EXHIBIT 99.9

FOR IMMEDIATE RELEASE		January 28, 2005
Media Contacts:	Alan Bunnell, (602) 250-3376	Page 1 of 2
Analyst Contacts:	Rebecca Hickman, (602) 250-5668
	Lisa Malagon, (602) 250-5671
Website:	www.pinnaclewest.com

PINNACLE WEST REPORTS 2004 RESULTS
Retail Service Territory Remains Among Fastest Growing in U.S.

PHOENIX – Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the year 2004 of $243.2 million, or $2.66 per diluted share of common stock. This result compares with $240.6 million, or $2.63 per share, for the year 2003.

On-going consolidated earnings in 2004 were $218.3 million, or $2.39 per share, compared with $218.6 million, or $2.39 per share, for the prior year. On-going earnings for 2004 exclude income after income taxes of $24.9 million, or $0.27 per share, related to the sale of the Company’s interests in the Phoenix Suns professional basketball team and NAC International. For 2003, on-going earnings exclude income tax credits related to prior years and recorded in 2003 of $17.2 million, or $0.19 per share, and income after income taxes of $4.8 million, or $0.05 per share, related to NAC International.

“Our employees’ steadfast focus on customer satisfaction and operational excellence has allowed us to reliably serve one of the fastest growing markets in the U.S.,” said Chairman Bill Post. “Our fundamental growth provides a solid foundation for long-term performance.”

Post said that in 2005, resolution of the Company’s pending rate case is the top priority. “As Arizona’s economy continues to surge, it’s more important than ever for us to achieve a constructive regulatory outcome that recognizes our infrastructure investments and covers the costs of providing reliable service for our fast-growing customer base.”

In 2004, APS set more meters than in any other year in the Company’s 118-year history. More than 40,000 meters were installed, reflecting retail customer growth rate of about 4 percent, more than three times the U.S. average.

The year-to-year comparison was favorably affected by higher retail sales volumes; lower regulatory asset amortization; and improved wholesale power marketing results.

These favorable factors were substantially offset by a net increase in costs related to new plants placed into service in 2003 and 2004; an increase in customer service and other operating costs; an increase in depreciation for delivery and other assets; the effects of milder weather in 2004 versus 2003; a retail rate decrease in mid-2003; and, as previously forecast, lower contributions from the Company’s unregulated operations.

PINNACLE WEST REPORTS 2004 EARNINGS January 28, 2005
Page 2 of 2

APS reported net income for 2004 of $199.6 million, compared with $180.9 million for 2003. SunCor Development Co., Pinnacle West’s real estate subsidiary, delivered solid performance, reporting 2004 net income of $44.7 million, compared with its net contribution of $56.1 million in 2003. APS Energy Services, the Company’s competitive retail energy subsidiary, reported net income of $2.9 million for 2004, compared with $16.0 million in 2003, reflecting the dynamics of California’s competitive energy market.

For the 2004 fourth quarter, the Company reported consolidated net income of $33.7 million, or $0.37 per diluted share of common stock. This result compares with consolidated net income of $49.1 million, or $0.54 per share, in last year’s corresponding period. On-going consolidated earnings in the 2004 fourth quarter, excluding the sale of NAC, were $31.0 million, or $0.34 per share, compared with $37.5 million, or $0.41 per share. On-going earnings for 2003’s fourth quarter exclude $11.6 million, or $0.13 per share, related to NAC and income tax credits for prior years and recorded in 2003’s fourth quarter.

All dollar amounts included in this release are reported after income tax effects. For more information on Pinnacle West’s operating statistics and earnings, please visit http://www.pinnaclewest.com/main/pnw/investors/default.html.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9.9 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.

Webcast and Conference Call
The Company will hold a conference call and live webcast at 11:00 a.m. (ET) today, Friday, January 28 to discuss its earnings and recent events. The webcast can be accessed at http://www.pinnaclewest.com/main/pnw/investors/presentations/default.html and will be available for replay on the website for 30 days. To access the conference call by telephone, dial (877) 356-3961 and enter reservation number 3179339. A replay of the call also will be available until 11:55 p.m. (ET), Friday, February 4, 2005, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same reservation number.

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

	THREE MONTHS ENDED						TWELVE MONTHS ENDED
	December 31,						December 31,
	2004			2003			2004			2003
Operating Revenues
Regulated electricity segment	$	429,295		$	432,246		$	2,035,247		$	1,978,075
Marketing and trading segment		129,684			91,447			461,870			391,886
Real estate segment		165,827			188,718			359,792			361,604
Other revenues		9,912			11,155			42,816			27,929
Total		734,718			723,566			2,899,725			2,759,494
Operating Expenses
Regulated electricity segment purchased power and fuel		125,024			122,947			567,433			517,320
Marketing and trading segment purchased power and fuel		112,886			81,661			382,147			344,862
Operations and maintenance		159,431			140,244			596,557			548,732
Real estate segment operations		112,526			148,677			289,900			305,974
Depreciation and amortization		98,186			113,943			401,105			435,140
Taxes other than income taxes		27,705			25,419			122,216			110,270
Other expenses		8,215			10,809			34,108			23,254
Total		643,973			643,700			2,393,466			2,285,552
Operating Income		90,745			79,866			506,259			473,942
Other
Allowance for equity funds used during construction		2,026			3,046			4,885			14,240
Other income		3,336			21,967			53,989			35,563
Other expense		(7,066	)		(5,785	)		(21,510	)		(20,574	)
Total		(1,704	)		19,228			37,364			29,229
Interest Expense
Interest charges		51,214			53,007			195,859			204,339
Capitalized interest		(2,774	)		(5,383	)		(16,311	)		(29,444	)
Total		48,440			47,624			179,548			174,895
Income From Continuing Operations Before Income Taxes		40,601			51,470			364,075			328,276
Income Taxes		11,283			6,419			128,857			102,473
Income From Continuing Operations		29,318			45,051			235,218			225,803
Income From Discontinued Operations Net of Income Tax Expense		4,411			4,040			7,977			14,776
Net Income	$	33,729		$	49,091		$	243,195		$	240,579
Weighted-Average Common Shares Outstanding — Basic		91,620			91,273			91,397			91,265
Weighted-Average Common Shares Outstanding — Diluted		91,779			91,403			91,532			91,405
Earnings Per Weighted-Average Common Share Outstanding
Income From Continuing Operations — Basic	$	0.32		$	0.49		$	2.57		$	2.47
Net Income — Basic	$	0.37		$	0.54		$	2.66		$	2.64
Income From Continuing Operations — Diluted	$	0.32		$	0.49		$	2.57		$	2.47
Net Income — Diluted	$	0.37		$	0.54		$	2.66		$	2.63

Certain prior year amounts have been reclassified to conform to the 2004 presentation.