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): June 30, 2002
PINNACLE WEST CAPITAL CORPORATION
 (Exact name of registrant as specified in its charter)

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

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 for June 30, 2002 (cover page and list of contents).
99.2 Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended June 30, 2002 and 2001.
99.3 Pinnacle West Capital Corporation consolidated statistics by quarter for 2002 (year-to-date).
99.4 Pinnacle West Capital Corporation consolidated statistics by quarter for 2001.
99.5 Pinnacle West Capital Corporation consolidated statistics by quarter for 2000.
99.6 Pinnacle West Capital Corporation consolidated statistics by quarter for 1999.
99.7 Pinnacle West Capital Corporation earnings variance explanations for the periods ended June 30, 2002 and 2001 and condensed consolidated statements of income for the three months, six months and twelve months ended June 30, 2002 and 2001.
99.8 Glossary of Terms.
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.
2

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: July 22, 2002 By: Barbara M. Gomez Barbara M. Gomez Treasurer

3

Exhibit 99.1
Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001
LIST OF CONTENTS
2002 SECOND-QUARTER SUMMARY
2002 YEAR-TO-DATE
2001 BY QUARTER
2000 BY QUARTER
1999 BY QUARTER
See the Glossary of Terms on this website for definitions of terms used in this summary. Quarters may not sum to totals due to rounding.

Exhibit 99.2
Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001

                                                                    3 MO. ENDED JUNE 30                 6 MO. ENDED JUNE 30
                                                              ----------------------------------  ----------------------------------
Line                                                            2002        2001     INCR (DECR)    2002        2001     INCR (DECR)
                                                              --------    --------    ----------  --------    --------   -----------
     EARNINGS CONTRIBUTION
          BY SUBSIDIARY ($ MILLIONS)

1       Arizona Public Service                                $     64    $     70    $     (6)   $     96    $    134    $    (38)
2       Pinnacle West Energy                                         1           1          --           2           1           1
3       APS Energy Services                                         11          --          11          13          (7)         20
4       SunCor                                                       8          --           8          10          --          10
5       El Dorado                                                   (3)         --          (3)         (3)         --          (3)
6       Parent Company                                              (6)         (4)         (2)         11           1          10
                                                              --------    --------    --------    --------    --------    --------

7          Income Before Accounting Change                          75          67           8         129         129          --

        Cumulative Effect of Change in Accounting -
8          Net of Tax                                               --          --          --          --          (3)          3
                                                              --------    --------    --------    --------    --------    --------

9          Net Income                                         $     75    $     67    $      8    $    129    $    126    $      3
                                                              --------    --------    --------    --------    --------    --------

     EARNINGS PER SHARE
          BY SUBSIDIARY - DILUTED

10      Arizona Public Service                                $   0.76    $   0.82    $  (0.06)   $   1.13    $   1.58    $  (0.45)
11      Pinnacle West Energy                                      0.01        0.02       (0.01)       0.02        0.01        0.01
12      APS Energy Services                                       0.13          --        0.13        0.16       (0.09)       0.25
13      SunCor                                                    0.10          --        0.10        0.12        0.01        0.11
14      El Dorado                                                (0.04)         --       (0.04)      (0.04)         --       (0.04)
15      Parent Company                                           (0.07)      (0.05)      (0.02)       0.13        0.01        0.12
                                                              --------    --------    --------    --------    --------    --------

16         Income Before Accounting Change                        0.89        0.79        0.10        1.52        1.52          --

        Cumulative Effect of Change in Accounting -
17         Net of Tax                                               --          --          --          --       (0.03)       0.03
                                                              --------    --------    --------    --------    --------    --------

18         Net Income                                         $   0.89    $   0.79    $   0.10    $   1.52    $   1.49    $   0.03
                                                              --------    --------    --------    --------    --------    --------

19   BOOK VALUE PER SHARE                                     $  30.54    $  28.17    $   2.37    $  30.54    $  28.17    $   2.37

     COMMON SHARES OUTSTANDING -
          DILUTED (THOUSANDS)
20      Average                                                 84,926      85,042        (116)     84,910      85,005         (95)
21      End of Period                                           84,768      84,713          55      84,768      84,713          55

                                                                    12 MO. ENDED JUNE 30
                                                              ----------------------------------
Line                                                            2002        2001     INCR (DECR)
                                                              --------    --------   -----------
     EARNINGS CONTRIBUTION
          BY SUBSIDIARY ($ MILLIONS)

1       Arizona Public Service                                $    243    $    312    $    (69)
2       Pinnacle West Energy                                        19          --          19
3       APS Energy Services                                         11         (17)         28
4       SunCor                                                      13           6           7
5       El Dorado                                                   (3)        (14)         11
6       Parent Company                                              44           1          43
                                                              --------    --------    --------

7          Income Before Accounting Change                         327         288          39

        Cumulative Effect of Change in Accounting -
8          Net of Tax                                              (12)         (3)         (9)
                                                              --------    --------    --------

9          Net Income                                         $    315    $    285    $     30
                                                              --------    --------    --------

     EARNINGS PER SHARE
          BY SUBSIDIARY - DILUTED

10      Arizona Public Service                                $   2.86    $   3.67    $  (0.81)
11      Pinnacle West Energy                                      0.22       (0.01)       0.23
12      APS Energy Services                                       0.13       (0.20)       0.33
13      SunCor                                                    0.15        0.07        0.08
14      El Dorado                                                (0.04)      (0.16)       0.12
15      Parent Company                                            0.54        0.01        0.53
                                                              --------    --------    --------

16         Income Before Accounting Change                        3.86        3.38        0.48

        Cumulative Effect of Change in Accounting -
17         Net of Tax                                            (0.15)      (0.03)      (0.12)
                                                              --------    --------    --------

18         Net Income                                         $   3.71    $   3.35    $   0.36
                                                              --------    --------    --------

19   BOOK VALUE PER SHARE                                     $  30.54    $  28.17    $   2.37

     COMMON SHARES OUTSTANDING -
          DILUTED (THOUSANDS)
20      Average                                                 84,888      85,007        (119)
21      End of Period                                           84,768      84,713          55	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001

                                                                     3 MO. ENDED JUNE 30                 6 MO. ENDED JUNE 30
                                                               ----------------------------------  ---------------------------------
Line                                                             2002        2001     INCR (DECR)    2002       2001     INCR (DECR)
                                                               --------    --------   -----------  --------   --------   -----------
     ELECTRIC OPERATING REVENUES
        (DOLLARS IN  MILLIONS)
     Retail
22      Residential                                            $    226    $    234    $     (8)   $    397   $    407    $    (10)
23      Business                                                    251         258          (7)        446        457         (11)
                                                               --------    --------    --------    --------   --------    --------
24         Total retail                                             477         492         (15)        843        864         (21)
                                                               --------    --------    --------    --------   --------    --------
     Wholesale revenue on delivered electricity
25      Traditional contracts                                         1          55         (54)          2         81         (79)
26      Retail load hedge management                                 11         182        (171)         13        187        (174)
        Marketing and trading -- delivered
27         Generation sales other than native load                    2          51         (49)         10        138        (128)
28         Other delivered electricity (a)                          153         443        (290)        339        802        (463)
                                                               --------    --------    --------    --------   --------    --------
29         Total delivered marketing and trading                    155         494        (339)        349        940        (591)
                                                               --------    --------    --------    --------   --------    --------
30      Total delivered wholesale electricity                       167         731        (564)        364      1,208        (844)
                                                               --------    --------    --------    --------   --------    --------
     Other marketing and trading
        Realized margins on delivered commodities
31         other than electricity (a)                                 1         (12)         13           5   $    (17)         22
        Prior period mark-to-market (gains) losses on
32         contracts delivered during current period (a)             (8)          5         (13)        (22)        15         (37)
33      Change in mark-to-market for future-period deliveries         1          35         (34)         17         78         (61)
                                                               --------    --------    --------    --------   --------    --------
34      Total other marketing and trading                            (6)         28         (34)         --         76         (76)
                                                               --------    --------    --------    --------   --------    --------
35   Transmission for others                                          6           5           1          12          9           3
36   Other miscellaneous services                                     2           5          (3)          7         11          (4)
                                                               --------    --------    --------    --------   --------    --------
37         Total electric operating revenues                   $    646    $  1,261    $   (615)   $  1,226   $  2,168    $   (942)
                                                               --------    --------    --------    --------   --------    --------

     ELECTRIC SALES (GWH)

     Retail sales
38      Residential                                               2,441       2,467         (26)      4,582      4,589          (7)
39      Business                                                  3,429       3,445         (16)      6,200      6,269         (69)
                                                               --------    --------    --------    --------   --------    --------
40         Total retail                                           5,870       5,912         (42)     10,782     10,858         (76)
                                                               --------    --------    --------    --------   --------    --------
     Wholesale electricity delivered
41      Traditional contracts                                       121         598        (477)        192      1,167        (975)
42      Retail load hedge management                                230         736        (506)        388        811        (423)
        Marketing and trading -- delivered
43         Generation sales other than native load                   74         436        (362)        450      1,059        (609)
44         Other delivered electricity                            4,369       3,169       1,200       8,205      6,219       1,986
                                                               --------    --------    --------    --------   --------    --------
45         Total delivered marketing and trading                  4,443       3,605         838       8,655      7,278       1,377
                                                               --------    --------    --------    --------   --------    --------
46      Total delivered wholesale electricity                     4,794       4,939        (145)      9,235      9,256         (21)
                                                               --------    --------    --------    --------   --------    --------
47         Total electric sales                                  10,664      10,851        (187)     20,017     20,114         (97)
                                                               --------    --------    --------    --------   --------    --------

                                                                     12 MO. ENDED JUNE 30
                                                               ----------------------------------
Line                                                             2002        2001     INCR (DECR)
                                                               --------    --------   -----------
     ELECTRIC OPERATING REVENUES
        (DOLLARS IN  MILLIONS)
     Retail
22      Residential                                            $    905    $    903    $      2
23      Business                                                    941         943          (2)
                                                               --------    --------    --------
24         Total retail                                           1,846       1,846          --
                                                               --------    --------    --------
     Wholesale revenue on delivered electricity
25      Traditional contracts                                        (5)        172        (177)
26      Retail load hedge management                                404         705        (301)
        Marketing and trading -- delivered
27         Generation sales other than native load                   20         232        (212)
28         Other delivered electricity (a)                        1,097       1,486        (389)
                                                               --------    --------    --------
29         Total delivered marketing and trading                  1,117       1,718        (601)
                                                               --------    --------    --------
30      Total delivered wholesale electricity                     1,515       2,594      (1,079)
                                                               --------    --------    --------
     Other marketing and trading
        Realized margins on delivered commodities
31         other than electricity (a)                                 8         (22)         30
        Prior period mark-to-market (gains) losses on
32         contracts delivered during current period (a)            (89)          9         (80)
33      Change in mark-to-market for future-period deliveries       117          82          35
                                                               --------    --------    --------
34      Total other marketing and trading                            36          51         (15)
                                                               --------    --------    --------
35   Transmission for others                                         28          17          11
36   Other miscellaneous services                                    15          25         (10)
                                                               --------    --------    --------
37         Total electric operating revenues                   $  3,440    $  4,533    $ (1,093)
                                                               --------    --------    --------

     ELECTRIC SALES (GWH)

     Retail sales
38      Residential                                              10,328      10,123         205
39      Business                                                 12,996      12,908          88
                                                               --------    --------    --------
40         Total retail                                          23,324      23,031         293
                                                               --------    --------    --------
     Wholesale electricity delivered
41      Traditional contracts                                       239       2,056      (1,817)
42      Retail load hedge management                              2,617       6,668      (4,051)
        Marketing and trading -- delivered
43         Generation sales other than native load                  779       1,942      (1,163)
44         Other delivered electricity                           16,599      14,005       2,594
                                                               --------    --------    --------
45         Total delivered marketing and trading                 17,378      15,947       1,431
                                                               --------    --------    --------
46      Total delivered wholesale electricity                    20,233      24,671      (4,438)
                                                               --------    --------    --------
47         Total electric sales                                  43,557      47,702      (4,145)
                                                               --------    --------    --------	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 37 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 32 are included in lines 28 and 31. For example, line 32 shows that a prior-period mark-to-market gain of $8 million was transferred to "realized" for the second quarter of 2002. Lines 28 and 31 include amounts totaling $8 million of realized revenues for the second quarter of 2002.
See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001

                                                                      3 MO. ENDED JUNE 30                6 MO. ENDED JUNE 30
                                                               ----------------------------------  ---------------------------------
Line                                                             2002        2001     INCR (DECR)    2002       2001     INCR (DECR)
                                                               --------    --------   -----------  --------   --------   -----------
     MARKETING AND TRADING
          PRETAX GROSS MARGIN ANALYSIS
        (DOLLARS IN  MILLIONS)

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
        Realized margin on delivered commodities
           Electricity
48           Generation sales other than native load           $     --    $     26    $    (26)   $      3   $     74    $    (71)
49           Other electricity marketing and trading (a)             24          43         (19)         56         47           9
                                                               --------    --------    --------    --------   --------    --------
50           Total electricity                                       24          69         (45)         59        121         (62)
51         Other commodities (a)                                      1         (12)         13           5        (17)         22
                                                               --------    --------    --------    --------   --------    --------
52         Total realized margin                                     25          57         (32)         64        104         (40)
                                                               --------    --------    --------    --------   --------    --------
        Prior-period mark-to-market (gains) losses on
           contracts delivered during current period
53         Electricity (a)                                           (9)         --          (9)        (17)         6         (23)
54         Other commodities (a)                                     --           5          (5)         (5)        17         (22)
           Charge related to trading activities with Enron
55            and its affiliates                                     --          --          --          --         --          --
                                                               --------    --------    --------    --------   --------    --------
56         Subtotal                                                  (9)          5         (14)        (22)        23         (45)
                                                               --------    --------    --------    --------   --------    --------
57      Total current period effects (b)                             16          62         (46)         42        127         (85)
                                                               --------    --------    --------    --------   --------    --------
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
58      Electricity                                                  10          42         (32)         27         82         (55)
59      Other commodities                                            (7)         (6)         (1)        (10)        (4)         (6)
                                                               --------    --------    --------    --------   --------    --------
60      Subtotal                                                      3          36         (33)         17         78         (61)
                                                               --------    --------    --------    --------   --------    --------
61   Total gross margin                                        $     19    $     98    $    (79)   $     59   $    205    $   (146)
                                                               --------    --------    --------    --------   --------    --------

                                                                     12 MO. ENDED JUNE 30
                                                               ----------------------------------
Line                                                             2002        2001     INCR (DECR)
                                                               --------    --------   -----------
     MARKETING AND TRADING
          PRETAX GROSS MARGIN ANALYSIS
        (DOLLARS IN  MILLIONS)

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
        Realized margin on delivered commodities
           Electricity
48           Generation sales other than native load           $      8    $    120    $   (112)
49           Other electricity marketing and trading (a)            127          85          42
                                                               --------    --------    --------
50           Total electricity                                      135         205         (70)
51         Other commodities (a)                                      8         (22)         30
                                                               --------    --------    --------
52         Total realized margin                                    143         183         (40)
                                                               --------    --------    --------
        Prior-period mark-to-market (gains) losses on
           contracts delivered during current period
53         Electricity (a)                                          (73)        (20)        (53)
54         Other commodities (a)                                     (9)         18         (27)
           Charge related to trading activities with Enron
55            and its affiliates                                     (8)         --          (8)
                                                               --------    --------    --------
56         Subtotal                                                 (90)         (2)        (88)
                                                               --------    --------    --------
57      Total current period effects (b)                             53         181        (128)
                                                               --------    --------    --------
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
58      Electricity                                                 129          83          46
59      Other commodities                                           (11)         (1)        (10)
                                                               --------    --------    --------
60      Subtotal                                                    118          82          36
                                                               --------    --------    --------
61   Total gross margin                                        $    171    $    263    $    (92)
                                                               --------    --------    --------	

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of June 30, 2002, Pinnacle West had accumulated mark-to-market net gains of $133 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: remainder of 2002, $12 million; 2003, $28 million; 2004, $29 million; 2005 and thereafter, $64 million.

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 57 and in line 61 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 53 are included in line 49. The opposites of amounts included in line 54 are included in line 51. For example, line 53 shows that a prior-period mark-to-market gain of $9 million was transferred to "realized" for the second quarter of 2002. A $9 million realized gain is included in the $24 million on line 49 for the second quarter of 2002.
(b) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.
See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001

                                                                      3 MO. ENDED JUNE 30                6 MO. ENDED JUNE 30
                                                               ----------------------------------  ---------------------------------
Line                                                             2002        2001     INCR (DECR)    2002       2001     INCR (DECR)
                                                               --------    --------   --=--------  --------   --------   -----------
     MARKETING AND TRADING
          PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
        (DOLLARS IN  MILLIONS)

     BY COMMODITY SOLD OR TRADED

62   Electricity                                               $     25    $    111    $    (86)   $     70   $    209    $   (139)
63   Natural gas                                                      1         (12)         13          (4)       (15)         11
64   Coal                                                            (2)          2          (4)         (3)        16         (19)
65   Emission allowances                                             (5)         (3)         (2)         (4)        (5)          1
66   Other                                                           --          --          --          --         --          --
                                                               --------    --------    --------    --------   --------    --------
67      Total Gross Margin                                     $     19    $     98    $    (79)   $     59   $    205    $   (146)
                                                               --------    --------    --------    --------   --------    --------

     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
68      Generation sales other than native load                $     --    $     --    $     --    $      1   $     --    $      1
69      Other marketing and trading                                   9           3           6          43         10          33
     APS
70      Generation sales other than native load                      --          26         (26)          1         74         (73)
71      Other marketing and trading                                  --          68         (68)         --        121        (121)
     Pinnacle West Energy
72      Generation sales other than native load                      --          --          --          --         --          --
73      Other marketing and trading                                  --          --          --          --         --          --
     APS ES
74      Other marketing and trading                                  10           1           9          14         --          14
                                                               --------    --------    --------    --------   --------    --------
75   Total gross margin before income taxes                    $     19    $     98    $    (79)   $     59   $    205    $   (146)
                                                               --------    --------    --------    --------   --------    --------

                                                                     12 MO. ENDED JUNE 30
                                                               ----------------------------------
Line                                                             2002        2001     INCR (DECR)
                                                               --------    --------   -----------
     MARKETING AND TRADING
          PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
        (DOLLARS IN  MILLIONS)

     BY COMMODITY SOLD OR TRADED

62   Electricity                                               $    189    $    268    $    (79)
63   Natural gas                                                      3          (8)         11
64   Coal                                                           (11)         13         (24)
65   Emission allowances                                            (10)        (10)         --
66   Other                                                           --          --          --
                                                               --------    --------    --------
67      Total Gross Margin                                     $    171    $    263    $    (92)
                                                               --------    --------    --------

     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
68      Generation sales other than native load                $      1    $     --    $      1
69      Other marketing and trading                                 111           7         104
     APS
70      Generation sales other than native load                       6         120        (114)
71      Other marketing and trading                                  35         136        (101)
     Pinnacle West Energy
72      Generation sales other than native load                      --          --          --
73      Other marketing and trading                                  --          --          --
     APS ES
74      Other marketing and trading                                  18          --          18
                                                               --------    --------    --------
75   Total gross margin before income taxes                    $    171    $    263    $    (92)
                                                               --------    --------    --------	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001

                                                                     3 MO. ENDED JUNE 30                 6 MO. ENDED JUNE 30
                                                               ----------------------------------  ---------------------------------
Line                                                             2002        2001     INCR (DECR)    2002       2001     INCR (DECR)
                                                               --------    --------   -----------  --------   --------   -----------
     AVERAGE ELECTRIC CUSTOMERS

     Retail customers
76      Residential                                             795,681     770,335      25,346     798,341    772,826      25,515
77      Business                                                100,096      98,065       2,031      99,710     97,644       2,066
                                                               --------    --------    --------    --------   --------    --------
78         Total                                                895,777     868,400      27,377     898,051    870,470      27,581
79   Wholesale customers                                             67          66           1          67         67          --
                                                               --------    --------    --------    --------   --------    --------
80         Total customers                                      895,844     868,466      27,378     898,118    870,537      27,581
                                                               --------    --------    --------    --------   --------    --------

81   Customer Growth (% over prior year)                            3.2%        3.9%       (0.7)%       3.2%       3.9%       (0.7)%

     RETAIL ELECTRIC SALES (GWH) -
        WEATHER NORMALIZED

82   Residential                                                  2,387       2,204         183       4,551      4,241         310
83   Business                                                     3,392       3,321          71       6,166      6,146          20
                                                               --------    --------    --------    --------   --------    --------
84         Total                                                  5,779       5,525         254      10,717     10,387         330
                                                               --------    --------    --------    --------   --------    --------

     RETAIL ELECTRICITY USAGE
        (KWH/AVERAGE CUSTOMER)

85   Residential                                                  3,068       3,203        (135)      5,739      5,938        (199)
86   Business                                                    34,258      35,133        (875)     62,188     64,202      (2,014)

     RETAIL ELECTRICITY USAGE -
          WEATHER NORMALIZED
        (KWH/AVERAGE CUSTOMER)

87   Residential                                                  3,000       2,861         139       5,701      5,487         214
88   Business                                                    33,886      33,868          18      61,839     62,942      (1,103)

     ELECTRICITY DEMAND (MW)

89   System peak demand                                           5,425       5,358          67       5,425      5,358          67

                                                                     12 MO. ENDED JUNE 30
                                                               ----------------------------------
Line                                                             2002        2001     INCR (DECR)
                                                               --------    --------   -----------
     AVERAGE ELECTRIC CUSTOMERS

     Retail customers
76      Residential                                             789,096     763,445      25,651
77      Business                                                 99,231      96,448       2,783
                                                               --------    --------    --------
78         Total                                                888,327     859,893      28,434
79   Wholesale customers                                             67          67          --
                                                               --------    --------    --------
80         Total customers                                      888,394     859,960      28,434
                                                               --------    --------    --------

81   Customer Growth (% over prior year)                            3.3%        4.0%       (0.7)%

     RETAIL ELECTRIC SALES (GWH) -
        WEATHER NORMALIZED

82   Residential                                                  9,987       9,560         427
83   Business                                                    12,683      12,777         (94)
                                                               --------    --------    --------
84         Total                                                 22,670      22,337         333
                                                               --------    --------    --------

     RETAIL ELECTRICITY USAGE
        (KWH/AVERAGE CUSTOMER)

85   Residential                                                 13,088      13,259        (171)
86   Business                                                   129,822     133,839      (4,017)

     RETAIL ELECTRICITY USAGE -
          WEATHER NORMALIZED
        (KWH/AVERAGE CUSTOMER)

87   Residential                                                 12,656      12,522         134
88   Business                                                   127,813     132,475      (4,662)

     ELECTRICITY DEMAND (MW)

89   System peak demand                                           5,687       5,478         209	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001

                                                                     3 MO. ENDED JUNE 30                 6 MO. ENDED JUNE 30
                                                               ----------------------------------  ---------------------------------
Line                                                             2002        2001     INCR (DECR)    2002       2001     INCR (DECR)
                                                               --------    --------   -----------  --------   --------   -----------
     ENERGY SOURCES (GWH)

     Generation production
90      Nuclear                                                   2,243       1,985         258       4,500      4,246         254
91      Coal                                                      2,702       3,245        (543)      5,592      6,146        (554)
92      Gas, oil and other                                          565       1,256        (691)        902      2,263      (1,361)
                                                               --------    --------    --------    --------   --------    --------
93         Total                                                  5,510       6,486        (976)     10,994     12,655      (1,661)
                                                               --------    --------    --------    --------   --------    --------
     Purchased power
94      Firm load                                                   846         845           1         917      1,015         (98)
95      Marketing and trading                                     4,599       3,905         694       8,593      7,030       1,563
                                                               --------    --------    --------    --------   --------    --------
96         Total                                                  5,445       4,750         695       9,510      8,045       1,465
                                                               --------    --------    --------    --------   --------    --------
97         Total energy sources                                  10,955      11,236        (281)     20,861     20,701        (196)
                                                               --------    --------    --------    --------   --------    --------

     POWER PLANT PERFORMANCE

     Capacity Factors
98      Nuclear                                                      95%         84%         11%         95%        90%          5%
99      Coal                                                         72%         87%        (15)%        75%        83%         (7)%
100     Gas, oil and other                                           20%         46%        (26)%        16%        43%        (27)%
101     System average                                               60%         73%        (13)%        57%        73%        (16)%

     Generation Capacity Out of Service and Replaced for
     Native Load (average MW/day)
102     Nuclear                                                      66         180        (114)         64        119         (55)
103     Coal                                                        202         166          36         193        225         (32)
104     Gas                                                          18          52         (34)         15         44         (29)
105        Total                                                    286         398        (112)        272        388        (116)

106  Generation Fuel Cost ($/MWh)                              $  11.89    $  19.28    $  (7.39)   $  11.73   $  19.46    $  (7.73)

                                                                     12 MO. ENDED JUNE 30
                                                               ----------------------------------
Line                                                             2002        2001     INCR (DECR)
                                                               --------    --------   -----------
     ENERGY SOURCES (GWH)

     Generation production
90      Nuclear                                                   8,638       8,672         (34)
91      Coal                                                     12,020      12,664        (644)
92      Gas, oil and other                                        2,642       4,198      (1,556)
                                                               --------    --------    --------
93         Total                                                 23,300      25,534      (2,234)
                                                               --------    --------    --------
     Purchased power
94      Firm load                                                 2,863       2,660         203
95      Marketing and trading                                    19,215      20,673      (1,458)
                                                               --------    --------    --------
96         Total                                                 22,078      23,333      (1,255)
                                                               --------    --------    --------
97         Total energy sources                                  45,733      48,868      (3,489)
                                                               --------    --------    --------

     POWER PLANT PERFORMANCE

     Capacity Factors
98      Nuclear                                                      91%         91%          0%
99      Coal                                                         80%         84%         (4)%
100     Gas, oil and other                                           23%         40%        (17)%
101     System average                                               64%         73%         (9)%

     Generation Capacity Out of Service and Replaced for
     Native Load (average MW/day)
102     Nuclear                                                     100         100          --
103     Coal                                                        151         181         (30)
104     Gas                                                          18          31         (13)
105        Total                                                    269         312         (43)

106  Generation Fuel Cost ($/MWh)                              $  13.87    $  34.76    $ (20.89)	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
PERIODS ENDED JUNE 30, 2002 AND 2001

                                                                     3 MO. ENDED JUNE 30                 6 MO. ENDED JUNE 30
                                                               ----------------------------------  ---------------------------------
Line                                                             2002        2001     INCR (DECR)    2002       2001     INCR (DECR)
                                                               --------    --------   -----------  --------   --------   -----------
     ENERGY MARKET INDICATORS (A)

     Electricity Average Daily Spot Prices ($/MWh)
        On-Peak
107        Palo Verde                                          $  30.65    $ 182.71    $(152.06)   $  28.75   $ 198.46    $(169.71)
108        SP15                                                $  31.51    $ 186.30    $(154.79)   $  29.98   $ 202.98    $(173.00)
        Off-Peak
109        Palo Verde                                          $  14.10    $  70.32    $ (56.22)   $  18.13   $ 100.36    $ (82.23)
110        SP15                                                $  15.95    $  84.78    $ (68.83)   $  19.35   $ 122.29    $(102.94)

     WEATHER INDICATORS

     Actual
111     Cooling degree-days                                       1,741       1,733           8       1,830      1,839          (9)
112     Heating degree-days                                          --          43         (43)        472        700        (228)
113     Average humidity                                             16%         25%         (9)%        22%        37%        (15)%
     10-Year Averages
114     Cooling degree-days                                       1,458       1,458          --       1,529      1,529          --
115     Heating degree-days                                          35          35          --         591        591          --
116     Average humidity                                             25%         25%          0%         35%        35%          0%

     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b) (d)
117     Single-family                                             6,456       5,888         568      13,970     14,569        (599)
118     Multi-family                                                662         928        (266)      1,647      4,846      (3,199)
                                                               --------    --------    --------    --------   --------    --------
119        Total                                                  7,118       6,816         302      15,617     19,415      (3,798)
                                                               --------    --------    --------    --------   --------    --------

     Arizona Job Growth  (c) (d)
120     Payroll job growth (% over prior year)                     (1.1)%       1.7%       (2.8)%      (1.1)%      2.4%       (3.5)%
121     Unemployment rate (%, seasonally adjusted)                  5.7%        4.3%        1.4%        5.8%       4.2%        1.6%

                                                                     12 MO. ENDED JUNE 30
                                                               ----------------------------------
Line                                                             2002        2001     INCR (DECR)
                                                               --------    --------   -----------
     ENERGY MARKET INDICATORS (A)

     Electricity Average Daily Spot Prices ($/MWh)
        On-Peak
107        Palo Verde                                          $  33.55    $ 169.15    $(135.60)
108        SP15                                                $  33.49    $ 167.21    $(133.72)
        Off-Peak
109        Palo Verde                                          $  20.46    $  75.84    $ (55.38)
110        SP15                                                $  22.01    $  90.26    $ (68.25)

     WEATHER INDICATORS

     Actual
111     Cooling degree-days                                       5,113       4,638         475
112     Heating degree-days                                         932       1,200        (268)
113     Average humidity                                             29%         37%         (8)%
     10-Year Averages
114     Cooling degree-days                                       4,381       4,381           0
115     Heating degree-days                                       1,026       1,026           0
116     Average humidity                                             36%         36%          0%

     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b) (d)
117     Single-family                                            28,474      29,310        (836)
118     Multi-family                                              4,878       9,215      (4,337)
                                                               --------    --------    --------
119        Total                                                 33,352      38,525      (5,173)
                                                               --------    --------    --------

     Arizona Job Growth  (c) (d)
120     Payroll job growth (% over prior year)                     (0.7)%       3.1%       (3.8)%
121     Unemployment rate (%, seasonally adjusted)                  5.3%        4.0%        1.3%	

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
(d) The economic indicators reflect latest available data through periods ending May 2002 and May 2001.
See Glossary of Terms.

Exhibit 99.3
Last Updated 7/23/2002
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                          $     96      $    (38)
2       Pinnacle West Energy                                          1          1                                 2             1
3       APS Energy Services                                           2         11                                13            20
4       SunCor                                                        2          8                                10            10
5       El Dorado                                                    --         (3)                               (3)           (3)
6       Parent Company                                               17         (6)                               11            10
                                                               --------   --------   --------   --------    --------      --------

7          Income Before Accounting Change                           54         75                               129            --

        Cumulative Effect of Change in Accounting -
8          Net of Tax                                                --         --                                --             3
                                                               --------   --------   --------   --------    --------      --------

9          Net Income                                          $     54   $     75                          $    129      $      3
                                                               --------   --------   --------   --------    --------      --------
     EARNINGS PER SHARE
          BY SUBSIDIARY - DILUTED

10      Arizona Public Service                                 $   0.37   $   0.76                          $   1.13      $  (0.45)
11      Pinnacle West Energy                                       0.01       0.01                              0.02          0.01
12      APS Energy Services                                        0.03       0.13                              0.16          0.25
13      SunCor                                                     0.02       0.10                              0.12          0.11
14      El Dorado                                                    --      (0.04)                            (0.04)        (0.04)
15      Parent Company                                             0.20      (0.07)                             0.13          0.12
                                                               --------   --------   --------   --------    --------      --------

16         Income Before Accounting Change                         0.63       0.89                              1.52            --

        Cumulative Effect of Change in Accounting -
17         Net of Tax                                                --         --                                --          0.03
                                                               --------   --------   --------   --------    --------      --------

18         Net Income                                          $   0.63   $   0.89                          $   1.52      $   0.03
                                                               --------   --------   --------   --------    --------      --------

19   BOOK VALUE PER SHARE                                      $  30.06   $  30.54                          $  30.54          2.37

     COMMON SHARES OUTSTANDING -
          DILUTED (THOUSANDS)
20      Average                                                  84,884     84,926                            84,910           (95)
21      End of Period                                            84,789     84,768                            84,768            55	

See Glossary of Terms.

Last Updated 7/23/2002
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)
     Retail
22      Residential                                            $    171   $    226                          $    397      $    (10)
23      Business                                                    195        251                               446           (11)
                                                               --------   --------   --------   --------    --------      --------
24         Total retail                                             366        477                               843           (21)
                                                               --------   --------   --------   --------    --------      --------
     Wholesale revenue on delivered electricity
25      Traditional contracts                                         2          1                                 2           (79)
26      Retail load hedge management                                  2         11                                13          (174)
        Marketing and trading -- delivered
27         Generation sales other than native load                    8          2                                10          (128)
28         Other delivered electricity (a)                          185        153                               339          (463)
                                                               --------   --------   --------   --------    --------      --------
29         Total delivered marketing and trading                    193        155                               349          (591)
                                                               --------   --------   --------   --------    --------      --------
30      Total delivered wholesale electricity                       197        167                               364          (844)
                                                               --------   --------   --------   --------    --------      --------
     Other marketing and trading
        Realized margins on delivered commodities
31         other than electricity (a)                                 4          1                                 5            22
        Prior period mark-to-market (gains) losses on
32         contracts delivered during current period (a)            (22)        (8)                              (22)          (37)
33      Change in mark-to-market for future-period deliveries        25          1                                17           (61)
                                                               --------   --------   --------   --------    --------      --------
34      Total other marketing and trading                             7         (6)                               --           (76)
                                                               --------   --------   --------   --------    --------      --------
35   Transmission for others                                          6          6                                12             3
36   Other miscellaneous services                                     4          2                                 7            (4)
                                                               --------   --------   --------   --------    --------      --------
37         Total electric operating revenues                   $    580   $    646                          $  1,226      $   (942)
                                                               --------   --------   --------   --------    --------      --------

     ELECTRIC SALES (GWH)

     Retail sales
38      Residential                                               2,141      2,441                             4,582            (7)
39      Business                                                  2,771      3,429                             6,200           (69)
                                                               --------   --------   --------   --------    --------      --------
40         Total retail                                           4,912      5,870                            10,782           (76)
                                                               --------   --------   --------   --------    --------      --------
     Wholesale electricity delivered
41      Traditional contracts                                        71        121                               192          (975)
42      Retail load hedge management                                158        230                               388          (423)
        Marketing and trading -- delivered
43         Generation sales other than native load                  376         74                               450          (609)
44         Other delivered electricity                            3,836      4,369                             8,205         1,986
                                                               --------   --------   --------   --------    --------      --------
45         Total delivered marketing and trading                  4,212      4,443                             8,655         1,377
                                                               --------   --------   --------   --------    --------      --------
46      Total delivered wholesale electricity                     4,441      4,794                             9,235           (21)
                                                               --------   --------   --------   --------    --------      --------
47         Total electric sales                                   9,353     10,664                            20,017           (97)
                                                               --------   --------   --------   --------    --------      --------	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 37 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 32 are included in lines 28 and 31. For example, line 32 shows that a prior-period mark-to-market gain of $8 million was transferred to "realized" for the second quarter of 2002. Lines 28 and 31 include amounts totaling $8 million of realized revenues for the second quarter of 2002.
See Glossary of Terms.

Last Updated 7/23/2002
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
          PRETAX GROSS MARGIN ANALYSIS
        (DOLLARS IN  MILLIONS)

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
        Realized margin on delivered commodities
           Electricity
48            Generation sales other than native load          $      2   $     --                          $      3      $    (71)
49            Other electricity marketing and trading (a)            33         24                                56             9
                                                               --------   --------   --------   --------    --------      --------
50            Total electricity                                      35         24                                59           (62)
51         Other commodities (a)                                      4          1                                 5            22
                                                               --------   --------   --------   --------    --------      --------
52         Total realized margin                                     39         25                                64           (40)
                                                               --------   --------   --------   --------    --------      --------
        Prior-period mark-to-market (gains) losses on
           contracts delivered during current period
53         Electricity (a)                                          (16)        (9)                              (17)          (23)
54         Other commodities (a)                                     (6)        --                                (5)          (22)
           Charge related to trading activities with Enron
55            and its affiliates                                     --         --                                --            --
                                                               --------   --------   --------   --------    --------      --------
56         Subtotal                                                 (22)        (9)                              (22)          (45)
                                                               --------   --------   --------   --------    --------      --------
57      Total current period effects (b)                             17         16                                42           (85)
                                                               --------   --------   --------   --------    --------      --------
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
58      Electricity                                                  25         10                                27           (55)
59      Other commodities                                            (2)        (7)                              (10)           (6)
                                                               --------   --------   --------   --------    --------      --------
60      Total future period effects                                  23          3                                17           (61)
                                                               --------   --------   --------   --------    --------      --------
61   Total gross margin                                        $     40   $     19                          $     59      $   (146)
                                                               --------   --------   --------   --------    --------      --------	

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of June 30, 2002, Pinnacle West had accumulated mark-to-market net gains of $133 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: remainder of 2002, $12 million; 2003, $28 million; 2004, $29 million; 2005 and thereafter, $64 million.

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 57 and in line 61 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 53 are included in line 49. The opposites of amounts included in line 54 are included in line 51. For example, line 53 shows that a prior-period mark-to-market gain of $9 million was transferred to "realized" for the second quarter of 2002. A $9 million realized gain is included in the $24 million on line 49 for the second quarter of 2002.
(b) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.
See Glossary of Terms.

Last Updated 7/23/2002
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
          PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
        (DOLLARS IN  MILLIONS)

     BY COMMODITY SOLD OR TRADED

62   Electricity                                               $     45   $     25                          $     70      $   (139)
63   Natural gas                                                     (5)         1                                (4)           11
64   Coal                                                            (1)        (2)                               (3)          (19)
65   Emission allowances                                              1         (5)                               (4)            1
66   Other                                                           --         --                                --            --
                                                               --------   --------   --------   --------    --------      --------
67      Total gross margin                                     $     40   $     19                          $     59      $   (146)
                                                               --------   --------   --------   --------    --------      --------

     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
68      Generation sales other than native load                $      1   $     --                          $      1      $      1
69      Other marketing and trading                                  34          9                                43            33
     APS
70      Generation sales other than native load                       1         --                                 1           (73)
71      Other marketing and trading                                  --         --                                --          (121)
     Pinnacle West Energy
72      Generation sales other than native load                      --         --                                --            --
73      Other marketing and trading                                  --         --                                --            --
     APS ES
74      Other marketing and trading                                   4         10                                14            14
                                                               --------   --------   --------   --------    --------      --------
75   Total gross margin before income taxes                    $     40   $     19                          $     59      $   (146)
                                                               --------   --------   --------   --------    --------      --------	

See Glossary of Terms.

Last Updated 7/23/2002
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
76      Residential                                             801,000    795,681                           798,341        25,515
77      Business                                                 99,335    100,096                            99,710         2,066
                                                               --------   --------   --------   --------    --------      --------
78         Total                                                900,335    895,777                           898,051        27,581
89   Wholesale customers                                             67         67                                67            --
                                                               --------   --------   --------   --------    --------      --------
80         Total customers                                      900,402    895,844                           898,118        27,581
                                                               --------   --------   --------   --------    --------      --------

81   Customer Growth (% over prior year)                            3.2%       3.2%                              3.2%         (0.7)%

     RETAIL ELECTRIC SALES (GWH) -
        WEATHER NORMALIZED

82   Residential                                                  2,164      2,387                             4,551           310
83   Business                                                     2,774      3,392                             6,166            20
                                                               --------   --------   --------   --------    --------      --------
84         Total                                                  4,938      5,779                            10,717           330
                                                               --------   --------   --------   --------    --------      --------

     RETAIL ELECTRICITY USAGE
        (KWH/AVERAGE CUSTOMER)

85   Residential                                                  2,673      3,068                             5,739          (199)
86   Business                                                    27,896     34,258                            62,188        (2,014)

     RETAIL ELECTRICITY USAGE -
          WEATHER NORMALIZED
        (KWH/AVERAGE CUSTOMER)

87   Residential                                                  2,702      3,000                             5,701           214
88   Business                                                    27,926     33,886                            61,839        (1,103)

     ELECTRICITY DEMAND (MW)

89   System peak demand                                           3,921      5,425                             5,425            67	

See Glossary of Terms.

Last Updated 7/23/2002
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
90      Nuclear                                                   2,257      2,243                             4,500           254
91      Coal                                                      2,890      2,702                             5,592          (554)
92      Gas, oil and other                                          337        565                               902        (1,361)
                                                               --------   --------   --------   --------    --------      --------
93         Total                                                  5,484      5,510                            10,994        (1,661)
                                                               --------   --------   --------   --------    --------      --------
     Purchased power
94      Firm load                                                   429        846                               917           (98)
95      Marketing and trading                                     3,993      4,599                             8,593         1,563
                                                               --------   --------   --------   --------    --------      --------
96         Total                                                  4,422      5,445                             9,510         1,465
                                                               --------   --------   --------   --------    --------      --------
97         Total energy sources                                   9,906     10,955                            20,504          (196)
                                                               --------   --------   --------   --------    --------      --------

     POWER PLANT PERFORMANCE

     Capacity Factors
98      Nuclear                                                      96%        95%                               95%            5%
99      Coal                                                         78%        72%                               75%           (7)%
100     Gas, oil and other                                           12%        20%                               16%          (30)%
101     System average                                               62%        60%                               57%          (16)%

     Generation Capacity Out of Service and Replaced for
     Native Load (average MW/day)
102     Nuclear                                                      62         66                                64            55
103     Coal                                                        184        202                               193           (32)
104     Gas                                                          12         18                                15           (29)
105        Total                                                    258        286                               272          (116)

106  Generation Fuel Cost ($/MWh)                              $  11.57   $  11.89                          $  11.73      $  (7.73)	

See Glossary of Terms.

Last Updated 7/23/2002
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
107        Palo Verde                                          $  26.86   $  30.65                          $  28.75       (169.71)
108        SP15                                                $  28.46   $  31.51                          $  29.98      $(173.00)
        Off-Peak
109        Palo Verde                                          $  22.17   $  14.10                          $  18.13      $ (82.23)
110        SP15                                                $  22.76   $  15.95                          $  19.35      $(102.93)

     WEATHER INDICATORS

     Actual
111     Cooling degree-days                                          89      1,741                             1,830             9
112     Heating degree-days                                         472         --                               472          (228)
113     Average humidity                                             28%        16%                               22%          (15)%
     10-Year Averages
114     Cooling degree-days                                          71      1,458                             1,529            --
115     Heating degree-days                                         556         35                               591            --
116     Average humidity                                             45%        25%                               35%            0%

     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b) (d)
117     Single-family                                             7,514      6,456                            13,970          (599)
118     Multi-family                                                985        662                             1,647        (3,199)
                                                               --------   --------   --------   --------    --------      --------
119        Total                                                  8,499      7,118                            15,617        (3,798)
                                                               --------   --------   --------   --------    --------      --------

     Arizona Job Growth (c) (d)
120     Payroll job growth (% over prior year)                     (1.7)%     (1.1)%                            (1.1)%        (3.5)%
121     Unemployment rate (%, seasonally adjusted)                  5.9%       5.7%                              5.8%          1.6%	

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 College of Business
(c) Arizona Department of Economic Security
(d) The economic indicators reflect latest available data through periods ending May 2002 and May 2001.
See Glossary of Terms.

Exhibit 99.4
Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2001

                                                                                                                          INCREASE
                                                                                                                         (DECREASE)
                                                                                                                             VS
Line                                                         1ST QTR      2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR  PRIOR YEAR
                                                            ----------    --------    --------    --------   ----------  ----------
         EARNINGS CONTRIBUTION
              BY SUBSIDIARY ($ MILLIONS)

1           Arizona Public Service                          $       65    $     70    $    107    $     39    $    281    $    (26)
2           Pinnacle West Energy                                    --           1          14           3          18          20
3           APS Energy Services                                     (8)         --          (2)         --         (10)          3
4           SunCor                                                  --          --           2           1           3          (8)
5           El Dorado                                                1          --          --          --           1          (1)
6           Parent Company                                           4          (4)         41          (7)         34          37
                                                            ----------    --------    --------    --------    --------    --------

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.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2001

                                                                                                                          INCREASE
                                                                                                                         (DECREASE)
                                                                                                                             VS
Line                                                         1ST QTR      2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR  PRIOR YEAR
                                                            ----------    --------    --------    --------   ----------  ----------
       ELECTRIC OPERATING REVENUES
          (DOLLARS IN  MILLIONS)
       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                              5          182         364          27         578          18
          Marketing and trading -- delivered
27           Generation sales other than native load               87           51           4           6         148          32
28           Other delivered electricity (a)                      359          443         461         297       1,560         686
                                                             --------     --------    --------    --------    --------    --------
29           Total delivered marketing and trading                446          494         465         303       1,708         718
                                                             --------     --------    --------    --------    --------    --------
30        Total delivered wholesale electricity                   477          731         819         332       2,359         688
                                                             --------     --------    --------    --------    --------    --------
       Other marketing and trading
          Realized margins on delivered commodities
31           other than electricity (a)                            (5)         (12)         (1)          4         (14)         (5)
          Prior period mark-to-market (gains) losses on
32           contracts delivered during current period (a)          6            5         (37)        (51)         (1)          1
          Change in mark-to-market for future-period
33          deliveries                                             47           35         130          (9)        127         113
                                                             --------     --------    --------    --------    --------    --------
34        Total other marketing and trading                        48           28          92         (56)        112         109
                                                             --------     --------    --------    --------    --------    --------
35     Transmission for others                                      4            5           9           8          26          11
36     Other miscellaneous services                                 6            5           6           1          18          (9)
                                                             --------     --------    --------    --------    --------    --------
37           Total electric operating revenues               $    907     $  1,261    $  1,530    $    684    $  4,382    $    850
                                                             --------     --------    --------    --------    --------    --------

       ELECTRIC SALES (GWH)

       Retail sales
38        Residential                                           2,122        2,467       3,597       2,149      10,335         554
39        Business                                              2,824        3,445       3,724       3,071      13,064         310
                                                             --------     --------    --------    --------    --------    --------
40           Total retail                                       4,946        5,912       7,321       5,220      23,399         864
                                                             --------     --------    --------    --------    --------    --------
       Wholesale electricity delivered
41        Traditional contracts                                   569          598         (37)         83       1,214        (396)
42        Retail load hedge management                             75          736       1,847         382       3,040      (3,634)
          Marketing and trading -- delivered
43           Generation sales other than native load              623          436          73         256       1,388        (106)
44           Other delivered electricity                        3,050        3,169       3,820       4,574      14,613       2,394
                                                             --------     --------    --------    --------    --------    --------
45           Total delivered marketing and trading              3,673        3,605       3,893       4,830      16,001       2,288
                                                             --------     --------    --------    --------    --------    --------
46        Total delivered wholesale electricity                 4,317        4,939       5,703       5,295      20,255      (1,742)
                                                             --------     --------    --------    --------    --------    --------
47           Total electric sales                               9,263       10,851      13,024      10,515      43,654        (878)
                                                             --------     --------    --------    --------    --------    --------	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 37 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 32 are included in lines 28 and 31. For example, line 32 shows that a prior-period mark-to-market gain of $1 million was transferred to "realized" for the total year 2001. Lines 28 and 31 include amounts totaling $1 million of realized revenues for the year 2001.
See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2001

                                                                                                                         INCREASE
                                                                                                                        (DECREASE)
                                                                                                                            VS
Line                                                           1ST QTR     2ND QTR    3RD QTR    4TH QTR    TOTAL YEAR  PRIOR YEAR
                                                               -------     -------    -------    -------    ----------  ----------
         MARKETING AND TRADING
              PRETAX GROSS MARGIN ANALYSIS
            (DOLLARS IN  MILLIONS)

         REALIZED AND MARK-TO-MARKET COMPONENTS
         Current Period Effects
            Realized margin on delivered commodities
               Electricity
48                Generation sales other than native load       $  48       $  26      $   3      $   3       $  80        $  26
49                Other electricity marketing and trading (a)       4          43         14         56         117           48
                                                                -----       -----      -----      -----       -----        -----
50                Total electricity                                52          69         17         59         197           74
51             Other commodities (a)                               (5)        (12)        (1)         4         (14)          (5)
                                                                -----       -----      -----      -----       -----        -----
52             Total realized margin                               47          57         16         63         183           69
                                                                -----       -----      -----      -----       -----        -----
            Prior-period mark-to-market (gains) losses on
               contracts delivered during current period
53             Electricity (a)                                      1          --        (38)       (38)        (11)          (9)
54             Other commodities (a)                               12           5          1         (4)         25           25
               Charge related to trading activities with Enron
55                and its affiliates                               --          --         --         (8)         (8)          (8)
                                                                -----       -----      -----      -----       -----        -----
56             Subtotal                                            13           5        (37)       (50)          6            8
                                                                -----       -----      -----      -----       -----        -----
57          Total current period effects (b)                       60          62        (21)        13         189           77
                                                                -----       -----      -----      -----       -----        -----
         Change in mark-to-market gains (losses) for
            future period deliveries (b)
58          Electricity                                            45          42        126         (2)        146          139
59          Other commodities                                       2          (6)         3         (7)        (18)         (25)
                                                                -----       -----      -----      -----       -----        -----
60          Total future period effects                            47          36        129         (9)        128          114
                                                                -----       -----      -----      -----       -----        -----
61       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 57 and in line 61 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 53 are included in line 49. The opposites of amounts included in line 54 are included in line 51. For example, line 53 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 49 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.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2001

                                                                                                                         INCREASE
                                                                                                                        (DECREASE)
                                                                                                                            VS
Line                                                           1ST QTR     2ND QTR    3RD QTR    4TH QTR    TOTAL YEAR  PRIOR YEAR
                                                               -------     -------    -------    -------    ----------  ----------
         MARKETING AND TRADING
              PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
            (DOLLARS IN  MILLIONS)

         BY COMMODITY SOLD OR TRADED

62       Electricity                                            $  98       $ 111      $ 105      $  15        $ 328       $ 201
63       Natural gas                                               (3)        (12)         9         (3)          (8)        (15)
64       Coal                                                      14           2         (2)        (6)           7          10
65       Emission allowances                                       (2)         (3)        (4)        (2)         (10)         (5)
66       Other                                                     --          --         --         --           --          --
                                                                -----       -----      -----      -----        -----       -----
67          Total gross margin                                  $ 107       $  98      $ 108      $   4        $ 317       $ 191
                                                                -----       -----      -----      -----        -----       -----

         BY PINNACLE WEST ENTITY

         Parent company marketing and trading division
68          Generation sales other than native load             $  --       $  --      $  --      $  --        $  --       $  --
69          Other marketing and trading                             7           3         74         (6)          78          80
         APS
70          Generation sales other than native load                48          26          2          3           79          25
71          Other marketing and trading                            53          68         32          3          156          82
         Pinnacle West Energy
72          Generation sales other than native load                --          --         --         --           --          --
73          Other marketing and trading                            --          --         --         --           --          --
         APS ES
74          Other marketing and trading                            (1)          1         --          4            4           4
                                                                -----       -----      -----      -----        -----       -----
75       Total gross margin before income taxes                 $ 107       $  98      $ 108      $   4        $ 317       $ 191
                                                                -----       -----      -----      -----        -----       -----	

See Glossary of Terms.

Last Updated 7/23/2002
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
76            Residential                           775,317     770,335     773,321     786,382      776,339         27,054
77            Business                               97,222      98,065      98,874      98,631       98,198          4,070
                                                    -------     -------     -------     -------      -------        -------
78               Total                              872,539     868,400     872,195     885,013      874,537         31,124
89         Wholesale customers                           68          66          66          66           66             (1)
                                                    -------     -------     -------     -------      -------        -------
80               Total customers                    872,607     868,466     872,261     885,079      874,603         31,123
                                                    -------     -------     -------     -------      -------        -------

81         Customer Growth (% over prior year)          4.0%        3.9%        3.7%        3.2%         3.7%          (0.4)%

           RETAIL ELECTRIC SALES (GWH) -
              WEATHER NORMALIZED

82         Residential                                2,037       2,204       3,307       2,129        9,677            207
83         Business                                   2,825       3,321       3,618       3,013       12,777            134
                                                    -------     -------     -------     -------      -------        -------
84               Total                                4,862       5,525       6,925       5,142       22,454            341
                                                    -------     -------     -------     -------      -------        -------

           RETAIL ELECTRICITY USAGE
              (KWH/AVERAGE CUSTOMER)

85         Residential                                2,737       3,203       4,651       2,733       13,312            259
86         Business                                  29,047      35,130      37,664      31,136      133,037         (2,459)

           RETAIL ELECTRICITY USAGE -
                WEATHER NORMALIZED
              (KWH/AVERAGE CUSTOMER)

87         Residential                                2,627       2,861       4,276       2,707       12,465           (174)
88         Business                                  29,057      33,865      36,592      30,548      130,115         (4,202)

           ELECTRICITY DEMAND (MW)

89       System peak demand                           3,661       5,358       5,687       3,898        5,687            209	

See Glossary of Terms.

Last Updated 7/23/2002
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
90          Nuclear                                        2,261       1,985       2,320       1,818         8,384          (457)
91          Coal                                           2,901       3,245       3,223       3,203        12,572            63
92          Gas, oil and other                             1,007       1,256       1,157         583         4,003         1,219
                                                          ------      ------      ------      ------        ------        ------
93             Total                                       6,169       6,486       6,700       5,604        24,959           825
                                                          ------      ------      ------      ------        ------        ------
         Purchased power
94          Firm load                                        170         845       1,734         212         2,961           446
95          Marketing and trading                          3,126       3,905       5,667       4,955        17,653        (1,240)
                                                          ------      ------      ------      ------        ------        ------
96             Total                                       3,296       4,750       7,401       5,167        20,614          (794)
                                                          ------      ------      ------      ------        ------        ------
97             Total energy sources                        9,465      11,236      14,101      10,771        45,573            31
                                                          ------      ------      ------      ------        ------        ------

         POWER PLANT PERFORMANCE

         Capacity Factors
98          Nuclear                                           96%         84%         97%         76%           88%           (5)%
99          Coal                                              78%         87%         85%         85%           84%            1%
100         Gas, oil and other                                39%         46%         38%         20%           37%           10%
101         System average                                    71%         73%         73%         62%           70%            1%

         Generation Capacity Out of Service and
         Replaced for Native Load (average MW/day)
102         Nuclear                                           57         180          26         246           127            47
103         Coal                                             284         166         129          90           167            13
104         Gas                                               36          52          24          16            32            10
105            Total                                         376         398         179         352           326            70

106      Generation Fuel Cost ($/MWh)                     $19.64      $19.28      $13.21      $12.51        $16.22        $ 2.50	

See Glossary of Terms.

Last Updated 7/23/2002
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
      Palo Verde                                         $214.21     $182.71      $49.80      $26.89       $118.41       $ 6.98
      SP15                                               $219.66     $186.30      $45.61      $28.38       $119.99       $12.64
   Off-Peak
      Palo Verde                                         $130.40     $ 70.32      $27.22      $18.33       $ 61.57       $ 8.55
      SP15                                               $159.80     $ 84.78      $28.92      $20.41       $ 73.48       $12.74

WEATHER INDICATORS

Actual
   Cooling degree-days                                       106       1,733       2,663         620         5,122          539
   Heating degree-days                                       657          43          --         460         1,160          192
   Average humidity                                           50%         25%         31%         39%           36%           2%
10-Year Averages
   Cooling degree-days                                        71       1,458       2,454         398         4,381           --
   Heating degree-days                                       556          35          --         435         1,026           --
   Average humidity                                           45%         25%         34%         40%           36%           0%

ECONOMIC INDICATORS

Building Permits -- Metro Phoenix (b)
   Single-family                                          8,681       9,270        8,264       6,240        32,455          (54)
   Multi-family                                           3,918       1,820        2,514         717         8,969       (1,259)
                                                         ------      ------       ------      ------        ------       ------
      Total                                              12,599      11,090       10,778       6,957        41,424       (1,313)
                                                         ------      ------       ------      ------        ------       ------

Arizona Job Growth  (c)
   Payroll job growth (% over prior year)                   2.9%        1.4%         0.2%       (0.9)%         0.9%        (3.0)%
   Unemployment rate (%, seasonally adjusted)               4.1%        4.3%         4.2%        5.4%          4.5%         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 College of Business
(c) Arizona Department of Economic Security
See Glossary of Terms.

Exhibit 99.5
Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2000

Line                                                        1ST QTR       2ND QTR        3RD QTR        4TH QTR      TOTAL YEAR
                                                            --------      --------      ----------      --------     ----------
         EARNINGS CONTRIBUTION
              BY SUBSIDIARY ($ MILLIONS)

1           Arizona Public Service                          $     33      $     96      $      124      $     54      $    307
2           Pinnacle West Energy                                  --            (1)             --            (1)           (2)
3           APS Energy Services                                   (2)           (2)             --            (9)          (13)
4           SunCor                                                 5             1               2             3            11
5           El Dorado                                             19            (3)             (9)           (5)            2
6           Parent Company                                        (1)           (1)             (1)           --            (3)
                                                            --------      --------      ----------      --------      --------

7              Income Before Accounting Change                    54            90             116            42           302

            Cumulative Effect of Change in Accounting -
8              Net of Tax                                         --            --              --            --            --
                                                            --------      --------      ----------      --------      --------

9              Net Income                                   $     54      $     90      $      116      $     42      $    302
                                                            --------      --------      ----------      --------      --------

         EARNINGS PER SHARE
              BY SUBSIDIARY - DILUTED

10          Arizona Public Service                          $   0.39      $   1.13      $     1.46      $   0.63      $   3.61
11          Pinnacle West Energy                                  --         (0.01)          (0.01)        (0.01)        (0.03)
12          APS Energy Services                                (0.02)        (0.03)             --         (0.11)        (0.16)
13          SunCor                                              0.06          0.01            0.03          0.04          0.14
14          El Dorado                                           0.22         (0.04)          (0.10)        (0.06)         0.02
15          Parent Company                                     (0.01)           --           (0.01)           --         (0.02)
                                                            --------      --------      ----------      --------      --------

16             Income Before Accounting Change                  0.64          1.06            1.37          0.49          3.56

            Cumulative Effect of Change in Accounting -
17             Net of Tax                                         --            --              --            --            --
                                                            --------      --------      ----------      --------      --------

18             Net Income                                   $   0.64      $   1.06      $     1.37      $   0.49      $   3.56
                                                            --------      --------      ----------      --------      --------

19       BOOK VALUE PER SHARE                               $  26.29      $  27.00      $    28.01      $  28.09      $  28.09

         COMMON SHARES OUTSTANDING -
              DILUTED (THOUSANDS)
20          Average                                           84,834        84,891          85,012        85,015        84,935
21          End of Period                                     84,723        84,727          84,779        84,715        84,715	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2000

Line                                                                1ST QTR       2ND QTR      3RD QTR       4TH QTR      TOTAL YEAR
                                                                    --------      --------     --------      --------     ----------
         ELECTRIC OPERATING REVENUES
            (DOLLARS IN  MILLIONS)
         Retail
22          Residential                                             $    157      $    228     $    324      $    172      $    881
23          Business                                                     196           253          275           211           935
                                                                    --------      --------     --------      --------      --------
24             Total retail                                              353           481          599           383         1,816
                                                                    --------      --------     --------      --------      --------
         Wholesale revenue on delivered electricity
25          Traditional contracts                                         12            18           75            16           121
26          Retail load hedge management                                   7            36          471            46           560
            Marketing and trading -- delivered
27             Generation sales other than native load                     9            13           14            80           116
28             Other delivered electricity (a)                            56           134          408           276           874
                                                                    --------      --------     --------      --------      --------
29             Total delivered marketing and trading                      65           147          422           356           990
                                                                    --------      --------     --------      --------      --------
30          Total delivered wholesale electricity                         84           201          968           418         1,671
                                                                    --------      --------     --------      --------      --------
         Other marketing and trading
            Realized margins on delivered commodities
31             other than electricity (a)                                 (5)            1           (4)           (1)           (9)
            Prior period mark-to-market (gains) losses on
32             contracts delivered during current period (a)              --            --          (17)           (2)           (2)
33          Change in mark-to-market for future-period deliveries          7            25           10           (11)           14
                                                                    --------      --------     --------      --------      --------
34          Total other marketing and trading                              2            26          (11)          (14)            3
                                                                    --------      --------     --------      --------      --------
35       Transmission for others                                           3             4            4             4            15
36       Other miscellaneous services                                      4             8            8             7            27
                                                                    --------      --------     --------      --------      --------
37             Total electric operating revenues                    $    446      $    720     $  1,568      $    798      $  3,532
                                                                    --------      --------     --------      --------      --------
         ELECTRIC SALES (GWH)

         Retail sales
38          Residential                                                1,877         2,370        3,506         2,028         9,781
39          Business                                                   2,736         3,379        3,674         2,965        12,754
                                                                    --------      --------     --------      --------      --------
40             Total retail                                            4,613         5,749        7,180         4,993        22,535
                                                                    --------      --------     --------      --------      --------
         Wholesale electricity delivered
41          Traditional contracts                                        331           391          538           350         1,610
42          Retail load hedge management                                 232           585        5,155           702         6,674
            Marketing and trading -- delivered
43             Generation sales other than native load                   396           215          163           720         1,494
44             Other delivered electricity                             2,029         2,404        4,737         3,049        12,219
                                                                    --------      --------     --------      --------      --------
45             Total delivered marketing and trading                   2,425         2,619        4,900         3,769        13,713
                                                                    --------      --------     --------      --------      --------
46          Total delivered wholesale electricity                      2,988         3,595       10,593         4,821        21,997
                                                                    --------      --------     --------      --------      --------
47             Total electric sales                                    7,601         9,344       17,773         9,814        44,532
                                                                    --------      --------     --------      --------      --------	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 37 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 32 are included in lines 28 and 31. For example, line 32 shows that a prior-period mark-to-market gain of $2 million was transferred to "realized" for the total year 2000. Lines 28 and 31 include amounts totaling $2 million of realized revenues for the year 2000.
See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2000

Line                                                                    1ST QTR     2ND QTR     3RD QTR     4TH QTR   TOTAL YEAR
                                                                        -------     -------     -------     -------   ----------
         MARKETING AND TRADING
              PRETAX GROSS MARGIN ANALYSIS
            (DOLLARS IN  MILLIONS)

         REALIZED AND MARK-TO-MARKET COMPONENTS
         Current Period Effects
            Realized margin on delivered commodities
               Electricity
48                 Generation sales other than native load               $   2       $   6       $   7       $  39       $  54
49                 Other electricity marketing and trading (a)               3          28          33           5          69
                                                                         -----       -----       -----       -----       -----
50                 Total electricity                                         5          34          40          44         123
51             Other commodities (a)                                        (5)          1          (4)         (1)         (9)
                                                                         -----       -----       -----       -----       -----
52             Total realized margin                                        --          35          36          43         114
                                                                         -----       -----       -----       -----       -----
            Prior-period mark-to-market (gains) losses on contracts
               delivered during current period (b)
53             Electricity (a)                                              --          --         (18)         (2)         (2)
54             Other commodities (a)                                        --          --           1          --          --
               Charge related to trading activities with Enron
55                and its affiliates                                        --          --          --          --          --
                                                                         -----       -----       -----       -----       -----
56             Subtotal                                                     --          --         (17)         (2)         (2)
                                                                         -----       -----       -----       -----       -----
57          Total current period effects (b)                                --          35          19          41         112
                                                                         -----       -----       -----       -----       -----
         Change in mark-to-market gains (losses) for
            future period deliveries (b)
58          Electricity                                                      2          27           6         (10)          7
59          Other commodities                                                5          (2)          4          (1)          7
                                                                         -----       -----       -----       -----       -----
60          Total future period effects                                      7          25          10         (11)         14
                                                                         -----       -----       -----       -----       -----
61       Total gross margin                                              $   7       $  60       $  29       $  30       $ 126
                                                                         -----       -----       -----       -----       -----	

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 57 and in line 61 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 53 are included in line 49. The opposites of amounts included in line 54 are included in line 51. For example, line 53 shows that a prior-period mark-to-market gain of $2 million was transferred to "realized" for the total year 2000. A $2 million realized gain is included in the $69 million on line 49 for the total year 2000.
(b) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.
See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2000

Line                                                        1ST QTR     2ND QTR      3RD QTR      4TH QTR     TOTAL YEAR
                                                            -------     -------      -------      -------     ----------
         MARKETING AND TRADING
              PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
            (DOLLARS IN  MILLIONS)

         BY COMMODITY SOLD OR TRADED

62       Electricity                                             7          61           28           32          128
63       Natural gas                                            --          (1)           3            3            5
64       Coal                                                   --          --           (2)          --           (2)
65       Emission allowances                                    --          --           --           (5)          (5)
66       Other                                                  --          --           --           --           --
                                                             -----       -----        -----        -----        -----
67          Total gross margin                               $   7       $  60        $  29        $  30        $ 126
                                                             -----       -----        -----        -----        -----

         BY PINNACLE WEST ENTITY

         Parent company marketing and trading division
68          Generation sales other than native load          $  --       $  --        $  --        $  --        $  --
69          Other marketing and trading                         --          --           --           (2)          (2)
         APS
70          Generation sales other than native load              2           6            7           39           54
71          Other marketing and trading                          5          54           22           (7)          74
         Pinnacle West Energy
72          Generation sales other than native load             --          --           --           --           --
73          Other marketing and trading                         --          --           --           --           --
         APS ES
74          Other marketing and trading                         --          --           --           --           --
                                                             -----       -----        -----        -----        -----
75       Total gross margin before income taxes              $   7       $  60        $  29        $  30        $ 126
                                                             -----       -----        -----        -----        -----	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2000

Line                                                 1ST QTR      2ND QTR      3RD QTR      4TH QTR     TOTAL YEAR
                                                     -------      -------      -------      -------     ----------
         AVERAGE ELECTRIC CUSTOMERS

         Retail customers
76          Residential                              746,528      742,485      746,742      761,386      749,285
77          Business                                  92,667       93,343       94,479       96,024       94,128
                                                     -------      -------      -------      -------      -------
78             Total                                 839,195      835,828      841,221      857,410      843,413
89       Wholesale customers                              67           67           67           67           67
                                                     -------      -------      -------      -------      -------
80             Total customers                       839,262      835,895      841,288      857,477      843,480
                                                     -------      -------      -------      -------      -------

81       Customer Growth (% over prior year)             4.0%         4.1%         4.1%         4.2%         4.1%

         RETAIL ELECTRIC SALES (GWH) -
            WEATHER NORMALIZED

82       Residential                                   1,933        2,218        3,393        1,926        9,470
83       Business                                      2,736        3,276        3,626        3,005       12,643
                                                     -------      -------      -------      -------      -------
84             Total                                   4,669        5,494        7,019        4,931       22,113
                                                     -------      -------      -------      -------      -------

         RETAIL ELECTRICITY USAGE
            (KWH/AVERAGE CUSTOMER)

85       Residential                                   2,514        3,192        4,695        2,664       13,054
86       Business                                     29,525       36,200       38,887       30,878      135,496

         RETAIL ELECTRICITY USAGE -
              WEATHER NORMALIZED
            (KWH/AVERAGE CUSTOMER)

87       Residential                                   2,589        2,987        4,544        2,530       12,639
88       Business                                     29,525       35,096       38,379       31,294      134,317

         ELECTRICITY DEMAND (MW)

89       System peak demand                            3,315        5,095        5,478        4,331        5,478	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2000

Line                                                            1ST QTR     2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR
                                                                -------     -------     -------     -------    ----------
         ENERGY SOURCES (GWH)

         Generation production
90          Nuclear                                               2,325       2,090       2,348       2,078       8,841
91          Coal                                                  2,828       3,163       3,343       3,175      12,509
92          Gas, oil and other                                      323         526       1,046         889       2,784
                                                                 ------      ------      ------      ------      ------
93             Total                                              5,476       5,779       6,737       6,142      24,134
                                                                 ------      ------      ------      ------      ------
         Purchased power
94          Firm load                                                51         819       1,550          95       2,515
95          Marketing and trading                                 2,261       2,989       9,893       3,750      18,893
                                                                 ------      ------      ------      ------      ------
96             Total                                              2,312       3,808      11,443       3,845      21,408
                                                                 ------      ------      ------      ------      ------
97             Total energy sources                               7,788       9,587      18,180       9,987      45,542
                                                                 ------      ------      ------      ------      ------
         POWER PLANT PERFORMANCE

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

         Generation Capacity Out of Service and Replaced for
         Native Load (average MW/day)
102         Nuclear                                                  27         129          21         143          80
103         Coal                                                    223         124          85         187         155
104         Gas                                                       8          43          16          20          22
105            Total                                                258         296         122         350         257

106      Generation Fuel Cost ($/MWh)                            $10.65      $12.69      $14.77      $16.28      $13.72	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 2000

Line                                                       1ST QTR     2ND QTR     3RD QTR     4TH QTR   TOTAL YEAR
                                                           -------     -------     -------     -------   ----------
         ENERGY MARKET INDICATORS (A)

         Electricity Average Daily Spot Prices ($/MWh)
            On-Peak
107            Palo Verde                                  $30.52      $90.49      $170.40     $154.33     $111.44
108            SP15                                        $31.40      $82.67      $152.74     $162.59     $107.35
            Off-Peak
109            Palo Verde                                  $22.97      $31.91      $ 61.48     $ 95.72     $ 53.02
110            SP15                                        $24.52      $32.45      $ 66.28     $119.72     $ 60.74

         WEATHER INDICATORS

         Actual
111         Cooling degree-days                                71       1,712        2,547         253       4,583
112         Heating degree-days                               459           9           --         500         968
113         Average humidity                                   37%         23%          29%         46%         34%
         10-Year Averages
114         Cooling degree-days                                71       1,458        2,454         398       4,381
115         Heating degree-days                               556          35           --         435       1,026
116         Average humidity                                   45%         25%          34%         40%         36%

         ECONOMIC INDICATORS

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

         Arizona Job Growth (c)
120         Payroll job growth (% over prior year)            4.4%        4.0%         3.9%        3.4%        3.9%
121         Unemployment rate (%, seasonally adjusted)        4.1%        3.9%         3.8%        3.7%        3.9%	

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
See Glossary of Terms.

Exhibit 99.6
Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 1999

Line                                                          1ST QTR     2ND QTR      3RD QTR      4TH QTR    TOTAL YEAR
                                                              --------    --------    ----------    --------   ----------
         EARNINGS CONTRIBUTION
              BY SUBSIDIARY ($ MILLIONS)

1           Arizona Public Service                            $     33    $     70    $      130    $     34    $    267
2           Pinnacle West Energy                                    --          --            --          --          --
3           APS Energy Services                                     (2)         (2)           (2)         (3)         (9)
4           SunCor                                                   1           3            --           2           6
5           El Dorado                                               --          --            --          11          11
6           Parent Company                                          (1)         (2)           (2)         --          (5)
                                                              --------    --------    ----------    --------    --------

7              Income From Continuing Operations                    31          69           126          44         270

8a          Income Tax Benefit From Discontinued Operations         --          --            38          --          38
8b          Extraordinary Charge - Net of Income Tax                --          --          (140)         --        (140)
                                                              --------    --------    ----------    --------    --------

9              Net Income                                     $     31    $     69    $       24    $     44    $    168
                                                              --------    --------    ----------    --------    --------

         EARNINGS PER SHARE
              BY SUBSIDIARY - DILUTED

10          Arizona Public Service                            $   0.38    $   0.82    $     1.52    $   0.42    $   3.14
11          Pinnacle West Energy                                    --          --            --          --          --
12          APS Energy Services                                  (0.02)      (0.02)        (0.02)      (0.05)      (0.11)
13          SunCor                                                0.01        0.03         (0.01)       0.03        0.07
14          El Dorado                                               --          --            --        0.13        0.14
15          Parent Company                                       (0.01)      (0.02)        (0.01)         --       (0.07)
                                                              --------    --------    ----------    --------    --------

16             Income From Continuing Operations                  0.36        0.81          1.48        0.53        3.17

17a         Income Tax Benefit From Discontinued Operations         --          --          0.45          --        0.45
17b         Extraordinary Charge - Net of Income Tax                --          --         (1.65)         --       (1.65)
                                                              --------    --------    ----------    --------    --------

18             Net Income                                     $   0.36    $   0.81    $     0.28    $   0.53    $   1.97
                                                              --------    --------    ----------    --------    --------

19       BOOK VALUE PER SHARE                                 $  25.49    $  25.58    $    25.84    $  26.00    $  26.00

         COMMON SHARES OUTSTANDING -
              DILUTED (THOUSANDS)
20          Average                                             85,176      85,093        84,989      84,894      85,009
21          End of Period                                       84,645      84,771        84,735      84,750      84,750	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 1999

Line                                                                1ST QTR     2ND QTR    3RD QTR     4TH QTR    TOTAL YEAR
                                                                    --------    --------   --------    --------   ----------
         ELECTRIC OPERATING REVENUES
            (DOLLARS IN  MILLIONS)
         Retail
22          Residential                                             $    157    $    189   $    295    $    164    $    805
23          Business                                                     190         237        269         216         912
                                                                    --------    --------   --------    --------    --------
24             Total retail                                              347         426        564         380       1,717
                                                                    --------    --------   --------    --------    --------
         Wholesale revenue on delivered electricity
25          Traditional contracts                                         11          16         21          13          61
26          Retail load hedge management                                  --          --        108          --         108
            Marketing and trading -- delivered
27             Generation sales other than native load                     7           6          6          11          30
28             Other delivered electricity (a)                            44          51        163          87         345
                                                                    --------    --------   --------    --------    --------
29             Total delivered marketing and trading                      51          57        169          98         375
                                                                    --------    --------   --------    --------    --------
30          Total delivered wholesale electricity                         62          73        298         111         544
                                                                    --------    --------   --------    --------    --------
         Other marketing and trading
            Realized margins on delivered commodities
31             other than electricity (a)                                 (1)         --         (2)          5           2
            Prior period mark-to-market (gains) losses on
32             contracts delivered during current period (a)              --          --         --          --          --
33          Change in mark-to-market for future-period deliveries         --           6         (1)         (4)          1
                                                                    --------    --------   --------    --------    --------
34          Total other marketing and trading                             (1)          6         (3)          1           3
                                                                    --------    --------   --------    --------    --------
35       Transmission for others                                           3           3          3           3          11
36       Other miscellaneous services                                      3           4          6           5          18
                                                                    --------    --------   --------    --------    --------
37             Total electric operating revenues                    $    414    $    512   $    868    $    500    $  2,293
                                                                    --------    --------   --------    --------    --------

         ELECTRIC SALES (GWH)

         Retail sales
38          Residential                                                1,796       1,939      3,160       1,880       8,775
39          Business                                                   2,665       3,239      3,464       2,932      12,300
                                                                    --------    --------   --------    --------    --------
40             Total retail                                            4,461       5,178      6,624       4,812      21,075
                                                                    --------    --------   --------    --------    --------
         Wholesale electricity delivered
41          Traditional contracts                                        309         351        441         321       1,422
42          Retail load hedge management                                  --          --        631          --         631
            Marketing and trading -- delivered
43             Generation sales other than native load                   348         254        171         494       1,267
44             Other delivered electricity                             2,188       2,390      5,102       2,693      12,373
                                                                    --------    --------   --------    --------    --------
45             Total delivered marketing and trading                   2,536       2,644      5,273       3,187      13,640
                                                                    --------    --------   --------    --------    --------
46          Total delivered wholesale electricity                      2,845       2,995      6,345       3,508      15,693
                                                                    --------    --------   --------    --------    --------
47             Total electric sales                                    7,306       8,173     12,969       8,320      36,768
                                                                    --------    --------   --------    --------    --------	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 37 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 32 are included in lines 28 and 31. For example, line 32 shows that a prior-period mark-to-market gain of $0 million was transferred to "realized" for the total year 1999. Lines 28 and 31 include amounts totaling $0 million of realized revenues for the year 1999.
See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 1999

Line                                                                    1ST QTR     2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR
                                                                        -------     -------     -------     -------    ----------
         MARKETING AND TRADING
              PRETAX GROSS MARGIN ANALYSIS
            (DOLLARS IN  MILLIONS)

         REALIZED AND MARK-TO-MARKET COMPONENTS
         Current Period Effects
            Realized margin on delivered commodities
               Electricity
48                 Generation sales other than native load                $  2        $  1        $  2        $  2        $  7
49                 Other electricity marketing and trading (a)               6          (2)          3          --           7
                                                                          ----        ----        ----        ----        ----
50                 Total electricity                                         8          (1)          5           2          14
51             Other commodities (a)                                        (1)         --          (2)          6           3
                                                                          ----        ----        ----        ----        ----
52             Total realized margin                                         7          (1)          3           8          17
                                                                          ----        ----        ----        ----        ----
            Prior-period mark-to-market (gains) losses on contracts
               delivered during current period (a)
53             Electricity                                                  --          --          --          --          --
54             Other commodities                                            --          --          --          --          --
               Charge related to trading activities with Enron
55                and its affiliates                                        --          --          --          --          --
                                                                          ----        ----        ----        ----        ----
56             Subtotal                                                     --          --          --          --          --
                                                                          ----        ----        ----        ----        ----
57          Total current period effects                                     7          (1)          3           8          17
                                                                          ----        ----        ----        ----        ----
         Change in mark-to-market gains (losses) for
            future period deliveries
58          Electricity                                                     (1)          4          (1)         --           2
59          Other commodities                                                1           2          --          (4)         (1)
                                                                          ----        ----        ----        ----        ----
60          Total future period effects                                     --           6          (1)         (4)          1
                                                                          ----        ----        ----        ----        ----
61       Total gross margin                                               $  7        $  5        $  2        $  4        $ 18
                                                                          ----        ----        ----        ----        ----	

(a) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.
See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 1999

Line                                                        1ST QTR     2ND QTR    3RD QTR     4TH QTR   TOTAL YEAR
                                                            -------     -------    -------     -------   ----------
         MARKETING AND TRADING
              PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
            (DOLLARS IN  MILLIONS)

         BY COMMODITY SOLD OR TRADED

62       Electricity                                          $ 7         $ 3        $ 4         $ 2        $16
63       Natural gas                                           (1)         --         --           1         --
64       Coal                                                  --          --         --          --         --
65       Emission allowances                                    1           2         (2)          1          2
66       Other                                                 --          --         --          --         --
                                                              ---         ---        ---         ---        ---
67          Total gross margin                                $ 7         $ 5        $ 2         $ 4        $18
                                                              ---         ---        ---         ---        ---
         BY PINNACLE WEST ENTITY

         Parent company marketing and trading division
68          Generation sales other than native load           $--         $--        $--         $--        $--
69          Other marketing and trading                        --          --         --          --         --
         APS
70          Generation sales other than native load             2           1          2           2          7
71          Other marketing and trading                         5           4         --           2         11
         Pinnacle West Energy
72          Generation sales other than native load            --          --         --          --         --
73          Other marketing and trading                        --          --         --          --         --
         APS ES
74          Other marketing and trading                        --          --         --          --         --
                                                              ---         ---        ---         ---        ---
75       Total gross margin before income taxes               $ 7         $ 5        $ 2         $ 4        $18
                                                              ---         ---        ---         ---        ---	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 1999

Line                                           1ST QTR    2ND QTR    3RD QTR    4TH QTR   TOTAL YEAR
                                               -------    -------    -------    -------   ----------
         AVERAGE ELECTRIC CUSTOMERS

         Retail customers
76          Residential                        717,540    713,259    717,204    731,092    719,774
77          Business                            89,046     89,949     91,076     91,914     90,496
                                               -------    -------    -------    -------    -------
78             Total                           806,586    803,208    808,280    823,006    810,270
89       Wholesale customers                        67         67         71         73         70
                                               -------    -------    -------    -------    -------
80             Total customers                 806,653    803,275    808,351    823,079    810,340
                                               -------    -------    -------    -------    -------

81       Customer Growth (% over prior year)       4.2%       4.3%       4.2%       4.0%       4.2%

         RETAIL ELECTRIC SALES (GWH) -
            WEATHER NORMALIZED

82       Residential                             1,859      1,952      3,124      1,916      8,851
83       Business                                2,669      3,264      3,448      2,886     12,267
                                               -------    -------    -------    -------    -------
84             Total                             4,528      5,216      6,572      4,802     21,118
                                               -------    -------    -------    -------    -------

         RETAIL ELECTRICITY USAGE
            (KWH/AVERAGE CUSTOMER)

85       Residential                             2,503      2,719      4,406      2,571     12,191
86       Business                               29,928     36,009     38,034     31,899    135,918

         RETAIL ELECTRICITY USAGE -
              WEATHER NORMALIZED
            (KWH/AVERAGE CUSTOMER)

87       Residential                             2,591      2,737      4,356      2,621     12,297
88       Business                               29,973     36,287     37,858     31,399    135,553

         ELECTRICITY DEMAND (MW)

89       System peak demand                      3,343      4,885      4,935      3,881      4,935	

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 1999

Line                                                             1ST QTR      2ND QTR      3RD QTR      4TH QTR    TOTAL YEAR
                                                                 -------      -------      -------      -------    ----------
         ENERGY SOURCES (GWH)

         Generation production
90          Nuclear                                               2,295        2,080        2,397        2,077        8,849
91          Coal                                                  2,677        2,764        3,230        3,204       11,875
92          Gas, oil and other                                      241          477          557          484        1,759
                                                                 ------       ------       ------       ------       ------
93             Total                                              5,213        5,321        6,184        5,765       22,483
                                                                 ------       ------       ------       ------       ------
         Purchased power
94          Firm load                                               170          753        1,470           87        2,480
95          Marketing and trading                                 2,189        2,390        5,734        2,693       13,006
                                                                 ------       ------       ------       ------       ------
96             Total                                              2,359        3,143        7,204        2,780       15,486
                                                                 ------       ------       ------       ------       ------
97             Total energy sources                               7,572        8,464       13,388        8,545       37,969
                                                                 ------       ------       ------       ------       ------

         POWER PLANT PERFORMANCE

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

         Generation Capacity Out of Service and Replaced for
         Native Load (average MW/day)
102         Nuclear                                                  36          135            3          152           82
103         Coal                                                    337          368          177          172          264
104         Gas                                                      --           --           --           --           --
105            Total                                                373          503          180          324          345

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

See Glossary of Terms.

Last Updated 7/23/2002
PINNACLE WEST CAPITAL CORPORATION
CONSOLIDATED STATISTICS BY QUARTER
 1999

Line                                                          1ST QTR      2ND QTR      3RD QTR      4TH QTR    TOTAL YEAR
                                                              -------      -------      -------      -------    ----------
         ENERGY MARKET INDICATORS (A)

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

         WEATHER INDICATORS

         Actual
111         Cooling degree-days                                   71        1,312        2,353          589        4,325
112         Heating degree-days                                  459          112           --          359          930
113         Average humidity                                      34%          27%          40%          28%          32%
         10-Year Averages
114         Cooling degree-days                                   71        1,458        2,454          398        4,381
115         Heating degree-days                                  556           35           --          435        1,026
116         Average humidity                                      45%          25%          34%          40%          36%

         ECONOMIC INDICATORS

         Building Permits -- Metro Phoenix (b)
117         Single-family                                      8,873        9,299        8,223        6,855       33,250
118         Multi-family                                       2,337        2,396        1,861        3,011        9,605
                                                              ------       ------       ------       ------       ------
119            Total                                          11,210       11,695       10,084        9,866       42,855
                                                              ------       ------       ------       ------       ------

         Arizona Job Growth (c)
120         Payroll job growth (% over prior year)               3.9%         4.4%         4.6%         4.2%         4.3%
121         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
See Glossary of Terms.

Exhibit 99.7
Last Updated 7/23/2002
Pinnacle West Capital Corporation
Earnings Variance Explanations
For Periods Ended June 30, 2002 and 2001
This discussion explains the changes in our earnings for the three, six and twelve months ended June 30, 2002 and 2001. Consolidated income statements for the three, six and twelve months ended June 30, 2002 and 2001 follow this discussion. We will file our Quarterly Report on Form 10-Q on or before August 14, 2002. We suggest this section be read in connection with the Pinnacle West Capital Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2001. Additional operating and financial statistics and a glossary of terms are available on our website (www.pinnaclewest.com).
EARNINGS CONTRIBUTIONS BY SUBSIDIARY
The following table summarizes net income for the three, six and twelve months ended June 30, 2002 and the comparable prior-year periods for Pinnacle West and each of our subsidiaries (dollars in millions):

                                            Three Months Ended        Six Months Ended       Twelve Months Ended
                                                 June 30,                 June 30,                June 30,
                                             2002        2001         2002        2001        2002         2001
                                            ------      ------       ------      ------      ------       ------
                                               (unaudited)              (unaudited)              (unaudited)
                                            ------------------       ------------------      -------------------
Arizona Public Service (APS)                $   64      $   70       $   96      $  134      $  243       $  312
APS Energy Services (APSES)                     11          --           13          (7)         11          (17)
SunCor                                           8          --           10          --          13            6
Pinnacle West Energy                             1           1            2           1          19           --
El Dorado                                       (3)         --           (3)         --          (3)         (14)
Parent company (a)                              (6)         (4)          11           1          44            1
                                            ------      ------       ------      ------      ------       ------
Income before accounting change                 75          67          129         129         327          288
Cumulative effect of change
  in accounting - net of
  income taxes                                  --          --           --          (3)        (12)          (3)
                                            ------      ------       ------      ------      ------       ------
Net income                                  $   75      $   67       $  129      $  126      $  315       $  285
                                            ======      ======       ======      ======      ======       ======	

(a) These amounts primarily include marketing and trading activities. APS amounts also included some marketing and trading activities in 2001, although APS completed the transition of such activities to the parent company in 2001.
BUSINESS SEGMENTS
We have two principal business segments (determined by products, services and the regulatory environment), which consist of our regulated retail electricity business, regulated traditional wholesale electricity business, and related activities (electric retail business segment) and our competitive business activities (marketing and trading business segment). Our retail business segment currently includes activities related to electricity transmission and distribution, as well as electricity generation. Our marketing and trading business

segment currently includes activities related to wholesale marketing and trading and APSES' competitive energy services. The other amounts include activities related to SunCor and El Dorado.
The following table summarizes net income by business segment for the three, six and twelve months ended June 30, 2002 and the comparable prior year periods (dollars in millions):

                                            Three Months Ended        Six Months Ended       Twelve Months Ended
                                                 June 30,                 June 30,                June 30,
                                             2002        2001         2002        2001        2002         2001
                                            ------      ------       ------      ------      ------       ------
                                               (unaudited)              (unaudited)              (unaudited)
                                            ------------------       ------------------      -------------------
Retail                                      $   61      $   11       $   93      $   14      $  231       $  152
Marketing and trading                            9          56           29         114          86          143
Other                                            5          --            7           1          10           (7)
                                            ------      ------       ------      ------      ------       ------
Income before accounting
  change                                        75          67          129         129         327          288
Cumulative effect of change
  in accounting - net of
  income taxes                                  --          --           --          (3)        (12)          (3)
                                            ------      ------       ------      ------      ------       ------
Net income                                  $   75      $   67       $  129      $  126      $  315       $  285
                                            ======      ======       ======      ======      ======       ======	

We recorded the cumulative effects of a change in accounting for derivatives related to our adoption in 2001 of Statement of Financial Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments and Hedging Activities."
EARNINGS VARIANCE EXPLANATIONS
Throughout these explanations, we refer to "gross margin." With respect to our electric retail segment and marketing and trading segment, gross margin refers to electric operating revenues less purchased power and fuel costs. Real estate gross margin refers to real estate revenues less real estate operations costs.
OPERATING RESULTS - THREE-MONTH PERIOD ENDED JUNE 30, 2002 COMPARED WITH
THREE-MONTH PERIOD ENDED JUNE 30, 2001
Our consolidated net income for the three months ended June 30, 2002 was $75 million compared with $67 million for the same period in the prior year. The period-to-period increase was primarily the result of increased earnings contributions from our regulated retail electricity and real estate operations that were partially offset by lower earnings contributions from our marketing and trading activities. The retail comparison was favorably impacted by lower replacement costs for power plant outages, lower costs for purchased power and gas related to lower market prices, customer growth and higher average usage per customer, partially offset by the effects of milder weather. The real estate results benefited primarily from more sales activities. The comparison for marketing and trading activities reflects lower volumes and prices in the wholesale power markets in the western United States.
2

The major factors that increased (decreased) net income were as follows (dollars in millions):

                                                                                           Increase
                                                                                          (Decrease)
                                                                                          ----------
Electric retail segment gross margin:
  Lower replacement power costs for plant outages due to lower market
    prices and fewer unplanned outages                                                      $ 58
  Lower purchased power and fuel costs related to lower prices, net of
    hedge management sales                                                                    46
  Effects of milder weather on retail sales                                                  (16)
  Higher retail sales volumes due to customer growth and higher
    average usage, excluding weather effects                                                  12
  Retail price reductions effective July 1, 2001                                              (7)
  Miscellaneous factors - net                                                                 (5)
                                                                                            ----
          Net increase in electric retail segment gross margin                                88
                                                                                            ----

Marketing and trading segment gross margin:
  Decrease in generation sales other than native load due to lower
    market prices and resulting lower sales volumes                                          (26)
  Decrease in other realized marketing and trading in the current period
    primarily due to lower unit margins on increased volumes                                  (6)(a)
  Change in prior period mark-to-market gains on contracts delivered
    during the current period (b)                                                            (14)(a)
  Lower mark-to-market gains for future period deliveries (b)                                (33)
                                                                                            ----
          Net decrease in marketing and trading gross margin                                 (79)
                                                                                            ----

Total increase in the electric retail and the marketing and trading segments'
  gross margins                                                                                9
Higher real estate gross margin primarily due to increased sales activities                   13
Lower operations and maintenance expense primarily related to lower
  generation reliability costs partially offset by higher other costs                          3
Lower depreciation and amortization expense primarily related to lower
  regulatory asset amortization                                                                4
Lower net other income                                                                       (11)
Miscellaneous items, net                                                                      (4)
                                                                                            ----
    Increase in income before income taxes                                                    14
Higher income taxes primarily due to higher pretax income                                     (6)
                                                                                            ----
    Increase in net income                                                                  $  8
                                                                                            ====	

(a) Net marketing and trading gains (excluding the effects of generation sales other than native load) recognized for the current period decreased $20 million.
(b) Essentially all of our marketing and trading activities are structured activities. This means our portfolio of forward sales positions is economically hedged with a portfolio of forward purchases that protects the economic value of the sales transactions.
3

ELECTRIC RETAIL SEGMENT GROSS MARGIN
Revenues related to our regulated retail and wholesale electricity businesses were $242 million lower in the three-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased revenues related to traditional wholesale sales as a result of lower sales volumes and lower prices ($54 million);
* decreased revenues related to retail load hedge management wholesale sales, as a result of lower sales volumes and lower prices ($171 million);
* decreased retail revenues related to milder weather ($26 million);
* increased retail revenues related to customer growth and higher average usage, excluding weather effects ($21 million);
* decreased retail revenues related to a reduction in retail electricity prices ($7 million); and
* other miscellaneous factors ($5 million net decrease).
Electric retail segment purchased power and fuel costs were $330 million lower in the three-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased costs related to traditional wholesale sales as a result of lower sales volumes and lower prices ($54 million);
* decreased costs related to lower prices for hedged natural gas and purchased power ($217 million);
* decreased costs related to the effects of milder weather on retail sales ($10 million);
* increased costs related to retail sales growth excluding weather effects ($9 million); and
* decreased replacement power costs for power plant outages due to lower market prices and fewer unplanned outages ($58 million).
MARKETING AND TRADING SEGMENT GROSS MARGIN
Marketing and trading segment revenues were $373 million lower in the three-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased revenues from generation sales other than native load due to lower market prices and resulting lower sales volumes ($49 million);
* decreased realized revenues from other realized marketing and trading in the current period primarily due to lower prices ($277 million);
* change in prior period mark-to-market gains on contracts delivered during the current period due to higher volumes being delivered ($13 million decrease); and
* lower mark-to-market gains for future period deliveries primarily as a result of lower market liquidity and lower price volatility, resulting in lower volumes ($34 million).
Marketing and trading segment purchased power and fuel costs were $294 million lower in the three-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
4

* decreased fuel costs related to generation sales other than native load primarily because of lower sales volumes and lower natural gas prices ($23 million); and
* decreased purchased power costs related to other realized marketing and trading in the current period primarily due to lower prices ($271 million).
The increase in real estate gross margin of $13 million was primarily due to increased sales activities.
The decrease in operations and maintenance expense of $3 million was due to lower costs related to generation reliability, plant outages and maintenance costs. Operations and maintenance expense was also lower as a result of the reversal of $4 million of a $10 million reserve for the California energy situation. These factors were partially offset with increased employee and other costs.
The decrease in depreciation and amortization expense of $4 million primarily related to lower regulatory asset amortization, in accordance with APS' 1999 regulatory settlement, partially offset by increased depreciation on higher plant balances.
Net other income (expense) decreased $11 million primarily due to an insurance recovery recorded in the prior period related to environmental remediation costs and losses recorded on El Dorado's investments in the current period, partially offset by lower miscellaneous non-operating costs.
OPERATING RESULTS - SIX-MONTH PERIOD ENDED JUNE 30, 2002 COMPARED WITH
SIX-MONTH PERIOD ENDED JUNE 30, 2001
Our consolidated net income for the six months ended June 30, 2002 was $129 million compared with $126 million for the same period in the prior year. We recognized a $3 million after-tax loss in the six months ended June 30, 2001 as a cumulative effect of a change in accounting for derivatives, as required by SFAS No.133.
Our income before accounting change for the six months ended June 30, 2002 and 2001 was $129 million in both periods. The period-to-period activity was the result of increased earnings contributions from our regulated retail electricity and real estate operations that were partially offset by lower earnings contributions from our marketing and trading activities. The retail comparison was favorably impacted by lower replacement costs for power plant outages, lower costs for purchased power and gas related to lower market prices, customer growth and higher average usage per customer, partially offset by the effects of milder weather and a retail electricity price decrease. The real estate results benefited primarily from more sales activities. The comparison for marketing and trading activities reflects lower volumes and prices in the wholesale power markets in the western United States.
5

The major factors that increased (decreased) income before accounting change were as follows (dollars in millions):

                                                                                       Increase
                                                                                      (Decrease)
                                                                                      ----------
Electric retail segment gross margin:
  Lower replacement power costs for plant outages due to lower market
    prices and fewer unplanned outages                                                 $ 108
  Lower purchased power and fuel costs related to lower prices, net of
    hedge management sales                                                                36
  Effects of milder weather on retail sales                                              (22)
  Higher retail sales volumes due to customer growth and higher
    average usage, excluding weather effects                                              17
  Retail price reductions effective July 1, 2001                                         (13)
  Miscellaneous factors - net                                                             (3)
                                                                                       -----
          Net increase in electric retail segment gross margin                           123
                                                                                       -----
Marketing and trading segment gross margin:
  Decrease in generation sales other than native load due to lower
    market prices and resulting lower sales volumes                                      (71)
  Increase in other realized marketing and trading in the current period
    primarily due to higher unit margins on increased volumes                             31(a)
  Change in prior period mark-to-market gains on contracts delivered
    during the current period (b)                                                        (45)(a)
  Lower mark-to-market gains for future period deliveries (b)                            (61)
                                                                                       -----
          Net decrease in marketing and trading gross margin                            (146)
                                                                                       -----

Total decrease in the electric retail and the marketing and trading segments'
  gross margins                                                                          (23)
Higher real estate gross margin primarily due to increased sales activities               15
Lower operations and maintenance expense primarily related to lower
  generation reliability costs partially offset by higher other costs                     11
Lower depreciation and amortization primarily due to lower regulatory asset
  amortization                                                                             9
Lower net other income                                                                    (9)
Miscellaneous items, net                                                                  (3)
                                                                                       -----
     Change in income before income taxes                                                 --
Change in income taxes                                                                    --
                                                                                       -----
     Change in income before accounting change                                         $  --
                                                                                       =====	

(a) Net marketing and trading gains (excluding the effects of generation sales other than native load) recognized for the current period decreased $14 million.
(b) Essentially all of our marketing and trading activities are structured activities. This means our portfolio of forward sales positions is economically hedged with a portfolio of forward purchases that protects the economic value of the sales transactions.
6

ELECTRIC RETAIL SEGMENT GROSS MARGIN
Revenues related to our regulated retail and wholesale electricity businesses were $275 million lower in the six-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased revenues related to traditional wholesale sales as a result of lower sales volumes and lower prices ($79 million);
* decreased revenues related to retail load hedge management wholesale sales, as a result of lower sales volumes and lower prices ($174 million);
* decreased retail revenues related to milder weather ($35 million);
* increased retail revenues related to customer growth and higher average usage, excluding weather effects ($29 million);
* decreased retail revenues related to a reduction in retail electricity prices ($13 million); and
* other miscellaneous factors ($3 million net decrease).
Electric retail segment purchased power and fuel costs were $398 million lower in the six-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased costs related to traditional wholesale sales as a result of lower sales volumes and lower prices ($79 million);
* decreased costs related to lower prices for hedged natural gas and purchased power ($210 million);
* decreased costs related to the effects of milder weather on retail sales ($13 million);
* increased costs related to retail sales growth, excluding weather effects ($12 million); and
* decreased replacement power costs for power plant outages due to lower market prices and fewer unplanned outages ($108 million).
MARKETING AND TRADING SEGMENT GROSS MARGIN
Marketing and trading segment revenues were $667 million lower in the six-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased revenues from generation sales other than native load due to lower market prices and resulting lower sales volumes ($128 million);
* decreased revenues from other realized marketing and trading in the current period primarily due to lower prices ($441 million);
* change in prior period mark-to-market gains on contracts delivered during the current period due to higher volumes being delivered ($37 million decrease); and
* lower mark-to-market gains for future period deliveries primarily as a result of lower market liquidity and lower price volatility, resulting in lower volumes ($61 million).
Marketing and trading segment purchased power and fuel costs were $521 million lower in the six-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
7

* decreased fuel costs related to generation sales other than native load primarily because of lower sales volumes and lower natural gas prices ($57 million);
* decreased purchased power costs related to other realized marketing and trading in the current period primarily due to lower prices ($472 million); and
* change in prior period mark-to-market fuel costs for current period deliveries ($8 million net increase).
The increase in real estate gross margin of $15 million was primarily due to increased sales activities.
The decrease in operations and maintenance expense of $11 million was primarily due to lower costs related to generation reliability, plant outages and maintenance costs. Operation and maintenance expense was also lower as a result of the reversal of $4 million of a $10 million reserve recorded in the prior period for the California energy situation. These decreases were partially offset by increased employee benefit and other costs.
The decrease in depreciation and amortization expense of $9 million primarily related to lower regulatory asset amortization, in accordance with APS' 1999 regulatory settlement, partially offset by increased depreciation on higher plant balances.
Net other income (expense) decreased $9 million primarily due to an insurance recovery recorded in the prior period related to environmental remediation costs and losses recorded on El Dorado's investments in the current period, partially offset by lower miscellaneous non-operating costs.
OPERATING RESULTS - TWELVE-MONTH PERIOD ENDED JUNE 30, 2002 COMPARED WITH
TWELVE-MONTH PERIOD ENDED JUNE 30, 2001
Our consolidated net income for the twelve months ended June 30, 2002 was $315 million compared with $285 million for the same period in the prior year. We recognized a $12 million after-tax loss in the twelve months ended June 30, 2002 and a $3 million after-tax loss in the twelve months ended June 30, 2001 as cumulative effects of a change in accounting for derivatives, as required by SFAS No.133.
Our income before accounting change for the twelve months ended June 30, 2002 was $327 million compared with $288 million for the same period a year earlier. The period-to-period comparison benefited from increased earnings contributions from our regulated retail electricity and real estate operations that were partially offset by lower earnings contributions from our marketing and trading activities and higher operations and maintenance expenses. The retail comparison was favorably impacted by lower replacement costs for power plant outages, lower costs for purchased power and gas related to lower market prices, customer growth and higher average usage per customer, partially offset by the effects of milder weather and a retail electricity price decrease. The real estate results benefited primarily from more sales activities. The comparison for marketing and trading activities reflects lower volumes and prices in the wholesale power markets in the western United States.
8

The major factors that increased (decreased) income before accounting change were as follows (dollars in millions):

                                                                                      Increase
                                                                                     (Decrease)
                                                                                     ----------
Electric retail segment gross margin:
  Lower replacement power costs for plant outages due to lower market
    prices and fewer unplanned outages                                                 $ 126
  Lower purchased power and fuel costs related to lower prices, net of
    hedge management sales                                                                33
  Effects of milder weather on retail sales                                               (9)
  Higher retail sales volumes due to customer growth and higher
    average usage, excluding weather effects                                              27
  Retail price reductions effective July 1, 2001                                         (28)
  Miscellaneous factors - net                                                             (1)
                                                                                       -----
          Net increase in electric retail segment gross margin                           148
                                                                                       -----

Marketing and trading segment gross margin:
  Decrease in generation sales other than native load due to lower
    market prices and resulting lower sales volumes                                     (112)
  Increase in other realized marketing and trading in the current period
    primarily due to higher unit margins on increased volumes                             72(a)
  Change in prior period mark-to-market gains on contracts delivered
    during the current period (b)                                                        (88)(a)
  Higher mark-to-market gains for future period deliveries (b)                            36
                                                                                       -----
          Net decrease in marketing and trading gross margin                             (92)
                                                                                       -----

Total increase in the electric retail and the marketing and trading segments'
  gross margins                                                                           56
Higher real estate gross margin primarily due to increased sales activities               16
Higher operations and maintenance expense primarily related to higher
  generation reliability costs partially offset by lower other costs                     (29)

Lower depreciation and amortization primarily due to lower regulatory asset
  amortization                                                                            12
Lower losses in net other income primarily related to El Dorado                           11
Lower net interest expense primarily due to higher capitalized interest                    7
Miscellaneous items, net                                                                  (5)
                                                                                       -----
    Increase in income before income taxes                                                68
Lower income taxes primarily due to lower income                                         (29)
                                                                                       -----
    Increase in income before accounting change                                        $  39
                                                                                       =====	

(a) Net marketing and trading gains (excluding the effects of generation sales other than native load) recognized for the current period decreased $16 million.
(b) Essentially all of our marketing and trading activities are structured activities. This means our portfolio of forward sales positions is economically hedged with a portfolio of forward purchases that protects the economic value of the sales transactions.
9

ELECTRIC RETAIL SEGMENT GROSS MARGIN
Revenues related to our regulated retail and wholesale electricity businesses were $477 million lower in the twelve-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased revenues related to traditional wholesale sales as a result of lower sales volumes and lower prices ($177 million);
* decreased revenues related to wholesale sales, as a result of lower sales volumes and lower prices ($301 million);
* decreased retail revenues related to milder weather ($14 million);
* increased retail revenues related to customer growth and higher average usage, excluding weather effects ($44 million);
* decreased retail revenues related to a reduction in retail electricity prices ($28 million); and
* other miscellaneous factors ($1 million net decrease).
Electric retail segment purchased power and fuel costs were $625 million lower in the twelve-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased costs related to traditional wholesale sales as a result of lower sales volumes and lower prices ($177 million);
* decreased costs related to lower prices for hedged natural gas and purchased power prices ($331 million);
* decreased costs related to the effects of milder weather on retail sales ($5 million);
* increased costs related to retail sales growth, excluding weather effects ($17 million);
* decreased replacement power costs for power plant outages due to lower market prices and fewer unplanned outages ($126 million); and
* miscellaneous factors ($3 million net decrease).
MARKETING AND TRADING SEGMENT GROSS MARGIN
Marketing and trading segment revenues were $616 million lower in the twelve-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased revenues from generation sales other than native load due to lower market prices and resulting lower sales volumes ($212 million);
* decreased revenues from other realized marketing and trading in the current period primarily due to lower prices ($359 million);
* change in prior period mark-to-market gains on contracts delivered during the current period due to higher volumes being delivered ($80 million decrease); and
* higher mark-to-market gains for future period deliveries primarily as a result of greater market liquidity and greater price volatility, resulting in higher volumes ($35 million).
10

Marketing and trading segment purchased power and fuel costs were $524 million lower in the twelve-month period ended June 30, 2002, compared to the same period in the prior year as a result of:
* decreased fuel costs related to generation sales other than native load primarily because of lower sales volumes and lower natural gas prices ($100 million);
* decreased purchased power costs related to other realized marketing and trading in the current period primarily due to lower prices ($431 million);
* change in prior period mark-to-market fuel costs for current period deliveries related to accounting for derivatives ($8 million increase); and
* other miscellaneous factors ($1 million decrease).
The increase in real estate gross margin of $16 million was primarily due to increased sales activities.
The increase in operations and maintenance expense of $29 million was primarily due to higher costs related to generation reliability, plant outages and maintenance costs. Operations and maintenance expense was also higher due to increased employee benefit and other costs. These factors were partially offset as a result of the reversal of $4 million of a $10 million reserve recorded in the prior period for the California energy situation.
The decrease in depreciation and amortization expenses of $12 million primarily related to lower regulatory asset amortization, in accordance with APS' 1999 regulatory settlement, partially offset by increased depreciation on higher plant balances.
Net other income (expense) improved $11 million primarily due to lower losses recorded on El Dorado's investments in the current period than in the prior period. These reductions were partially offset by the effects of an insurance recovery recorded in the prior period related to environmental remediation costs.
Net interest expense decreased $7 million primarily because of the increase in capitalized interest on our generation expansion program and the effects of lower interest rates. These reductions in net interest expense more than offset the increase in interest expense on higher debt balances primarily related to our generation expansion program.
11

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)

(in thousands, except per share amounts)

                                                                 Three Months Ended June 30,
                                                                     2002           2001
                                                                 -----------    -----------
Operating Revenues
   Electric retail segment                                       $   496,840    $   739,317
   Marketing and trading segment                                     148,946        522,041
   Real estate                                                        69,152         32,454
                                                                 -----------    -----------
     Total                                                           714,938      1,293,812
                                                                 -----------    -----------

Operating Expenses
   Electric retail segment purchased power and fuel                  104,590        434,822
   Marketing and trading segment purchased power and fuel            129,927        423,935
   Operations and maintenance                                        128,996        132,139
   Real estate operations                                             56,213         32,437
   Depreciation and amortization                                     102,087        106,129
   Taxes other than income taxes                                      27,632         25,462
                                                                 -----------    -----------
     Total                                                           549,445      1,154,924
                                                                 -----------    -----------
Operating Income                                                     165,493        138,888
                                                                 -----------    -----------
Other Income (Expense)                                                (7,693)         3,237
                                                                 -----------    -----------

Interest Expense
   Interest charges                                                   46,996         43,823
   Capitalized interest                                              (14,005)       (12,527)
                                                                 -----------    -----------
     Total                                                            32,991         31,296
                                                                 -----------    -----------
Income Before Income Taxes                                           124,809        110,829
Income Taxes                                                          49,444         43,972
                                                                 -----------    -----------
Net Income                                                       $    75,365    $    66,857
                                                                 ===========    ===========

Weighted-Average Common Shares Outstanding - Basic                    84,794         84,744

Weighted-Average Common Shares Outstanding  - Diluted                 84,926         85,042

Earnings Per Weighted-Average Common Share Outstanding
    Net Income - Basic                                           $      0.89    $      0.79
    Net Income - Diluted                                                0.89           0.79	

12

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)

(in thousands, except per share amounts)

                                                                 Six Months Ended June 30,
                                                                     2002           2001
                                                                 -----------    -----------
Operating Revenues
   Electric retail segment                                       $   877,079    $ 1,152,124
   Marketing and trading segment                                     348,479      1,015,728
   Real estate                                                       110,337         64,789
                                                                 -----------    -----------
     Total                                                         1,335,895      2,232,641
                                                                 -----------    -----------

Operating Expenses
   Electric retail segment purchased power and fuel                  166,122        564,449
   Marketing and trading segment purchased power and fuel            289,431        810,732
   Operations and maintenance                                        246,426        257,389
   Real estate operations                                             93,571         63,445
   Depreciation and amortization                                     202,000        210,910
   Taxes other than income taxes                                      54,390         50,765
                                                                 -----------    -----------
     Total                                                         1,051,940      1,957,690
                                                                 -----------    -----------
Operating Income                                                     283,955        274,951
                                                                 -----------    -----------
Other Income (Expense)                                                (6,605)         2,499
                                                                 -----------    -----------

Interest Expense
   Interest charges                                                   91,684         86,572
   Capitalized interest                                              (28,128)       (22,954)
                                                                 -----------    -----------
     Total                                                            63,556         63,618
                                                                 -----------    -----------
Income Before Income Taxes                                           213,794        213,832
Income Taxes                                                          84,672         84,770
                                                                 -----------    -----------
Income Before Accounting Change                                      129,122        129,062
Cumulative Effect of a Change in Accounting for Derivatives
 - Net of Income Tax Benefit of $1,793                                    --         (2,755)
                                                                 -----------    -----------
Net Income                                                       $   129,122    $   126,307
                                                                 ===========    ===========

Weighted-Average Common Shares Outstanding - Basic                    84,769         84,736

Weighted-Average Common Shares Outstanding  - Diluted                 84,910         85,005

Earnings Per Weighted-Average Common Share Outstanding
    Income Before Accounting Change - Basic                      $      1.52    $      1.52
    Net Income - Basic                                                  1.52           1.49
    Income Before Accounting Change - Diluted                           1.52           1.52
    Net Income - Diluted                                                1.52           1.49	

13

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (unaudited)

(in thousands, except per share amounts)

                                                                Twelve Months Ended June 30,
                                                                     2002           2001
                                                                 -----------    -----------
Operating Revenues
   Electric retail segment                                       $ 2,287,043    $ 2,764,355
   Marketing and trading segment                                   1,153,128      1,768,905
   Real estate                                                       214,456        144,891
                                                                 -----------    -----------
     Total                                                         3,654,627      4,678,151
                                                                 -----------    -----------

Operating Expenses
   Electric retail segment purchased power and fuel                  762,536      1,387,776
   Marketing and trading segment purchased power and fuel            982,054      1,505,521
   Operations and maintenance                                        519,132        489,810
   Real estate operations                                            183,588        130,473
   Depreciation and amortization                                     418,993        430,839
   Taxes other than income taxes                                     104,693         99,543
                                                                 -----------    -----------
     Total                                                         2,970,996      4,043,962
                                                                 -----------    -----------
Operating Income                                                     683,631        634,189
                                                                 -----------    -----------
Other Income (Expense)                                               (14,869)       (26,364)
                                                                 -----------    -----------

Interest Expense
   Interest charges                                                  180,934        171,418
   Capitalized interest                                              (53,036)       (35,957)
                                                                 -----------    -----------
     Total                                                           127,898        135,461
                                                                 -----------    -----------
Income Before Income Taxes                                           540,864        472,364
Income Taxes                                                         213,437        184,941
                                                                 -----------    -----------
Income Before Accounting Change                                      327,427        287,423
Cumulative Effect of a Change in Accounting for Derivatives
 - Net of Income Tax Benefits of $8,099 and $1,793                   (12,446)        (2,755)
                                                                 -----------    -----------
Net Income                                                       $   314,981    $   284,668
                                                                 ===========    ===========

Weighted-Average Common Shares Outstanding - Basic                    84,734         84,736

Weighted-Average Common Shares Outstanding  - Diluted                 84,888         85,007

Earnings Per Weighted-Average Common Share Outstanding
    Income Before Accounting Change - Basic                      $      3.86    $      3.39
    Net Income - Basic                                                  3.72           3.36
    Income Before Accounting Change - Diluted                           3.86           3.38
    Net Income - Diluted                                                3.71           3.35	

14

Exhibit 99.8
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          The gross margin related to the change
(Losses) For Future-Period              in mark-to-market value in the current
Deliveries                              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(degree)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(degree)F for the
                                        month. Average temperatures greater than
                                        the base temperature are ignored.	

                                       -2-

Electricity Marketing and Trading       All wholesale sales of electricity not
- Delivered                             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 Electricity average daily spot prices at
- Off-Peak 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 Electricity average daily spot prices at

- On-Peak                               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         Electricity average daily spot prices at
- Off-Peak                              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         Electricity average daily spot prices at
- On-Peak                               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      Total capacity required and economic,
and Replaced for Native Load            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      Sales of electricity from generation
Load                                    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                   Amount of net energy predominately
-- Gas/Oil/Other                        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      Revenues from marketing and trading
- Pretax                                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      Marketing and trading gross margin,
by Commodity -- Pretax                  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             Marketing and trading gross margin,
Components                              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)     The reversal of the gross margin related
Losses on Contracts Delivered During    to mark-to-market transactions entered
Current Period                          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         Power purchased from wholesale market
Trading                                 sources used to serve marketing and
                                        trading sales not served by
                                        company-owned generation. Measured in
                                        gigawatt-hours.

Realized Margin on Delivered            Marketing and trading gross margin
Commodities                             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.