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):    September 26, 2001 (March 31, 2001)

PINNACLE WEST CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)

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

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

(602) 250-1000
(Registrant's telephone number, including area code)

NONE
(Former name or former address, if changed since last report)

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

(c) Exhibits.

Exhibit No.	     	Description	
99.1	 	Pinnacle West Capital Corporation consolidated quarterly operating statistics and market, weather and economic indicators for 1999, 2000, and the quarters ending March 31, 2001 and June 30, 2001.	
99.2	 	Pinnacle West Capital Corporation graphical data presentation for the period from January 1, 1999 through June 30, 2001.	
99.3	 	Question & Answer.	
99.4	 	Earnings variance explanations for the periods ended June 30, 2001 and June 30, 2000 excerpted from Management's Discussion and Analysis of Financial Condition and Results of Operations in the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2001.	
99.5	 	Earnings variance explanations for the periods ended March 31, 2001 and March 31, 2000 excerpted from Management's Discussion and Analysis of Financial Condition and Results of Operations in the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2001.	
99.6	 	Glossary of Terms.	
Item 9.  Regulation FD Disclosure 

Pinnacle West is providing quarterly consolidated operating statistics and market, weather and economic indicators ("Information") to help interested parties better understand our business. This information is concurrently being posted to the Registrant's website at www.pinnaclewest.com. The Information may not represent all of the factors that could affect our 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. Pinnacle West is not responsible for any such inaccuracies. Although we may update or correct the Information if we are aware that it has been revised or is inaccurate, we assume no obligation to update or correct the Information and reserve 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. 

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: September 26, 2001	 	 	By:  Michael V. Palmeri                                   	
 	 	 	       Michael V. Palmeri	
 	 	 	       Vice President, Finance	

PINNACLE WEST CAPITAL CORPORATION
Exhibit Index to Current Report on Form 8-K

Exhibit No.	     	Description	
99.1	 	Pinnacle West Capital Corporation consolidated quarterly operating statistics and market, weather and economic indicators for 1999, 2000, and the quarters ending March 31, 2001 and June 30, 2001.	
99.2	 	Pinnacle West Capital Corporation graphical data presentation for the period from January 1, 1999 through June 30, 2001.	
99.3	 	Question & Answer.	
99.4	 	Earnings variance explanations for the periods ended June 30, 2001 and June 30, 2000 excerpted from Management's Discussion and Analysis of Financial Condition and Results of Operations in the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2001.	
99.5	 	Earnings variance explanations for the periods ended March 31, 2001 and March 31, 2000 excerpted from Management's Discussion and Analysis of Financial Condition and Results of Operations in the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2001.	
99.6	 	Glossary of Terms.	

Exhibit 99.1

Pinnacle West Capital Corporation

Consolidated Operating Statistics
2001 Quarterly Statistics

                                                                                                       Increase
                                                                                            YTD       (Decrease)
                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qtr      Total     vs Prior YTD
                                          --------    --------    --------    --------    --------   ------------
ELECTRIC OPERATING REVENUES
    (Dollars in  Millions)
Retail
    Residential                           $    173    $    234                            $    407     $     23
    Business                                   199         258                                 457            8
                                          --------    --------    --------    --------    --------     --------
      Total retail                             372         492                                 864           31
                                          --------    --------    --------    --------    --------     --------
Wholesale marketing and trading
  Generation other than native load            122          82                                 204          186
  Trading and other                            356         650                               1,006          771
                                          --------    --------    --------    --------    --------     --------
      Total sales for resale                   478         732                               1,210          957
Transmission for others                          5           5                                  10            3
Miscellaneous services                          52          32                                  84           11
                                          --------    --------    --------    --------    --------     --------
      Net electric operating revenues     $    907    $  1,261                            $  2,168     $  1,002
                                          ========    ========    ========    ========    ========     ========

ELECTRIC SALES (GWh)

Retail sales
  Residential                                2,122       2,468                               4,590          343
  Business                                   2,823       3,446                               6,269          153
                                          --------    --------    --------    --------    --------     --------
      Total retail                           4,945       5,914                              10,859          496
                                          --------    --------    --------    --------    --------     --------
Wholesale marketing and trading
  Generation other than native load            622         437                               1,059          447
  Trading and other                          3,498       4,404                               7,902        1,656
                                          --------    --------    --------    --------    --------     --------
      Total sales for resale                 4,120       4,841                               8,961        2,103
                                          --------    --------    --------    --------    --------     --------
      Total electric sales                   9,065      10,755                              19,820        2,599
                                          ========    ========    ========    ========    ========     ========

RETAIL ELECTRIC SALES (GWh) -
WEATHER NORMALIZED

Residential                                  2,039       2,224                               4,263           24
Business                                     2,826       3,315                               6,141           80
                                          --------    --------    --------    --------    --------     --------
      Total                                  4,865       5,539                              10,404          104
                                          ========    ========    ========    ========    ========     ========

ELECTRIC CUSTOMERS (End of Period)

Retail customers
  Residential                              771,366     764,741                             764,741       28,702
  Business                                  94,964      95,998                              95,998        3,529
                                          --------    --------    --------    --------    --------     --------
      Total                                866,330     860,739                             860,739       32,231
Wholesale customers                             69          66                                  66           (1)
                                          --------    --------    --------    --------    --------     --------
      Total customers                      866,399     860,805                             860,805       32,230
                                          ========    ========    ========    ========    ========     ========

Customer Growth (% over prior year)            3.6%        3.9%                                 --          0.2%

RETAIL ELECTRICITY USAGE
(kWh/Average Customer)

Residential                                  2,756       3,224                               5,979          235
Business                                    29,805      36,018                              65,855         (619)

RETAIL ELECTRICITY USAGE - WEATHER
NORMALIZED
(kWh/Average Customer)

Residential                                  2,648       2,906                               5,553         (180)
Business                                    29,837      34,649                              64,510       (1,367)

ELECTRICITY DEMAND (MW)

System Peak Demand                           3,661       5,358                               5,358          263
Pinnacle West Capital Corporation

Consolidated Operating Statistics
2001 Quarterly Statistics

                                                                                                        Increase
                                                                                            YTD        (Decrease)
                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qtr      Total      vs Prior YTD
                                          --------    --------    --------    --------    --------    ------------
ENERGY SOURCES (GWh)

Generation production
  Nuclear                                    2,261       1,985                               4,246          (168)
  Coal                                       2,901       3,245                               6,146           156
  Gas, oil and other                         1,007       1,239                               2,246         1,397
                                          --------    --------    --------    --------    --------      --------
      Total                                  6,169       6,469                              12,638         1,385
                                          --------    --------    --------    --------    --------      --------
Purchased power
  Firm load                                    381         635                               1,016           (66)
  Marketing and trading                      3,232       4,018                               7,250         1,860
                                          --------    --------    --------    --------    --------      --------
      Total                                  3,613       4,653                               8,266         1,794
                                          --------    --------    --------    --------    --------      --------
      Total energy sources                   9,782      11,122                              20,904         3,179
                                          ========    ========    ========    ========    ========      ========

POWER PLANT PERFORMANCE

Capacity Factors
  Nuclear                                       96%         84%                                 90%           (3)%
  Coal                                          78%         87%                                 83%            2%
  Gas, oil and other                            39%         46%                                 43%           26%
  System average                                72%         73%                                 73%            8%

Generation Capacity Out of Service
(average MW/day)
  Nuclear                                       57         180                                 119            41
  Coal                                         284         166                                 225            52
  Gas                                           36          52                                  44            19
  Total                                        377         398                                 388           111

Generation Fuel Cost ($/MWh)              $  19.64    $  19.28                            $  19.46      $  (4.05)

BOOK VALUE PER SHARE                      $  28.83    $  28.17                            $  28.17      $   1.17
Pinnacle West Capital Corporation

Energy Market, Weather and Economic Indicators
2001 Quarterly Statistics

                                                                                                        Increase
                                                                                            YTD        (Decrease)
                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qtr      Total      vs Prior YTD
                                          --------    --------    --------    --------    --------    ------------
ENERGY MARKET INDICATORS (a)

Electricity Average Daily Spot
Prices ($/MWh)
  On-Peak
    Palo Verde                            $ 214.21    $ 182.71                            $ 198.46      $ 137.96
    SP15                                  $ 219.66    $ 186.30                            $ 202.98      $ 145.95
  Off-Peak
    Palo Verde                            $ 130.40    $  70.32                            $ 100.36      $  72.93
    SP15                                  $ 159.80    $  84.78                            $ 122.29      $  93.80

WEATHER INDICATORS

Actual
    Cooling degree-days                        106       1,733                               1,839            55
    Heating degree-days                        657          43                                 700           232
    Average humidity                            50%         25%                                 37%          (23)%
10-Year Averages
    Cooling degree-days                         73       1,405                               1,478            --
    Heating degree-days                        549          33                                 582            --
    Average humidity                            44%         24%                                 34%          (34)%

ECONOMIC INDICATORS

Building Permits --
Metro Phoenix (b)
    Single-family                            8,681       9,270                              17,951           183
    Multi-family                             3,918       1,820                               5,738          (121)
                                          --------    --------    --------    --------    --------      --------
      Total                                 12,599      11,090                              23,689            62
                                          ========    ========    ========    ========    ========      ========
Arizona Job Growth (c)
  Payroll job growth (% over prior
   year)                                       2.3%        0.9%                                0.9%         (3.5)%
  Unemployment rate (%, seasonally
   adjusted)                                   4.4%        4.3%                                4.3%          0.3%
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 College of Business
(c) Arizona Department of Economic Security
Pinnacle West Capital Corporation

Consolidated Operating Statistics
2000 Quarterly Statistics

                                                                                                       Increase
                                                                                                      (Decrease)
                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qrt    Total Year  vs Prior Year
                                          --------    --------    --------    --------   ----------  -------------
ELECTRIC OPERATING REVENUES
    (Dollars in  Millions)
Retail
  Residential                             $    157    $    227    $    324    $    172    $    880      $     75
  Business                                     196         253         275         212         936            24
                                          --------    --------    --------    --------    --------      --------
      Total retail                             353         480         599         384       1,816            99
                                          --------    --------    --------    --------    --------      --------
Wholesale marketing and trading
  Generation other than native load             11           7          13         102         133            90
  Trading and other                             63         172         921         305       1,461           997
                                          --------    --------    --------    --------    --------      --------
      Total sales for resale                    74         179         934         407       1,594         1,087
Transmission for others                          3           4           4           4          15             4
Miscellaneous services                          16          57          31           3         107            49
                                          --------    --------    --------    --------    --------      --------
      Net electric operating revenues     $    446    $    720    $  1,568    $    798    $  3,532      $  1,239
                                          ========    ========    ========    ========    ========      ========

ELECTRIC SALES (GWH)

Retail sales
  Residential                                1,876       2,371       3,506       2,028       9,781         1,006
  Business                                   2,737       3,379       3,674       2,964      12,754           454
                                          --------    --------    --------    --------    --------      --------
      Total retail                           4,613       5,750       7,180       4,992      22,535         1,460
                                          --------    --------    --------    --------    --------      --------
Wholesale marketing and trading
  Generation other than native load            397         215         163         720       1,495          (192)
  Trading and other                          2,555       3,691       9,981       3,788      20,015         6,009
                                          --------    --------    --------    --------    --------      --------
      Total sales for resale                 2,952       3,906      10,144       4,508      21,510         5,817
                                          --------    --------    --------    --------    --------      --------
      Total electric sales                   7,565       9,656      17,324       9,500      44,045         7,277
                                          ========    ========    ========    ========    ========      ========

RETAIL ELECTRIC SALES (GWh) - WEATHER
NORMALIZED

Residential                                  1,986       2,253       3,358       1,920       9,517           664
Business                                     2,741       3,320       3,620       3,004      12,685           517
                                          --------    --------    --------    --------    --------      --------
      Total                                  4,727       5,573       6,978       4,924      22,202         1,181
                                          ========    ========    ========    ========    ========      ========

ELECTRIC CUSTOMERS (End of Period)

Retail customers
  Residential                              743,960     736,039     744,533     762,574     762,574        27,215
  Business                                  91,868      92,469      93,826      94,895      94,895         3,319
                                          --------    --------    --------    --------    --------      --------
      Total                                835,828     828,508     838,359     857,469     857,469        30,534
Wholesale customers                             67          67          67          67          67            (6)
                                          --------    --------    --------    --------    --------      --------
      Total customers                      835,895     828,575     838,426     857,536     857,536        30,528
                                          ========    ========    ========    ========    ========      ========

Customer Growth (% over prior year)            3.7%        3.7%        3.8%        3.7%        3.7%          3.7%

RETAIL ELECTRICITY USAGE
(kWh/Average Customer)

Residential                                  2,527       3,215       4,732       2,684      13,144           900
Business                                    29,841      36,638      39,410      31,339     137,227           466

RETAIL ELECTRICITY USAGE - WEATHER
NORMALIZED
(kWh/Average Customer)

Residential                                  2,675       3,055       4,532       2,541      12,790           436
Business                                    29,884      35,998      38,831      31,761     136,488         1,184

ELECTRICITY DEMAND (MW)

System Peak Demand                           3,315       5,095       5,478       4,331       5,478           543

Pinnacle West Capital Corporation

Consolidated Operating Statistics
2000 Quarterly Statistics

                                                                                                       Increase
                                                                                                      (Decrease)
                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qrt    Total Year  vs Prior Year
                                          --------    --------    --------    --------   ----------  -------------
ENERGY SOURCES (GWh)

Generation production
  Nuclear                                    2,324       2,090       2,349       2,078       8,841            (8)
  Coal                                       2,828       3,162       3,344       3,175      12,509           634
  Gas, oil and other                           323         526       1,046         889       2,784         1,023
                                          --------    --------    --------    --------    --------      --------
      Total                                  5,475       5,778       6,739       6,142      24,134         1,649
                                          --------    --------    --------    --------    --------      --------
Purchased power
  Firm load                                    263         819       1,549         455       3,086           126
  Marketing and trading                      2,206       3,184       9,860       3,642      18,892         6,307
                                          --------    --------    --------    --------    --------      --------
      Total                                  2,469       4,003      11,409       4,097      21,978         6,433
                                          --------    --------    --------    --------    --------      --------
      Total energy sources                   7,944       9,781      18,148      10,239      46,112         8,082
                                          ========    ========    ========    ========    ========      ========

POWER PLANT PERFORMANCE

Capacity Factors
  Nuclear                                       98%         88%         98%         87%         93%            0%
  Coal                                          76%         85%         88%         84%         83%            4%
  Gas, oil and other                            13%         21%         40%         34%         27%           10%
  System average                                63%         67%         77%         70%         69%            4%

Generation Capacity Out of Service
(average MW/day)
  Nuclear                                       27         129          21         143          80            (1)
  Coal                                         223         124          85         187         155          (109)
  Gas                                            8          43          16          20          22            22
  Total                                        258         296         122         350         257           (89)

Generation Fuel Cost ($/MWh)              $  10.74    $  12.77    $  14.84    $  16.38    $  13.81      $   2.96

BOOK VALUE PER SHARE                      $  26.29    $  27.00    $  28.01    $  28.09    $  28.09      $   2.09
Pinnacle West Capital Corporation

Energy Market, Weather and Economic Indicators
2000 Quarterly Statistics

                                                                                                       Increase
                                                                                                      (Decrease)
                                          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
    Palo Verde                            $  30.52    $  90.49    $ 170.40    $ 154.33    $ 111.44      $  80.85
    SP15                                  $  31.40    $  82.67    $ 152.74    $ 162.59    $ 107.35      $  78.03
  Off-Peak
    Palo Verde                            $  22.97    $  31.91    $  61.48    $  95.72    $  53.02      $  34.95
    SP15                                  $  24.52    $  32.45    $  66.28    $ 119.72    $  60.74      $  42.29

WEATHER INDICATORS

Actual
  Cooling degree-days                           71       1,712       2,547         253       4,583           258
  Heating degree-days                          459           9          --         500         968            38
  Average humidity                              37%         23%         29%         46%         34%            2%
10-Year Averages
  Cooling degree-days                           79       1,418       2,402         393       4,290            --
  Heating degree-days                          569          30          --         454       1,031            --
  Average humidity                              44%         24%         34%         39%         36%            0%

ECONOMIC INDICATORS

Building Permits -- Metro
Phoenix (b)
  Single-family                              8,163       9,605       8,331       6,410      32,509          (741)
  Multi-family                               3,208       2,651       2,417       1,952      10,228           623
                                          --------    --------    --------    --------    --------      --------
      Total                                 11,371      12,256      10,748       8,362      42,737          (118)
                                          ========    ========    ========    ========    ========      ========

Arizona Job Growth (c)
    Payroll job growth (% over
     prior year)                               4.5%        3.8%        3.9%        3.3%        3.9%          3.9%
    Unemployment rate (%, seasonally
     adjusted)                                 4.0%        4.0%        3.7%        3.7%        3.9%         (0.5)%
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 College of Business
(c) Arizona Department of Economic Security
Pinnacle West Capital Corporation

Consolidated Operating Statistics
1999 Quarterly Statistics

                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qtr    Total Year
                                          --------    --------    --------    --------   ----------
ELECTRIC OPERATING REVENUES
(Dollars in Millions)
Retail
  Residential                             $    157    $    189    $    295    $    164    $    805
  Business                                     190         237         269         216         912
                                          --------    --------    --------    --------    --------
      Total retail                             347         426         564         380       1,717
                                          --------    --------    --------    --------    --------
Wholesale marketing and trading
  Generation other than native load             11           9           8          15          43
  Trading and other                             50          49         276          89         464
                                          --------    --------    --------    --------    --------
      Total sales for resale                    61          58         284         104         507
Transmission for others                          3           3           3           2          11
Miscellaneous services                           3          24          17          14          58
                                          --------    --------    --------    --------    --------
      Net electric operating revenues     $    414    $    511    $    868    $    500    $  2,293
                                          ========    ========    ========    ========    ========

ELECTRIC SALES (GWH)

Retail sales
  Residential                                1,796       1,939       3,160       1,880       8,775
  Business                                   2,664       3,239       3,465       2,932      12,300
                                          --------    --------    --------    --------    --------
      Total retail                           4,460       5,178       6,625       4,812      21,075
                                          --------    --------    --------    --------    --------
Wholesale marketing and trading
  Generation other than native load            468         389         245         585       1,687
  Trading and other                          2,378       2,605       6,099       2,924      14,006
                                          --------    --------    --------    --------    --------
      Total sales for resale                 2,846       2,994       6,344       3,509      15,693
                                          --------    --------    --------    --------    --------
      Total electric sales                   7,306       8,172      12,969       8,321      36,768
                                          ========    ========    ========    ========    ========

RETAIL ELECTRIC SALES (GWh) - WEATHER
NORMALIZED

Residential                                  1,913       1,939       3,089       1,912       8,853
Business                                     2,672       3,269       3,435       2,792      12,168
                                          --------    --------    --------    --------    --------
      Total                                  4,585       5,208       6,524       4,704      21,021
                                          ========    ========    ========    ========    ========

ELECTRIC CUSTOMERS (End of Period)

Retail customers
  Residential                              716,565     709,102     716,441     735,359     735,359
  Business                                  89,282      89,782      90,998      91,576      91,576
                                          --------    --------    --------    --------    --------
      Total                                805,847     798,884     807,439     826,935     826,935
Wholesale customers                             67          68          73          73          73
                                          --------    --------    --------    --------    --------
      Total customers                      805,914     798,952     807,512     827,008     827,008
                                          ========    ========    ========    ========    ========

Customer Growth (% over prior year)            3.8%        3.8%        3.8%        3.8%        3.8%

RETAIL ELECTRICITY USAGE
(kWh/Average Customer)

Residential                                  2,512       2,730       4,426       2,584      12,245
Business                                    30,025      36,203      38,305      32,185     137,222

RETAIL ELECTRICITY USAGE - WEATHER
NORMALIZED
    (kWh/Average Customer)

Residential                                  2,676       2,730       4,327       2,628      12,354
Business                                    30,116      36,528      37,984      30,649     135,304

ELECTRICITY DEMAND (MW)

System Peak Demand                           3,343       4,885       4,935       3,881       4,935
Pinnacle West Capital Corporation

Consolidated Operating Statistics
1999 Quarterly Statistics

                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qtr    Total Year
                                          --------    --------    --------    --------   ----------
ENERGY SOURCES (GWh)

Generation production
  Nuclear                                    2,295       2,080       2,397       2,077       8,849
  Coal                                       2,677       2,764       3,230       3,204      11,875
  Gas, oil and other                           241         477         557         484       1,759
                                          --------    --------    --------    --------    --------
      Total                                  5,213       5,321       6,184       5,765      22,483
                                          --------    --------    --------    --------    --------
Purchased power
  Firm load                                    290         753       1,470         447       2,960
  Marketing and trading                      2,068       2,255       5,659       2,603      12,585
                                          --------    --------    --------    --------    --------
      Total                                  2,358       3,008       7,129       3,050      15,545
                                          --------    --------    --------    --------    --------
      Total energy sources                   7,571       8,329      13,313       8,815      38,028
                                          ========    ========    ========    ========    ========

POWER PLANT PERFORMANCE

Capacity Factors
  Nuclear                                       98%         88%        100%         87%         93%
  Coal                                          72%         74%         85%         85%         79%
  Gas, oil and other                             9%         18%         21%         18%         17%
  System average                                61%         61%         71%         66%         65%

Generation Capacity Out of Service
(average MW/day)
  Nuclear                                       36         135           3         152          82
  Coal                                         337         368         177         172         264
  Gas*                                          --          --          --          --          --
  Total                                        373         503         180         324         345

Generation Fuel Cost ($/MWh)              $  10.00    $  10.96    $  11.02    $  11.33    $  10.85

BOOK VALUE PER SHARE                      $  25.49    $  25.58    $  25.84    $  26.00    $  26.00
            
* Gas unit replacement energy not calculated in 1999
Pinnacle West Capital Corporation

Energy Market, Weather and Economic Indicators
1999 Quarterly Statistics
                                          1st Qtr     2nd Qtr     3rd Qtr     4th Qtr    Total Year
                                          --------    --------    --------    --------   ----------
ENERGY MARKET INDICATORS (a)

Electricity Average Daily Spot
Prices ($/MWh)
  On-Peak
    Palo Verde                            $  21.57    $  29.02    $  38.46    $  33.31    $  30.59
    SP15                                  $  21.26    $  27.17    $  35.01    $  33.84    $  29.32
  Off-Peak
    Palo Verde                            $  13.94    $  15.33    $  20.73    $  22.26    $  18.07
    SP15                                  $  13.68    $  14.47    $  20.60    $  25.06    $  18.45

WEATHER INDICATORS

Actual
  Cooling degree-days                           71       1,312       2,353         589       4,325
  Heating degree-days                          459         112          --         359         930
  Average humidity                              34%         27%         40%         28%         32%
10-Year Averages
  Cooling degree-days                           73       1,405       2,425         387       4,290
  Heating degree-days                          549          33          --         449       1,031
  Average humidity                              44%         24%         34%         40%         35%

ECONOMIC INDICATORS

Building Permits -- Metro
Phoenix (b)
  Single-family                              8,873       9,299       8,223       6,855      33,250
  Multi-family                               2,337       2,396       1,861       3,011       9,605
                                          --------    --------    --------    --------    --------
      Total                                 11,210      11,695      10,084       9,866      42,855
                                          ========    ========    ========    ========    ========
Arizona Job Growth (c)
  Payroll job growth (% over
   prior year)                               3.9%        4.4%        4.6%        4.2%        4.3%
  Unemployment rate (%, seasonally
   adjusted)                                 4.4%        4.4%        4.3%        4.3%        4.4%
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 College of Business
(c) Arizona Department of Economic Security

Exhibit 99.2

Exhibit 99.3

Pinnacle West Capital Corporation

Q & A
September 2001

From time to time, the company will answer questions of interest to the investment community.

Q.	 	Earnings for the second quarter of 2001 were impacted by a two-week outage extension at Unit 1 of the Palo Verde Nuclear Generating Station to replace the fuel control element assemblies. When does the company expect to replace the fuel control element assemblies in Units 2 and 3, and what effect does it expect those replacements to have on the duration of the outages?	
A.	 	The company currently plans to replace the control element assemblies in Palo Verde Units 2 and 3 during their next scheduled refueling outages and that the replacement activities will not result in extensions of the planned outage durations. The next scheduled refueling at Unit 3 is expected to begin around the end of September 2001 and last approximately 35 days. The next refueling outage for Unit 2 is currently planned for the spring of 2002.	
Q.	 	Are there any new developments related to the court appeals of either the Arizona Corporation Commission's electric competition rules or the APS 1999 settlement agreement with the Arizona Corporation Commission?	
A.	 	Recently, the Arizona Court of Appeals scheduled oral argument on the appeals related to the competition rules for October 30, 2001. Otherwise, the status of the appeals has not changed since they were described in Note 6, "Regulatory Matters," of the Notes to Condensed Consolidated Financial Statements in the Pinnacle West Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2001.	
This document contains forward-looking statements based on current expectations, and the company assumes no obligation to update these statements. Because actual results may differ materially from expectations, the company cautions readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by the company. These factors include the ongoing restructuring of the electric industry; the outcome of the regulatory proceedings relating to the restructuring; regional economic and market conditions, which could affect customer growth and the cost of power supplies; power plant performance, the cost of debt and equity capital; weather variations affecting customer usage; the successful completion of a generation expansion program; regulatory issues associated with generation expansion, such as permitting and licensing; our ability to compete successfully outside traditional regulated markets; technological developments in the electric industry; and the strength of the stock market and real estate market.

Exhibit 99.4

Pinnacle West Capital Corporation

Earnings Variance Explanations
For Periods Ended June 30, 2001 and 2000

These explanations are excerpted from Management's Discussion and Analysis of Financial Condition and Results of Operations in the Pinnacle West Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2001 (the "June 2001 10-Q"). Throughout this discussion, we refer to specific "Notes" in the Notes to Condensed Consolidated Financial Statements in the June 2001 10-Q. These Notes add further details to this discussion. We suggest this section be read along with the June 2001 10-Q and the Pinnacle West Annual Report on Form 10-K for the fiscal year ended December 31, 2000.

Operating Results
The following table summarizes net income for the three, six and twelve months ended June 30, 2001 and the comparable prior year periods for Pinnacle West and each of its subsidiaries (millions of dollars):

 	           3 Months Ended	 	         6 Months Ended	 	         12 Months Ended	
 	            June 30,	 	          June 30,	 	          June 30,	
 	            -----------------------	 	           ----------------------	 	           ----------------------	
 	2001	2000	 	2001	2000	 	2001	2000	
 	-------	-------	 	-------	-------	 	-------	-------	
Arizona Public Service (APS)	$   70	$   96	 	$ 134	$ 129	 	$ 312	$ 294	
Pinnacle West Energy	1	(1)	 	1	(1)	 	--	(1)	
APS Energy Services	--	(2)	 	(7)	(4)	 	(17)	(10)	
SunCor	--	1	 	--	6	 	6	8	
El Dorado	--	(3)	 	--	16	 	(14)	27	
Parent company	(4)	(1)	 	1	(2)	 	1	(4)	
 	-------	-------	 	-------	-------	 	-------	-------	
Income from continuing operations	67	90	 	129	144	 	288	314	
Income tax benefit from discontinued operations	--	--	 	--	--	 	--	38	
Extraordinary charge - net of income taxes of $94	--	--	 	--	--	 	--	(140)	
Cumulative effect of a change in accounting -	 	 	 	 	 	 	 	 	
    net of income taxes of $2	--	--	 	(3)	--	 	(3)	--	
 	-------	-------	 	-------	-------	 	-------	-------	
Net Income	$   67	$   90	 	$ 126	$ 144	 	$ 285	$ 212	
 	====	====	 	====	====	 	====	====	

Operating Results - Three-month period ended June 30, 2001 compared with three-month period ended June 30, 2000

Our consolidated net income for the three months ended June 30, 2001 was $67 million compared with $90 million for the same period in the prior year. The decrease in net income of $23 million, or 26%, is primarily because of increases in purchased power and fuel costs, higher operations and maintenance expenses, reductions in retail electricity prices and miscellaneous factors. The positive factors partially offsetting these decreases were an increase in the contribution of wholesale power marketing activities, increases in other income and decreases in interest expense. See Note 6 for information on the price reductions.

Electric operating revenues increased approximately $541 million primarily because of:

·	increased power marketing revenues related to trading and other wholesale activities ($422 million);
·	increased wholesale revenues primarily related to higher prices for surplus generation sales ($107 million);
·	higher retail sales volumes primarily related to weather impacts and customer growth, partially offset by lower average usage per customer ($13 million); and
·	other miscellaneous factors ($6 million).

As mentioned above, these positive factors were partially offset by reductions in retail electricity prices ($7 million).

Purchased power and fuel expenses increased approximately $570 million primarily because of:

·	increased power marketing costs related to trading and other wholesale activities ($413 million);
·	increased costs related to wholesale sales of surplus generation ($71 million);
·	increased costs related to higher retail sales volumes primarily related to higher purchased power and fuel prices and weather impacts ($33 million);
·	higher replacement power costs primarily for increased plant outages ($31 million);
·	replacement power costs related to the Palo Verde outage extension to replace fuel control element assemblies ($12 million); and
·	a SFAS No. 133 adjustment related to changes in natural gas market prices ($10 million).

See Notes 9 and 10 for additional information on SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities" and on trading activities.

The increase in operations and maintenance expenses primarily related to the generation summer reliability program and increased power plant maintenance ($17 million) and increased pension and other costs ($8 million). See Note 18 for additional information on the generation summer reliability program.

Net other income increased $10 million primarily because of insurance recovery of environmental remediation costs.

Interest expense decreased by $6 million primarily because of increased capitalized interest resulting from our generation expansion plan. See Note 12 for information on the generation expansion plan.

Operating Results - Six-month period ended June 30, 2001 compared with six-month period ended June 30, 2000

Our consolidated net income for the six months ended June 30, 2001 was $126 million compared with $144 million for the same period in the prior year. In January 2001, we recognized a $3 million after-tax loss in net income as a cumulative effect of a change in accounting for derivatives. See Notes 9 and 10 for further discussion.

Income from continuing operations decreased $15 million, or 10% less than the comparable period in 2000, primarily because of increases in purchased power and fuel costs, higher operations and maintenance expenses, lower earnings from El Dorado, reductions in retail electricity prices and miscellaneous factors. The positive factors partially offsetting these decreases were an increase in the contribution of wholesale power marketing activities and a decrease in interest expense. See Note 6 for information on the price reductions.

Electric operating revenues increased approximately $1.0 billion primarily because of:

·	increased power marketing revenues related to trading and other wholesale activities ($744 million);
·	increased wholesale revenues primarily related to higher prices for surplus generation sales ($225 million);
·	higher retail sales volumes primarily related to weather impacts and customer growth, partially offset by lower average usage per customer ($36 million); and
·	other miscellaneous factors ($9 million).

As mentioned above, these positive factors were partially offset by reductions in retail electricity prices ($13 million).

Purchased power and fuel expenses increased approximately $961 million primarily because of:

·	increased power marketing costs related to trading and other wholesale activities ($680 million);
·	increased costs related to wholesale sales of surplus generation ($145 million);
·	higher replacement power costs primarily for increased plant outages ($67 million);
·	increased costs related to higher retail sales volumes primarily attributable to higher purchased power and fuel prices and weather impacts ($49 million);
·	replacement power costs related to the Palo Verde outage extension to replace fuel control element assemblies ($12 million); and
·	SFAS No. 133 adjustments related to changes in natural gas market prices ($8 million).

See Notes 9 and 10 for additional information on SFAS No. 133 and trading activities.

The increase in operations and maintenance expenses primarily related to the generation summer reliability program and increased power plant maintenance ($27 million), increased pension and other costs ($8 million) and a provision for credit exposure related to the California energy situation ($5 million). See Note 18 for additional information on the generation summer reliability program.

Net other income decreased by $26 million primarily because of a change in the market value of El Dorado's investment in a technology-related venture capital partnership (see Note 14) and other non-operating costs, partially offset by an insurance recovery of environmental remediation costs.

Interest expense decreased by $9 million primarily because of increased capitalized interest resulting from our generation expansion plan. See Note 12 for additional information on the generation expansion plan.

Operating Results - Twelve-month period ended June 30, 2001 compared with twelve-month period ended June 30, 2000

Consolidated net income for the twelve months ended June 30, 2001 was $285 million compared with $212 million for the same period in the prior year. The increase primarily relates to a $140 million after-tax extraordinary charge recorded in the third quarter of 1999, partially offset by a $38 million income tax benefit from discontinued operations (also recorded in the third quarter of 1999) and a $3 million after-tax loss for a cumulative effect of a change in accounting for derivatives recorded in 2001.

The extraordinary charge related to a regulatory disallowance that resulted from APS' comprehensive settlement agreement related to the implementation of retail electric competition (the "1999 Settlement Agreement") that was approved by the ACC. See Notes 5 and 6 for additional information about the regulatory disallowance and the 1999 Settlement Agreement.

The income tax benefit from discontinued operations resulted from the resolution of income tax matters related to a former subsidiary, MeraBank. See Note 13.

The cumulative effect of a change in accounting for derivatives resulted from the implementation of SFAS No. 133. See Notes 9 and 10.

Income from continuing operations for the twelve months ended June 30, 2001 decreased $27 million, or 9% less than the comparable prior-year period, primarily because of higher purchased power and fuel costs, decreased earnings from El Dorado, the completion of the amortization of investment tax credits ("ITC") in 1999, higher operations and maintenance expenses, reductions in retail electricity prices and miscellaneous factors. The positive factors partially offsetting these decreases were an increase in the contribution of wholesale power marketing activities and weather impacts. See Note 6 for information on the price reductions. See "Income Taxes" below for a discussion of the ITC amortization.

Electric operating revenues increased approximately $2.0 billion because of:

·	increased power marketing revenues related to trading and other wholesale activities ($1.69 billion);
·	increased wholesale revenues primarily related to higher prices for surplus generation sales ($235 million);
·	increases in the number of customers and the average amount of electricity used by customers ($51 million); and
·	weather impacts on retail revenues ($48 million).

These positive factors were partially offset by reductions in retail electricity prices ($28 million).

Purchased power and fuel expenses increased approximately $1.92 billion primarily because of:

·	increased power marketing costs related to trading and other wholesale activities ($1.63 billion);
·	increased costs related to wholesale sales of surplus generation ($102 million);
·	higher replacement power costs primarily for increased plant outages ($106 million);
·	higher costs related to retail sales volumes and to purchased power and fuel prices ($45 million);
·	replacement power costs related to the Palo Verde outage extension to replace fuel control element assemblies ($12 million);
·	weather impacts on purchased power and fuel ($12 million); and
·	SFAS No. 133 adjustments related to changes in natural gas market prices ($8 million).

See Notes 9 and 10 for additional information on SFAS No. 133 and trading activities.

The increase in operations and maintenance expenses primarily related to generation summer reliability programs and increased power plant maintenance ($35 million), increased pension and other costs ($11 million), and provisions for credit exposure related to the California energy situation ($10 million), partially offset by approximately $15 million of non-recurring items recorded in 1999. See Note 15 for information on the California energy market issues. See Note 18 for additional information on the generation summer reliability program.

Net other income decreased $67 million primarily because of a change in the market value of El Dorado's investment in a technology-related venture capital partnership (see Note 14) and other non-operating costs offset by an insurance recovery of environmental remediation costs.

Interest expense decreased by $12 million primarily because of increased capitalized interest resulting from our generation expansion plan. See Note 12 for additional information on the generation expansion plan.

Income Taxes
As part of a 1994 rate settlement, APS accelerated amortization of substantially all of its ITCs over a five-year period that ended on December 31, 1999. The amortization of ITCs decreased annual consolidated income tax expense by approximately $24 million. Beginning in 2000, no further benefits were being reflected in income tax expense related to the acceleration of the ITCs.

Exhibit 99.5

Pinnacle West Capital Corporation

Earnings Variance Explanations
For Periods Ended March 31, 2001 and 2000

These explanations are excerpted from Management's Discussion and Analysis of Financial Condition and Results of Operations in the Pinnacle West Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2001 (the "March 2001 10-Q"). Throughout this discussion, we refer to specific "Notes" in the Notes to Condensed Consolidated Financial Statements in the March 2001 10-Q. These Notes add further details to this discussion. We suggest this section be read along with the March 2001 10-Q and the Pinnacle West Annual Report on Form 10-K for the fiscal year ended December 31, 2000.

Operating Results
The following table summarizes net income for the three-month and twelve-month periods ended March 31, 2001 and the comparable prior year periods for Pinnacle West and each of its subsidiaries (dollars in millions):

 	          3 Months Ended	 	        12 Months Ended	
 	            March 31,	 	          March 31,	
 	            -----------------------	 	           -----------------------	
 	2001	2000	 	2001	2000	
 	-------	-------	 	-------	-------	
Arizona Public Service (APS)	$   65	$   33	 	$ 338	$ 267	
Pinnacle West Energy	--	--	 	(2)	--	
APS Energy Services	(8)	(2)	 	(20)	(9)	
SunCor	--	5	 	7	10	
El Dorado	--	19	 	(17)	31	
Parent company	5	(1)	 	5	(6)	
 	-------	-------	 	-------	-------	
Income from continuing Operations	62	54	 	311	293	
Income tax benefit from discontinued operations	--	--	 	--	38	
Extraordinary charge - net of income taxes of $94	--	--	 	--	(140)	
Cumulative effect of a change in accounting -	 	 	 	 	 	
    net of income taxes of $2	(3)	--	 	(3)	--	
 	-------	-------	 	-------	-------	
Net Income	$   59	$   54	 	$ 308	$ 191	
 	====	====	 	====	====	

Operating Results - Three-month period ended March 31, 2001 compared with three-month period ended March 31, 2000

Our consolidated net income for the three months ended March 31, 2001 was $59 million compared with $54 million for the same period in the prior year. In January 2001, we recognized a $3 million after-tax loss in net income as a cumulative effect of a change in accounting for derivatives. See Note 9 for further discussion.

Income before accounting change for the three-month period increased $8 million, or 15%, over the comparable period in 2000 primarily because of increases in wholesale and retail electricity sales. These positive factors more than offset decreases resulting from lower earnings from El Dorado, higher operations and maintenance expenses, reductions in retail electricity prices, and miscellaneous factors. See Note 6 for information on the price reductions.

Electric operating revenues increased approximately $460 million primarily because of:

·	increased wholesale revenues ($439 million);
·	weather impacts on retail revenues ($17 million); and
·	increased retail revenues related to the number of electricity customers and the average amount of electricity used by customers ($14 million).

As mentioned above, these positive factors were partially offset by reductions in retail electricity prices ($6 million) and other miscellaneous factors ($4 million).

The increase in wholesale revenues resulted primarily from higher prices and increased activity in western U.S. wholesale power markets. These revenues were accompanied by increases in purchased power and fuel expense of approximately $329 million.

Fuel and purchased power expenses were also higher because of increased prices and higher retail electricity sales volumes.

The increase in operations and maintenance expenses primarily related to power plant maintenance and a provision for credit exposure related to the California energy situation. See Note 14 regarding California energy market issues.

Net other income decreased $36 million primarily because of an increase in the market value of El Dorado's investment in a technology-related venture capital partnership recognized in the first quarter of 2000. See Note 13 for additional information.

Operating Results - Twelve-month period ended March 31, 2001 compared with twelve-month period ended March 31, 2000

Consolidated net income for the twelve months ended March 31, 2001 was $308 million compared with $191 million for the same period in the prior year. The increase primarily relates to a $140 million after-tax extraordinary charge recorded in the third quarter of 1999 and higher income from continuing operations in the twelve-month period ended March 31, 2001, partially offset by a $38 million income tax benefit from discontinued operations (also recorded in the third quarter of 1999) and a $3 million after-tax loss for a cumulative effect of a change in accounting for derivatives recorded in 2001.

The extraordinary charge related to a regulatory disallowance that resulted from APS' comprehensive settlement agreement related to the implementation of retail electric competition (the "1999 Settlement Agreement") that was approved by the ACC in September 1999. See Notes 5 and 6 for additional information about the regulatory disallowance and the 1999 Settlement Agreement.

The income tax benefit from discontinued operations resulted from the resolution of income tax matters related to a former subsidiary, MeraBank. See Note 12.

The cumulative effect of a change in accounting for derivatives resulted from the implementation of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities." See Note 9.

Income from continuing operations for the twelve-months ended March 31, 2001 increased $17 million over the comparable prior-year period primarily because of an increase in the contribution of wholesale power marketing activities and an increase in the number of retail electricity customers and in the average amount of electricity used by customers. These positive factors more than offset decreases due to decreased earnings from El Dorado, the completion of the amortization of investment tax credits ("ITC") in 1999, reductions in retail electricity prices, higher depreciation expense, higher operations and maintenance expenses and miscellaneous factors. See Note 6 for information on the price reductions. See "Income Taxes" below for a discussion of the ITC amortization.

Electric operating revenues increased approximately $1.7 billion because of:

·	increased wholesale revenues ($1.5 billion);
·	increases in the number of customers and the average amount of electricity used by customers ($93 million);
·	weather impacts on retail revenues ($49 million); and
·	miscellaneous factors ($8 million).

These positive factors were partially offset by reductions in retail electricity prices ($28 million).

The increase in wholesale revenues resulted primarily from increased activity in western U.S. wholesale power markets and higher prices. The revenues were accompanied by increases in purchased power and fuel expenses of approximately $1.3 billion.

Fuel and purchased power expenses were also higher because of increased prices and higher retail electricity sales volumes.

The increase in operations and maintenance expenses primarily related to provisions for credit exposure related to the California energy situation, increases in customer growth, offset by approximately $20 million of non-recurring items recorded in 1999. See Note 14 regarding California energy market issues.

Depreciation and amortization expense increased primarily because of higher plant balances.

Net other income decreased $85 million primarily because of a change in the market value of El Dorado's investment in a technology-related venture capital partnership. See Note 13 for additional information.

Income Taxes
As part of a 1994 rate settlement, APS accelerated amortization of substantially all of its ITCs over a five-year period that ended on December 31, 1999. The amortization of ITCs decreased annual consolidated income tax expense by approximately $24 million. Beginning in 2000, no further benefits were being reflected in income tax expense related to the acceleration of the ITCs.

Exhibit 99.6

Pinnacle West Capital Corporation
Gloassary 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.	
Average Generation Capacity Out of Service	 	Total capacity required and economic yet unavailable due to scheduled or unscheduled outages. Measured in megawatts per day.	
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.	
Capacity On-Line	 	Net accredited capacity of the company-owned share of active generating units. Measured in megawatts.	
Coal Energy Production	 	Amount of net energy produced by coal-fueled generators. Measured in gigawatt-hours.	
Degree-Days - Cooling	 	A measure of temperatures designed to indicate the amount of cooling demand each month. 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 heating demand each month. 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.	
Gas/Oil/Other Energy Production	 	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 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 long-term wholesale contracts.	
Gigawatt-hour (gwh)	 	A unit of energy equivalent to 1,000 megawatt-hours or 1,000,000 kilowatt-hours.	
Long-term Contracts	 	Wholesale sales resulting from unique long-term contracts held by the company with various entities for the supply of electricity at agreed-upon prices.	
Megawatt (MW)	 	One million watts.	
Megawatt-hour (MWh)	 	A unit of energy equivalent to 1,000 kilowatt-hours.	
MMBTU	 	One million British thermal units. A British thermal unit (Btu) is a measure of heat.	
Nuclear Energy Production	 	Amount of net energy produced by nuclear-fueled generators. Measured in gigawatt-hours.	
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.	
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.	
Purchased Power - Firm Load	 	Power purchased from wholesale market sources used to serve regulated retail demand and long-term 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.	
Residential Building Permits	 	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. Multi-family permits represent the number of units authorized to be built in condominium, townhouse and apartment complexes.	
Retail Customer	 	Residential, commercial industrial, irrigation, and streetlight electricity customers. Customers are generally defined as the number of active accounts.	
Retail Customer Growth	 	Percentage growth over the prior year in retail.	
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 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.	
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.	
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.	
System Peak Demand	 	The demand for electricity during the one hour of highest use each month. Measured in megawatts.	
Trading and Other Sales	 	All wholesale sales not accounted for in sales under long-term contracts or sales of generation other than native load. These sales would be served by power purchased from the wholesale market.	
Weather Normalized	 	Adjusted to exclude the effects of abnormal weather patterns.	
Wholesale Marketing and Trading Sales	 	Sales of electricity to other electric companies power marketers, or public entities for the purpose of resale. Measured in gigawatt-hours.