CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
OPERATING REVENUES	$ 1,172,667	$ 1,152,392	$ 2,765,182	$ 2,754,866
OPERATING EXPENSES
Fuel and purchased power	382,361	350,953	923,001	859,216
Operations and maintenance	223,418	233,323	647,522	685,873
Depreciation and amortization	103,660	107,388	310,582	317,410
Taxes other than income taxes	40,850	43,256	130,699	124,091
Other expenses	603	1,784	2,320	5,853
Total	750,892	736,704	2,014,124	1,992,443
OPERATING INCOME	421,775	415,688	751,058	762,423
OTHER INCOME (DEDUCTIONS)
Allowance for equity funds used during construction	7,038	5,569	21,979	18,698
Other income	2,366	160	7,514	1,387
Other expense	(4,193)	(7,435)	(9,385)	(13,421)
Total	5,211	(1,706)	20,108	6,664
INTEREST EXPENSE
Interest charges	47,626	50,587	152,346	151,372
Allowance for borrowed funds used during construction	(3,479)	(3,235)	(11,039)	(10,861)
Total	44,147	47,352	141,307	140,511
INCOME BEFORE INCOME TAXES	382,839	366,630	629,859	628,576
INCOME TAXES	134,753	131,912	215,698	221,424
NET INCOME	248,086	234,718	414,161	407,152
Less: Net income attributable to noncontrolling interests (Note 6)	4,125	8,555	21,976	25,338
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	243,961	226,163	392,185	381,814
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC (in shares)	110,686	110,009	110,579	109,935
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED (in shares)	111,103	111,053	110,962	110,913
EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING
Net income attributable to common shareholders - basic (in dollars per share)	$ 2.20	$ 2.06	$ 3.55	$ 3.47
Net income attributable to common shareholders - diluted (in dollars per share)	$ 2.20	$ 2.04	$ 3.53	$ 3.44
DIVIDENDS DECLARED PER SHARE (in dollars per share)			$ 1.14	$ 1.09
Arizona Public Service Company
ELECTRIC OPERATING REVENUES	1,172,190	1,151,535	2,763,315	2,752,427
OPERATING EXPENSES
Fuel and purchased power	382,362	350,953	923,001	859,216
Operations and maintenance	212,430	222,617	628,774	668,319
Depreciation and amortization	103,638	107,364	310,512	317,338
Income taxes	145,217	143,335	233,067	241,347
Taxes other than income taxes	40,615	43,015	130,002	123,366
Total	884,262	867,284	2,225,356	2,209,586
OPERATING INCOME	287,928	284,251	537,959	542,841
OTHER INCOME (DEDUCTIONS)
Income taxes	4,235	4,123	7,013	9,555
Allowance for equity funds used during construction	7,038	5,569	21,979	18,698
Other income	2,613	721	8,596	3,012
Other expense	(3,226)	(4,615)	(9,757)	(15,755)
Total	10,660	5,798	27,831	15,510
INTEREST EXPENSE
Interest on long-term debt	44,440	47,214	141,799	140,978
Interest on short-term borrowings	1,435	1,553	4,485	4,950
Debt discount, premium and expense	1,020	1,008	3,085	3,001
Allowance for borrowed funds used during construction	(3,479)	(3,235)	(11,039)	(10,861)
Total	43,416	46,540	138,330	138,068
NET INCOME	255,172	243,509	427,460	420,283
Less: Net income attributable to noncontrolling interests (Note 6)	4,125	8,555	21,976	25,338
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 251,047	$ 234,954	$ 405,484	$ 394,945