2008			2007			Incr (Decr)
		EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
	1	Arizona Public Service	$	(6	)	$	4		$	(10	)
	2	Pinnacle West Energy		—			—			—
	3	APS Energy Services		—			1			(1	)
	4	SunCor		(1	)		9			(10	)
	5	El Dorado		(1	)		(2	)		1
	6	Parent Company		4			5			(1	)
	7	Income From Continuing Operations		(4	)		17			(21	)
		Income (Loss) From Discontinued Operations — Net of Tax
	8	Silverhawk		—			—			—
	9	SunCor		—			—			—
	10	Other		—			—			—
	11	Total		—			—			—
	12	Net Income	$	(4	)	$	17		$	(21	)
		EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
	13	Arizona Public Service	$	(0.06	)	$	0.04		$	(0.10	)
	14	Pinnacle West Energy		—			—			—
	15	APS Energy Services		—			0.01			(0.01	)
	16	SunCor		(0.01	)		0.09			(0.10	)
	17	El Dorado		(0.02	)		(0.02	)		—
	18	Parent Company		0.04			0.04			—
	19	Income From Continuing Operations		(0.05	)		0.16			(0.21	)
		Income (Loss) From Discontinued Operations — Net of Tax
	20	Silverhawk		—			—			—
	21	SunCor		—			—			—
	22	Other		0.01			—			0.01
	23	Total		0.01			—			0.01
	24	Net Income	$	(0.04	)	$	0.16		$	(0.20	)
	25	BOOK VALUE PER SHARE	$	35.22	*	$	34.45		$	0.77
		COMMON SHARES OUTSTANDING (Thousands)
	26	Average — Diluted		100,521			100,622			(101	)
	27	End of Period		100,486			100,115			371

* Estimate

See Glossary of Terms Page 2 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2008 and 2007

			3 Mo. Ended March
Line			2008		2007		Incr (Decr)
		ELECTRIC OPERATING REVENUES (Dollars in Millions)
		REGULATED ELECTRICITY SEGMENT
		Retail
	28	Residential	$	271	$	246	$	25
	29	Business		300		264		36
	30	Total retail		571		510		61
		Wholesale revenue on delivered electricity
	31	Traditional contracts		12		5		7
	32	Off-system sales		24		7		17
	33	Transmission for others		7		7		—
	34	Other miscellaneous services		9		7		2
	35	Total regulated operating electricity revenues		623		536		87
		MARKETING AND TRADING
	36	Electricity and other commodity sales		57		72		(15	)
	37	Total operating electric revenues	$	680	$	608	$	72
		ELECTRIC SALES (GWH)
		REGULATED ELECTRICITY SEGMENT
		Retail sales
	38	Residential		2,774		2,734		40
	39	Business		3,338		3,285		53
	40	Total retail		6,112		6,019		93
		Wholesale electricity delivered
	41	Traditional contracts		222		175		47
	42	Off-system sales		416		243		173
	43	Retail load hedge management		162		117		45
	44	Total regulated electricity		6,912		6,554		358
		MARKETING AND TRADING
	45	Wholesale sales of electricity		920		1,923		(1,003	)
	46	Total electric sales		7,832		8,477		(645	)

See Glossary of Terms Page 3 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2008 and 2007

			3 Mo. Ended March
Line			2008			2007			Incr (Decr)
		POWER SUPPLY ADJUSTOR (“PSA”) - - REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
	47	Deferred fuel and purchased power regulatory asset — beginning balance	$	111		$	160		$	(49	)
	48	Deferred fuel and purchased power costs — current period		(11	)		25			(36	)
	49	Regulatory disallowance		—			—			—
	50	Interest on deferred fuel		1			2			(1	)
	51	Amounts recovered through revenues		(51	)		(69	)		18
	52	Deferred fuel and purchased power regulatory asset — ending balance	$	50		$	118		$	(68	)
		MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
		Realized and Mark-To-Market Components
	53	Electricity and other commodity sales, realized (a)	$	5		$	13		$	(8	)
	54	Mark-to-market reversals on realized sales (a) (b)		—			(8	)		8
	55	Change in mark-to-market value of forward sales		1			10			(9	)
	56	Total gross margin	$	6		$	15		$	(9	)
		By Pinnacle West Entity
	57	APS	$	—		$	(1	)	$	1
	58	Pinnacle West		7			11			(4	)
	59	APS Energy Services		(1	)		5			(6	)
	60	Pinnacle West Energy		—			—			—
	61	Total gross margin	$	6		$	15		$	(9	)

Future Marketing and Trading Mark-to-Market Realization

As of March 31, 2008, 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: 2008, $2 million; and thereafter, $8 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 $0 million was transferred to “realized” for the first quarter of 2008. A $0 million realized gain is included in the $5 million on line 53 for the first quarter of 2008.

(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 4/29/2008

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2008 and 2007

			3 Mo. Ended March
Line			2008			2007			Incr (Decr)
		AVERAGE ELECTRIC CUSTOMERS
		Retail customers
	62	Residential		982,459			965,428			17,031
	63	Business		122,833			118,649			4,184
	64	Total		1,105,292			1,084,077			21,215
	65	Wholesale customers		50			63			(13	)
	66	Total customers		1,105,342			1,084,140			21,202
	67	Customer growth (% over prior year)		2.0	%		3.8	%		(1.8	)%
		RETAIL SALES (GWH) - WEATHER NORMALIZED
	68	Residential		2,694			2,657			37
	69	Business		3,300			3,228			72
	70	Total		5,994			5,885			109
		RETAIL USAGE (KWh/Average Customer)
	71	Residential		2,824			2,832			(8	)
	72	Business		27,175			27,687			(512	)
		RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
	73	Residential		2,742			2,752			(10	)
	74	Business		26,865			27,205			(340	)
		ELECTRICITY DEMAND (MW)
	75	System peak demand		4,685			4,781			(96	)

See Glossary of Terms Page 5 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2008 and 2007

			3 Mo. Ended March
Line			2008			2007			Incr (Decr)
		ENERGY SOURCES (GWH)
		Generation production
	76	Nuclear		2,318			2,299			19
	77	Coal		2,924			3,164			(240	)
	78	Gas, oil and other		1,148			1,151			(3	)
	79	Total generation production		6,390			6,614			(224	)
		Purchased power
	80	Firm load		740			278			462
	81	Marketing and trading		1,205			2,128			(923	)
	82	Total purchased power		1,945			2,406			(461	)
	83	Total energy sources		8,335			9,020			(685	)
		POWER PLANT PERFORMANCE
		Capacity Factors
	84	Nuclear		93	%		94	%		(1	)%
	85	Coal		76	%		84	%		(8	)%
	86	Gas, oil and other		16	%		16	%		0	%
	87	System average		47	%		50	%		(3	)%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
	88	Nuclear		8			57			(49	)
	89	Coal		327			203			124
	90	Gas		356			267			89
	91	Total		691			527			164

(a) Includes planned and unplanned outages

See Glossary of Terms Page 6 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2008 and 2007

			3 Mo. Ended March
Line			2008			2007			Incr (Decr)
		ENERGY MARKET INDICATORS (a)
		Electricity Average Daily Spot Prices ($/MWh)
		On-Peak
	92	Palo Verde	$	69.40		$	54.62		$	14.78
	93	SP15	$	79.09		$	60.02		$	19.07
		Off-Peak
	94	Palo Verde	$	56.39		$	42.06		$	14.33
	95	SP15	$	62.35		$	45.86		$	16.49
		WEATHER INDICATORS
		Actual
	96	Cooling degree-days		105			172			(67	)
	97	Heating degree-days		583			589			(6	)
	98	Average humidity		40	%		36	%		4	%
		10-Year Averages
	99	Cooling degree-days		96			96			—
	100	Heating degree-days		517			517			—
	101	Average humidity		42	%		42	%		0	%
		ECONOMIC INDICATORS
		Building Permits — Metro Phoenix (b) (d)
	102	Single-family		1,418			2,263			(845	)
	103	Multi-family		1,070			1,488			(418	)
	104	Total		2,488			3,751			(1,263	)
		Arizona Job Growth (c) (d)
	105	Payroll job growth (% over prior year)		0.4	%		2.5	%		(2.1	)%
	106	Unemployment rate (%, seasonally adjusted)		4.2	%		3.9	%		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 February 29, 2008 (latest available data) and February 28, 2007.

See Glossary of Terms Page 7 of 31

EX-99.3

Exhibit 99.3

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2008

															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	)							$	(6	)	$	(10	)
	2	Pinnacle West Energy		—									—			—
	3	APS Energy Services		—									—			(1	)
	4	SunCor		(1	)								(1	)		(10	)
	5	El Dorado		(1	)								(1	)		1
	6	Parent Company		4									4			(1	)
	7	Income From Continuing Operations		(4	)		—		—		—		(4	)		(21	)
		Income (Loss) From Discontinued Operations — Net of Tax
	8	Silverhawk		—									—			—
	9	SunCor		—									—			—
	10	Other		—									—			—
	11	Total		—			—		—		—		—			—
	12	Net Income	$	(4	)	$	—	$	—	$	—	$	(4	)	$	(21	)
		EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
	13	Arizona Public Service	$	(0.06	)							$	(0.06	)	$	(0.10	)
	14	Pinnacle West Energy		—									—			—
	15	APS Energy Services		—									—			(0.01	)
	16	SunCor		(0.01	)								(0.01	)		(0.10	)
	17	El Dorado		(0.02	)								(0.02	)		—
	18	Parent Company		0.04									0.04			—
	19	Income From Continuing Operations		(0.05	)		—		—		—		(0.05	)		(0.21	)
		Income (Loss) From Discontinued Operations — Net of Tax
	20	Silverhawk		—									—			—
	21	SunCor		—									—			—
	22	Other		0.01									0.01			0.01
	23	Total		0.01			—		—		—		0.01			0.01
	24	Net Income	$	(0.04	)	$	—	$	—	$	—	$	(0.04	)	$	(0.20	)
	25	BOOK VALUE PER SHARE	$	35.22	*							$	35.22	*	$	0.77
		COMMON SHARES OUTSTANDING (Thousands)
	26	Average — Diluted		100,521									100,521		$	(101	)
	27	End of Period		100,486									100,486		$	371

* Estimate

See Glossary of Terms Page 8 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2008

													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	$	271							$	271	$	25
	29	Business		300								300		36
	30	Total retail		571		—		—		—		571		61
		Wholesale revenue on delivered electricity
	31	Traditional contracts		12								12		7
	32	Off-system sales		24								24		17
	33	Transmission for others		7								7		—
	34	Other miscellaneous services		9								9		2
	35	Total regulated operating electricity revenues		623		—		—		—		623		87
		MARKETING AND TRADING
	36	Electricity and other commodity sales		57								57		(15	)
	37	Total operating electric revenues	$	680	$	—	$	—	$	—	$	680	$	72
		ELECTRIC SALES (GWH)
		REGULATED ELECTRICITY SEGMENT
		Retail sales
	38	Residential		2,774								2,774		40
	39	Business		3,338								3,338		53
	40	Total retail		6,112		—		—		—		6,112		93
		Wholesale electricity delivered
	41	Traditional contracts		222								222		47
	42	Off-system sales		416								416		173
	43	Retail load hedge management		162								162		45
	44	Total regulated electricity		6,912		—		—		—		6,912		358
		MARKETING AND TRADING
	45	Wholesale sales of electricity		920								920		(1,003	)
	46	Total electric sales		7,832		—		—		—		7,832		(645	)

See Glossary of Terms Page 9 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2008

															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	$	111								$	111		$	(49	)
	48	Deferred fuel and purchased power costs - current period		(11	)								(11	)		(36	)
	49	Regulatory disallowance		—									—			—
	50	Interest on deferred fuel		1									1			(1	)
	51	Amounts recovered through revenues		(51	)								(51	)		18
	52	Deferred fuel and purchased power regulatory asset - ending balance	$	50		$	—	$	—	$	—	$	50		$	(68	)
		MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
		Realized and Mark-To-Market Components
	53	Electricity and other commodity sales, realized (a)	$	5								$	5		$	(8	)
	54	Mark-to-market reversals on realized sales (a) (b)		—									—			8
	55	Change in mark-to-market value of forward sales		1									1			(9	)
	56	Total gross margin	$	6		$	—	$	—	$	—	$	6		$	(9	)
		By Pinnacle West Entity
	57	APS	$	—								$	—		$	1
	58	Pinnacle West		7									7			(4	)
	59	APS Energy Services		(1	)								(1	)		(6	)
	60	Pinnacle West Energy		—									—			—
	61	Total gross margin	$	6		$	—	$	—	$	—	$	6		$	(9	)

Future Marketing and Trading Mark-to-Market Realization

As of March 31, 2008, 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: 2008, $2 million; and thereafter, $8 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 $0 million was transferred to “realized” for the first quarter of 2008. A $0 million realized gain is included in the $5 million on line 53 for the first quarter of 2008.

(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 4/29/2008

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2008

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
		AVERAGE ELECTRIC CUSTOMERS
		Retail customers
	62	Residential		982,459									982,459			17,031
	63	Business		122,833									122,833			4,184
	64	Total		1,105,292			—		—		—		1,105,292			21,215
	65	Wholesale customers		50									50			(13	)
	66	Total customers		1,105,342			—		—		—		1,105,342			21,202
	67	Customer growth (% over prior year)		2.0	%								2.0	%		(1.8	)%
		RETAIL SALES (GWH) - WEATHER NORMALIZED
	68	Residential		2,694									2,694			37
	69	Business		3,300									3,300			72
	70	Total		5,994			—		—		—		5,994			109
		RETAIL USAGE (KWh/Average Customer)
	71	Residential		2,824									2,824			(8	)
	72	Business		27,175									27,175			(512	)
		RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
	73	Residential		2,742									2,742			(10	)
	74	Business		26,865									26,865			(340	)
		ELECTRICITY DEMAND (MW)
	75	System peak demand		4,685									4,685			(96	)

See Glossary of Terms Page 11 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2008

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
		ENERGY SOURCES (GWH)
		Generation production
	76	Nuclear		2,318									2,318			19
	77	Coal		2,924									2,924			(240	)
	78	Gas, oil and other		1,148									1,148			(3	)
	79	Total generation production		6,390			—		—		—		6,390			(224	)
		Purchased power
	80	Firm load		740									740			462
	81	Marketing and trading		1,205									1,205			(923	)
	82	Total purchased power		1,945			—		—		—		1,945			(461	)
	83	Total energy sources		8,335			—		—		—		8,335			(685	)
		POWER PLANT PERFORMANCE
		Capacity Factors
	84	Nuclear		93	%								93	%		(1	)%
	85	Coal		76	%								76	%		(8	)%
	86	Gas, oil and other		16	%								16	%		0	%
	87	System average		47	%								47	%		(3	)%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
	88	Nuclear		8									8			(49	)
	89	Coal		327									327			124
	90	Gas		356									356			89
	91	Total		691			—		—		—		691			164

(a) Includes planned and unplanned outages

See Glossary of Terms Page 12 of 31

Last Updated 4/29/2008

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2008

															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	$	69.40								$	69.40		$	14.78
	93	SP15	$	79.09								$	79.09		$	19.07
		Off-Peak
	94	Palo Verde	$	56.39								$	56.39		$	14.33
	95	SP15	$	62.35								$	62.35		$	16.49
		WEATHER INDICATORS
		Actual
	96	Cooling degree-days		105									105			(67	)
	97	Heating degree-days		583									583			(6	)
	98	Average humidity		40	%								40	%		4	%
		10-Year Averages
	99	Cooling degree-days		96									96			—
	100	Heating degree-days		517									517			—
	101	Average humidity		42	%								42	%		0	%
		ECONOMIC INDICATORS
		Building Permits — Metro Phoenix (b) (d)
	102	Single-family		1,418									1,418			(845	)
	103	Multi-family		1,070									1,070			(418	)
	104	Total		2,488			—		—		—		2,488			(1,263	)
		Arizona Job Growth (c) (d)
	105	Payroll job growth (% over prior year)		0.4	%								0.4	%		(2.1	)%
	106	Unemployment rate (%, seasonally adjusted)		4.2	%								4.2	%		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 February 29, 2008 (latest available data).

See Glossary of Terms Page 13 of 31

EX-99.4

Exhibit 99.4

Last Updated 4/29/2008

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		$	14
2	Pinnacle West Energy		—			—			—			—			—			—
3	APS Energy Services		1			(1	)		2			(2	)		—			3
4	SunCor		9			1			(1	)		6			14			(36	)
5	El Dorado		(2	)		—			(3	)		(1	)		(6	)		(3	)
6	Parent Company		5			4			—			1			9			6
7	Income From Continuing Operations		17			79			202			4			301			(16	)
	Income (Loss) From Discontinued Operations — Net of Tax
8	Silverhawk		—			—			—			—			—			(1	)
9	SunCor		—			—			7			2			9			(1	)
10	Other		—			—			—			(3	)		(3	)		(2	)
11	Total		—			—			7			(1	)		6			(4	)
12	Net Income	$	17		$	79		$	209		$	3		$	307		$	(20	)
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	0.04		$	0.75		$	2.03		$	—		$	2.82		$	0.12
14	Pinnacle West Energy		—			—			—			—			—			—
15	APS Energy Services		0.01			(0.01	)		0.01			(0.02	)		(0.01	)		0.02
16	SunCor		0.09			0.01			(0.01	)		0.06			0.15			(0.35	)
17	El Dorado		(0.02	)		—			(0.03	)		(0.01	)		(0.06	)		(0.03	)
18	Parent Company		0.04			0.04			—			0.01			0.09			0.06
19	Income From Continuing Operations		0.16			0.79			2.00			0.04			2.99			(0.18	)
	Income (Loss) From Discontinued Operations — Net of Tax
20	Silverhawk		—			—			—			—			—			—
21	SunCor		—			(0.01	)		0.07			0.02			0.08			(0.02	)
22	Other		—			—			—			(0.03	)		(0.02	)		(0.02	)
23	Total		—			(0.01	)		0.07			(0.01	)		0.06			(0.04	)
24	Net Income	$	0.16		$	0.78		$	2.07		$	0.03		$	3.05		$	(0.22	)
25	BOOK VALUE PER SHARE	$	34.45		$	34.13		$	35.55		$	35.15		$	35.15			0.67
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		100,622			100,779			100,829			100,963			100,835			825
27	End of Period		100,115			100,290			100,367			100,486			100,486			838

See Glossary of Terms Page 14 of 31

Last Updated 4/29/2008

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	$	263	$	1,418	$	147
29	Business		264		342		425		323		1,355		116
30	Total retail		510		677		999		586		2,773		263
	Wholesale revenue on delivered electricity
31	Traditional contracts		5		9		12		7		34		12
32	Off-system sales		7		10		16		17		49		3
33	Transmission for others		7		7		8		7		29		3
34	Other miscellaneous services		7		8		9		10		33		2
35	Total regulated operating electricity revenues		536		711		1,044		627		2,918		283
	MARKETING AND TRADING
36	Electricity and other commodity sales		72		93		99		78		342		11
37	Total operating electric revenues	$	608	$	804	$	1,143	$	705	$	3,260	$	294
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		2,734		3,287		5,084		2,667		13,771		777
39	Business		3,285		4,004		4,426		3,685		15,400		424
40	Total retail		6,019		7,291		9,510		6,352		29,171		1,201
	Wholesale electricity delivered
41	Traditional contracts		175		262		296		190		923		40
42	Off-system sales		243		310		478		448		1,481		(132	)
43	Retail load hedge management		117		254		529		125		1,026		(564	)
44	Total regulated electricity		6,554		8,117		10,813		7,115		32,601		545
	MARKETING AND TRADING
45	Wholesale sales of electricity		1,923		2,648		3,146		1,681		9,397		(6,958	)
46	Total electric sales		8,477		10,765		13,959		8,796		41,998		(6,413	)

See Glossary of Terms Page 15 of 31

Last Updated 4/29/2008

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		$	150		$	160			(13	)
48	Deferred fuel and purchased power costs — current period		25			104			69			(9	)		189			(55	)
49	Regulatory disallowance		—			(14	)		—			—			(14	)		(14	)
50	Interest on deferred fuel		2			1			2			2			7			(1	)
51	Amounts recovered through revenues		(69	)		(72	)		(58	)		(32	)		(231	)		34
52	Deferred fuel and purchased power regulatory asset — ending balance	$	118		$	137		$	150		$	111		$	111		$	(49	)
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
53	Electricity and other commodity sales, realized (a)	$	13		$	22		$	6		$	11		$	54		$	—
54	Mark-to-market reversals on realized sales (a) (b)		(8	)		1			(3	)		(3	)		(7	)		7
55	Change in mark-to-market value of forward sales		10			(6	)		2			2			1			1
56	Total gross margin	$	15		$	17		$	5		$	10		$	48		$	8
	By Pinnacle West Entity
57	APS	$	(1	)	$	7		$	—		$	—		$	7		$	(7	)
58	Pinnacle West		11			9			1			9			31			14
59	APS Energy Services		5			1			4			1			10			1
60	Pinnacle West Energy		—			—			—			—			—			—
61	Total gross margin	$	15		$	17		$	5		$	10		$	48		$	8

Future Marketing and Trading Mark-to-Market Realization

As of December 31, 2007, Pinnacle West had accumulated net mark-to-market gains of $9 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: 2008, $2 million; and thereafter, $7 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 $7 million was transferred to “realized” for the total year of 2007. A $7 million realized gain is included in the $54 million on line 53 for the total year of 2007.

(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 4/29/2008

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			972,654			966,013			29,549
63	Business		118,649			119,792			120,918			121,898			120,314			4,883
64	Total		1,084,077			1,081,887			1,084,792			1,094,552			1,086,327			34,432
65	Wholesale customers		63			62			61			56			61			(16	)
66	Total customers		1,084,140			1,081,949			1,084,853			1,094,608			1,086,388			34,416
67	Customer growth (% over prior year)		3.8	%		3.5	%		3.2	%		2.6	%		3.3	%		(1.1	)%
	RETAIL SALES (GWH) — WEATHER NORMALIZED
68	Residential		2,657			3,220			4,810			2,704			13,390			378
69	Business		3,228			3,977			4,368			3,663			15,236			223
70	Total		5,885			7,197			9,178			6,367			28,626			601
	RETAIL USAGE (KWh/Average Customer)
71	Residential		2,832			3,417			5,275			2,742			14,256			380
72	Business		27,687			33,425			36,601			30,230			127,998			(1,751	)
	RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer)
73	Residential		2,752			3,346			4,990			2,780			13,861			(33	)
74	Business		27,205			33,199			36,126			30,047			126,633			(3,431	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		4,781			6,982			7,545			5,376			7,545			(107	)

See Glossary of Terms Page 17 of 31

Last Updated 4/29/2008

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			1,430			7,794			806
77	Coal		3,164			3,265			3,563			3,350			13,342			166
78	Gas, oil and other		1,151			1,518			2,480			1,554			6,703			(681	)
79	Total generation production		6,614			6,629			8,261			6,334			27,839			291
	Purchased power
80	Firm load		278			1,676			2,521			913			5,388			1,098
81	Marketing and trading		2,128			3,097			3,993			2,078			11,296			(7,572	)
82	Total purchased power		2,406			4,773			6,514			2,991			16,684			(6,474	)
83	Total energy sources		9,020			11,402			14,775			9,325			44,523			(6,183	)
	POWER PLANT PERFORMANCE
	Capacity Factors
84	Nuclear		94	%		75	%		89	%		57	%		79	%		8	%
85	Coal		84	%		86	%		93	%		87	%		87	%		0	%
86	Gas, oil and other		16	%		21	%		34	%		21	%		23	%		(2	)%
87	System average		50	%		49	%		61	%		47	%		52	%		1	%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
88	Nuclear		57			266			22			470			204			51
89	Coal		203			189			79			164			158			76
90	Gas		267			405			147			264			271			182
91	Total		527			860			248			898			633			309

(a) Includes planned and unplanned outages

See Glossary of Terms Page 18 of 31

Last Updated 4/29/2008

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		$	57.18		$	61.43		$	4.67
93	SP15	$	60.02		$	68.75		$	68.84		$	68.13		$	66.44		$	4.49
	Off-Peak
94	Palo Verde	$	42.06		$	41.46		$	37.03		$	44.39		$	41.24		$	4.15
95	SP15	$	45.86		$	46.14		$	41.23		$	50.71		$	45.99		$	5.38
	WEATHER INDICATORS
	Actual
96	Cooling degree-days		172			1,708			2,686			595			5,161			466
97	Heating degree-days		589			8			—			398			995			144
98	Average humidity		36	%		18	%		30	%		30	%		30	%		2	%
	10-Year Averages
99	Cooling degree-days		96			1,554			2,544			441			4,635			—
100	Heating degree-days		517			28			—			394			939			—
101	Average humidity		42	%		22	%		32	%		38	%		33	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
102	Single-family		7,017			7,447			4,827			1,530			20,821			(7,155	)
103	Multi-family		4,131			3,573			2,687			2,193			12,833			2,726
104	Total		11,148			11,020			7,514			3,723			33,654			(4,429	)
	Arizona Job Growth (c)
105	Payroll job growth (% over prior year)		4.1	%		3.3	%		2.6	%		0.1	%		2.5	%		(2.9	)%
106	Unemployment rate (%, seasonally adjusted)		4.0	%		3.7	%		3.6	%		4.1	%		3.9	%		(0.2	)%

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 4/29/2008

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	Other		—			—		—			—			(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	Other		—			—		—			—			—			(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 20 of 31

Last Updated 4/29/2008

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 21 of 31

Last Updated 4/29/2008

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		$	17		$	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		$	8		$	40		$	(19	)
	By Pinnacle West Entity
57	APS	$	8		$	2		$	(3	)	$	5		$	14		$	20
58	Pinnacle West		(1	)		11			4			2			17			(42	)
59	APS Energy Services		3			3			2			1			9			8
60	Pinnacle West Energy		—			—			—			—			—			(5	)
61	Total gross margin	$	10		$	16		$	3		$	8		$	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 22 of 31

Last Updated 4/29/2008

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		2,471			3,129			4,779			2,633			13,012			690
69	Business		3,247			3,932			4,230			3,604			15,013			730
70	Total		5,718			7,061			9,009			6,237			28,025			1,420
	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		2,655			3,363			5,108			2,774			13,894			149
74	Business		28,589			34,252			36,463			30,716			130,064			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 23 of 31

Last Updated 4/29/2008

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 24 of 31

Last Updated 4/29/2008

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		96			1,554			2,544			441			4,635			—
100	Heating degree-days		517			28			—			394			939			—
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 25 of 31

EX-99.6

Exhibit 99.6

Last Updated 4/29/2008

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	Other		—			—			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	Other		—			—			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 26 of 31

Last Updated 4/29/2008

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 27 of 31

Last Updated 4/29/2008

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 28 of 31

Last Updated 4/29/2008

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		2,431			2,931			4,434			2,525			12,322			572
69	Business		3,061			3,704			4,105			3,414			14,283			412
70	Total		5,492			6,635			8,539			5,939			26,605			984
	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		2,732			3,298			4,950			2,770			13,745			68
74	Business		27,876			33,471			36,770			30,324			128,485			(1,011	)
	ELECTRICITY DEMAND (MW)
75	System peak demand		3,997			6,458			7,000			5,169			7,000			598

See Glossary of Terms Page 29 of 31

Last Updated 4/29/2008

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			8,434			3,106
79	Total generation production		6,315			6,836			8,785			7,068			29,003			2,826
	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			58,190			(2,504	)
	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 30 of 31

Last Updated 4/29/2008

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		96			1,554			2,544			441			4,635			—
100	Heating degree-days		517			28			—			394			939			—
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 31 of 31

EX-99.7

Exhibit 99.7

Last Updated 4/29/2008

Pinnacle West Capital Corporation
Earnings Variance Explanations
for the Three-Month Periods Ended March 31, 2008 and 2007

     This discussion explains the changes in our consolidated earnings for the three-month periods ended March 31, 2008 and 2007. Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2008 and 2007 follow this discussion. We will file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2008 on or before May 12, 2008. 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, 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 net income (loss) for the three months ended March 31, 2008 and 2007 (dollars in millions):

	Three Months Ended
	March 31,
	2008			2007
Regulated electricity segment	$	(6	)	$	4
Real estate segment		(1	)		9
All other (a)		3			4
Net income (loss)	$	(4	)	$	17

(a) Includes activities related to marketing and trading, APSES and El Dorado. None of these segments is a reportable segment.

PINNACLE WEST CONSOLIDATED – RESULTS OF OPERATIONS

Operating Results – Three-month period ended March 31, 2008 compared with three-month period ended March 31, 2007

     Our consolidated net loss for the three months ended March 31, 2008 was $4 million compared with net income of $17 million for the comparable prior-year period. Net income decreased $21 million in the period-to-period comparison and is reflected in the segments as follows:

• Regulated Electricity Segment – Net income decreased approximately $10 million primarily due to higher operations and maintenance expense related to increased costs for generation (including more planned overhauls and maintenance) and increased customer service and other costs; and higher depreciation and amortization primarily due to higher plant balances. These negative factors were partially offset by higher retail sales primarily due to customer growth.

• Real Estate Segment – Net income decreased approximately $10 million primarily due to lower land parcel sales resulting from the weak real estate market.

2

     Additional details on the major factors that increased (decreased) net income for the three-month period ended March 31, 2008 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, excluding weather effects	$	6		$	4
Impacts of retail rate increase effective July 1, 2007 and transmission rate increase effective March 1, 2008:
Retail revenue increase primarily related to higher Base Fuel Rate		63			38
Decreased deferred fuel and purchased power costs related to higher Base Fuel Rate		(65	)		(40	)
Transmission rate increase		3			2
Operations and maintenance increases primarily due to:
Increased generation costs, including more planned overhauls and maintenance		(14	)		(9	)
Increased customer service and other costs		(10	)		(6	)
Higher depreciation and amortization primarily due to higher plant balances		(6	)		(4	)
Miscellaneous items, net		10			5
Decrease in regulated electricity segment net income		(13	)		(10	)
Lower real estate segment net income primarily due to lower land parcel sales resulting from the weak real estate market		(17	)		(10	)
Other miscellaneous items, net		(1	)		(1	)
Decrease in net income	$	(31	)	$	(21	)

Regulated Electricity Segment Revenues

     Regulated electricity segment revenues were $87 million higher for the three months ended March 31, 2008 compared with the prior-year period primarily because of:

• a $63 million increase in retail revenues due to a rate increase effective July 1, 2007;

• a $17 million increase in revenues from Off-System Sales due to higher prices and volumes;

• an $8 million increase in retail revenues primarily related to customer growth, excluding weather effects;

3

• a $3 million increase due to a transmission rate increase effective March 1, 2008;

• an $18 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; and

• a $14 million net increase due to miscellaneous factors.

Real Estate Segment Revenues

     Real estate segment revenues were $29 million lower for the three months ended March 31, 2008 compared with the prior-year period primarily because of the weak real estate market.

All Other Revenues

     All other revenues were $16 million lower for the three months ended March 31, 2008 compared with the prior-year period primarily due to a $15 million decrease in marketing and trading revenues as a result of lower mark-to-market gains because of changes in forward prices and lower sales volumes.

4

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

	THREE MONTHS ENDED
	MARCH 31,						Increase (Decrease)
	2008			2007			Amount			Percent
Operating Revenues
Regulated electricity segment	$	622,801		$	536,051		$	86,750			16.2	%	B
Real estate segment		47,742			77,132			(29,390	)		38.1	%	W
Marketing and trading		57,458			72,471			(15,013	)		20.7	%	W
Other revenues		8,737			9,363			(626	)		6.7	%	W
Total		736,738			695,017			41,721			6.0	%	B
Operating Expenses
Regulated electricity segment fuel and purchased power		269,378			203,353			66,025			32.5	%	W
Real estate segment operations		48,219			61,336			(13,117	)		21.4	%	B
Marketing and trading fuel and purchased power		51,522			57,944			(6,422	)		11.1	%	B
Operations and maintenance		194,124			171,578			22,546			13.1	%	W
Depreciation and amortization		95,607			89,378			6,229			7.0	%	W
Taxes other than income taxes		33,152			34,719			(1,567	)		4.5	%	B
Other expenses		5,938			8,488			(2,550	)		30.0	%	B
Total		697,940			626,796			71,144			11.4	%	W
Operating Income		38,798			68,221			(29,423	)		43.1	%	W
Other
Allowance for equity funds used during construction		6,124			4,444			1,680			37.8	%	B
Other income		3,848			4,512			(664	)		14.7	%	W
Other expense		(4,908	)		(6,353	)		1,445			22.7	%	B
Total		5,064			2,603			2,461			94.5	%	B
Interest Expense
Interest charges		54,766			50,126			4,640			9.3	%	W
Capitalized interest		(5,679	)		(4,807	)		(872	)		18.1	%	B
Total		49,087			45,319			3,768			8.3	%	W
Income (Loss) From Continuing Operations Before Income Taxes		(5,225	)		25,505			(30,730	)		120.5	%	W
Income Taxes		(557	)		9,041			(9,598	)		106.2	%	B
Income (Loss) From Continuing Operations		(4,668	)		16,464			(21,132	)		128.4	%	W
Income From Discontinued Operations
Net of Income Taxes		195			66			129			195.5	%	B
Net Income (Loss)	$	(4,473	)	$	16,530		$	(21,003	)		127.1	%	W
Weighted-Average Common Shares Outstanding — Basic		100,521			100,045			476			0.5	%
Weighted-Average Common Shares Outstanding — Diluted		100,521			100,622			(101	)		0.1	%
Earnings Per Weighted-Average Common Share Outstanding
Income (loss) from continuing operations — basic	$	(0.05	)	$	0.16		$	(0.21	)		131.3	%	W
Net income (loss) — basic	$	(0.04	)	$	0.17		$	(0.21	)		123.5	%	W
Income (loss) from continuing operations — diluted	$	(0.05	)	$	0.16		$	(0.21	)		131.3	%	W
Net income (loss) — diluted	$	(0.04	)	$	0.16		$	(0.20	)		125.0	%	W

B	— Better
W	— Worse

EX-99.8

Exhibit 99.8

Last Updated 1/30/08

Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
and Earnings Variance Explanations
Glossary of Terms

Amounts Recovered Through Revenues	Amounts recovered from retail customers through the power supply adjustor in the current period.
APS	Arizona Public Service Company, a subsidiary of Pinnacle West.
APSES	APS Energy Services Company, Inc., a subsidiary of Pinnacle West.
Arizona Job Growth	Percentage growth over the prior year in total non-farm payroll employment for the state of Arizona, non-seasonally adjusted.
Base Fuel Rate	The portion of APS’ retail base rates attributable to fuel and purchased power costs.
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.
Company	Pinnacle West Capital Corporation.
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).

-2-

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.
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.
El Dorado	El Dorado Investment Company, a subsidiary of Pinnacle West.
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.

-3-

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.
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.

-4-

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.
Palo Verde	Palo Verde Nuclear Generating Station.
Pinnacle West	Pinnacle West Capital Corporation (the Company).
Pinnacle West Energy (PWEC)	Pinnacle West Energy Corporation, a subsidiary of the Company, dissolved as of August 31, 2006.
Pinnacle West Marketing & Trading	Pinnacle West Marketing & Trading Co., LLC, a subsidiary of Pinnacle West.
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.

-5-

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.
SunCor	SunCor Development Company, a subsidiary of Pinnacle West.
System Peak Demand	The demand for electricity during the one hour of highest use each month. Measured in megawatts.
Traditional Contracts	Wholesale sales resulting from unique cost-based, long-term contracts held by the company with various entities for the supply of electricity at agreed-upon prices.
Weather Normalized	Adjusted to exclude the effects of abnormal weather patterns.
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 29, 2008
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 2008 FIRST QUARTER LOSS
Costs to Serve Arizona’s Growth Continue to Rise

PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported a consolidated net loss for the quarter ended March 31, 2008, of $4.5 million, or $0.04 per diluted share of common stock. This result compares with net income of $16.5 million, or $0.16 per share, for the first quarter of 2007.

Rising costs incurred by Arizona Public Service Co. (APS) to maintain and expand its electric system to sustain Arizona’s growth, and decreased earnings from Pinnacle West’s real estate operations, drove the lower results.

APS reported a net loss of $6.4 million for the 2008 first quarter, compared with net income of $4.3 million in the 2007 first quarter. APS’ increased operating costs in 2008 were related to a greater number of planned power plant overhauls and system maintenance, as well as higher customer service costs. Increased depreciation and interest costs related to growth also dampened the quarterly results. Higher retail sales, primarily due to customer growth, partially offset the increased costs.

SunCor Development Co. reported a net loss of $0.9 million for the current-year first quarter, compared with earnings of $9.3 million for the same period a year ago. SunCor’s results reflect the distressed national real estate market.

“Arizona continues to grow even with a slower economy. To support current growth levels, we must continue building more electricity infrastructure at a time when basic building materials (such as steel, copper, aluminum and concrete) for providing electricity are at record-high prices,” said Chairman Bill Post. “As a result, our costs for constructing needed facilities and maintaining APS’ existing electric service continue to increase.”

In a continuing effort to mitigate the rising costs, Post said the Company’s focus on cost-management remains a top priority. As previously reported, the Company has streamlined its organizational structure to better serve APS’ customers and is eliminating about 300 positions. These moves — and other operating cost reductions — are expected to decrease APS’ operating costs by $14 million annually.

PINNACLE WEST REPORTS FIRST QUARTER RESULTS	April 29, 2008
	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 2008 first quarter earnings and recent developments at 1:30 p.m. (ET), today, Tuesday, April 29, 2008. 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 Conference ID number 41125109. A replay of the call also will be available until 11:55 p.m. (ET), Tuesday, May 6, 2008, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same Conference ID number as above.

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

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This press release contains a forward-looking statement regarding expected decreases in annual operating costs resulting from the elimination of about 300 positions. The Company assumes no obligation to update this statement or to make any further statement on this issue, except as required by applicable law. Because actual results may differ materially from our expectations, the Company cautions readers not to place undue reliance on this statement. A number of factors could cause future results to differ materially from the results we currently expect. These factors include our ability to eliminate positions while maintaining required reliability and customer service levels and unexpected developments that would require us not to eliminate all or a portion of these positions or to reinstate all of a portion of these or other positions.

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

	THREE MONTHS ENDED
	MARCH 31,
	2008			2007
Operating Revenues
Regulated electricity segment	$	622,801		$	536,051
Real estate segment		47,742			77,132
Marketing and trading		57,458			72,471
Other revenues		8,737			9,363
Total		736,738			695,017
Operating Expenses
Regulated electricity segment fuel and purchased power		269,378			203,353
Real estate segment operations		48,219			61,336
Marketing and trading fuel and purchased power		51,522			57,944
Operations and maintenance		194,124			171,578
Depreciation and amortization		95,607			89,378
Taxes other than income taxes		33,152			34,719
Other expenses		5,938			8,488
Total		697,940			626,796
Operating Income		38,798			68,221
Other
Allowance for equity funds used during construction		6,124			4,444
Other income		3,848			4,512
Other expense		(4,908	)		(6,353	)
Total		5,064			2,603
Interest Expense
Interest charges		54,766			50,126
Capitalized interest		(5,679	)		(4,807	)
Total		49,087			45,319
Income (Loss) From Continuing Operations Before Income Taxes		(5,225	)		25,505
Income Taxes		(557	)		9,041
Income (Loss) From Continuing Operations		(4,668	)		16,464
Income From Discontinued Operations Net of Income Taxes		195			66
Net Income (Loss)	$	(4,473	)	$	16,530
Weighted-Average Common Shares Outstanding — Basic		100,521			100,045
Weighted-Average Common Shares Outstanding — Diluted		100,521			100,622
Earnings Per Weighted-Average Common Share Outstanding
Income (loss) from continuing operations — basic	$	(0.05	)	$	0.16
Net income (loss) — basic	$	(0.04	)	$	0.17
Income (loss) from continuing operations — diluted	$	(0.05	)	$	0.16
Net income (loss) — diluted	$	(0.04	)	$	0.16