8-K

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, 2004

PINNACLE WEST CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

Arizona	1-8962	86-0512431
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

400 North Fifth Street, P.O. Box 53999, Phoenix, Arizona	85072-3999
(Address of principal executive offices)	(Zip Code)

(602) 250-1000

(Registrant’s telephone number, including area code)

NONE

(Former name or former address, if changed since last report)

TABLE OF CONTENTS

	Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
	Item 9. Regulation FD Disclosure
	Item 12. Results of Operations and Financial Condition
SIGNATURES
Index to Exhibits
EX-99.1
EX-99.2
EX-99.3
EX-99.4
EX-99.5
EX-99.6
EX-99.7
EX-99.8

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

          (c) Exhibits.

Exhibit
No.	Description
99.1	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).
99.2	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended March 31, 2004 and 2003.
99.3	Pinnacle West Capital Corporation consolidated statistics by quarter for 2004.
99.4	Pinnacle West Capital Corporation consolidated statistics by quarter for 2003.
99.5	Pinnacle West Capital Corporation consolidated statistics by quarter for 2002.
99.6	Pinnacle West Capital Corporation consolidated statistics by quarter for 2001.
99.7	Glossary of Terms.
99.8	Earnings News Release.

Item 9. Regulation FD Disclosure

     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. 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.

Item 12. Results of Operations and Financial Condition

     Certain of the Information relates to the Company’s results of operations for its fiscal quarter ended March 31, 2004. This Information is attached hereto as Exhibits 99.2 and 99.3.

     On May 7, 2004, the Company issued a press release regarding its results of operations for its fiscal quarter ended March 31, 2004. A copy of the press release is attached hereto as Exhibit 99.8.

SIGNATURES

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

	PINNACLE WEST CAPITAL CORPORATION
	(Registrant)
Dated: May 7, 2004	By:	/s/	Barbara M. Gomez
			Barbara M. Gomez
			Vice President and Treasurer

Index to Exhibits

Exhibit
No.	Description
99.1	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).
99.2	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended March 31, 2004 and 2003.
99.3	Pinnacle West Capital Corporation consolidated statistics by quarter for 2004.
99.4	Pinnacle West Capital Corporation consolidated statistics by quarter for 2003.
99.5	Pinnacle West Capital Corporation consolidated statistics by quarter for 2002.
99.6	Pinnacle West Capital Corporation consolidated statistics by quarter for 2001.
99.7	Glossary of Terms.
99.8	Earnings News Release.

EX-99.1

Exhibit 99.1

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

List of Contents

2004 First-Quarter Summary

2004 Year-to-Date

2003 by Quarter

2002 by Quarter

2001 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/2004Q1QuarStatsGloss.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

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004			2003			Incr (Decr)
		EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
	1	Arizona Public Service	$	33		$	16		$	17
	2	Pinnacle West Energy		(18	)		5			(23	)
	3	APS Energy Services		2			8			(6	)
	4	SunCor		2			1			1
	5	El Dorado		—			3			(3	)
	6	Parent Company		11			(13	)		24
	7	Income From Continuing Operations		30			20			10
		Income From Discontinued Operations -
	8	Net of Tax		—			5			(5	)
	9	Net Income	$	30		$	25		$	5
		EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
	10	Arizona Public Service	$	0.37		$	0.17		$	0.20
	11	Pinnacle West Energy		(0.20	)		0.06			(0.26	)
	12	APS Energy Services		0.02			0.08			(0.06	)
	13	SunCor		0.02			0.01			0.01
	14	El Dorado		—			0.03			(0.03	)
	15	Parent Company		0.12			(0.13	)		0.25
	16	Income From Continuing Operations		0.33			0.22			0.11
		Income From Discontinued Operations -
	17	Net of Tax		—			0.06			(0.06	)
	18	Net Income	$	0.33		$	0.28		$	0.05
	19	BOOK VALUE PER SHARE	$	31.19		$	29.39		$	1.80
		COMMON SHARES OUTSTANDING - DILUTED (Thousands)
	20	Average		91,376			91,359			17
	21	End of Period		91,310			91,257			53

See Glossary of Terms. ` Page 1 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004			2003			Incr (Decr)
		ELECTRIC OPERATING REVENUES (Dollars in Millions)
		Regulated Electricity Segment
		Retail
	22	Residential	$	189		$	168		$	21
	23	Business		211			196			15
	24	Total retail		400			364			36
		Wholesale revenue on delivered electricity
	25	Traditional contracts		3			3			—
	26	Retail load hedge management		—			—			—
	27	Transmission for others		8			6			2
	28	Other miscellaneous services		4			7			(3	)
	29	Total regulated electricity		415			380			35
		Marketing and Trading Segment
		Delivered marketing and trading
	30	Generation sales other than native load		10			44			(34	)
	31	Realized margins on electricity trading (a)		5			9			(4	)
	32	Other delivered electricity (a)		66			72			(6	)
	33	Total delivered marketing and trading		81			125			(44	)
		Other Marketing and Trading
	34	Realized margins on delivered commodities other than electricity (a)		(2	)		(2	)		—
	35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		1			(3	)		4
	36	Change in mark-to-market for future-period deliveries		8			(3	)		11
	37	Total other marketing and trading		7			(8	)		15
	38	Total marketing and trading		88			117			(29	)
	39	Total operating electric revenues	$	503		$	497		$	6

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market loss of $1 million was transferred to “realized” for the first quarter of 2004. Lines 31, 32 and 34 include amounts totaling $1 million of realized loss for the first quarter of 2004.

See Glossary of Terms. Page 2 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004		2003		Incr (Decr)
		ELECTRIC SALES (GWH)
		Regulated Electricity Segment
		Retail
	40	Residential		2,410		2,104		306
	41	Business		3,051		2,849		202
	42	Total retail		5,461		4,953		508
		Wholesale electricity delivered
	43	Traditional contracts		138		130		8
	44	Retail load hedge management		169		109		60
	45	Total regulated electricity		5,768		5,192		576
		Marketing and Trading Segment
		Delivered marketing and trading
	46	Generation sales other than native load		358		992		(634	)
	47	Electricity trading		4,198		5,074		(876	)
	48	Other delivered electricity		1,140		1,306		(166	)
	49	Total delivered marketing and trading		5,696		7,372		(1,676	)
	50	Total electric sales		11,464		12,564		(1,100	)

See Glossary of Terms. ` Page 3 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004			2003			Incr (Decr)
		MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
		Realized and Mark-To-Market Components
		Current Period Effects
		Realized margin on delivered commodities
		Electricity
	51	Generation sales other than native load	$	3		$	3		$	—
	52	Other electricity marketing and trading (a)		11			24			(13	)
	53	Total electricity		14			27			(13	)
	54	Other commodities (a)		(2	)		(2	)		—
	55	Total realized margin		12			25			(13	)
		Prior-period mark-to-market (gains) losses on contracts delivered during current period
	56	Electricity (a)		(1	)		(5	)		4
	57	Other commodities (a)		2			2			—
	58	Charge related to trading activities with Enron and its affiliates		—			—			—
	59	Subtotal		1			(3	)		4
	60	Total current period effects		13			22			(9	)
		Change in mark-to-market gains (losses) for future period deliveries
	61	Electricity		7			(6	)		13
	62	Other commodities		1			3			(2	)
	63	Subtotal		8			(3	)		11
	64	Total gross margin	$	21		$	19		$	2

Future Marketing and Trading Mark-to-Market Realization

As of March 31, 2004, Pinnacle West had accumulated mark-to-market net gains of $32 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: 2004, $8 million; 2005, $7 million; 2006, $3 million and thereafter, $14 million.

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 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 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the first quarter of 2004. A $1 million realized gain is included in the $11 million on line 52 for the first quarter of 2004.

See Glossary of Terms. ` Page 4 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004			2003			Incr (Decr)
		MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued) (Dollars in Millions)
		By Commodity Sold or Traded
	65	Electricity	$	20		$	17		$	3
	66	Natural gas		1			2			(1	)
	67	Coal		—			(1	)		1
	68	Emission allowances		—			—			—
	69	Other		—			1			(1	)
	70	Total Gross Margin	$	21		$	19		$	2
		By Pinnacle West Entity
		Parent company marketing and trading division
	71	Generation sales other than native load	$	—		$	(2	)	$	2
	72	Other marketing and trading		12			4			8
		APS
	73	Generation sales other than native load		3			6			(3	)
	74	Other marketing and trading		(8	)		—			(8	)
		Pinnacle West Energy
	75	Generation sales other than native load		—			(1	)		1
	76	Other marketing and trading		10			—			10
		APS ES
	77	Other marketing and trading		4			12			(8	)
	78	Total gross margin before income taxes	$	21		$	19		$	2

See Glossary of Terms. ` Page 5 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004			2003			Incr (Decr)
		AVERAGE ELECTRIC CUSTOMERS
		Retail customers
	79	Residential		855,754			827,937			27,817
	80	Business		105,502			101,999			3,503
	81	Total		961,256			929,936			31,320
	82	Wholesale customers		66			65			1
	83	Total customers		961,322			930,001			31,321
	84	Customer Growth (% over prior year)		3.4	%		3.3	%		0.1	%
		RETAIL SALES (GWH) - WEATHER NORMALIZED
	85	Residential		2,383			2,243			140
	86	Business		3,007			2,875			132
	87	Total		5,390			5,118			272
		RETAIL USAGE (KWh/Average Customer)
	88	Residential		2,816			2,541			275
	89	Business		28,919			27,927			992
		RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
	90	Residential		2,784			2,709			75
	91	Business		28,502			28,187			315
		ELECTRICITY DEMAND (MW)
	92	System peak demand		3,979			3,569			410

See Glossary of Terms. ` Page 6 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004			2003			Incr (Decr)
		ENERGY SOURCES (GWH)
		Generation production
	93	Nuclear		2,148			2,306			(158	)
	94	Coal		2,887			2,770			117
	95	Gas, oil and other		363			1,288			(925	)
	96	Total		5,398			6,364			(966	)
		Purchased power
	97	Firm load		701			(12	)		713
	98	Marketing and trading		5,507			6,489			(982	)
	99	Total		6,208			6,477			(269	)
	100	Total energy sources		11,606			12,841			(1,235	)
		POWER PLANT PERFORMANCE
		Capacity Factors
	101	Nuclear		88	%		98	%		(10	)%
	102	Coal		77	%		75	%		2	%
	103	Gas, oil and other		5	%		26	%		(21	)%
	104	System average		44	%		58	%		(14	)%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
	105	Nuclear		135			31			104
	106	Coal		149			292			(143	)
	107	Gas		49			189			(140	)
	108	Total		333			512			(179	)
	109	Generation Fuel Cost ($/MWh)	$	11.17		$	15.89		$	(4.72	)

See Glossary of Terms. ` Page 7 of 8

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2004 and 2003

			3 Mo. Ended March 31
Line			2004			2003			Incr (Decr)
		ENERGY MARKET INDICATORS (a)
		Electricity Average Daily Spot Prices ($/MWh)
		On-Peak
	110	Palo Verde	$	43.73		$	49.66		$	(5.93	)
	111	SP15	$	48.37		$	54.35		$	(5.98	)
		Off-Peak
	112	Palo Verde	$	33.66		$	36.09		$	(2.43	)
	113	SP15	$	36.90		$	39.70		$	(2.80	)
		WEATHER INDICATORS
		Actual
	114	Cooling degree-days		273			76			197
	115	Heating degree-days		552			349			203
	116	Average humidity		39	%		44	%		(5	)%
		10-Year Averages
	117	Cooling degree-days		80			80			—
	118	Heating degree-days		521			521			—
	119	Average humidity		43	%		43	%		0	%
		ECONOMIC INDICATORS
		Building Permits — Metro Phoenix (b) (d)
	120	Single-family		5,564			4,957			607
	121	Multi-family		1,039			227			812
	122	Total		6,603			5,184			1,419
		Arizona Job Growth (c) (d)
	123	Payroll job growth (% over prior year)		2.2	%		1.2	%		1.0	%
	124	Unemployment rate (%, seasonally adjusted)		5.2	%		5.9	%		(0.7	)%

Sources:
(a)	This price is an 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)	The economic indicators reflect three month ended February 2003 and February 2004.

See Glossary of Terms. ` Page 8 of 8

EX-99.3

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
		EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
	1	Arizona Public Service	$	33								$	33		$	17
	2	Pinnacle West Energy		(18	)								(18	)		(23	)
	3	APS Energy Services		2									2			(6	)
	4	SunCor		2									2			1
	5	El Dorado		—									—			(3	)
	6	Parent Company		11									11			24
	7	Income From Continuing Operations		30			—		—		—		30			10
	8a	Income From Discontinued Operations - Net of Tax		—									—			(5	)
	8b	Cumulative Effect of Change in Accounting - Net of Tax		—			—		—		—		—			—
	9	Net Income	$	30		$	—	$	—	$	—	$	30		$	5
		EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
	10	Arizona Public Service	$	0.37								$	0.37		$	0.20
	11	Pinnacle West Energy		(0.20	)								(0.20	)		(0.26	)
	12	APS Energy Services		0.02									0.02			(0.06	)
	13	SunCor		0.02									0.02			0.01
	14	El Dorado		—									—			(0.03	)
	15	Parent Company		0.12									0.12			0.25
	16	Income From Continuing Operations		0.33			—		—		—		0.33			0.11
	17a	Income From Discontinued Operations - Net of Tax		—									—			(0.06	)
	17b	Cumulative Effect of Change in Accounting - Net of Tax		—									—			—
	18	Net Income	$	0.33		$	—	$	—	$	—	$	0.33		$	0.05
	19	BOOK VALUE PER SHARE (a)	$	31.19								$	31.19		$	1.80
		COMMON SHARES OUTSTANDING - DILUTED (Thousands)
	20	Average		91,376									91,376			17
	21	End of Period		91,310									91,310			53

See Glossary of Terms Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date			vs Prior YTD
		ELECTRIC OPERATING REVENUES (Dollars in Millions)
		Regulated Electricity Segment
		Retail
	22	Residential	$	189								$	189		$	21
	23	Business		211									211			15
	24	Total retail		400			—		—		—		400			36
		Wholesale revenue on delivered electricity
	25	Traditional contracts		3									3			—
	26	Retail load hedge management		—									—			—
	27	Transmission for others		8									8			2
	28	Other miscellaneous services		4									4			(3	)
	29	Total regulated electricity		415			—		—		—		415			35
		Marketing and Trading Segment
		Delivered marketing and trading
	30	Generation sales other than native load		10									10			(34	)
	31	Realized margins on electricity trading (a)		5									5			(4	)
	32	Other delivered electricity (a)		66									66			(6	)
	33	Total delivered marketing and trading		81			—		—		—		81			(44	)
		Other Marketing and Trading
	34	Realized margins on delivered commodities other than electricity (a)		(2	)								(2	)		—
	35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		1									1			4
	36	Change in mark-to-market for future-period deliveries		8									8			11
	37	Total other marketing and trading		7			—		—		—		7			15
	38	Total marketing and trading		88			—		—		—		88			(29	)
	39	Total electric operating revenues	$	503		$	—	$	—	$	—	$	503		$	6

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market loss of $1 million was transferred to “realized” for the first quarter of 2004. Lines 31, 32 and 34 include amounts totaling $1 million of realized loss for the first quarter of 2004.

See Glossary of Terms Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

													Increase
													(Decrease)
Line			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
		ELECTRIC SALES (GWH)
		Regulated Electricity Segment
		Retail sales
	40	Residential		2,410								2,410		306
	41	Business		3,051								3,051		202
	42	Total retail		5,461		—		—		—		5,461		508
		Wholesale electricity delivered
	43	Traditional contracts		138								138		8
	44	Retail load hedge management		169								169		60
	45	Total regulated electricity		5,768		—		—		—		5,768		576
		Marketing and Trading Segment
		Delivered marketing and trading
	46	Generation sales other than native load		358								358		(634	)
	47	Electricity trading		4,198								4,198		(876	)
	48	Other delivered electricity		1,140								1,140		(166	)
	49	Total delivered marketing and trading		5,696		—		—		—		5,696		(1,676	)
	50	Total electric sales		11,464		—		—		—		11,464		(1,100	)

See Glossary of Terms Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4thQtr		Year-To-Date			vs Prior YTD
		MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
		Realized and Mark-To-Market Components
		Current Period Effects
		Realized margin on delivered commodities
		Electricity
	51	Generation sales other than native load	$	3								$	3		$	—
	52	Other electricity marketing and trading (a)		11									11			(13	)
	53	Total electricity		14			—		—		—		14			(13	)
	54	Other commodities (a)		(2	)								(2	)		—
	55	Total realized margin		12			—		—		—		12			(13	)
		Prior-period mark-to-market (gains) losses on contracts delivered during current period
	56	Electricity (a)		(1	)								(1	)		4
	57	Other commodities (a)		2									2			—
	58	Charge related to trading activities with Enron and its affiliates		—									—			—
	59	Subtotal		1			—		—		—		1			4
	60	Total current period effects (b)		13			—		—		—		13			(9	)
		Change in mark-to-market gains (losses) for future period deliveries (b)
	61	Electricity		7									7			13
	62	Other commodities		1									1			(2	)
	63	Total future period effects		8			—		—		—		8			11
	64	Total gross margin	$	21		$	—	$	—	$	—	$	21		$	2

Future Marketing and Trading Mark-to-Market Realization

As of March 10, 2004, Pinnacle West had accumulated mark-to-market net gains of $32 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realize gains as the underlying commodities are delivered, as follows: 2004, $8 million; $8 million; 2005, $7 million; 2006, $3 million and thereafter, $14 million.

(a)

The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 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 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the first quarter of 2004. A $1 million realized gain is included in the $11 million on line 52 for the first quarter of 2004.

(b)

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

See Glossary of Terms Page 4 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4thQtr		Year-To-Date			vs Prior YTD
		MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued)
		(Dollars in Millions)
		By Commodity Sold or Traded
	65	Electricity	$	20								$	20		$	3
	66	Natural gas		1									1			(1	)
	67	Coal		—									—			1
	68	Emission allowances		—									—			—
	69	Other		—									—			(1	)
	70	Total gross margin	$	21		$	—	$	—	$	—	$	21		$	2
		By Pinnacle West Entity
		Parent company marketing and trading division
	71	Generation sales other than	$	—								$	—		$	2
		native load
	72	Other marketing and trading		12									12			8
		APS
	73	Generation sales other than native load		3									3			(3	)
	74	Other marketing and trading		(8	)								(8	)		(8	)
		Pinnacle West Energy
	75	Generation sales other than native load		—									—			1
	76	Other marketing and trading		10									10			10
		APS ES
	77	Other marketing and trading		4									4			(8	)
	78	Total gross margin before income taxes	$	21		$	—	$	—	$	—	$	21		$	2

See Glossary of Terms Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4thQtr		Year-To-Date			vs Prior YTD
		AVERAGE ELECTRIC CUSTOMERS
		Retail customers
	79	Residential		855,754									855,754			27,817
	80	Business		105,502									105,502			3,503
	81	Total		961,256			—		—		—		961,256			31,320
	82	Wholesale customers		66									66			1
	83	Total customers		961,322			—		—		—		961,322			31,321
	84	Customer Growth (% over prior year)		3.4	%								3.4	%		0.1	%
		RETAIL SALES (GWH) - WEATHER NORMALIZED
	85	Residential		2,383									2,383			140
	86	Business		3,007									3,007			132
	87	Total		5,390			—		—		—		5,390			272
		RETAIL USAGE (KWh/Average Customer)
	88	Residential		2,816									2,816			275
	89	Business		28,919									28,919			992
		RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
	90	Residential		2,784									2,784			75
	91	Business		28,502									28,502			315
		ELECTRICITY DEMAND (MW)
	92	System peak demand		3,979									3,979			410

See Glossary of Terms Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4thQtr		Year-To-Date			vs Prior YTD
		ENERGY SOURCES (GWH)
		Generation production
	93	Nuclear		2,148									2,148			(158	)
	94	Coal		2,887									2,887			117
	95	Gas, oil and other		363									363			(925	)
	96	Total		5,398			—		—		—		5,398			(966	)
		Purchased power
	97	Firm load		701									701			713
	98	Marketing and trading		5,507									5,507			(982	)
	99	Total		6,208			—		—		—		6,208			(269	)
	100	Total energy sources		11,606			—		—		—		11,606			(1,235	)
		POWER PLANT PERFORMANCE
		Capacity Factors
	101	Nuclear		88	%								88	%		(10	)%
	102	Coal		77	%								77	%		2	%
	103	Gas, oil and other		5	%								5	%		(21	)%
	104	System average		44	%								44	%		(14	)%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
	105	Nuclear		135									135			104
	106	Coal		149									149			(143	)
	107	Gas		49									49			(140	)
	108	Total		333			—		—		—		333			(179	)
	109	Generation Fuel Cost ($/MWh)	$	11.17								$	11.17		$	(4.72	)

See Glossary of Terms Page 7 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004

															Increase
															(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr		4thQtr		Year-To-Date			vs Prior YTD
		ENERGY MARKET INDICATORS (a)
		Electricity Average Daily Spot Prices ($/MWh)
		On-Peak
	110	Palo Verde	$	43.73								$	43.73		$	(5.93	)
	111	SP15	$	48.37								$	48.37		$	(5.98	)
		Off-Peak
	112	Palo Verde	$	33.66								$	33.66		$	(2.43	)
	113	SP15	$	36.90								$	36.90		$	(2.80	)
		WEATHER INDICATORS
		Actual
	114	Cooling degree-days		273									273			197
	115	Heating degree-days		552									552			203
	116	Average humidity		39	%								39	%		(5	)%
		10-Year Averages
	117	Cooling degree-days		80									80			—
	118	Heating degree-days		521									521			—
	119	Average humidity		43	%								43	%		0	%
		ECONOMIC INDICATORS
		Building Permits — Metro Phoenix (b)(d)
	120	Single-family		5,564									5,564			607
	121	Multi-family		1,039									1,039			812
	122	Total		6,603			—		—		—		6,603			1,419
		Arizona Job Growth (c) (d)
	123	Payroll job growth (% over prior year)		2.2	%								2.2	%		1.0	%
	124	Unemployment rate (%, seasonally adjusted)		5.2	%								5.2	%		(0.7	)%

	Sources:
(a)	This price is an 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)	The economic indicators reflect latest available data through periods ending February 2004.

See Glossary of Terms Page 8 of 8

EX-99.4

Exhibit 99.4

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																	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	$	16		$	43	$	100		$	21		$	181		$	(18	)
		Pinnacle West Energy		5			2		3			(12	)		(1	)		18
	3	APS Energy Services		8			5		1			3			16			(12	)
	4	SunCor		1			2		6			36			46			36
	5	El Dorado		3			2		1			1			7			62
	6	Parent Company		(13	)		1		(1	)		(3	)		(18	)		(61	)
	7	Income From Continuing Operations		20			55		110			46			231			25
		Income From Discontinued Operations —
	8a	Net of Tax		5			1		—			3			10			1
		Cumulative Effect of Change in Accounting —
	8b	Net of Tax		—			—		—			—			—			66
	9	Net Income	$	25		$	56	$	110		$	49		$	241		$	92
		EARNINGS PER SHARE
		BY SUBSIDIARY — DILUTED
	10	Arizona Public Service	$	0.17		$	0.47	$	1.10		$	0.23		$	1.98		$	(0.37	)
	11	Pinnacle West Energy		0.06			0.02		0.04			(0.14	)		(0.01	)		0.22
	12	APS Energy Services		0.08			0.06		0.01			0.03			0.18			(0.15	)
	13	SunCor		0.01			0.02		0.07			0.39			0.50			0.37
	14	El Dorado		0.03			0.02		0.01			0.02			0.08			0.73
	15	Parent Company		(0.13	)		0.01		(0.03	)		(0.03	)		(0.21	)		(0.71	)
	16	Income From Continuing Operations		0.22			0.60		1.20			0.50			2.52			0.09
		Income From Discontinued Operations —
	17a	Net of Tax		0.06			0.01		—			0.04			0.11			0.01
		Cumulative Effect of Change in Accounting —
	17b	Net of Tax		—			—		—			—			—			0.77
	18	Net Income	$	0.28		$	0.61	$	1.20		$	0.54		$	2.63		$	0.87
	19	BOOK VALUE PER SHARE	$	29.39		$	29.95	$	30.68		$	30.97		$	30.97		$	1.57
		COMMON SHARES OUTSTANDING — DILUTED (Thousands)
	20	Average		91,359			91,450		91,467			91,403			91,405			6,441
	21	End of Period		91,257			91,262		91,271			91,288			91,288			33

See Glossary of Terms. Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																		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
	22	Residential	$	168		$	233		$	363		$	193		$	957		$	51
	23	Business		196			251			284			222			953			25
	24	Total retail		364			484			647			415			1,910			76
		Wholesale revenue on delivered electricity
	25	Traditional contracts		3			4			5			3			15			6
	26	Retail load hedge management		—			—			—			—			—			—
	27	Transmission for others		6			5			9			7			27			(3	)
	28	Other miscellaneous services		7			6			6			7			26			9
	29	Total regulated electricity		380			499			667			432			1,978			88
		Marketing and Trading Segment
		Delivered marketing and trading
	30	Generation sales other than native load		44			20			8			16			88			38
	31	Realized margins on electricity trading (a)		9			5			2			6			22			(28	)
	32	Other delivered electricity (a)		72			78			84			74			308			140
	33	Total delivered marketing and trading		125			103			94			96			418			150
		Other Marketing and Trading
	34	Realized margins on delivered commodities other than electricity (a)		(2	)		(2	)		(5	)		1			(8	)		(16	)
	35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		(3	)		1			(3	)		(1	)		(11	)		30
	36	Change in mark-to-market for future-period deliveries		(3	)		(1	)		(3	)		(5	)		(7	)		(59	)
	37	Total other marketing and trading		(8	)		(2	)		(11	)		(5	)		(26	)		(45	)
	38	Total marketing and trading		117			101			83			91			392			105
	39	Total electric operating revenues	$	497		$	600		$	750		$	523		$	2,370		$	193

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the fourth quarter of 2003. Lines 31, 32 and 34 include amounts totaling $1 million of realized gain for the fourth quarter of 2003.

See Glossary of Terms. Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

													Increase
													(Decrease)
Line			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
		ELECTRIC SALES (GWH)
		Regulated Electricity Segment
		Retail sales
	40	Residential		2,104		2,543		4,126		2,374		11,147		703
	41	Business		2,849		3,450		3,891		3,226		13,416		499
	42	Total retail		4,953		5,993		8,017		5,600		24,563		1,202
		Wholesale electricity delivered
	43	Traditional contracts		130		131		127		112		500		26
	44	Retail load hedge management		109		205		446		333		1,093		(1,549	)
	45	Total regulated electricity		5,192		6,329		8,590		6,045		26,156		(321	)
		Marketing and Trading Segment
		Delivered marketing and trading
	46	Generation sales other than native load		992		476		203		475		2,146		355
	47	Electricity trading		5,074		4,936		5,640		5,655		21,305		3,268
	48	Other delivered electricity		1,306		1,386		1,412		1,247		5,351		2,324
	49	Total delivered marketing and trading		7,372		6,798		7,255		7,377		28,802		5,947
	50	Total electric sales		12,564		13,127		15,845		13,422		54,958		5,626

See Glossary of Terms. Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
		MARKETING AND TRADING SEGMENT
		PRETAX GROSS MARGIN ANALYSIS
		(Dollars in Millions)
		Realized and Mark-To-Market Components
		Current Period Effects
		Realized margin on delivered commodities
		Electricity
	51	Generation sales other than native load	$	3		$	1		$	—		$	3		$	7		$	(7	)
	52	Other electricity marketing and trading (a)		24			21			9			12			66			(33	)
	53	Total electricity		27			22			9			15			73			(40	)
	54	Other commodities (a)		(2	)		(2	)		(5	)		1			(8	)		(16	)
	55	Total realized margin		25			20			4			16			65			(56	)
		Prior-period mark-to-market (gains) losses on contracts delivered during current period
	56	Electricity (a)		(5	)		(2	)		(3	)		(2	)		(14	)		16
	57	Other commodities (a)		2			3			—			1			3			14
	58	Charge related to trading activities with Enron and its affiliates		—			—			—			—			—			—
	59	Subtotal		(3	)		1			(3	)		(1	)		(11	)		30
	60	Total current period effects (b)		22			21			1			15			54			(26	)
		Change in mark-to-market gains (losses) for future period deliveries (b)
	61	Electricity		(6	)		1			—			(5	)		(8	)		(71	)
	62	Other commodities		3			(2	)		(3	)		—			1			12
	63	Total future period effects		(3	)		(1	)		(3	)		(5	)		(7	)		(59	)
	64	Total gross margin	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)

Future Marketing and Trading Mark-to-Market Realization

As of December 31, 2003, Pinnacle West had accumulated mark-to-market net gains of $23 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: 2004, $5 million; 2005, $5 million; 2006, $3 million and thereafter, $10 million.

(a)

The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 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 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $2 million was transferred to “realized” for the fourth quarter of 2003. A $2 million realized gain is included in the $12 million on line 52 for the fourth quarter of 2003.

(b)

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

See Glossary of Terms. Page 4 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
		MARKETING AND TRADING SEGMENT
		PRETAX GROSS MARGIN ANALYSIS (continued)
		(Dollars in Millions)
		By Commodity Sold or Traded
	65	Electricity	$	17		$	21		$	6		$	8		$	52		$	(95	)
	66	Natural gas		2			3			(5	)		3			3			9
	67	Coal		(1	)		(1	)		—			—			(2	)		—
	68	Emission allowances		—			(3	)		(3	)		(1	)		(7	)		—
	69	Other		1			—			—			—			1			1
	70	Total gross margin	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)
		By Pinnacle West Entity
		Parent company marketing and trading division
	71	Generation sales other than native load	$	(2	)	$	—		$	—		$	—		$	(2	)	$	(10	)
	72	Other marketing and trading		4			4			(2	)		(9	)		(3	)		(85	)
		APS
	73	Generation sales other than native load		6			1			—			4			11			9
	74	Other marketing and trading		—			3			(6	)		—			(3	)		(3	)
		Pinnacle West Energy
	75	Generation sales other than native load		(1	)		—			—			(1	)		(2	)		(6	)
	76	Other marketing and trading		—			—			—			10			10			10
		APS ES
	77	Other marketing and trading		12			12			6			6			36			—
	78	Total gross margin before income taxes	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)

See Glossary of Terms. Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
		AVERAGE ELECTRIC CUSTOMERS
		Retail customers
	79	Residential		827,937			821,331			824,655			839,539			828,366			26,565
	80	Business		101,999			102,601			103,262			104,521			103,096			2,868
	81	Total		929,936			923,932			927,917			944,060			931,462			29,432
	82	Wholesale customers		65			66			66			66			66			(1	)
	83	Total customers		930,001			923,998			927,983			944,126			931,528			29,431
	84	Customer Growth (% over prior year)		3.3	%		3.1	%		3.2	%		3.4	%		3.3	%		0.2	%
		RETAIL SALES (GWH) — WEATHER NORMALIZED
	85	Residential		2,243			2,522			3,866			2,268			10,899			468
	86	Business		2,875			3,495			3,828			3,168			13,366			461
	87	Total		5,118			6,017			7,694			5,436			24,265			929
		RETAIL USAGE
		(KWh/Average Customer)
	88	Residential		2,541			3,096			5,004			2,828			13,457			432
	89	Business		27,927			33,625			37,677			30,865			130,131			1,246
		RETAIL USAGE — WEATHER NORMALIZED
		(KWh/Average Customer)
	90	Residential		2,709			3,071			4,688			2,701			13,157			148
	91	Business		28,187			34,064			37,071			30,310			129,646			890
		ELECTRICITY DEMAND (MW)
	92	System peak demand		3,569			5,571			6,332			5,124			6,332			529

See Glossary of Terms. Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
		ENERGY SOURCES (GWH)
		Generation production
	93	Nuclear		2,306			2,047			2,230			1,732			8,315			(666	)
	94	Coal		2,770			2,824			2,972			2,800			11,366			(690	)
	95	Gas, oil and other		1,288			1,572			2,696			535			6,091			1,722
	96	Total		6,364			6,443			7,898			5,067			25,772			366
		Purchased power
	97	Firm load		(12	)		606			1,099			1,418			3,111			1,492
	98	Marketing and trading		6,489			6,527			7,498			7,235			27,749			4,045
	99	Total		6,477			7,133			8,597			8,653			30,860			5,537
	100	Total energy sources		12,841			13,576			16,495			13,720			56,632			5,903
		POWER PLANT PERFORMANCE
		Capacity Factors
	101	Nuclear		98	%		86	%		93	%		72	%		87	%		(7	)%
	102	Coal		75	%		75	%		79	%		74	%		76	%		(4	)%
	103	Gas, oil and other		26	%		31	%		44	%		9	%		28	%		1	%
	104	System average		58	%		59	%		64	%		41	%		55	%		(8	)%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
	105	Nuclear		31			136			61			297			131			64
	106	Coal		292			254			277			253			269			102
	107	Gas		189			148			154			338			205			157
	108	Total		512			538			492			888			606			323
	109	Generation Fuel Cost ($/MWh)	$	15.89		$	16.80		$	19.52		$	15.40		$	17.36		$	4.35

See Glossary of Terms. Page 7 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

																		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
	110	Palo Verde	$	49.66		$	48.88		$	52.88		$	42.98		$	48.60		$	16.32
	111	SP15	$	54.35		$	50.73		$	53.54		$	46.88		$	51.38		$	17.16
		Off-Peak
	112	Palo Verde	$	36.09		$	25.48		$	36.08		$	30.48		$	32.03		$	12.14
	113	SP15	$	39.70		$	28.27		$	37.81		$	32.85		$	34.66		$	12.97
		WEATHER INDICATORS
		Actual
	114	Cooling degree-days		76			1,550			2,701			572			4,899			24
	115	Heating degree-days		349			17			—			370			736			(64	)
	116	Average humidity		44	%		18	%		30	%		34	%		31	%		4	%
		10-Year Averages
	117	Cooling degree-days		80			1,491			2,540			420			4,531			—
	118	Heating degree-days		521			36			—			415			972			—
	119	Average humidity		43	%		24	%		33	%		40	%		35	%		0	%
		ECONOMIC INDICATORS
		Building Permits — Metro Phoenix (b)
	120	Single-family		8,030			10,613			11,191			9,817			39,651			5,339
	121	Multi-family		863			2,053			1,231			2,580			6,727			(347	)
	122	Total		8,893			12,666			12,422			12,397			46,378			4,992
		Arizona Job Growth (c)
	123	Payroll job growth (% over prior year)		1.1	%		0.6	%		1.1	%		1.5	%		1.1	%		1.1	%
	124	Unemployment rate (%, seasonally adjusted)		5.9	%		5.9	%		5.7	%		5.1	%		5.6	%		(0.6	)%

Sources:

(a)	This price is an 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 8 of 8

EX-99.5

Exhibit 99.5

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																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	$	32	$	64		$	87		$	16		$	199		$	(82	)
2	Pinnacle West Energy		1		1			10			(31	)		(19	)		(37	)
3	APS Energy Services		2		11			7			8			28			38
4	SunCor		1		2			(1	)		8			10			7
5	El Dorado		—		(3	)		(15	)		(37	)		(55	)		(55	)
6	Parent Company		17		(6	)		13			19			43			8
7	Income From Continuing Operations		53		69			101			(17	)		206			(121	)
	Income From Discontinued Operations -
8a	Net of Tax		1		6			—			2			9			9
	Cumulative Effect of Change in Accounting -
8b	Net of Tax		—		—			—			(66	)		(66	)		(51	)
9	Net Income	$	54	$	75		$	101		$	(81	)	$	149		$	(163	)
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
10	Arizona Public Service	$	0.37	$	0.76		$	1.02		$	0.19		$	2.35		$	(0.95	)
11	Pinnacle West Energy		0.01		0.01			0.12			(0.37	)		(0.23	)		(0.44	)
12	APS Energy Services		0.03		0.13			0.08			0.09			0.33			0.45
13	SunCor		0.02		0.02			(0.01	)		0.09			0.13			0.09
14	El Dorado		—		(0.04	)		(0.18	)		(0.43	)		(0.65	)		(0.65	)
15	Parent Company		0.20		(0.07	)		0.16			0.24			0.50			0.08
16	Income From Continuing Operations		0.63		0.81			1.19			(0.19	)		2.43			(1.42	)
	Income From Discontinued Operations -
17a	Net of Tax		—		0.08			—			0.01			0.10			0.11
	Cumulative Effect of Change in Accounting -
17b	Net of Tax		—		—			—			(0.77	)		(0.77	)		(0.60	)
18	Net Income	$	0.63	$	0.89		$	1.19		$	(0.95	)	$	1.76		$	(1.91	)
19	BOOK VALUE PER SHARE	$	30.06	$	30.54		$	31.39		$	29.40		$	29.40		$	(0.06	)
	COMMON SHARES OUTSTANDING - DILUTED (Thousands)
20	Average		84,884		84,926			84,797			85,302			84,964			34
21	End of Period		84,789		84,768			84,756			91,255			91,255			6,531

See Glossary of Terms. Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	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
22	Residential	$	171		$	226		$	337		$	172		$	906		$	(9	)
23	Business		195			251			270			212			928			(24	)
24	Total retail		366			477			607			384			1,834			(33	)
	Wholesale revenue on delivered electricity
25	Traditional contracts		2			1			3			3			9			(64	)
26	Retail load hedge management		—			—			—			—			—			—
27	Transmission for others		6			6			6			12			30			4
28	Other miscellaneous services		4			2			4			7			17			(1	)
29	Total regulated electricity		378			486			620			406			1,890			(94	)
	Marketing and Trading Segment
	Delivered marketing and trading
30	Generation sales other than native load		8			2			8			32			50			(98	)
31	Realized margins on electricity trading (a)		28			13			8			1			50			(20	)
32	Other delivered electricity (a)		21			31			45			71			168			36
33	Total delivered marketing and trading		57			46			61			104			268			(82	)
	Other Marketing and Trading
	Realized margins on delivered commodities
34	other than electricity (a)		4			1			(3	)		6			8			22
	Prior period mark-to-market (gains) losses on
35	contracts delivered during current period (a)		(22	)		(9	)		2			(8	)		(41	)		(47	)
36	Change in mark-to-market for future-period deliveries		23			3			23			(1	)		52			(76	)
37	Total other marketing and trading		5			(5	)		22			(3	)		19			(101	)
38	Total marketing and trading		62			41			83			101			287			(183	)
39	Total electric operating revenues	$	440		$	527		$	703		$	507		$	2,177		$	(277	)

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $41 million was transferred to “realized” for the total year 2002. Lines 31, 32 and 34 include amounts totaling $41 million of realized gain for the total year 2002.

See Glossary of Terms. Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

												Increase
												(Decrease)
Line		1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
	ELECTRIC SALES (GWH)
	Regulated Electricity Segment
	Retail sales
40	Residential		2,141		2,441		3,806		2,056		10,444		109
41	Business		2,771		3,429		3,681		3,036		12,917		(147	)
42	Total retail		4,912		5,870		7,487		5,092		23,361		(38	)
	Wholesale electricity delivered
43	Traditional contracts		71		121		142		140		474		(739	)
44	Retail load hedge management		158		230		1,958		296		2,642		(398	)
45	Total regulated electricity		5,141		6,221		9,587		5,528		26,477		(1,175	)
	Marketing and Trading Segment
	Delivered marketing and trading
46	Generation sales other than native load		376		73		291		1,051		1,791		403
47	Electricity trading		3,410		3,852		6,120		4,655		18,037		4,450
48	Other delivered electricity		426		518		693		1,390		3,027		2,001
49	Total delivered marketing and trading		4,212		4,443		7,104		7,096		22,855		6,854
50	Total electric sales		9,353		10,664		16,691		12,624		49,332		5,679

See Glossary of Terms. Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS
	(Dollars in Millions)
	Realized and Mark-To-Market Components
	Current Period Effects
	Realized margin on delivered commodities
	Electricity
51	Generation sales other than native load	$	2		$	—		$	3		$	9		$	14		$	(66	)
52	Other electricity marketing and trading (a)		33			24			19			23			99			(18	)
53	Total electricity		35			24			22			32			113			(84	)
54	Other commodities (a)		4			1			(3	)		6			8			22
55	Total realized margin		39			25			19			38			121			(62	)
	Prior-period mark-to-market (gains) losses on contracts delivered during current period
56	Electricity (a)		(16	)		(9	)		(4	)		(4	)		(30	)		(19	)
57	Other commodities (a)		(6	)		—			6			(4	)		(11	)		(36	)
58	Charge related to trading activities with Enron and its affiliates		—			—			—			—			—			8
59	Subtotal		(22	)		(9	)		2			(8	)		(41	)		(47	)
60	Total current period effects (b)		17			16			21			30			80			(109	)
	Change in mark-to-market gains (losses) for future period deliveries (b)
61	Electricity		25			10			25			6			63			(83	)
62	Other commodities		(2	)		(7	)		(2	)		(7	)		(11	)		7
63	Total future period effects		23			3			23			(1	)		52			(76	)
64	Total gross margin	$	40		$	19		$	44		$	29		$	132		$	(185	)
	Future Marketing and Trading Mark-to-Market Realization

	As of December 31, 2002, Pinnacle West had accumulated mark-to-market net gains of $41 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: 2003, $4 million; 2004, $10 million; 2005 and thereafter, $27 million.
(a)	The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 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 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $30 million was transferred to “realized” for the total year 2002. A $30 million realized gain is included in the $99 million on line 52 for total year 2002.
(b)	Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.

See Glossary of Terms. Page 4 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued)
	(Dollars in Millions)
	By Commodity Sold or Traded
65	Electricity	$	45		$	25		$	43		$	34		$	147		$	(181	)
66	Natural gas		(5	)		1			3			(5	)		(6	)		2
67	Coal		(1	)		(2	)		1			—			(2	)		(9	)
68	Emission allowances		1			(5	)		(3	)		—			(7	)		3
69	Other		—			—			—			—			—			—
70	Total gross margin	$	40		$	19		$	44		$	29		$	132		$	(185	)
	By Pinnacle West Entity
	Parent company marketing and trading division
71	Generation sales other than native load	$	1		$	—		$	2		$	5		$	8		$	8
72	Other marketing and trading		34			9			30			9			82			4
	APS
73	Generation sales other than native load		1			—			1			—			2			(77	)
74	Other marketing and trading		—			—			—			—			—			(156	)
	Pinnacle West Energy
75	Generation sales other than native load		—			—			—			4			4			4
76	Other marketing and trading		—			—			—			—			—			—
	APS ES
77	Other marketing and trading		4			10			11			11			36			32
78	Total gross margin before income taxes	$	40		$	19		$	44		$	29		$	132		$	(185	)

See Glossary of Terms. Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
79	Residential		801,000			795,681			798,590			811,930			801,801			25,462
80	Business		99,335			100,096			100,318			101,177			100,228			2,030
81	Total		900,335			895,777			898,908			913,107			902,029			27,492
82	Wholesale customers		67			67			67			67			67			1
83	Total customers		900,402			895,844			898,975			913,174			902,096			27,493
84	Customer Growth (% over prior year)		3.2	%		3.2	%		3.1	%		3.2	%		3.1	%		(0.5	)%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
85	Residential		2,163			2,446			3,683			2,139			10,431			632
86	Business		2,778			3,410			3,689			3,028			12,905			86
87	Total		4,941			5,856			7,372			5,167			23,336			718
	RETAIL USAGE
	(KWh/Average Customer)
88	Residential		2,673			3,068			4,766			2,532			13,025			(287	)
89	Business		27,896			34,258			36,691			30,011			128,885			(4,152	)
	RETAIL USAGE -
	WEATHER NORMALIZED
	(KWh/Average Customer)
90	Residential		2,700			3,074			4,614			2,634			13,009			387
91	Business		27,966			34,067			36,773			29,928			128,756			(1,786	)
	ELECTRICITY DEMAND (MW)
92	System peak demand		3,921			5,425			5,803			3,828			5,803			116

See Glossary of Terms. Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
93	Nuclear		2,257			2,242			2,387			2,095			8,981			596
94	Coal		2,890			2,703			3,280			3,183			12,056			(516	)
95	Gas, oil and other		337			659			1,918			1,455			4,369			375
96	Total		5,484			5,604			7,585			6,733			25,406			455
	Purchased power
97	Firm load		70			846			859			(157	)		1,619			(1,342	)
98	Marketing and trading		3,993			4,599			8,771			6,340			23,704			6,051
99	Total		4,063			5,445			9,630			6,183			25,323			4,709
100	Total energy sources		9,547			11,049			17,215			12,916			50,729			5,164
	POWER PLANT PERFORMANCE
	Capacity Factors
101	Nuclear		96	%		95	%		100	%		87	%		94	%		6	%
102	Coal		78	%		72	%		87	%		84	%		80	%		(4	)%
103	Gas, oil and other		12	%		20	%		38	%		29	%		27	%		(10	)%
104	System average		62	%		62	%		69	%		60	%		63	%		(7	)%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
105	Nuclear		62			66			12			129			67			(60	)
106	Coal		184			279			88			116			167			—
107	Gas		12			18			106			54			48			16
108	Total		258			363			206			299			282			(44	)
109	Generation Fuel Cost ($/MWh)	$	11.57		$	11.89		$	14.84		$	13.05		$	13.01		$	(3.21	)

See Glossary of Terms. Page 7 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

																	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
110	Palo Verde	$	26.86		$	30.65		$	35.45		$	36.18		$	32.28		$	(86.13	)
111	SP15	$	28.46		$	31.51		$	35.55		$	41.35		$	34.22		$	(85.77	)
	Off-Peak
112	Palo Verde	$	22.17		$	14.10		$	18.21		$	25.09		$	19.89		$	(41.68	)
113	SP15	$	22.76		$	15.95		$	19.54		$	28.52		$	21.69		$	(51.79	)
	WEATHER INDICATORS
	Actual
114	Cooling degree-days		89			1,741			2,647			398			4,875			(247	)
115	Heating degree-days		472			—			—			328			800			(360	)
116	Average humidity		28	%		16	%		27	%		38	%		27	%		(9	)%
	10-Year Averages
117	Cooling degree-days		80			1,491			2,540			420			4,531			—
118	Heating degree-days		521			36			—			415			972			—
119	Average humidity		43	%		24	%		33	%		40	%		35	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
120	Single-family		7,682			9,666			8,689			8,275			34,312			1,447
121	Multi-family		1,249			2,005			2,662			1,158			7,074			(1,930	)
122	Total		8,931			11,671			11,351			9,433			41,386			(483	)
	Arizona Job Growth (c)
123	Payroll job growth (% over prior year)		(0.8	)%		(0.2	)%		0.1	%		0.9	%		0.0	%		(1.0	)%
124	Unemployment rate (%, seasonally adjusted)		6.2	%		6.2	%		6.2	%		6.0	%		6.2	%		1.5	%

Sources:
(a)	This price is an 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 8 of 8

EX-99.6

Exhibit 99.6

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total Year			vs Prior Year
		EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
	1	Arizona Public Service	$	65		$	70		$	108		$	39		$	281		$	(26	)
	2	Pinnacle West Energy		—			1			13			4			18			20
	3	APS Energy Services		(8	)		—			(3	)		—			(10	)		3
	4	SunCor		—			—			2			—			3			(8	)
	5	El Dorado		1			—			—			—			—			(2	)
	6	Parent Company		4			(4	)		42			(7	)		35			38
	7	Income Before Accounting Change		62			67			162			36			327			25
		Cumulative Effect of Change in Accounting -
	8	Net of Tax		(3	)		—			(12	)		—			(15	)		(15	)
	9	Net Income	$	59		$	67		$	150		$	36		$	312		$	10
		EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
	10	Arizona Public Service	$	0.76		$	0.82		$	1.27		$	0.46		$	3.30		$	(0.31	)
	11	Pinnacle West Energy		—			0.02			0.16			0.04			0.21			0.24
	12	APS Energy Services		(0.10	)		—			(0.03	)		—			(0.12	)		0.04
	13	SunCor		0.01			—			0.03			0.01			0.04			(0.10	)
	14	El Dorado		0.01			—			—			—			—			(0.02	)
	15	Parent Company		0.05			(0.05	)		0.49			(0.09	)		0.42			0.44
	16	Income Before Accounting Change		0.73			0.79			1.92			0.42			3.85			0.29
		Cumulative Effect of Change in Accounting -
	17	Net of Tax		(0.03	)		—			(0.15	)		—			(0.17	)		(0.17	)
	18	Net Income	$	0.70		$	0.79		$	1.77		$	0.42		$	3.68		$	0.12
	19	BOOK VALUE PER SHARE	$	28.83		$	28.17		$	29.37		$	29.46		$	29.46		$	1.37
		COMMON SHARES OUTSTANDING - DILUTED (Thousands)
	20	Average		84,966			85,042			84,909			84,824			84,930			(5	)
	21	End of Period		84,718			84,713			84,663			84,724			84,724			9

See Glossary of Terms. Page 1 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total Year			vs Prior Year
		ELECTRIC OPERATING REVENUES (Dollars in Millions)
		Regulated Electricity Segment
		Retail
	22	Residential	$	173		$	234		$	328		$	180		$	915		$	34
	23	Business		199			258			276			219			952			17
	24	Total retail		372			492			604			399			1,867			51
		Wholesale revenue on delivered electricity
	25	Traditional contracts		26			55			(10	)		2			73			(48	)
	26	Retail load hedge management		—			—			—			—			—			(561	)
	27	Transmission for others		4			5			9			8			26			11
	28	Other miscellaneous services		6			5			6			1			18			(9	)
	29	Total regulated electricity		408			557			609			410			1,984			(556	)
		Marketing and Trading Segment
		Delivered marketing and trading
	30	Generation sales other than native load		87			51			4			6			148			32
	31	Realized margin on electricity trading (a)		(15	)		20			12			53			70			14
	32	Other delivered electricity (a)		45			16			54			17			132			(110	)
	33	Total delivered marketing and trading		117			87			70			76			350			(64	)
		Other Marketing and Trading
	34	Realized margins on delivered commodities other than electricity (a)		(5	)		(12	)		(1	)		4			(14	)		(5	)
	35	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)		13			5			(37	)		(50	)		6			8
	36	Change in mark-to-market for future-period deliveries		47			36			129			(9	)		128			114
	37	Total other marketing and trading		55			29			91			(55	)		120			117
	38	Total marketing and trading		172			116			161			21			470			53
	39	Total electric operating revenues	$	580		$	673		$	770		$	431		$	2,454		$	(503	)

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31, 32 and 34. For example, line 35 shows that a prior-period mark-to-market loss of $6 million was transferred to “realized” for the total year 2001. Lines 31, 32 and 34 include amounts totaling $6 million of realized loss for the total year 2001.

See Glossary of Terms. Page 2 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

														Increase
														(Decrease)
Line			1st Qtr		2nd Qtr		3rd Qtr			4th Qtr		Total Year		vs Prior Year
		ELECTRIC SALES (GWH)
		Regulated Electricity Segment
		Retail sales
	40	Residential		2,121		2,467		3,597			2,149		10,335		554
	41	Business		2,824		3,445		3,724			3,071		13,064		310
	42	Total retail		4,945		5,912		7,321			5,220		23,399		864
		Wholesale electricity delivered
	43	Traditional contracts		569		598		(37	)		83		1,213		(397	)
	44	Retail load hedge management		75		736		1,847			382		3,040		(3,634	)
	45	Total regulated electricity		5,589		7,246		9,131			5,685		27,652		(3,167	)
		Marketing and Trading Segment
		Delivered marketing and trading
	46	Generation sales other than native load		623		436		73			256		1,388		(106	)
	47	Electricity trading		2,751		2,975		3,725			4,136		13,587		4,328
	48	Other delivered electricity		299		194		95			438		1,026		(1,934	)
	49	Total delivered marketing and trading		3,673		3,605		3,893			4,830		16,001		2,288
	50	Total electric sales		9,263		10,851		13,024			10,515		43,653		(879	)

See Glossary of Terms. Page 3 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total Year			vs Prior Year
		MARKETING AND TRADING SEGMENT
		PRETAX GROSS MARGIN ANALYSIS
		(Dollars in Millions)
		Realized and Mark-To-Market Components
		Current Period Effects
		Realized margin on delivered commodities
		Electricity
	51	Generation sales other than native load	$	48		$	26		$	3		$	3		$	80		$	26
	52	Other electricity marketing and trading (a)		4			43			14			56			117			48
	53	Total electricity		52			69			17			59			197			74
	54	Other commodities (a)		(5	)		(12	)		(1	)		4			(14	)		(5	)
	55	Total realized margin		47			57			16			63			183			69
		Prior-period mark-to-market (gains) losses on contracts delivered during current period
	56	Electricity (a)		1			—			(38	)		(38	)		(11	)		(9	)
	57	Other commodities (a)		12			5			1			(4	)		25			25
	58	Charge related to trading activities with Enron and its affiliates		—			—			—			(8	)		(8	)		(8	)
	59	Subtotal		13			5			(37	)		(50	)		6			8
	60	Total current period effects (b)		60			62			(21	)		13			189			77
		Change in mark-to-market gains (losses) for future period deliveries (b)
	61	Electricity		45			42			126			(2	)		146			139
	62	Other commodities		2			(6	)		3			(7	)		(18	)		(25	)
	63	Total future period effects		47			36			129			(9	)		128			114
	64	Total gross margin	$	107		$	98		$	108		$	4		$	317		$	191

Future Marketing and Trading Mark-to-Market Realization

As of December 31, 2001, Pinnacle West had accumulated mark-to-market net gains of $138.0 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: 2002, $43.0 million; 2003, $22.6 million; 2004, $23.6 million; 2005 and thereafter, $48.8 million.

(a)

The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 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 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $11 million was transferred to “realized” for the total year 2001. A $11 million realized gain is included in the $117 million on line 52 for the total year 2001.

(b)

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

See Glossary of Terms. Page 4 of 8

Last Updated 5/7/2004
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total Year			vs Prior Year
		MARKETING AND TRADING SEGMENT
		PRETAX GROSS MARGIN ANALYSIS (continued)
		(Dollars in Millions)
		By Commodity Sold or Traded
	65	Electricity	$	98		$	111		$	105		$	15		$	328		$	201
	66	Natural gas		(3	)		(12	)		9			(3	)		(8	)		(15	)
	67	Coal		14			2			(2	)		(6	)		7			10
	68	Emission allowances		(2	)		(3	)		(4	)		(2	)		(10	)		(5	)
	69	Other		—			—			—			—			—			—
	70	Total gross margin	$	107		$	98		$	108		$	4		$	317		$	191
		By Pinnacle West Entity
		Parent company marketing and trading division
	71	Generation sales other than native load	$	—		$	—		$	—		$	—		$	—		$	—
	72	Other marketing and trading		7			3			74			(6	)		78			80
		APS
	73	Generation sales other than native load		48			26			2			3			79			25
	74	Other marketing and trading		53			68			32			3			156			82
		Pinnacle West Energy
	75	Generation sales other than native load		—			—			—			—			—			—
	76	Other marketing and trading		—			—			—			—			—			—
		APS ES
	77	Other marketing and trading		(1	)		1			—			4			4			4
	78	Total gross margin before income taxes	$	107		$	98		$	108		$	4		$	317		$	191

See Glossary of Terms. Page 5 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total Year			vs Prior Year
		AVERAGE ELECTRIC CUSTOMERS
		Retail customers
	79	Residential		775,317			770,335			773,321			786,382			776,339			27,054
	80	Business		97,222			98,065			98,874			98,631			98,198			4,070
	81	Total		872,539			868,400			872,195			885,013			874,537			31,124
	82	Wholesale customers		68			66			66			66			66			(1	)
	83	Total customers		872,607			868,466			872,261			885,079			874,603			31,123
	84	Customer Growth (% over prior year)		4.0	%		3.9	%		3.7	%		3.2	%		3.7	%		(0.4	)%
		RETAIL SALES (GWH) -
		WEATHER NORMALIZED
	85	Residential		2,033			2,233			3,410			2,123			9,799			122
	86	Business		2,823			3,328			3,658			3,010			12,819			79
	87	Total		4,856			5,561			7,068			5,133			22,618			201
		RETAIL USAGE
		(KWh/Average Customer)
	88	Residential		2,737			3,203			4,651			2,733			13,312			259
	89	Business		29,047			35,130			37,666			31,136			133,037			133,037
		RETAIL USAGE -
		WEATHER NORMALIZED
		(KWh/Average Customer)
	90	Residential		2,622			2,899			4,410			2,700			12,622			(293	)
	91	Business		29,037			33,937			36,997			30,518			130,542			(4,806	)
		ELECTRICITY DEMAND (MW)
	92	System peak demand		3,661			5,358			5,687			3,898			5,687			209

See Glossary of Terms. Page 6 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total Year			vs Prior Year
		ENERGY SOURCES (GWH)
		Generation production
	93	Nuclear		2,261			1,985			2,320			1,819			8,385			(456	)
	94	Coal		2,901			3,245			3,223			3,203			12,572			63
	95	Gas, oil and other		1,007			1,256			1,157			574			3,994			1,210
	96	Total		6,169			6,486			6,700			5,596			24,951			817
		Purchased power
	97	Firm load		170			845			1,734			212			2,961			446
	98	Marketing and trading		3,126			3,905			5,667			4,955			17,653			(1,240	)
	99	Total		3,296			4,750			7,401			5,167			20,614			(794	)
	100	Total energy sources		9,465			11,236			14,101			10,763			45,565			23
		POWER PLANT PERFORMANCE
		Capacity Factors
	101	Nuclear		96	%		84	%		97	%		76	%		88	%		(5	)%
	102	Coal		78	%		87	%		85	%		85	%		84	%		1	%
	103	Gas, oil and other		39	%		46	%		38	%		20	%		37	%		10	%
	104	System average		71	%		73	%		73	%		62	%		70	%		1	%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
	105	Nuclear		57			180			26			246			127			47
	106	Coal		284			166			129			90			167			13
	107	Gas		36			52			24			16			32			10
	108	Total		376			398			179			352			326			70
	109	Generation Fuel Cost ($/MWh)	$	19.64		$	19.28		$	13.21		$	12.51		$	16.22		$	2.50

See Glossary of Terms. Page 7 of 8

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2001

																		Increase
																		(Decrease)
Line			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total Year			vs Prior Year
		ENERGY MARKET INDICATORS (a)
		Electricity Average Daily Spot Prices ($/MWh)
		On-Peak
	110	Palo Verde	$	214.21		$	182.71		$	49.80		$	26.89		$	118.41		$	6.98
	111	SP15	$	219.66		$	186.30		$	45.61		$	28.38		$	119.99		$	12.64
		Off-Peak
	112	Palo Verde	$	130.40		$	70.32		$	27.22		$	18.33		$	61.57		$	8.55
	113	SP15	$	159.80		$	84.78		$	28.92		$	20.41		$	73.48		$	12.74
		WEATHER INDICATORS
		Actual
	114	Cooling degree-days		106			1,733			2,663			620			5,122			539
	115	Heating degree-days		657			43			—			460			1,160			192
	116	Average humidity		50	%		25	%		31	%		39	%		36	%		2	%
		10-Year Averages
	117	Cooling degree-days		80			1,491			2,540			420			4,531			—
	118	Heating degree-days		521			36			—			415			972			—
	119	Average humidity		43	%		24	%		33	%		40	%		35	%		0	%
		ECONOMIC INDICATORS
		Building Permits — Metro Phoenix (b)
	120	Single-family		8,783			9,394			8,384			6,304			32,865			356
	121	Multi-family		3,925			1,833			2,514			732			9,004			(1,224	)
	122	Total		12,708			11,227			10,898			7,036			41,869			(868	)
		Arizona Job Growth(c)
	123	Payroll job growth (% over prior year)		2.4	%		1.5	%		0.8	%		(0.7	)%		1.0	%		(2.7	)%
	124	Unemployment rate (%, seasonally adjusted)		3.9	%		4.4	%		4.9	%		5.7	%		4.7	%		0.8	%

Sources:

(a)	This price is an 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 8 of 8

EX-99.7

Exhibit 99.7

Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Glossary of Terms

Arizona Job Growth	Percentage growth over the prior year in total non-farm payroll employment for the state of Arizona, non-seasonally adjusted.
Building Permits – Metro Phoenix	The number of residential dwellings permitted to be built by authorized agencies in Maricopa County, Arizona. Single-family refers to detached buildings intended to be occupied by one family each. Multi-family permits represent the number of units authorized to be built in condominium, townhouse and apartment complexes.
Capacity Factor	The ratio of the average operating load of an electric power generating unit for a period of time to the capacity rating of the unit during that period.
Change in Mark-To-Market Gains (Losses) For Future-Period Deliveries	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.
Current Period Effects	The net effect of the total revenue or gross margins realized on delivery of commodities in the period being measured, and the amount of prior-period mark-to-market (gains) losses on contracts delivered during period. The net effect of transferring prior-period mark-to-market to realized does not affect total revenues, gross margin or earnings.
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.

- 2 -

Electricity Marketing and Trading – Delivered	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.
Electricity Spot Prices — Palo Verde – Off-Peak	Electricity average daily spot prices at Palo Verde substation during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Electricity Spot Prices — Palo Verde – On-Peak	Electricity average daily spot prices at Palo Verde substation during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Electricity Spot Prices — SP15 – Off-Peak	Electricity average daily spot prices at SP15, a region of California substations, during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Electricity Spot Prices — SP15 – On-Peak	Electricity average daily spot prices at SP15, a region of California substations, during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.
Generation Capacity Out of Service and Replaced for Native Load	Total capacity required and economic, yet unavailable for retail customers and traditional wholesale contracts due to scheduled or unscheduled outages. Measured in megawatts per day.
Generation Sales Other Than Native Load	Sales of electricity from generation owned by the company that is over and above the amount required to serve retail customers and traditional wholesale contracts.
Generation Production — Coal	Amount of net energy produced by coal-fueled generators. Measured in gigawatt-hours.

- 3 -

Generation Production — Gas/Oil/Other	Amount of net energy predominately produced by natural gas and oil-fueled generators. A small amount of energy from hydroelectric and solar power plants is also included. Measured in gigawatt-hours.
Generation Production — Nuclear	Amount of net energy produced by nuclear-fueled generators. Measured in gigawatt-hours.
Gigawatt-hour (GWH)	A unit of energy equivalent to 1,000 megawatt-hours or 1,000,000 kilowatt-hours.
Marketing and Trading Gross Margin – Pretax	Revenues from marketing and trading activities (other than retail sales, traditional wholesale sales and retail load hedge management) less the costs of the related commodities, with mark-to-market gains or losses, before income taxes.
Marketing and Trading Gross Margin by Commodity — Pretax	Marketing and trading gross margin, before income taxes, for generation sales other than native load and for sales and purchases of electricity and other commodities by the company in the wholesale market, summarized by the underlying commodities.
Realized and Mark-to-Market Components	Marketing and trading gross margin, before income taxes, for generation sales other than native load 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.
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.
Megawatt (MW)	One million watts.
Megawatt-hour (MWh)	A unit of energy equivalent to 1,000 kilowatt-hours.

- 4 -

Prior Period Mark-To-Market (Gains) Losses on Contracts Delivered During Current Period	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.
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 Margin on Delivered Commodities	Marketing and trading gross margin related to electricity and other commodities that were delivered in the then-current period.
Retail Customer Growth	Percentage growth over the prior year in the number of retail customers.
Retail Electricity Usage	Total retail sales for a period divided by the average retail customers for the same period. Measured in kilowatt-hours per average customer.
Retail Load Hedge Management	Wholesale sales to liquidate electricity purchases originally intended to meet firm load during peak times, which purchases were not needed ultimately for firm load. These sales are made to other electric companies, power marketers, or public entities for the purpose of resale. Measured in gigawatt-hours.
Retail Sales	Sales of electricity made directly to retail customers or ultimate customers. Residential retail sales are sales to households. Business retail sales include commercial, industrial, irrigation, and streetlighting sales. Measured in gigawatt-hours.

- 5-

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.

EX-99.8 9 p69118exv99w8.htm EX-99.8

EXHIBIT 99.8

FOR IMMEDIATE RELEASE		May 7, 2004
Media Contact:	Alan Bunnell, (602) 250-3376	Page 1 of 1
Analyst Contact:	Rebecca Hickman, (602) 250-5668
Web site:	www.pinnaclewest.com

PINNACLE WEST REPORTS 2004 FIRST QUARTER EARNINGS

PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the quarter ended March 31, 2004, of $30.2 million, or $0.33 per diluted share of common stock. This result compares with net income of $25.3 million, or $0.28 per share, for the comparable quarter a year ago.

The improved results were positively impacted by higher retail sales volumes at Arizona Public Service (APS) due to customer growth and weather, which in 2004 included the hottest March on record. Compared with the first quarter a year ago, electricity consumption by APS retail customers increased 10.3 percent in 2004.

“The rapidly increasing demand for electricity in Arizona underscores the critical importance of staying ahead of the growing energy needs of our customers,” said Chairman Bill Post. “Meeting that challenge requires tenacity and investment.”

In addition to 3.4 percent customer growth (about three times the national average) and weather effects, the quarter-to-quarter comparison also was positively affected by lower regulatory asset amortization. These positive factors were partially offset by a net increase in costs related to placing a new electricity-generating unit into service in mid-2003; and replacement power costs related to unplanned power plant outages.

For more information on Pinnacle West’s operating statistics and earnings, please visit http://www.pinnaclewest.com/main/pnw/investors/financials/quarterly/default.html.

Conference Call

Pinnacle West invites interested parties to listen to the live webcast of management’s conference call to discuss the Company’s 2004 first quarter earnings and recent developments at 12 noon (ET) today, May 7. The webcast can be accessed at www.pinnaclewest.com/main/pnw/investors/presentations/default.html and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 6629019. A replay of the call also will be available until 12 midnight (ET), Friday, May 14, 2004, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering reservation number 6629019.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9.4 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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PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts)

	THREE MONTHS ENDED
	March 31,
	2004			2003
Operating Revenues
Regulated electricity segment	$	415,464		$	379,678
Marketing and trading segment		88,383			116,706
Real estate segment		51,593			40,688
Other revenues		18,929			15,571
Total		574,369			552,643
Operating Expenses
Regulated electricity segment purchased power and fuel		88,611			69,389
Marketing and trading segment purchased power and fuel		67,764			97,608
Operations and maintenance		138,656			133,117
Real estate segment operations		47,690			40,159
Depreciation and amortization		101,504			105,398
Taxes other than income taxes		30,330			28,496
Other expenses		16,443			9,221
Total		490,998			483,388
Operating Income		83,371			69,255
Other
Allowance for equity funds used during construction		2,002			—
Other income		11,412			5,721
Other expense		(5,945	)		(4,197	)
Total		7,469			1,524
Interest Expense
Interest charges		50,356			47,851
Capitalized interest		(4,911	)		(9,979	)
Total		45,445			37,872
Income From Continuing Operations Before Income Taxes		45,395			32,907
Income Taxes		15,627			12,754
Income From Continuing Operations		29,768			20,153
Income from Discontinued Operations
Net of Income Tax Expense		388			5,145
Net Income	$	30,156		$	25,298
Weighted-Average Common Shares Outstanding — Basic		91,294			91,256
Weighted-Average Common Shares Outstanding — Diluted		91,376			91,359
Earnings Per Weighted-Average Common Share Outstanding
Income From Continuing Operations — Basic	$	0.33		$	0.22
Net Income — Basic	$	0.33		$	0.28
Income From Continuing Operations — Diluted	$	0.33		$	0.22
Net Income — Diluted	$	0.33		$	0.28

EX-99.8

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