SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
FORM 8-K
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2003
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 (cover page and list of contents).

99.2           Pinnacle West Capital Corporation quarterly consolidated
               statistical summary for the periods ended March 31, 2003 and
               2002.

99.3           Pinnacle West Capital Corporation consolidated statistics by
               quarter for 2003.

99.4           Pinnacle West Capital Corporation consolidated statistics by
               quarter for 2002.

99.5           Pinnacle West Capital Corporation consolidated statistics by
               quarter for 2001.

99.6           Pinnacle West Capital Corporation consolidated statistics by
               quarter for 2000.

99.7           Pinnacle West Capital Corporation consolidated statistics by
               quarter for 1999.

99.8           Pinnacle West Capital Corporation earnings variance explanations
               for the periods ended March 31, 2003 and 2002 and condensed
               consolidated statements of income for the three and twelve months
               ended March 31, 2003 and 2002.

99.9           Glossary of Terms.

99.10          Earnings News Release.	

ITEM 9. REGULATION FD DISCLOSURE
The Company is providing quarterly consolidated statistical summaries, earnings variance explanations, and a glossary of relevant terms (collectively, "Information") to help interested parties better understand its business. This Information is concurrently being posted to the Company's website at www.pinnaclewest.com. The Information may not represent all of the factors that could affect the Company's operating or financial results for various periods. Some of the Information is preliminary in nature and could be subject to significant adjustment. Some of the Information is based on information received from third parties and may contain inaccuracies. The Company is not responsible for any such inaccuracies. Although the Company may update or correct the Information if it is aware that such Information has been revised or is inaccurate, the Company assumes no obligation to update or correct the Information and reserves the right to discontinue the provision of all or any portion of the Information at any time or to change the type of Information provided.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PINNACLE WEST CAPITAL CORPORATION
 (Registrant)
Dated: May 1, 2003 By: Barbara M. Gomez Barbara M. Gomez Treasurer

2

Exhibit 99.1
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002
List of Contents
2003 FIRST-QUARTER SUMMARY
2003 YEAR-TO-DATE
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 5/2/03
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002

                                                                     3 MO. ENDED MARCH 31               12 MO. ENDED MARCH 31
                                                              ---------------------------------  ----------------------------------
Line                                                            2003        2002    INCR (DECR)    2003        2002     INCR (DECR)
                                                              --------    --------  -----------  --------    --------   -----------
     EARNINGS CONTRIBUTION
          BY SUBSIDIARY ($ MILLIONS)

1       Arizona Public Service                                $     16    $     32   $    (16)   $    183    $    248    $    (65)
2       Pinnacle West Energy                                         5           1          4         (14)         19         (33)
3       APS Energy Services                                          8           2          6          34          --          34
4       SunCor                                                       1           1         --           9           4           5
5       El Dorado                                                    3          --          3         (52)         --         (52)
6       Parent Company                                             (13)         17        (30)         13          46         (33)
                                                              --------    --------   --------    --------    --------    --------

7          Income From Continuing Operations                        20          53        (33)        173         317        (144)

        Income From Discontinued Operations -
8a         Net of Tax                                                5           1          4          14           1          13
        Cumulative Effect of Change in Accounting -
8b         Net of Tax                                               --          --         --         (66)        (12)        (54)
                                                              --------    --------   --------    --------    --------    --------

9          Net Income                                         $     25    $     54   $    (29)   $    121    $    306    $   (185)
                                                              ========    ========   ========    ========    ========    ========
     EARNINGS PER SHARE
          BY SUBSIDIARY - DILUTED

10      Arizona Public Service                                $   0.17    $   0.37   $  (0.20)   $   2.12    $   2.92    $  (0.80)
11      Pinnacle West Energy                                      0.06        0.01       0.05       (0.17)       0.22       (0.39)
12      APS Energy Services                                       0.08        0.03       0.05        0.39          --        0.39
13      SunCor                                                    0.01        0.02      (0.01)       0.11        0.05        0.06
14      El Dorado                                                 0.03          --       0.03       (0.60)         --       (0.60)
15      Parent Company                                           (0.13)       0.20      (0.33)       0.15        0.56       (0.41)
                                                              --------    --------   --------    --------    --------    --------

16         Income From Continuing Operations                      0.22        0.63      (0.41)       2.00        3.75       (1.75)

        Income From Discontinued Operations -
17a        Net of Tax                                             0.06          --       0.06        0.16          --        0.16
        Cumulative Effect of Change in Accounting -
17b        Net of Tax                                               --          --         --       (0.76)      (0.14)      (0.62)
                                                              --------    --------   --------    --------    --------    --------

18         Net Income                                         $   0.28    $   0.63   $  (0.35)   $   1.40    $   3.61    $  (2.21)
                                                              ========    ========   ========    ========    ========    ========

19   BOOK VALUE PER SHARE                                     $  29.39    $  30.06   $  (0.67)   $  29.39    $  30.06    $  (0.67)

     COMMON SHARES OUTSTANDING -
          DILUTED (THOUSANDS)
20      Average                                                 91,359      84,884      6,475      86,627      84,910       1,717
21      End of Period                                           91,257      84,789      6,468      91,257      84,789       6,468	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002

                                                                      3 MO. ENDED MARCH 31               12 MO. ENDED MARCH 31
                                                              ----------------------------------  ----------------------------------
Line                                                            2003        2002     INCR (DECR)    2003        2002     INCR (DECR)
                                                              --------    --------   -----------  --------    --------   -----------
      ELECTRIC OPERATING REVENUES
        (DOLLARS IN  MILLIONS)
      REGULATED ELECTRICITY SEGMENT
        Retail
22          Residential                                       $    168    $    171    $     (3)   $    903    $    913    $    (10)
23          Business                                               196         195           1         929         948         (19)
                                                              --------    --------    --------    --------    --------    --------
24              Total retail                                       364         366          (2)      1,832       1,861         (29)
         Wholesale revenue on delivered electricity
25          Traditional contracts                                    3           2           1          10          49         (39)
26          Retail load hedge management                             5           2           3         126         575        (449)
27       Transmission for others                                     6           6          --          30          28           2
28       Other miscellaneous services                                7           4           3          19          16           3
                                                              --------    --------    --------    --------    --------    --------
29              Total regulated electricity                        385         380           5       2,017       2,529        (512)
                                                              --------    --------    --------    --------    --------    --------
      MARKETING  AND TRADING SEGMENT
         Delivered marketing and trading
30          Generation sales other than native load                 44           8          36          86          69          17
31          Realized margins on electricity trading                  5          27         (22)         27          77         (50)
32          Other delivered electricity (a)                        122          34          88         295         252          43
                                                              --------    --------    --------    --------    --------    --------
33          Total delivered marketing and trading                  171          69         102         408         398          10
                                                              --------    --------    --------    --------    --------    --------
      OTHER MARKETING AND TRADING
         Realized margins on delivered commodities
34          other than electricity (a)                              (2)          4          (6)          2          (5)          7
         Prior period mark-to-market (gains) losses on
35          contracts delivered during current period (a)           (3)        (22)         19         (15)        (43)         28
36       Change in mark-to-market for future-period
            deliveries                                              (3)         25         (28)         18         119        (101)
                                                              --------    --------    --------    --------    --------    --------
37       Total other marketing and trading                          (8)          7         (15)          5          71         (66)
                                                              --------    --------    --------    --------    --------    --------
38    Total marketing and trading                                  163          76          87         413         469         (56)
                                                              --------    --------    --------    --------    --------    --------
39    Total operating electric revenues                       $    548    $    456    $     92    $  2,430    $  2,998    $   (568)
                                                              ========    ========    ========    ========    ========    ========
      ELECTRIC SALES (GWH)

      REGULATED ELECTRICITY SEGMENT
         Retail
40          Residential                                          2,104       2,141         (37)     10,407      10,354          53
41          Business                                             2,849       2,771          78      12,995      13,011         (16)
                                                              --------    --------    --------    --------    --------    --------
42              Total retail                                     4,953       4,912          41      23,402      23,365          37
         Wholesale electricity delivered
43          Traditional contracts                                  130          71          59         533         715        (182)
44          Retail load hedge management                           109         158         (49)      2,593       3,123        (530)
                                                              --------    --------    --------    --------    --------    --------
45              Total regulated electricity                      5,192       5,141          51      26,528      27,203        (675)
                                                              --------    --------    --------    --------    --------    --------
      MARKETING  AND TRADING SEGMENT
         Delivered marketing and trading
46          Generation sales other than native load                992         376         616       2,407       1,141       1,266
47          Electricity trading                                  3,910       3,109         801      17,726      12,849       4,877
48          Other delivered electricity                          2,470         727       1,743       5,882       2,550       3,332
                                                              --------    --------    --------    --------    --------    --------
49          Total delivered marketing and trading                7,372       4,212       3,160      26,015      16,540       9,475
                                                              --------    --------    --------    --------    --------    --------
50    Total electric sales                                      12,564       9,353       3,211      52,543      43,743       8,800
                                                              ========    ========    ========    ========    ========    ========	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $3 million was transferred to "realized" for the first quarter of 2003. Lines 31 and 34 include amounts totaling $3 million of realized revenues for the first quarter of 2003.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002

                                                                               3 MO. ENDED MARCH 31         12 MO. ENDED MARCH 31
                                                                          ----------------------------  ----------------------------
Line                                                                       2003      2002  INCR (DECR)   2003      2002  INCR (DECR)
                                                                          -----     -----  -----------  -----     -----  -----------
     MARKETING AND TRADING SEGMENT
          PRETAX GROSS MARGIN ANALYSIS
        (DOLLARS IN  MILLIONS)

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
        Realized margin on delivered commodities
           Electricity
51             Generation sales other than native load                    $   3         2     $   1        15        34       (19)
52             Other electricity marketing and trading (a)                   24        33        (9)       90       146       (56)
                                                                          -----     -----     -----     -----     -----     -----
53             Total electricity                                             27        35        (8)      105       180       (75)
54         Other commodities (a)                                             (2)        4        (6)        2        (5)        7
                                                                          -----     -----     -----     -----     -----     -----
55         Total realized margin                                             25        39       (14)      107       175       (68)
                                                                          -----     -----     -----     -----     -----     -----
        Prior-period mark-to-market (gains) losses on contracts
           delivered during current period
56         Electricity (a)                                                   (5)      (16)       11       (11)      (48)       37
57         Other commodities (a)                                              2        (6)        8        (3)       10       (13)
58         Charge related to trading activities with Enron
              and its affiliates                                             --        --        --        --        (8)        8
                                                                          -----     -----     -----     -----     -----     -----
59         Subtotal                                                          (3)      (22)       19       (14)      (46)       32
                                                                          -----     -----     -----     -----     -----     -----
60      Total current period effects (b)                                     22        17         5        93       129       (36)
                                                                          -----     -----     -----     -----     -----     -----
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
61      Electricity                                                          (6)       25       (31)       24       145      (121)
62      Other commodities                                                     3        (2)        5        (6)      (24)       18
                                                                          -----     -----     -----     -----     -----     -----
63      Subtotal                                                             (3)       23       (26)       18       121      (103)
                                                                          -----     -----     -----     -----     -----     -----
64   Total gross margin                                                   $  19        40     $ (21)    $ 111     $ 250     $(139)
                                                                          =====     =====     =====     =====     =====     =====	

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of March 31, 2003, Pinnacle West had accumulated mark-to-market net gains of $35 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 2003, $2 million; 2004, $10 million; 2005, $10 million; 2006 and thereafter, $13 million.

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $5 million was transferred to "realized" for the first quarter of 2003. A $5 million realized gain is included in the $24 million on line 52 for the first quarter of 2003.
(b) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002

                                                                    3 MO. ENDED MARCH 31                12 MO. ENDED MARCH 31
                                                             ----------------------------------  ----------------------------------
Line                                                           2003        2002     INCR (DECR)    2003        2002     INCR (DECR)
                                                             --------    --------   -----------  --------    --------   -----------
     MARKETING AND TRADING SEGMENT
          PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
        (DOLLARS IN  MILLIONS)

     BY COMMODITY SOLD OR TRADED

65   Electricity                                             $     17    $     45    $    (28)   $    119    $    276    $   (157)
66   Natural gas                                                    2          (5)          7           1         (11)         12
67   Coal                                                          (1)         (1)         --          (2)         (7)          5
68   Emission allowances                                           --           1          (1)         (8)         (8)         --
69   Other                                                          1          --           1           1          --           1
                                                             --------    --------    --------    --------    --------    --------
70      Total Gross Margin                                   $     19    $     40    $    (21)   $    111    $    250    $   (139)
                                                             ========    ========    ========    ========    ========    ========

     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
71      Generation sales other than native load              $     (2)   $      1    $     (3)   $      5    $      1    $      4
72      Other marketing and trading                                 4          34         (30)         52         105         (53)
     APS
73      Generation sales other than native load                     6           1           5           7          32         (25)
74      Other marketing and trading                                --          --          --          --         103        (103)
     Pinnacle West Energy
75      Generation sales other than native load                    (1)         --          (1)          3          --           3
76      Other marketing and trading                                --          --          --          --          --          --
     APS ES
77      Other marketing and trading                                12           4           8          44           9          35
                                                             --------    --------    --------    --------    --------    --------
78   Total gross margin before income taxes                  $     19    $     40    $    (21)   $    111    $    250    $   (139)
                                                             ========    ========    ========    ========    ========    ========	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002

                                                                     3 MO. ENDED MARCH 31                12 MO. ENDED MARCH 31
                                                             ----------------------------------   ----------------------------------
Line                                                           2003        2002     INCR (DECR)     2003        2002     INCR (DECR)
                                                             --------    --------   -----------   --------    --------   -----------
     AVERAGE ELECTRIC CUSTOMERS

     Retail customers
79      Residential                                           827,937     801,000      26,937      808,535     782,760      25,775
80      Business                                              101,999      99,335       2,664      100,897      98,723       2,174
                                                             --------    --------    --------     --------    --------    --------
81         Total                                              929,936     900,335      29,601      909,432     881,483      27,949
82   Wholesale customers                                           65          67          (2)          67          66           1
                                                             --------    --------    --------     --------    --------    --------
83         Total customers                                    930,001     900,402      29,599      909,499     881,549      27,950
                                                             ========    ========    ========     ========    ========    ========

84   Customer Growth (% over prior year)                          3.3%        3.2%        0.1%         3.2%        3.5%       (0.3)%

     RETAIL SALES (GWH) -
        WEATHER NORMALIZED

85   Residential                                                2,235       2,162          73       10,455       9,892         563
86   Business                                                   2,880       2,774         106       13,005      12,767         238
                                                             --------    --------    --------     --------    --------    --------
87         Total                                                5,115       4,936         179       23,460      22,659         801
                                                             ========    ========    ========     ========    ========    ========
     RETAIL USAGE
        (KWH/AVERAGE CUSTOMER)

88   Residential                                                2,541       2,673        (132)      12,871      13,228        (357)
89   Business                                                  27,927      27,896          31      128,793     131,805      (3,012)

     RETAIL USAGE -
          WEATHER NORMALIZED
        (KWH/AVERAGE CUSTOMER)

90   Residential                                                2,700       2,699           1       12,931      12,637         294
91   Business                                                  28,236      27,928         308      128,893     129,322        (429)

     ELECTRICITY DEMAND (MW)

92   System peak demand                                         3,569       3,921        (352)       5,803       5,687         116	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002

                                                                      3 MO. ENDED MARCH 31              12 MO. ENDED MARCH 31
                                                                --------------------------------   -------------------------------
Line                                                             2003        2002    INCR (DECR)    2003       2002    INCR (DECR)
                                                                -------     -------  -----------   -------    -------  -----------
     ENERGY SOURCES (GWH)

     Generation production
93      Nuclear                                                   2,306       2,257         49       9,030      8,381        649
94      Coal                                                      2,770       2,890       (120)     11,936     12,561       (625)
95      Gas, oil and other                                        1,288         337        951       5,320      3,324      1,996
                                                                -------     -------    -------     -------    -------    -------
96         Total                                                  6,364       5,484        880      26,286     24,266      2,020
                                                                -------     -------    -------     -------    -------    -------
     Purchased power
97      Firm load                                                   (15)         70        (85)      1,533      2,861     (1,328)
98      Marketing and trading                                     6,489       3,993      2,496      26,199     18,520      7,679
                                                                -------     -------    -------     -------    -------    -------
99         Total                                                  6,474       4,063      2,411      27,732     21,381      6,351
                                                                -------     -------    -------     -------    -------    -------
100        Total energy sources                                  12,838       9,547      3,291      54,018     45,647      8,371
                                                                =======     =======    =======     =======    =======    =======
     POWER PLANT PERFORMANCE

     Capacity Factors
101     Nuclear                                                      98%         96%         2%         95%        88%         7%
102     Coal                                                         75%         78%        (3)%        80%        84%        (4)%
103     Gas, oil and other                                           26%         12%        14%         29%        29%         0%
104     System average                                               58%         62%        (4)%        62%        68%        (6)%

     Generation Capacity Out of Service and
     Replaced for Native Load (average MW/day)
105     Nuclear                                                      31          62        (31)         60        129        (69)
106     Coal                                                        247         184         63         182        143         39
107     Gas                                                         189          12        177          92         25         67
108        Total                                                    467         258        209         334        297         37

109  Generation Fuel Cost ($/MWh)                               $ 15.89     $ 11.57    $  4.32     $ 14.01    $ 14.30    $ (0.29)	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary Periods Ended March 31, 2003 and 2002

                                                                   3 MO. ENDED MARCH 31                 12 MO. ENDED MARCH 31
                                                           -----------------------------------   ----------------------------------
Line                                                         2003        2002      INCR (DECR)     2003        2002     INCR (DECR)
                                                           --------    --------    -----------   --------    --------   -----------
     ENERGY MARKET INDICATORS (a)

110  Electricity Average Daily Spot Prices ($/MWh)
111     On-Peak
           Palo Verde                                      $  49.66    $  26.86     $  22.80     $  37.98    $  71.57    $ (33.59)
112        SP15                                            $  54.35    $  28.46     $  25.89     $  40.69    $  72.19    $ (31.50)
113     Off-Peak
           Palo Verde                                      $  36.09    $  22.17     $  13.92     $  23.37    $  34.51    $ (11.14)
           SP15                                            $  39.70    $  22.76     $  16.94     $  25.93    $  39.22    $ (13.29)

     WEATHER INDICATORS
114
115  Actual
116     Cooling degree-days                                      76          89          (13)       4,862       5,104        (242)
        Heating degree-days                                     349         472         (123)         677         975        (298)
117     Average humidity                                         44%         28%          16%          31%         31%          0%
118  10-Year Averages
119     Cooling degree-days                                      77          77           --        4,439       4,439          --
        Heating degree-days                                     546         546           --        1,013       1,013          --
        Average humidity                                         45%         45%           0%          36%         36%          0%

     ECONOMIC INDICATORS
120
121  Building Permits -- Metro Phoenix (b) (d)
        Single-family                                         4,928       4,761          167       31,558      28,843       2,715
        Multi-family                                            226         681         (455)       6,051       5,760         291
122                                                        --------    --------     --------     --------    --------    --------
           Total                                              5,154       5,442         (288)      37,609      34,603       3,006
                                                           ========    ========     ========     ========    ========    ========
     Arizona Job Growth (c) (d)
123          Payroll job growth (% over prior year)             1.1%       (0.8)%        1.9%         0.4%        0.3%        0.1%
124          Unemployment rate (%, seasonally adjusted)         5.6%        6.2%        (0.6)%        6.1%        5.2%        0.9%	

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
(d) The economic indicators reflect three month and twelve month ended February 2002 and February 2003.
See Glossary of Terms.

Exhibit 99.3
Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

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

1        Arizona Public Service                                      $     16                                $     16  $    (16)
2        Pinnacle West Energy                                               5                                       5         4
3        APS Energy Services                                                8                                       8         6
4        SunCor                                                             1                                       1        --
5        El Dorado                                                          3                                       3         3
6        Parent Company                                                   (13)                                    (13)      (30)
                                                                     --------  --------  --------  --------  --------  --------

7            Income From Continuing Operations                             20                                      20       (33)

         Income From Discontinued Operations -
8           Net of Tax                                                      5                                       5         4
                                                                     --------  --------  --------  --------  --------  --------

9            Net Income                                              $     25                                    $ 25     $ (29)
                                                                     ========  ========  ========  ========  ========  ========
     EARNINGS PER SHARE
          BY SUBSIDIARY - DILUTED

10       Arizona Public Service                                      $   0.17                                $   0.17   $ (0.20)
11       Pinnacle West Energy                                            0.06                                    0.06      0.05
12       APS Energy Services                                             0.08                                    0.08      0.05
13       SunCor                                                          0.01                                    0.01     (0.01)
14       El Dorado                                                       0.03                                    0.03      0.03
15       Parent Company                                                 (0.13)                                  (0.13)    (0.33)
                                                                     --------  --------  --------  --------  --------  --------

16           Income From Continuing Operations                           0.22                                    0.22     (0.41)

         Income From Discontinued Operations -
17          Net of Tax                                                   0.06                                    0.06      0.06
                                                                     --------  --------  --------  --------  --------  --------

18           Net Income                                              $   0.28                                $   0.28  $  (0.35)
                                                                     ========  ========  ========  ========  ========  ========

19   BOOK VALUE PER SHARE                                            $  29.39                                $  29.39     (0.67)

     COMMON SHARES OUTSTANDING -
          DILUTED (THOUSANDS)
20       Average                                                       91,359                                  91,359     6,475
21       End of Period                                                 91,257                                  91,257     6,468	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

                                                                                                                           INCREASE
                                                                                                                          (DECREASE)
                                                                                                                YEAR-TO-      VS
Line                                                             1ST QTR     2ND QTR     3RD QTR     4TH QTR      DATE     PRIOR YTD
                                                                 --------    --------    --------    --------   --------   --------
     ELECTRIC OPERATING REVENUES
         (DOLLARS IN  MILLIONS)
     REGULATED ELECTRICITY SEGMENT
         Retail
22           Residential                                         $    168                                       $    168         (3)
23           Business                                                 196                                            196          1
                                                                 --------    --------    --------    --------   --------   --------
24               Total retail                                         364                                            364         (2)
         Wholesale revenue on delivered electricity
25           Traditional contracts                                      3                                              3          1
26           Retail load hedge management                               5                                              5          3
27       Transmission for others                                        6                                              6         --
28       Other miscellaneous services                                   7                                              7          3
                                                                 --------    --------    --------    --------   --------   --------
29               Total regulated electricity                          385                                            385          5
                                                                 --------    --------    --------    --------   --------   --------
     MARKETING  AND TRADING SEGMENT
         Delivered marketing and trading
30           Generation sales other than native load                   44                                             44         36
31           Realized margins on electricity trading                    5                                              5        (22)
32           Other delivered electricity (a)                          122                                            122         88
                                                                 --------    --------    --------    --------   --------   --------
33           Total delivered marketing and trading                    171                                            171        102
                                                                 --------    --------    --------    --------   --------   --------
     OTHER MARKETING AND TRADING
         Realized margins on delivered commodities
34          other than electricity (a)                                 (2)                                            (2)        (6)
         Prior period mark-to-market (gains) losses on
35          contracts delivered during current period (a)              (3)                                            (3)        19
36       Change in mark-to-market for future-period deliveries         (3)                                            (3)       (28)
                                                                 --------    --------    --------    --------   --------   --------
37       Total other marketing and trading                             (8)                                            (8)       (15)
                                                                 --------    --------    --------    --------   --------   --------
38   Total marketing and trading                                      163                                            163         87
                                                                 --------    --------    --------    --------   --------   --------
39   Total electric operating revenues                           $    548                                       $    548   $     92
                                                                 ========    ========    ========    ========   ========   ========
     ELECTRIC SALES (GWH)

     REGULATED ELECTRICITY SEGMENT
         Retail sales
40           Residential                                            2,104                                          2,104        (37)
41           Business                                               2,849                                          2,849         78
                                                                 --------    --------    --------    --------   --------   --------
42               Total retail                                       4,953                                          4,953         41
         Wholesale electricity delivered
43           Traditional contracts                                    130                                            130         59
44           Retail load hedge management                             109                                            109        (49)
                                                                 --------    --------    --------    --------   --------   --------
45               Total regulated electricity                        5,192                                          5,192         51
                                                                 --------    --------    --------    --------   --------   --------
     MARKETING AND TRADING SEGMENT
         Delivered marketing and trading
46           Generation sales other than native load                  992                                            992        616
47           Electricity trading                                    3,910                                          3,910        801
48           Other delivered electricity                            2,470                                          2,470      1,743
                                                                 --------    --------    --------    --------   --------   --------
49           Total delivered marketing and trading                  7,372                                          7,372      3,160
                                                                 --------    --------    --------    --------   --------   --------
50   Total electric sales                                          12,564                                         12,564      3,211
                                                                 ========    ========    ========    ========   ========   ========	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $3 million was transferred to "realized" for the first quarter of 2003. Lines 31 and 34 include amounts totaling $3 million of realized revenues for the first quarter of 2003.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

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

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
         Realized margin on delivered commodities
             Electricity
51               Generation sales other than native load         $      3                                      $      3    $      1
52               Other electricity marketing and trading (a)           24                                            24          (9)
                                                                 --------    --------    --------   --------   --------    --------
53               Total electricity                                     27                                            27          (8)
54           Other commodities (a)                                     (2)                                           (2)         (6)
                                                                 --------    --------    --------   --------   --------    --------
55           Total realized margin                                     25                                            25         (14)
                                                                 --------    --------    --------   --------   --------    --------
         Prior-period mark-to-market (gains) losses on
            contracts delivered during current period
56           Electricity (a)                                           (5)                                           (5)         11
57           Other commodities (a)                                      2                                             2           8
58           Charge related to trading activities with
                Enron and its affiliates                               --                                            --          --
                                                                 --------    --------    --------   --------   --------    --------
59           Subtotal                                                  (3)                                           (3)         19
                                                                 --------    --------    --------   --------   --------    --------
60       Total current period effects (b)                              22                                            22           5
                                                                 --------    --------    --------   --------   --------    --------
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
61       Electricity                                                   (6)                                           (6)        (31)
62       Other commodities                                              3                                             3           5
                                                                 --------    --------    --------   --------   --------    --------
63       Total future period effects                                   (3)                                           (3)        (26)
                                                                 --------    --------    --------   --------   --------    --------
64   Total gross margin                                          $     19                                      $     19    $    (21)
                                                                 ========    ========    ========   ========   ========    ========	

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of March 31, 2003, Pinnacle West had accumulated mark-to-market net gains of $35 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 2003, $2 million; 2004, $10 million; 2005, $10 million; 2006 and thereafter, $13 million.

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $5 million was transferred to "realized" for the first quarter of 2003. A $5 million realized gain is included in the $24 million on line 52 for the first quarter of 2003.
(b) Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

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

     BY COMMODITY SOLD OR TRADED

65   Electricity                                                 $     17                                      $     17         (28)
66   Natural gas                                                        2                                             2           7
67   Coal                                                              (1)                                           (1)         --
68   Emission allowances                                               --                                            --          (1)
69   Other                                                              1                                             1           1
                                                                 --------    --------    --------   --------   --------    --------
70       Total gross margin                                      $     19                                      $     19    $    (21)
                                                                 ========    ========    ========   ========   ========    ========
     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
71       Generation sales other than native load                 $     (2)                                     $     (2)         (3)
72       Other marketing and trading                                    4                                             4         (30)
     APS
73       Generation sales other than native load                        6                                             6           5
74       Other marketing and trading                                   --                                            --          --
     Pinnacle West Energy
75       Generation sales other than native load                       (1)                                           (1)         (1)
76       Other marketing and trading                                   --                                            --          --
     APS ES
77       Other marketing and trading                                   12                                            12           8
                                                                 --------    --------    --------   --------   --------    --------
78   Total gross margin before income taxes                      $     19                                      $     19    $    (21)
                                                                 ========    ========    ========   ========   ========    ========	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

                                                                                                                           INCREASE
                                                                                                                          (DECREASE)
                                                                                                               YEAR-TO-      VS
Line                                                             1ST QTR     2ND QTR     3RD QTR    4TH QTR      DATE     PRIOR YTD
                                                                 --------    --------    --------   --------   --------   ---------
     AVERAGE ELECTRIC CUSTOMERS

     Retail customers
79       Residential                                              827,937                                       827,937     26,937
80       Business                                                 101,999                                       101,999      2,664
                                                                 --------    --------    --------   --------   --------    --------
81           Total                                                929,936                                       929,936     29,601
82   Wholesale customers                                               65                                            65         (2)
                                                                 --------    --------    --------   --------   --------    --------
83           Total customers                                      930,001                                       930,001     29,599
                                                                 ========    ========    ========   ========   ========    ========

84   Customer Growth (% over prior year)                              3.3%

     RETAIL SALES (GWH) -
        WEATHER NORMALIZED

85   Residential                                                    2,235                                         2,235         73
86   Business                                                       2,880                                         2,880        106
                                                                 --------    --------    --------   --------   --------    --------
87           Total                                                  5,115                                         5,115        179
                                                                 ========    ========    ========   ========   ========    ========
     RETAIL USAGE
         (KWH/AVERAGE CUSTOMER)

88   Residential                                                    2,541                                         2,541       (132)
89   Business                                                      27,927                                        27,927         31

     RETAIL USAGE -
          WEATHER NORMALIZED
         (KWH/AVERAGE CUSTOMER)

90   Residential                                                    2,700                                         2,700          1
91   Business                                                      28,236                                        28,236        310

     ELECTRICITY DEMAND (MW)

92   System peak demand                                             3,569                                         3,569       (352)	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

                                                                                                                           INCREASE
                                                                                                                          (DECREASE)
                                                                                                               YEAR-TO-      VS
Line                                                             1ST QTR     2ND QTR     3RD QTR    4TH QTR      DATE     PRIOR YTD
                                                                 --------    --------    --------   --------   --------   ---------
     ENERGY SOURCES (GWH)

     Generation production
93       Nuclear                                                    2,306                                         2,306         49
94       Coal                                                       2,770                                         2,770       (120)
95       Gas, oil and other                                         1,288                                         1,288        951
                                                                 --------    --------   --------    --------   --------   --------
96           Total                                                  6,364                                         6,364        880
                                                                 --------    --------   --------    --------   --------   --------
     Purchased power
97       Firm load                                                    (15)                                          (15)       (85)
98       Marketing and trading                                      6,489                                         6,489      2,496
                                                                 --------    --------   --------    --------   --------   --------
99           Total                                                  6,474                                         6,474      2,411
                                                                 --------    --------   --------    --------   --------   --------
100          Total energy sources                                  12,838                                        12,838      3,291
                                                                 ========    ========   ========    ========   ========   ========
     POWER PLANT PERFORMANCE

     Capacity Factors
101      Nuclear                                                       98%                                          98%          2%
102      Coal                                                          75%                                           75%        (3)%
103      Gas, oil and other                                            26%                                           26%        14%
104      System average                                                58%                                           58%        (4)%

     Generation Capacity Out of Service and Replaced for
     Native Load (average MW/day)
105      Nuclear                                                       31                                            31        (31)
106      Coal                                                         247                                           247         63
107      Gas                                                          189                                           189        177
                                                                 --------    --------   --------    --------   --------   --------
108          Total                                                    467                                           467          209

109  Generation Fuel Cost ($/MWh)                                $  15.89                                      $  15.89   $   4.32	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

                                                                                                                           INCREASE
                                                                                                                          (DECREASE)
                                                                                                               YEAR-TO-      VS
Line                                                             1ST QTR     2ND QTR     3RD QTR    4TH QTR      DATE     PRIOR YTD
                                                                 --------    --------    --------   --------   --------   ---------
     ENERGY MARKET INDICATORS (a)

     Electricity Average Daily Spot Prices ($/MWh)
         On-Peak
110          Palo Verde                                          $  49.66                                      $  49.66   $  22.80
111          SP15                                                $  54.35                                      $  54.35   $  25.89
         Off-Peak
112          Palo Verde                                          $  36.09                                      $  36.09   $  13.92
113          SP15                                                $  39.70                                      $  39.70   $  16.94

     WEATHER INDICATORS

     Actual
114      Cooling degree-days                                           76                                            76        (13)
115      Heating degree-days                                          349                                           349       (123)
116      Average humidity                                              44%                                           44%        16%
     10-Year Averages
117      Cooling degree-days                                           77                                            77         --
118      Heating degree-days                                          546                                           546         --
119      Average humidity                                              45%                                           45%         0%

     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b) (d)
120      Single-family                                              4,928                                         4,928        167
121      Multi-family                                                 226                                           226       (455)
                                                                 --------    --------   --------    --------   --------   --------
122          Total                                                  5,154                                         5,154       (288)
                                                                 ========    ========   ========    ========   ========   ========
     Arizona Job Growth (c) (d)
123      Payroll job growth (% over prior year)                       1.1%                                          1.1%       1.9%
124      Unemployment rate (%, seasonally adjusted)                   5.6%                                          5.6%      (0.6)%	

Sources:
(a) This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b) Arizona Real Estate Center, Arizona State University College of Business
(c) Arizona Department of Economic Security
(d) The economic indicators reflect three month and twelve month ended February 2002 and February 2003.
See Glossary of Terms.

Exhibit 99.4
Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

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

1        Arizona Public Service                       $       32   $       64   $       87   $       16    $      199    $      (82)
2        Pinnacle West Energy                                  1            1           10          (31)          (19)          (37)
3        APS Energy Services                                   2           11            7            8            28            38
4        SunCor                                                1            2           (1)           8            10             7
5        El Dorado                                            --           (3)         (15)         (37)          (55)          (55)
6        Parent Company                                       17           (6)          13           19            43             8
                                                      ----------   ----------   ----------   ----------    ----------    ----------

7            Income From Continuing Operations                53           69          101          (17)          206          (121)

         Income From Discontinued Operations -
8a          Net of Tax                                         1            6           --            2             9             9
         Cumulative Effect of Change in Accounting -
8b          Net of Tax                                        --           --           --          (66)          (66)          (51)
                                                      ----------   ----------   ----------   ----------    ----------    ----------

9            Net Income                               $       54   $       75   $      101   $      (81)   $      149    $     (163)
                                                      ==========   ==========   ==========   ==========    ==========    ==========

     EARNINGS PER SHARE
          BY SUBSIDIARY - DILUTED

10       Arizona Public Service                       $     0.37   $     0.76   $     1.02   $     0.19    $     2.35    $    (0.95)
11       Pinnacle West Energy                               0.01         0.01         0.12        (0.37)        (0.23)        (0.44)
12       APS Energy Services                                0.03         0.13         0.08         0.09          0.33          0.45
13       SunCor                                             0.02         0.02        (0.01)        0.09          0.11          0.07
14       El Dorado                                            --        (0.04)       (0.18)       (0.43)        (0.65)        (0.65)
15       Parent Company                                     0.20        (0.07)        0.16         0.24          0.51          0.09
                                                      ----------   ----------   ----------   ----------    ----------    ----------

16           Income From Continuing Operations              0.63         0.81         1.19        (0.19)         2.42         (1.43)

         Income From Discontinued Operations -
17a         Net of Tax                                        --         0.08           --         0.02          0.11          0.11
         Cumulative Effect of Change in Accounting -
17b         Net of Tax                                        --           --           --        (0.78)        (0.77)        (0.60)
                                                      ----------   ----------   ----------   ----------    ----------    ----------

18           Net Income                               $     0.63   $     0.89   $     1.19   $    (0.95)   $     1.76    $    (1.92)
                                                      ==========   ==========   ==========   ==========    ==========    ==========

19   BOOK VALUE PER SHARE                             $    30.06   $    30.54   $    31.39   $    29.40    $    29.40    $    (0.06)

     COMMON SHARES OUTSTANDING -
          DILUTED (THOUSANDS)
20       Average                                          84,884       84,926       84,797       85,302        84,964            34
21       End of Period                                    84,789       84,768       84,756       91,255        91,255         6,531	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

                                                                                                                          INCREASE
                                                                                                                         (DECREASE)
Line                                                        1ST QTR     2ND QTR     3RD QTR     4TH QTR   YEAR-TO-DATE  VS PRIOR YTD
                                                           ---------   ---------   ---------   ---------  ------------  ------------
     ELECTRIC OPERATING REVENUES
         (DOLLARS IN  MILLIONS)
     REGULATED ELECTRICITY SEGMENT
         Retail
22           Residential                                   $     171   $     226   $     337   $     172   $      906    $       (9)
23           Business                                            195         251         270         212          928           (24)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
24               Total retail                                    366         477         607         384        1,834           (33)
         Wholesale revenue on delivered electricity
25           Traditional contracts                                 2           1           3           3            9           (64)
26           Retail load hedge management                          2          11          99          11          123          (455)
27       Transmission for others                                   6           6           6          12           30             4
28       Other miscellaneous services                              4           2           4           7           17            (1)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
29               Total regulated electricity                     380         497         719         417        2,013          (549)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
     MARKETING AND TRADING SEGMENT
         Delivered marketing and trading
30           Generation sales other than native load               8           2           8          32           50           (98)
31           Realized margins on electricity trading              27          14           5           3           49           (13)
32           Other delivered electricity (a)                      34          39          53          81          207          (122)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
33           Total delivered marketing and trading                69          55          65         116          306          (233)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
     OTHER MARKETING AND TRADING
         Realized margins on delivered commodities
34          other than electricity (a)                             4           1          (3)          6            8            22
         Prior period mark-to-market (gains) losses on
35          contracts delivered during current period (a)        (22)         (8)          3          (8)         (40)          (39)
36       Change in mark-to-market for future-period
            deliveries                                            25           1          22          (1)          52           (75)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
37       Total other marketing and trading                         7          (6)         22          (3)          20           (92)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
38   Total marketing and trading                                  76          49          87         113          326          (325)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
39   Total electric operating revenues                     $     456   $     546   $     806   $     530   $    2,339    $     (874)
                                                           =========   =========   =========   =========   ==========    ==========

     ELECTRIC SALES (GWH)

     REGULATED ELECTRICITY SEGMENT
         Retail sales
40           Residential                                       2,141       2,441       3,806       2,056       10,444           109
41           Business                                          2,771       3,429       3,681       3,036       12,917          (147)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
42               Total retail                                  4,912       5,870       7,487       5,092       23,361           (38)
         Wholesale electricity delivered
43           Traditional contracts                                71         121         142         140          474          (739)
44           Retail load hedge management                        158         230       1,958         296        2,642          (398)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
45               Total regulated electricity                   5,141       6,221       9,587       5,528       26,477        (1,175)
                                                           ---------   ---------   ---------   ---------   ----------    ----------
     MARKETING  AND TRADING SEGMENT
         Delivered marketing and trading
46           Generation sales other than native load             376          73         291       1,051        1,791           403
47           Electricity trading                               3,109       3,596       5,908       4,312       16,925         4,894
48           Other delivered electricity                         727         774         905       1,733        4,139         1,557
                                                           ---------   ---------   ---------   ---------   ----------    ----------
49           Total delivered marketing and trading             4,212       4,443       7,104       7,096       22,855         6,854
                                                           ---------   ---------   ---------   ---------   ----------    ----------
50   Total electric sales                                      9,353      10,664      16,691      12,624       49,332         5,679
                                                           =========   =========   =========   =========   ==========    ==========	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 38 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 33 are included in lines 28 and 32. For example, line 33 shows that a prior-period mark-to-market gain of $8 million was transferred to "realized" for the fourth quarter of 2002. Lines 28 and 32 include amounts totaling $9 million of realized revenues for the fourth quarter of 2002.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

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

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
         Realized margin on delivered commodities
             Electricity
51               Generation sales other than native load       $      2   $     --   $      3   $      9    $     14      $    (66)
52               Other electricity marketing and trading (a)         33         24         19         23          99           (18)
                                                               --------   --------   --------   --------    --------      --------
53               Total electricity                                   35         24         22         32         113           (84)
54           Other commodities (a)                                    4          1         (3)         6           8            22
                                                               --------   --------   --------   --------    --------      --------
55           Total realized margin                                   39         25         19         38         121           (62)
                                                               --------   --------   --------   --------    --------      --------
         Prior-period mark-to-market (gains) losses on
           contracts delivered during current period
56           Electricity (a)                                        (16)        (9)        (4)        (4)        (30)          (19)
57           Other commodities (a)                                   (6)        --          6         (4)        (11)          (36)
             Charge related to trading activities with Enron
58              and its affiliates                                   --         --         --         --          --             8
                                                               --------   --------   --------   --------    --------      --------
59           Subtotal                                               (22)        (9)         2         (8)        (41)          (47)
                                                               --------   --------   --------   --------    --------      --------
60       Total current period effects (b)                            17         16         21         30          80          (109)
                                                               --------   --------   --------   --------    --------      --------
     Change in mark-to-market gains (losses) for
       future period deliveries (b)
61       Electricity                                                 25         10         25          6          63           (83)
62       Other commodities                                           (2)        (7)        (2)        (7)        (11)            7
                                                               --------   --------   --------   --------    --------      --------
63       Total future period effects                                 23          3         23         (1)         52           (76)
                                                               --------   --------   --------   --------    --------      --------
64   Total gross margin                                        $     40   $     19   $     44   $     29    $    132      $   (185)
                                                               ========   ========   ========   ========    ========      ========	

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of December 31, 2002, Pinnacle West had accumulated mark-to-market net gains of $41 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2003, $4 million; 2004, $10 million; 2005 and thereafter, $27 million.

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 59 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 55 are included in line 51. The opposites of amounts included in line 56 are included in line 53. For example, line 55 shows that a prior-period mark-to-market gain of $4 million was transferred to "realized" for the fourth quarter of 2002. A $4 million realized gain is included in the $23 million on line 51 for the fourth 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 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

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

     BY COMMODITY SOLD OR TRADED

65   Electricity                                     $     45    $     25    $     43    $     34     $    147       $   (181)
66   Natural gas                                           (5)          1           3          (5)          (6)             2
67   Coal                                                  (1)         (2)          1          --           (2)            (9)
68   Emission allowances                                    1          (5)         (3)         --           (7)             3
69   Other                                                 --          --          --          --           --             --
                                                     --------    --------    --------    --------     --------       --------
70       Total gross margin                          $     40    $     19    $     44    $     29     $    132       $   (185)
                                                     ========    ========    ========    ========     ========       ========

     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
71       Generation sales other than native load     $      1    $     --    $      2    $      5     $      8       $      8
72       Other marketing and trading                       34           9          30           9           82              4
     APS
73       Generation sales other than native load            1          --           1          --            2            (77)
74       Other marketing and trading                       --          --          --          --           --           (156)
     Pinnacle West Energy
75       Generation sales other than native load           --          --          --           4            4              4
76       Other marketing and trading                       --          --          --          --           --             --
     APS ES
77       Other marketing and trading                        4          10          11          11           36             32
                                                     --------    --------    --------    --------     --------       --------
78   Total gross margin before income taxes          $     40    $     19    $     44    $     29     $    132       $   (185)
                                                     ========    ========    ========    ========     ========       ========	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

                                                                                                           INCREASE
                                                                                                          (DECREASE)
Line                                       1ST QTR     2ND QTR     3RD QTR     4TH QTR    YEAR-TO-DATE   VS PRIOR YTD
                                           --------    --------    --------    --------   ------------   ------------
     AVERAGE ELECTRIC CUSTOMERS

     Retail customers
79       Residential                        801,000     795,681     798,590     811,930      801,801         25,462
80       Business                            99,335     100,096     100,318     101,177      100,228          2,030
                                           --------    --------    --------    --------     --------       --------
81           Total                          900,335     895,777     898,908     913,107      902,029         27,492
82   Wholesale customers                         67          67          67          67           67              1
                                           --------    --------    --------    --------     --------       --------
83           Total customers                900,402     895,844     898,975     913,174      902,096         27,493
                                           ========    ========    ========    ========     ========       ========

84   Customer Growth (% over prior year)        3.2%        3.2%        3.1%        3.2%         3.1%          (0.5)%

     RETAIL SALES (GWH) -
        WEATHER NORMALIZED

85   Residential                              2,162       2,443       3,647       2,130       10,382            615
86   Business                                 2,774       3,411       3,691       3,023       12,899             81
                                           --------    --------    --------    --------     --------       --------
87           Total                            4,936       5,854       7,338       5,153       23,281            696
                                           ========    ========    ========    ========     ========       ========

     RETAIL USAGE
         (KWH/AVERAGE CUSTOMER)

88   Residential                              2,673       3,068       4,766       2,532       13,025           (287)
89   Business                                27,896      34,258      36,691      30,011      128,885         (4,152)

     RETAIL USAGE -
          WEATHER NORMALIZED
         (KWH/AVERAGE CUSTOMER)

90   Residential                              2,699       3,071       4,566       2,623       12,947            366
91   Business                                27,926      34,075      36,795      29,878      128,698         (1,834)

     ELECTRICITY DEMAND (MW)

92   System peak demand                       3,921       5,425       5,803       3,828        5,803            116	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

                                                                                                                          INCREASE
                                                                                                                         (DECREASE)
Line                                                       1ST QTR     2ND QTR     3RD QTR     4TH QTR    YEAR-TO-DATE  VS PRIOR YTD
                                                           --------    --------    --------    --------   ------------  ------------
     ENERGY SOURCES (GWH)

     Generation production
93       Nuclear                                              2,257       2,242       2,387       2,095        8,981           596
94       Coal                                                 2,890       2,703       3,280       3,183       12,056          (516)
95       Gas, oil and other                                     337         659       1,918       1,455        4,369           375
                                                           --------    --------    --------    --------     --------      --------
96           Total                                            5,484       5,604       7,585       6,733       25,406           455
                                                           --------    --------    --------    --------     --------      --------
     Purchased power
97       Firm load                                               70         846         859        (157)       1,619        (1,342)
98       Marketing and trading                                3,993       4,599       8,771       6,340       23,704         6,051
                                                           --------    --------    --------    --------     --------      --------
99           Total                                            4,063       5,445       9,630       6,183       25,323         4,709
                                                           --------    --------    --------    --------     --------      --------
100          Total energy sources                             9,547      11,049      17,215      12,916       50,729         5,164
                                                           ========    ========    ========    ========     ========      ========

     POWER PLANT PERFORMANCE

     Capacity Factors
101      Nuclear                                                 96%         95%        100%         87%          94%            6%
102      Coal                                                    78%         72%         87%         84%          80%           (4)%
103      Gas, oil and other                                      12%         20%         38%         29%          27%          (10)%
104      System average                                          62%         62%         69%         60%          63%           (7)%

     Generation Capacity Out of Service and Replaced for
     Native Load (average MW/day)
105      Nuclear                                                 62          66          12         129           67           (60)
106      Coal                                                   184         279          88         116          167            --
107      Gas                                                     12          18         106          54           48            16
108          Total                                              258         363         206         299          282           (44)

109  Generation Fuel Cost ($/MWh)                          $  11.57    $  11.89    $  14.84    $  13.05     $  13.01      $  (3.21)	

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

                                                                                                                        INCREASE
                                                                                                                       (DECREASE)
Line                                                  1ST QTR      2ND QTR      3RD QTR     4TH QTR    YEAR-TO-DATE   VS PRIOR YTD
                                                      --------     --------     --------    --------   ------------   ------------
     ENERGY MARKET INDICATORS (a)

     Electricity Average Daily Spot Prices ($/MWh)
         On-Peak
110          Palo Verde                               $  26.86     $  30.65     $  35.45    $  36.18     $  32.28       $ (86.13)
111          SP15                                     $  28.46     $  31.51     $  35.55    $  41.35     $  34.22       $ (85.77)
         Off-Peak
112          Palo Verde                               $  22.17     $  14.10     $  18.21    $  25.09     $  19.89       $ (41.68)
113          SP15                                     $  22.76     $  15.95     $  19.54    $  28.52     $  21.69       $ (51.79)

     WEATHER INDICATORS

     Actual
114      Cooling degree-days                                89        1,741        2,647         398        4,875           (247)
115      Heating degree-days                               472           --           --         328          800           (360)
116      Average humidity                                   28%          16%          27%         38%          27%            (9)%
     10-Year Averages
117      Cooling degree-days                                77        1,478        2,489         395        4,439             --
118      Heating degree-days                               546           34           --         433        1,013             --
119      Average humidity                                   45%          25%          34%         40%          36%             0%

     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b)
120      Single-family                                   7,682        9,666        8,689       8,275       34,312          1,447
121      Multi-family                                    1,249        2,005        2,662       1,158        7,074         (1,930)
                                                      --------     --------     --------    --------     --------       --------
122          Total                                       8,931       11,671       11,351       9,433       41,386           (483)
                                                      ========     ========     ========    ========     ========       ========

     Arizona Job Growth  (c)
123      Payroll job growth (% over prior year)           (0.8)%       (0.2)%        0.1%        0.9%         0.0%          (1.0)%
124      Unemployment rate (%, seasonally adjusted)        6.2%         6.2%         6.2%        6.0%         6.2%           1.5%	

Sources:
(a) This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b) Arizona Real Estate Center, Arizona State University College of Business
(c) Arizona Department of Economic Security
See Glossary of Terms.

Exhibit 99.5
Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

1       Arizona Public Service                        $     65    $     70    $    108    $     39     $    281       $    (26)
2       Pinnacle West Energy                                --           1          13           4           18             20
3       APS Energy Services                                 (8)         --          (3)         --          (10)             3
4       SunCor                                              --          --           2          --            3             (8)
5       El Dorado                                            1          --          --          --           --             (2)
6       Parent Company                                       4          (4)         42          (7)          35             38
                                                      --------    --------    --------    --------     --------       --------

7          Income Before Accounting Change                  62          67         162          36          327             25

8       Cumulative Effect of Change in Accounting -
           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

17      Cumulative Effect of Change in Accounting -
           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 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

                                                                                                                       INCREASE
                                                                                                                      (DECREASE)
Line                                                        1ST QTR    2ND QTR    3RD QTR    4TH QTR    TOTAL YEAR   VS PRIOR YEAR
                                                            -------    -------    -------    -------    ----------   -------------
      ELECTRIC OPERATING REVENUES
          (DOLLARS IN  MILLIONS)
      REGULATED ELECTRICITY SEGMENT
          Retail
22            Residential                                   $   173    $   234    $   328    $   180      $   915       $    34
23            Business                                          199        258        276        219          952            17
                                                            -------    -------    -------    -------      -------       -------
24                Total retail                                  372        492        604        399        1,867            51
          Wholesale revenue on delivered electricity
25            Traditional contracts                              26         55        (10)         2           73           (48)
26            Retail load hedge management                        5        182        364         27          578            17
27        Transmission for others                                 4          5          9          8           26            11
28        Other miscellaneous services                            6          5          6          1           18            (9)
                                                            -------    -------    -------    -------      -------       -------
29                Total regulated electricity                   413        739        973        437        2,562            22
                                                            -------    -------    -------    -------      -------       -------
      MARKETING  AND TRADING SEGMENT
          Delivered marketing and trading
30            Generation sales other than native load            87         51          4          6          148            32
31            Realized margin on electricity trading             12         17         (5)        38           62             6
32            Other delivered electricity (a)                   111        138         51         29          329            87
                                                            -------    -------    -------    -------      -------       -------
33            Total delivered marketing and trading             210        206         50         73          539           125
                                                            -------    -------    -------    -------      -------       -------
      OTHER MARKETING AND TRADING
34        Realized margins on delivered commodities
             other than electricity (a)                          (5)       (12)        (1)         4          (14)           (5)
35        Prior period mark-to-market (gains) losses
             on contracts delivered during current
             period (a)                                           6          5        (37)       (51)          (1)            1
36        Change in mark-to-market for future-period
             deliveries                                          47         35        130         (9)         127           113
                                                            -------    -------    -------    -------      -------       -------
37        Total other marketing and trading                      48         28         92        (56)         112           109
                                                            -------    -------    -------    -------      -------       -------
38    Total marketing and trading                               258        234        142         17          651           234
                                                            -------    -------    -------    -------      -------       -------
39    Total electric operating revenues                     $   671    $   973    $ 1,115    $   454      $ 3,213       $   256
                                                            =======    =======    =======    =======      =======       =======
      ELECTRIC SALES (GWH)

      REGULATED ELECTRICITY SEGMENT
          Retail sales
40            Residential                                     2,121      2,467      3,597      2,149       10,335           554
41            Business                                        2,824      3,445      3,724      3,071       13,064           310
                                                            -------    -------    -------    -------      -------       -------
42                Total retail                                4,945      5,912      7,321      5,220       23,399           864
          Wholesale electricity delivered
43            Traditional contracts                             569        598        (37)        83        1,213          (397)
44            Retail load hedge management                       75        736      1,847        382        3,040        (3,634)
                                                            -------    -------    -------    -------      -------       -------
45                Total regulated electricity                 5,589      7,246      9,131      5,685       27,652        (3,167)
                                                            -------    -------    -------    -------      -------       -------
      MARKETING  AND TRADING SEGMENT
          Delivered marketing and trading
46            Generation sales other than native load           623        436         73        256        1,388          (106)
47            Electricity trading                             2,291      2,359      3,553      3,828       12,031         2,772
48            Other delivered electricity                       759        810        267        746        2,582          (378)
                                                            -------    -------    -------    -------      -------       -------
49            Total delivered marketing and trading           3,673      3,605      3,893      4,830       16,001         2,288
                                                            -------    -------    -------    -------      -------       -------
50    Total electric sales                                    9,263     10,851     13,024     10,515       43,653          (879)
                                                            =======    =======    =======    =======      =======       =======	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 38 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 33 are included in lines 29 and 32. For example, line 33 shows that a prior-period mark-to-market gain of $1 million was transferred to "realized" for the total year 2001. Lines 29 and 32 include amounts totaling $1 million of realized revenues for the year 2001.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

      REALIZED AND MARK-TO-MARKET COMPONENTS
      Current Period Effects
          Realized margin on delivered commodities
              Electricity
51                Generation sales other than native load       $    48    $    26    $     3    $     3     $    80      $    26
52                Other electricity marketing and trading (a)         4         43         14         56         117           48
                                                                -------    -------    -------    -------     -------      -------
53                Total electricity                                  52         69         17         59         197           74
54            Other commodities (a)                                  (5)       (12)        (1)         4         (14)          (5)
                                                                -------    -------    -------    -------     -------      -------
55            Total realized margin                                  47         57         16         63         183           69
                                                                -------    -------    -------    -------     -------      -------
          Prior-period mark-to-market (gains) losses on
             contracts delivered during current period
56            Electricity (a)                                         1         --        (38)       (38)        (11)          (9)
57            Other commodities (a)                                  12          5          1         (4)         25           25
58            Charge related to trading activities with Enron
                 and its affiliates                                  --         --         --         (8)         (8)          (8)
                                                                -------    -------    -------    -------     -------      -------
59            Subtotal                                               13          5        (37)       (50)          6            8
                                                                -------    -------    -------    -------     -------      -------
60        Total current period effects (b)                           60         62        (21)        13         189           77
                                                                -------    -------    -------    -------     -------      -------
      Change in mark-to-market gains (losses) for
         future period deliveries (b)
61        Electricity                                                45         42        126         (2)        146          139
62        Other commodities                                           2         (6)         3         (7)        (18)         (25)
                                                                -------    -------    -------    -------     -------      -------
63        Total future period effects                                47         36        129         (9)        128          114
                                                                -------    -------    -------    -------     -------      -------
64    Total gross margin                                        $   107    $    98    $   108    $     4     $   317      $   191
                                                                =======    =======    =======    =======     =======      =======	

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of December 31, 2001, Pinnacle West had accumulated mark-to-market net gains of $138.0 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2002, $43.0 million; 2003, $22.6 million; 2004, $23.6 million; 2005 and thereafter, $48.8 million.

(a) The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 59 and in line 63 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 55 are included in line 51. The opposites of amounts included in line 56 are included in line 53. For example, line 55 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 51 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 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

      BY COMMODITY SOLD OR TRADED

65    Electricity                                     $    98    $   111    $   105    $    15      $   328       $   201
66    Natural gas                                          (3)       (12)         9         (3)          (8)          (15)
67    Coal                                                 14          2         (2)        (6)           7            10
68    Emission allowances                                  (2)        (3)        (4)        (2)         (10)           (5)
69    Other                                                --         --         --         --           --            --
                                                      -------    -------    -------    -------      -------       -------
70        Total gross margin                          $   107    $    98    $   108    $     4      $   317       $   191
                                                      =======    =======    =======    =======      =======       =======
      BY PINNACLE WEST ENTITY

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

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

                                                                                                                 INCREASE
                                                                                                                (DECREASE)
Line                                         1ST QTR      2ND QTR      3RD QTR      4TH QTR     TOTAL YEAR    VS PRIOR YEAR
                                            ---------    ---------    ---------    ---------    ----------    --------------
      AVERAGE ELECTRIC CUSTOMERS

      Retail customers
79        Residential                         775,317      770,335      773,321      786,382       776,339          27,054
80        Business                             97,222       98,065       98,874       98,631        98,198           4,070
                                            ---------    ---------    ---------    ---------     ---------       ---------
81            Total                           872,539      868,400      872,195      885,013       874,537          31,124
82    Wholesale customers                          68           66           66           66            66              (1)
                                            ---------    ---------    ---------    ---------     ---------       ---------
83            Total customers                 872,607      868,466      872,261      885,079       874,603          31,123
                                            =========    =========    =========    =========     =========       =========

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

      RETAIL SALES (GWH) -
         WEATHER NORMALIZED

85    Residential                               2,037        2,238        3,354        2,138         9,767             208
86    Business                                  2,825        3,339        3,633        3,021        12,818             126
                                            ---------    ---------    ---------    ---------     ---------       ---------
87            Total                             4,862        5,577        6,987        5,159        22,585             334
                                            =========    =========    =========    =========     =========       =========
      RETAIL USAGE
          (KWH/AVERAGE CUSTOMER)

88    Residential                               2,737        3,203        4,651        2,733        13,312             259
89    Business                                 29,047       35,130       37,666       31,136       133,037          (2,459)

      RETAIL USAGE -
           WEATHER NORMALIZED
          (KWH/AVERAGE CUSTOMER)

90    Residential                               2,627        2,905        4,337        2,719        12,581            (177)
91    Business                                 29,057       34,049       36,747       30,629       130,532          (4,305)

      ELECTRICITY DEMAND (MW)

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

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

      Generation production
93        Nuclear                                             2,261      1,985      2,320      1,819       8,385          (456)
94        Coal                                                2,901      3,245      3,223      3,203      12,572            63
95        Gas, oil and other                                  1,007      1,256      1,157        574       3,994         1,210
                                                            -------    -------    -------    -------     -------       -------
96            Total                                           6,169      6,486      6,700      5,596      24,951           817
                                                            -------    -------    -------    -------     -------       -------
      Purchased power
97        Firm load                                             170        845      1,734        212       2,961           446
98        Marketing and trading                               3,126      3,905      5,667      4,955      17,653        (1,240)
                                                            -------    -------    -------    -------     -------       -------
99            Total                                           3,296      4,750      7,401      5,167      20,614          (794)
                                                            -------    -------    -------    -------     -------       -------
100           Total energy sources                            9,465     11,236     14,101     10,763      45,565            23
                                                            =======    =======    =======    =======     =======       =======
      POWER PLANT PERFORMANCE

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

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

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

See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

                                                                                                                        INCREASE
                                                                                                                       (DECREASE)
Line                                                     1ST QTR     2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR   VS PRIOR YEAR
                                                        --------    --------    --------    --------    ----------   -------------
       ENERGY MARKET INDICATORS (a)

       Electricity Average Daily Spot Prices ($/MWh)
           On-Peak
110            Palo Verde                               $ 214.21    $ 182.71    $  49.80    $  26.89     $ 118.41       $   6.98
111            SP15                                     $ 219.66    $ 186.30    $  45.61    $  28.38     $ 119.99       $  12.64
           Off-Peak
112            Palo Verde                               $ 130.40    $  70.32    $  27.22    $  18.33     $  61.57       $   8.55
113            SP15                                     $ 159.80    $  84.78    $  28.92    $  20.41     $  73.48       $  12.74

       WEATHER INDICATORS

       Actual
114        Cooling degree-days                               106       1,733       2,663         620        5,122            539
115        Heating degree-days                               657          43          --         460        1,160            192
116        Average humidity                                   50%         25%         31%         39%          36%             2%
       10-Year Averages
117        Cooling degree-days                                77       1,478       2,489         395        4,439             --
118        Heating degree-days                               546          34          --         433        1,013             --
119        Average humidity                                   45%         25%         34%         40%          36%             0%

       ECONOMIC INDICATORS

       Building Permits -- Metro Phoenix (b)
120        Single-family                                   8,783       9,394       8,384       6,304       32,865            356
121        Multi-family                                    3,925       1,833       2,514         732        9,004         (1,224)
                                                        --------    --------    --------    --------     --------       --------
122            Total                                      12,708      11,227      10,898       7,036       41,869           (868)
                                                        ========    ========    ========    ========     ========       ========
       Arizona Job Growth  (c)
123        Payroll job growth (% over prior year)            2.4%        1.5%        0.8%       (0.7)%        1.0%          (2.7)%
124        Unemployment rate (%, seasonally adjusted)        3.9%        4.4%        4.9%        5.7%         4.7%           0.8%	

Sources:
(a) This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.
(b) Arizona Real Estate Center, Arizona State University College of Business
(c) Arizona Department of Economic Security
See Glossary of Terms.

Exhibit 99.6
Last Updated 5/2/03
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 5/2/03
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)
     REGULATED ELECTRICITY SEGMENT
         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          472            46           561
27       Transmission for others                                          3             4            4             4            15
28       Other miscellaneous services                                     4             8            8             7            27
                                                                 ----------    ----------   ----------    ----------    ----------
29               Total regulated electricity                            379           547        1,158           456         2,540
                                                                 ----------    ----------   ----------    ----------    ----------
     MARKETING  AND TRADING SEGMENT
         Delivered marketing and trading
30           Generation sales other than native load                      9            13           14            80           116
31           Realized margins on electricity trading                      3            11           32            10            56
32           Other delivered electricity (a)                             22            55           59           106           242
                                                                 ----------    ----------   ----------    ----------    ----------
33           Total delivered marketing and trading                       34            79          105           196           414
                                                                 ----------    ----------   ----------    ----------    ----------
     OTHER MARKETING AND TRADING
         Realized margins on delivered commodities
34          other than electricity (a)                                   (5)            1           (4)           (1)           (9)
         Prior period mark-to-market (gains) losses on
35          contracts delivered during current period (a)                --            --          (17)           (2)           (2)
36       Change in mark-to-market for future-period deliveries            7            25           10           (11)           14
                                                                 ----------    ----------   ----------    ----------    ----------
37       Total other marketing and trading                                2            26          (11)          (14)            3
                                                                 ----------    ----------   ----------    ----------    ----------
38   Total marketing and trading                                         36           105           94           182           417
                                                                 ----------    ----------   ----------    ----------    ----------
39   Total electric operating revenues                           $      415    $      652   $    1,252    $      638    $    2,957
                                                                 ==========    ==========   ==========    ==========    ==========

     ELECTRIC SALES (GWH)

     REGULATED ELECTRICITY SEGMENT
         Retail sales
40           Residential                                              1,877         2,370        3,506         2,028         9,781
41           Business                                                 2,736         3,379        3,674         2,965        12,754
                                                                 ----------    ----------   ----------    ----------    ----------
42               Total retail                                         4,613         5,749        7,180         4,993        22,535
         Wholesale electricity delivered
43           Traditional contracts                                      331           391          537           351         1,610
44           Retail load hedge management                               232           585        5,155           702         6,674
                                                                 ----------    ----------   ----------    ----------    ----------
45               Total regulated electricity                          5,176         6,725       12,872         6,046        30,819
                                                                 ----------    ----------   ----------    ----------    ----------
     MARKETING  AND TRADING SEGMENT
         Delivered marketing and trading
46           Generation sales other than native load                    396           215          163           720         1,494
47           Electricity trading                                      1,294         1,803        4,073         2,089         9,259
48           Other delivered electricity                                735           601          665           960         2,960
                                                                 ----------    ----------   ----------    ----------    ----------
49           Total delivered marketing and trading                    2,425         2,619        4,901         3,769        13,713
                                                                 ----------    ----------   ----------    ----------    ----------
50   Total electric sales                                             7,601         9,344       17,773         9,815        44,532
                                                                 ==========    ==========   ==========    ==========    ==========	

(a) The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 38 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 33 are included in lines 29 and 32. For example, line 33 shows that a prior-period mark-to-market gain of $2 million was transferred to "realized" for the total year 2000. Lines 29 and 32 include amounts totaling $2 million of realized revenues for the year 2000.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000

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

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
         Realized margin on delivered commodities
             Electricity
51               Generation sales other than native load           $        2   $        6   $        7   $       39   $       54
52               Other electricity marketing and trading (a)                3           28           33            5           69
                                                                   ----------   ----------   ----------   ----------   ----------
53               Total electricity                                          5           34           40           44          123
54           Other commodities (a)                                         (5)           1           (4)          (1)          (9)
                                                                   ----------   ----------   ----------   ----------   ----------
55           Total realized margin                                         --           35           36           43          114
                                                                   ----------   ----------   ----------   ----------   ----------
         Prior-period mark-to-market (gains) losses on contracts
            delivered during current period (b)
56           Electricity (a)                                               --           --          (18)          (2)          (2)
57           Other commodities (a)                                         --           --            1           --           --
             Charge related to trading activities with Enron
58              and its affiliates                                         --           --           --           --           --
                                                                   ----------   ----------   ----------   ----------   ----------
59           Subtotal                                                      --           --          (17)          (2)          (2)
                                                                   ----------   ----------   ----------   ----------   ----------
60       Total current period effects (b)                                  --           35           19           41          112
                                                                   ----------   ----------   ----------   ----------   ----------
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
61       Electricity                                                        2           27            6          (10)           7
62       Other commodities                                                  5           (2)           4           (1)           7
                                                                   ----------   ----------   ----------   ----------   ----------
63       Total future period effects                                        7           25           10          (11)          14
                                                                   ----------   ----------   ----------   ----------   ----------
64   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 59 and in line 63 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 55 are included in line 51. The opposites of amounts included in line 56 are included in line 53. For example, line 55 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 51 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 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000

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

     BY COMMODITY SOLD OR TRADED

65   Electricity                                              7           61            28            31           127
66   Natural gas                                             --           (1)            3             4             6
67   Coal                                                    --           --            (2)           --            (2)
68   Emission allowances                                     --           --            --            (5)           (5)
69   Other                                                   --           --            --            --            --
                                                     ----------   ----------    ----------    ----------    ----------
70       Total gross margin                          $        7   $       60    $       29    $       30    $      126
                                                     ==========   ==========    ==========    ==========    ==========
     BY PINNACLE WEST ENTITY

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

See Glossary of Terms.

Last Updated 5/2/03
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
79       Residential                          746,528       742,485       746,742       761,386       749,285
80       Business                              92,667        93,343        94,479        96,024        94,128
                                           ----------    ----------    ----------    ----------    ----------
81           Total                            839,195       835,828       841,221       857,410       843,413
82   Wholesale customers                           67            67            67            67            67
                                           ----------    ----------    ----------    ----------    ----------
83           Total customers                  839,262       835,895       841,288       857,477       843,480
                                           ==========    ==========    ==========    ==========    ==========

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

     RETAIL SALES (GWH) -
        WEATHER NORMALIZED

85   Residential                                1,933         2,253         3,439         1,934         9,559
86   Business                                   2,737         3,297         3,644         3,014        12,692
                                           ----------    ----------    ----------    ----------    ----------
87           Total                              4,670         5,550         7,083         4,948        22,251
                                           ==========    ==========    ==========    ==========    ==========

     RETAIL USAGE
         (KWH/AVERAGE CUSTOMER)

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

     RETAIL USAGE -
          WEATHER NORMALIZED
         (KWH/AVERAGE CUSTOMER)

90   Residential                                2,589         3,034         4,605         2,540        12,757
91   Business                                  29,536        35,321        38,569        31,388       134,838

     ELECTRICITY DEMAND (MW)

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

See Glossary of Terms.

Last Updated 5/2/03
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
93       Nuclear                                                2,325         2,090         2,348         2,078         8,841
94       Coal                                                   2,828         3,163         3,343         3,175        12,509
95       Gas, oil and other                                       323           526         1,046           889         2,784
                                                           ----------    ----------    ----------    ----------    ----------
96           Total                                              5,476         5,779         6,737         6,142        24,134
                                                           ----------    ----------    ----------    ----------    ----------
     Purchased power
97       Firm load                                                 51           819         1,550            95         2,515
98       Marketing and trading                                  2,261         2,989         9,893         3,750        18,893
                                                           ----------    ----------    ----------    ----------    ----------
99           Total                                              2,312         3,808        11,443         3,845        21,408
                                                           ----------    ----------    ----------    ----------    ----------
100          Total energy sources                               7,788         9,587        18,180         9,987        45,542
                                                           ==========    ==========    ==========    ==========    ==========
     POWER PLANT PERFORMANCE

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

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

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

See Glossary of Terms.

Last Updated 5/2/03
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
110          Palo Verde                               $    30.52    $    90.49    $   170.40    $   154.33    $   111.44
111          SP15                                     $    31.40    $    82.67    $   152.74    $   162.59    $   107.35
         Off-Peak
112          Palo Verde                               $    22.97    $    31.91    $    61.48    $    95.72    $    53.02
113          SP15                                     $    24.52    $    32.45    $    66.28    $   119.72    $    60.74

     WEATHER INDICATORS

     Actual
114      Cooling degree-days                                  71         1,712         2,547           253         4,583
115      Heating degree-days                                 459             9            --           500           968
116      Average humidity                                     37%           23%           29%           46%           34%
     10-Year Averages
117      Cooling degree-days                                  77         1,478         2,489           395         4,439
118      Heating degree-days                                 546            34            --           433         1,013
119      Average humidity                                     45%           25%           34%           40%           36%

     ECONOMIC INDICATORS

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

     Arizona Job Growth (c)
123      Payroll job growth (% over prior year)              4.4%          3.8%          3.4%          3.2%          3.7%
124      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 99.7
Last Updated 5/2/03
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 5/2/03
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)
       REGULATED ELECTRICITY SEGMENT
           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
27         Transmission for others                                         3            3            3            3           11
28         Other miscellaneous services                                    3            4            6            5           18
                                                                   ---------    ---------    ---------    ---------    ---------
29                 Total regulated electricity                           364          449          702          401        1,915
                                                                   ---------    ---------    ---------    ---------    ---------
       MARKETING  AND TRADING SEGMENT
           Delivered marketing and trading
30             Generation sales other than native load                     7            6            6           11           30
31             Realized margins on electricity trading                     4           (2)           5            3           10
32             Other delivered electricity (a)                            17           22           45           27          111
                                                                   ---------    ---------    ---------    ---------    ---------
33             Total delivered marketing and trading                      28           26           56           41          151
                                                                   ---------    ---------    ---------    ---------    ---------
       OTHER MARKETING AND TRADING
34         Realized margins on delivered commodities
              other than electricity (a)                                  (1)          --           (2)           5            2
35         Prior period mark-to-market (gains) losses on
              contracts delivered during current period (a)               --           --           --           --           --
36         Change in mark-to-market for future-period deliveries          --            6           (1)          (4)           1
                                                                   ---------    ---------    ---------    ---------    ---------
37         Total other marketing and trading                              (1)           6           (3)           1            3
                                                                   ---------    ---------    ---------    ---------    ---------
38     Total marketing and trading                                        27           32           53           42          154
                                                                   ---------    ---------    ---------    ---------    ---------
39     Total electric operating revenues                           $     391    $     481    $     755    $     442    $   2,069
                                                                   =========    =========    =========    =========    =========
       ELECTRIC SALES (GWH)

       REGULATED ELECTRICITY SEGMENT
           Retail sales
40             Residential                                             1,796        1,939        3,160        1,880        8,775
41             Business                                                2,665        3,239        3,464        2,932       12,300
                                                                   ---------    ---------    ---------    ---------    ---------
42                 Total sales                                         4,461        5,178        6,624        4,812       21,075
           Wholesale electricity delivered
43             Traditional contracts                                     309          351          441          321        1,422
44             Retail load hedge management                               --           --          631           --          631
                                                                   ---------    ---------    ---------    ---------    ---------
45                 Total regulated electricity                         4,770        5,529        7,696        5,133       23,128
                                                                   ---------    ---------    ---------    ---------    ---------
       MARKETING  AND TRADING SEGMENT
           Delivered marketing and trading
46             Generation sales other than native load                   348          254          171          494        1,267
47             Electricity trading                                     1,286        1,198        2,165        1,029        5,678
48             Other delivered electricity                               902        1,192        2,937        1,664        6,695
                                                                   ---------    ---------    ---------    ---------    ---------
49             Total delivered marketing and trading                   2,536        2,644        5,273        3,187       13,640
                                                                   ---------    ---------    ---------    ---------    ---------
50     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 38 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 33 are included in lines 29 and 32. For example, line 33 shows that a prior-period mark-to-market gain of $0 million was transferred to "realized" for the total year 1999. Lines 29 and 32 include amounts totaling $0 million of realized revenues for the year 1999.
See Glossary of Terms.

Last Updated 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

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

       REALIZED AND MARK-TO-MARKET COMPONENTS
       Current Period Effects
           Realized margin on delivered commodities
               Electricity
51                 Generation sales other than native load           $     2    $     1    $     2    $     2     $     7
52                 Other electricity marketing and trading (a)             6         (2)         3         --           7
                                                                     -------    -------    -------    -------     -------
53                 Total electricity                                       8         (1)         5          2          14
54             Other commodities (a)                                      (1)        --         (2)         6           3
                                                                     -------    -------    -------    -------     -------
55             Total realized margin                                       7         (1)         3          8          17
                                                                     -------    -------    -------    -------     -------
           Prior-period mark-to-market (gains) losses on contracts
              delivered during current period (a)
56             Electricity                                                --         --         --         --          --
57             Other commodities                                          --         --         --         --          --
               Charge related to trading activities with Enron
58                and its affiliates                                      --         --         --         --          --
                                                                     -------    -------    -------    -------     -------
59             Subtotal                                                   --         --         --         --          --
                                                                     -------    -------    -------    -------     -------
60         Total current period effects                                    7         (1)         3          8          17
                                                                     -------    -------    -------    -------     -------
       Change in mark-to-market gains (losses) for
          future period deliveries
61         Electricity                                                    (1)         4         (1)        --           2
62         Other commodities                                               1          2         --         (4)         (1)
                                                                     -------    -------    -------    -------     -------
63         Total future period effects                                    --          6         (1)        (4)          1
                                                                     -------    -------    -------    -------     -------
64     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 5/2/03
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

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

       BY COMMODITY SOLD OR TRADED

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

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

See Glossary of Terms.

Last Updated 5/2/03
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
79             Residential                       717,540    713,259    717,204    731,092     719,774
80             Business                           89,046     89,949     91,076     91,914      90,496
                                                 -------    -------    -------    -------     -------
81                 Total                         806,586    803,208    808,280    823,006     810,270
82         Wholesale customers                        67         67         71         73          70
                                                 -------    -------    -------    -------     -------
83                 Total customers               806,653    803,275    808,351    823,079     810,340
                                                 =======    =======    =======    =======     =======

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

           RETAIL SALES (GWH) -
              WEATHER NORMALIZED

85         Residential                             1,859      1,984      3,166      1,924       8,933
86         Business                                2,669      3,280      3,461      2,893      12,303
                                                 -------    -------    -------    -------     -------
87                 Total                           4,528      5,264      6,627      4,817      21,236
                                                 =======    =======    =======    =======     =======
           RETAIL USAGE
               (KWH/AVERAGE CUSTOMER)

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

           RETAIL USAGE -
                WEATHER NORMALIZED
               (KWH/AVERAGE CUSTOMER)

90         Residential                             2,591      2,782      4,414      2,632      12,411
91         Business                               29,973     36,465     38,001     31,475     135,951

           ELECTRICITY DEMAND (MW)

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

See Glossary of Terms.

Last Updated 5/2/03
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
93         Nuclear                                             2,295      2,080      2,397      2,077       8,849
94         Coal                                                2,677      2,764      3,230      3,204      11,875
95         Gas, oil and other                                    241        477        557        484       1,759
                                                             -------    -------    -------    -------     -------
96             Total                                           5,213      5,321      6,184      5,765      22,483
                                                             -------    -------    -------    -------     -------
       Purchased power
97         Firm load                                             170        753      1,470         87       2,480
98         Marketing and trading                               2,189      2,390      5,734      2,693      13,006
                                                             -------    -------    -------    -------     -------
99             Total                                           2,359      3,143      7,204      2,780      15,486
                                                             -------    -------    -------    -------     -------
100            Total energy sources                            7,572      8,464     13,388      8,545      37,969
                                                             =======    =======    =======    =======     =======
       POWER PLANT PERFORMANCE

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

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

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

See Glossary of Terms.

Last Updated 5/2/03
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
110            Palo Verde                               $ 21.57    $ 29.02    $ 38.46    $ 33.31     $ 30.59
111            SP15                                     $ 21.26    $ 27.17    $ 35.01    $ 33.84     $ 29.32
           Off-Peak
112            Palo Verde                               $ 13.94    $ 15.33    $ 20.73    $ 22.26     $ 18.07
113            SP15                                     $ 13.68    $ 14.47    $ 20.60    $ 25.06     $ 18.45

       WEATHER INDICATORS

       Actual
114        Cooling degree-days                               71      1,312      2,353        589       4,325
115        Heating degree-days                              459        112         --        359         930
116        Average humidity                                  34%        27%        40%        28%         32%
       10-Year Averages
117        Cooling degree-days                               77      1,478      2,489        395       4,439
118        Heating degree-days                              546         34         --        433       1,013
119        Average humidity                                  45%        25%        34%        40%         36%

       ECONOMIC INDICATORS

       Building Permits -- Metro Phoenix (b)
120        Single-family                                  8,873      9,299      8,223      6,855      33,250
121        Multi-family                                   2,337      2,396      1,861      3,011       9,605
                                                        -------    -------    -------    -------     -------
122            Total                                     11,210     11,695     10,084      9,866      42,855
                                                        =======    =======    =======    =======     =======
       Arizona Job Growth (c)
123        Payroll job growth (% over prior year)           3.9%       4.4%       4.6%       4.2%        4.3%
124        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 99.8
PINNACLE WEST CAPITAL CORPORATION
EARNINGS VARIANCE EXPLANATIONS
FOR PERIODS ENDED MARCH 31, 2003 AND 2002
This discussion explains the changes in our consolidated earnings for the three month and twelve month periods ended March 31, 2003 and 2002. Condensed Consolidated Statements of Income for the three and twelve months ended March 31, 2003 and 2002 follow this discussion. We will file our Quarterly Report on Form 10-Q for the quarter ended March 31, 2003 on or before May 15, 2003. 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, 2002. We have reclassified certain prior period amounts to conform to our current period presentation. Additional operating and financial statistics and a glossary of terms are available on our website (www.pinnaclewest.com).
EARNINGS CONTRIBUTIONS BY SUBSIDIARY AND BUSINESS SEGMENT
We have three principal business segments (determined by products, services and the regulatory environment):
* our regulated electricity segment, which consists of regulated traditional retail and wholesale electricity businesses and related activities and includes electricity generation, transmission and distribution;
* our marketing and trading segment, which consists of our competitive energy business activities, including wholesale marketing and trading and APS Energy Services' commodity-related energy services; and
* our real estate segment, which consists of SunCor's real estate development and investment activities.
The following tables summarize net income and segment details for the three and twelve months ended March 31, 2003 and the comparable prior periods for Pinnacle West and each of our subsidiaries (dollars in millions):

                                                      REGULATED         MARKETING AND
                                    TOTAL            ELECTRICITY           TRADING         REAL ESTATE (a)          OTHER
THREE MONTHS ENDED             ----------------    ----------------    ----------------    ----------------    ----------------
    MARCH 31,                   2003      2002      2003      2002      2003      2002      2003      2002      2003      2002
                               ------    ------    ------    ------    ------    ------    ------    ------    ------    ------
Arizona Public Service (b)     $   16    $   32    $   13    $   31    $    3    $    1    $   --    $   --    $   --    $   --
Pinnacle West Energy (b)            5         1         6         1        (1)       --        --        --        --        --
APS Energy Services (c)             8         2        --        --         6         1        --        --         2         1
SunCor                              1         1        --        --        --        --         1         1        --        --
El Dorado (c)                       3        --        --        --        --        --        --        --         3        --
Parent company                    (13)       17       (11)       (1)       --        18        --        --        (2)       --
                               ------    ------    ------    ------    ------    ------    ------    ------    ------    ------
Income from continuing
  operations - net of tax          20        53         8        31         8        20         1         1         3         1
Income from discontinued
  operations - net of tax           5         1        --        --        --        --         5         1        --        --
                               ------    ------    ------    ------    ------    ------    ------    ------    ------    ------
Net income                     $   25    $   54    $    8    $   31    $    8    $   20    $    6    $    2    $    3    $    1
                               ======    ======    ======    ======    ======    ======    ======    ======    ======    ======	

                                                      REGULATED         MARKETING AND
                                    TOTAL            ELECTRICITY           TRADING         REAL ESTATE (a)        OTHER (d)
TWELVE  MONTHS ENDED           ----------------    ----------------    ----------------    ----------------    ----------------
    MARCH 31,                   2003      2002      2003      2002      2003      2002      2003      2002      2003      2002
                               ------    ------    ------    ------    ------    ------    ------    ------    ------    ------
Arizona Public Service (b)     $  183    $  248    $  179    $  166    $    4    $   82    $   --    $   --    $   --    $   --
Pinnacle West Energy (b) (e)      (14)       19       (16)       19         2        --        --        --        --        --
APS Energy Services (c)            34        --        --        --        28        (2)       --        --         6         2
SunCor                              9         4        --        --        --        --         9         4        --        --
El Dorado (c)                     (52)       --        --        --        --        --        --        --       (52)       --
Parent company                     13        46       (16)       (6)       12        53        --        --        17        (1)
                               ------    ------    ------    ------    ------    ------    ------    ------    ------    ------
Income from
  continuing operations           173       317       147       179        46       133         9         4       (29)        1
Income from discontinued
  operations - net of tax          14         1        --        --        --        --        14         1        --        --
Cumulative effect of
  change in accounting -
  net of tax (f) (g)              (66)      (12)       --        --       (66)      (12)       --        --        --        --
                               ------    ------    ------    ------    ------    ------    ------    ------    ------    ------
Net income (loss)              $  121    $  306    $  147    $  179    $  (20)   $  121    $   23    $    5    $  (29)   $    1
                               ======    ======    ======    ======    ======    ======    ======    ======    ======    ======	

(a) See "Real Estate Activities" discussion below.
(b) Consistent with APS' October 2001 ACC filing, APS entered into agreements with its affiliates to buy power through June 2003. The agreements reflect a price based on the fully-dispatchable dedication of the Pinnacle West Energy generating assets to APS' Native Load customers. Under the ACC "Track B" order, APS is required to solicited bids for certain estimated capacity and energy requirements for periods beginning July 1, 2003. Pinnacle West Energy is eligible to bid to supply APS' electricity requirements.
(c) APS Energy Services' net income prior to 2003 and El Dorado's net income are primarily reported before income taxes. The income tax expense or benefit for these subsidiaries was recorded at the parent company.
(d) Primarily includes activities related to El Dorado in the twelve months ended March 31, 2003, principally El Dorado's investment in NAC International, Inc. (NAC). For the twelve months ended March 31, 2003, we recorded a pretax loss of $55 million related to NAC contracts with two customers.
(e) In the fourth quarter of 2002, Pinnacle West Energy recorded a charge related to the cancellation of Redhawk Units 3 and 4 of approximately $30 million after income taxes ($49 million pretax).
(f) We recorded a $66 million after tax charge as of October 1, 2002 for the cumulative effect of a change in accounting for trading activities, for the early adoption of EITF 02-3, "Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Management Activities."
(g) APS recorded a $12 million after tax charge in June 2001 for the cumulative effect of a change in accounting for derivatives related to the adoption of SFAS No. 133, "Accounting for Derivative Instruments and Hedging Activities."
RESULTS OF OPERATIONS
GENERAL
Throughout the following explanations of our results of operations, we refer to "gross margin." With respect to our regulated electricity segment and our marketing and trading segment, gross margin refers to electric operating revenues less purchased power and fuel costs. Our real estate segment gross margin refers to real estate revenues less real estate operations costs of SunCor. Other gross margin refers to other operating revenues less other operating expenses, which includes El Dorado's investment in NAC, which we began consolidating in our financial statements in July 2002. Other gross margin also includes amounts related to APS Energy Services' energy consulting services.
OPERATING RESULTS - THREE MONTH PERIOD ENDED MARCH 31, 2003 COMPARED WITH
THREE-MONTH PERIOD ENDED MARCH 31, 2002
Our consolidated net income for the three months ended March 31, 2003 was $25 million compared with $54 million for the prior year. Included in 2003 income is $5 million of after tax income related primarily to SunCor's sale of
2

its water utility company accounted for as discontinued operations in our real estate segment (see "Real Estate Activities" below).
Our income from continuing operations for the three months ended March 31, 2003 was $20 million compared with $53 million for the comparable period in the prior year. The period-to-period decrease of $33 million was primarily due to:
* lower earnings contributions from our marketing and trading activities, reflecting lower liquidity and higher price volatility in the wholesale power markets in the western United States, partially offset by lower mark-to-market reversals due to the adoption of EITF 02-3 ($17 million, after tax);
* higher depreciation, operations and maintenance, and interest expenses related to new power plants in service ($10 million, after tax);
* higher operating costs primarily related to the timing of power plant overhauls and higher pension and other postretirement benefit costs ($7 million, after tax);
* decreased earnings contributions from our regulated electricity activities, reflecting retail electricity price decreases, the effects of milder weather and higher replacement power cost for plant outages, partially offset by retail customer growth, ($5 million after tax); and
* other miscellaneous factors ($2 million, after tax).
The above decreases were partially offset by:
* higher competitive retail sales in California by APS Energy Services ($5 million, after tax); and
* the settlement of an NAC contract dispute involving Maine Yankee Atomic Power Company ($3 million, after tax).
For additional details, see the following discussion.
3

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

                                                                                      Increase
                                                                                     (Decrease)
                                                                                     ----------
Regulated electricity segment gross margin:
     Increased purchased power and fuel costs due to higher hedged gas
       and power prices                                                              $       (8)
     Higher retail sales volumes due to customer growth, excluding weather
       effects                                                                                7
     Change in mark-to-market for hedged natural gas and purchased power costs
       for future delivery                                                                    8
     Effects of milder weather on retail sales                                               (6)
     Retail electricity price reductions effective July 1, 2002                              (5)
     Higher replacement power costs from plant outages due to higher market
       prices and more unplanned outages                                                     (4)
                                                                                     ----------
          Net decrease in regulated electricity segment gross margin                         (8)
                                                                                     ----------
Marketing and trading segment gross margin:
     Increase in generation sales other than Native Load due to
       higher sales volumes, partially offset by lower unit margins                           1
     Lower realized wholesale margins net of related mark-to-market
       reversals due to lower prices, partially offset by higher volumes                    (12)
     More competitive retail sales in California by APS Energy Services                       8
     Lower mark-to-market reversals due to the adoption of EITF 02-3                          8
     Lower mark-to-market gains for future delivery due to lower market
       liquidity and higher price volatility                                                (26)
                                                                                     ----------
          Net decrease in marketing and trading segment gross margin                        (21)
                                                                                     ----------
Net decrease in regulated electricity and marketing and trading segments'
  gross margins                                                                             (29)
Lower real estate segment gross margin primarily due to lower land sales                     (2)
Higher other gross margin primarily due to NAC's settlement of a contract dispute             5
Higher operations and maintenance expense related to increased operating costs
  related to the timing of power plant overhauls, increased pension and other
  postretirement benefit costs and new power plants in service                              (16)
Higher depreciation primarily related to new power plants and increased plant
  balances, partially offset by lower regulatory asset amortization                          (6)
Higher net interest expense primarily due to higher debt balances and lower
  capitalized interest                                                                       (7)
                                                                                     ----------
     Net decrease in income from continuing operations before income taxes                  (55)
Lower income taxes primarily due to lower income                                             22
                                                                                     ----------
     Net decrease in income from continuing operations                               $      (33)
                                                                                     ==========	

REGULATED ELECTRICITY SEGMENT GROSS MARGIN
Regulated electricity segment revenues related to our regulated retail and wholesale electricity businesses were $5 million higher in the three months ended March 31, 2003, compared with the same period in the prior year as a result of:
4

* increased revenues related to traditional wholesale sales as a result of higher sales volumes and higher prices ($1 million);
* increased revenues related to retail load hedge management wholesale sales, primarily as a result of higher prices ($3 million);
* decreased retail revenues related to milder weather ($11 million);
* increased retail revenues related to customer growth, excluding weather effects ($14 million);
* decreased retail revenues related to a reduction in retail electricity prices ($5 million); and
* other miscellaneous factors ($3 million, net increase).
Regulated electricity segment purchased power and fuel costs were $13 million higher in the three months ended March 31, 2003, compared with the same period in the prior year as a result of:
* increased costs related to traditional wholesale sales as a result of higher sales volumes and higher prices ($1 million);
* increased costs related to retail load hedge management wholesale sales, primarily as a result of higher prices ($3 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 ($7 million);
* increased replacement power costs for power plant outages due to higher market prices and more unplanned outages ($4 million); and
* other miscellaneous factors ($3 million, net increase).
MARKETING AND TRADING SEGMENT GROSS MARGIN
Marketing and trading segment revenues were $87 million higher in the three months ended March 31, 2003, compared with the same period in the prior year as a result of:
* increased revenues from generation sales other than Native Load primarily due to higher prices and higher sales volumes ($36 million);
* higher realized wholesale revenues net of related mark-to-market reversals primarily due to higher volumes ($41 million);
* increased revenues from higher competitive retail sales in California by APS Energy Services ($30 million);
* higher revenues related to the adoption of EITF 02-3 ($8 million); and
* lower mark-to-market gains for future delivery primarily as a result of lower market liquidity and higher price volatility ($28 million).
Marketing and trading segment purchased power and fuel costs were $108 million higher in the three months ended March 31, 2003, compared to the same period in the prior year as a result of:
* increased fuel costs related to generation sales other than Native Load primarily because of higher natural gas prices and higher sales volumes ($35 million);
* increased purchased power costs related to other realized marketing activities in the current period primarily due to higher volumes and higher prices ($53 million);
* increased purchased power costs related to higher competitive retail sales in California by APS Energy Services ($22 million); and
* change in mark-to-market fuel costs for future delivery ($2 million decrease).
5

OTHER INCOME STATEMENT ITEMS
The decrease in real estate segment gross margin of $2 million was primarily due to lower land sales. In addition, as discussed in "Real Estate Activities" below, SunCor had an $8 million ($5 million after tax) gain on the sale of its water utility company which was reported as income from discontinued operations in the three months ended March 31, 2003.
The increase in other gross margin of $5 million was primarily due to NAC's settlement of a contract dispute involving Maine Yankee Atomic Power Company.
The increase in operations and maintenance expense of $16 million was due to increased operating costs related to the timing of power plant overhauls, increased pension and other postretirement benefit costs, new power plants in service and other costs.
The increase in depreciation and amortization expense of $6 million primarily related to increased plant balances and new power plants, partially offset by lower regulatory asset amortization.
Net interest expense increased $7 million primarily because of higher debt balances related to our generation construction program and lower capitalized interest on our generation construction program due to completion of Redhawk Units 1 and 2 in mid-2002.
OPERATING RESULTS - TWELVE MONTH PERIOD ENDED MARCH 31, 2003 COMPARED WITH
TWELVE-MONTH PERIOD ENDED MARCH 31, 2002
Our consolidated net income for the twelve months ended March 31, 2003 was $121 million compared with $306 million for the prior year. Included in the 2003 period was a $66 million after tax charge for the cumulative effect of a change in accounting for trading activities for the early adoption of EITF 02-3 on October 1, 2002 and $14 million of after tax income related to certain discontinued operations in our real estate segment (see "Real Estate Activities" below). Included in the 2002 period was a $12 million after tax charge for the cumulative effect of a change in accounting for derivatives, as required by SFAS No. 133.
Our income from continuing operations for the twelve months ended March 31, 2003 was $173 million compared with $317 million for the prior year. The period-to-period decrease of $144 million was primarily due to:
* lower earnings contributions from our marketing and trading activities, reflecting lower liquidity and lower price volatility in the wholesale power markets in the western United States, partially offset by lower mark-to-market reversals due to the adoption of EITF 02-3 ($104 million, after tax);
* losses related to our investment in NAC ($32 million, after tax);
* higher operations and maintenance expenses related to the Redhawk Units 3 and 4 cancellation charge and 2002 severance costs, partially offset by lower generation reliability costs ($32 million, after tax);
* higher depreciation, operations and maintenance, and interest expenses related to new power plants in service ($27 million, after tax);
* higher pension and other postretirement benefit costs ($7 million, after tax); and
6

* miscellaneous factors, net ($4 million, after tax).
The above decreases were partially offset by:
* increased earnings contributions from our regulated electricity activities, reflecting lower replacement power costs for power plant outages, retail customer growth and higher average usage per customer, partially offset by the effects of milder weather and retail electricity price decreases ($41 million, after tax); and
* higher competitive retail sales in California by APS Energy Services ($21 million, after tax).
7

For additional details, see the following discussion.
The major factors that increased (decreased) income from continuing operations were as follows (dollars in millions):

                                                                                      Increase
                                                                                     (Decrease)
                                                                                     ----------
Regulated electricity segment gross margin:
     Lower replacement power costs from plant outages due to lower market
       prices and fewer unplanned outages                                            $       74
     Higher retail sales volumes due to customer growth and higher
       average usage, excluding weather effects                                              43
     Effects of milder weather on retail sales                                              (40)
     Retail electricity price reductions effective July 1, 2001 and July 1, 2002            (27)
     2001 charges related to purchase power contracts with Enron                             13
     Increased purchased power and fuel costs due to higher hedged gas and
       power prices                                                                          (4)
     Change in mark-to-market for hedged natural gas and purchased power costs
       for future delivery                                                                   15
     Miscellaneous factors, net                                                              (6)
                                                                                     ----------
          Net increase in regulated electricity segment gross margin                         68
                                                                                     ----------
Marketing and trading segment gross margin:
     Decrease in generation sales other than Native Load due to
       lower market prices, partially offset by higher sales volumes                        (19)
     Lower realized wholesale margins net of related mark-to-market
       reversals due to lower prices, partially offset by higher volumes                    (68)
     More competitive retail sales in California by APS Energy Services                      35
     Lower mark-to-market reversals due to the adoption of EITF 02-3                         16
     Lower mark-to-market gains for future delivery due to lower market
       liquidity and lower price volatility                                                (103)
                                                                                     ----------
          Net decrease in marketing and trading segment gross margin                       (139)
                                                                                     ----------
Net decrease in regulated electricity and marketing and trading segments'
  gross margins                                                                             (71)
Lower real estate segment gross margin primarily due to commercial and
  property management sales, partially offset by higher home and land sales                  (4)
Lower other gross margin primarily related to NAC losses                                    (40)
Higher operations and maintenance expense related primarily to a $47 million
  write-off of Redhawk Units 3 and 4 and 2002 severance costs of approximately
  $36 million, partially offset by lower generation reliability costs                       (78)
Higher depreciation primarily related to increased plant balances and new power
  plants, partially offset by lower regulatory asset amortization                            (7)
Higher taxes other than income taxes due to increased property taxes on higher
  property balances                                                                          (7)
Lower other income primarily due to a 2001 insurance recovery of environmental
  remediation costs                                                                         (11)
Higher net interest expense primarily due to higher debt balances and lower
  capitalized interest                                                                      (25)
Miscellaneous factors, net                                                                    1
                                                                                     ----------
     Net decrease in income from continuing operations before income taxes                 (242)
Lower income taxes primarily due to lower income                                             98
                                                                                     ----------
     Net decrease in income from continuing operations                               $     (144)
                                                                                     ==========	

8

REGULATED ELECTRICITY SEGMENT GROSS MARGIN
Regulated electricity segment revenues related to our regulated retail and wholesale electricity businesses were $512 million lower in the twelve months ended March 31, 2003, compared with the same period in the prior year as a result of:
* decreased revenues related to traditional wholesale sales as a result of lower prices and lower sales volumes ($39 million);
* decreased revenues related to retail load hedge management wholesale sales, primarily as a result of lower prices and lower sales volumes ($449 million);
* decreased retail revenues related to milder weather ($63 million);
* increased retail revenues related to customer growth and higher average usage, excluding weather effects ($67 million);
* decreased retail revenues related to reductions in retail electricity prices ($27 million); and
* other miscellaneous factors ($1 million net decrease).
Regulated electricity segment purchased power and fuel costs were $580 million lower in the twelve months ended March 31, 2003, compared with the same period in the prior year as a result of:
* decreased costs related to traditional wholesale sales as a result of lower prices and lower sales volumes ($39 million);
* decreased costs related to retail load hedge management wholesale sales, primarily as a result of lower prices and lower sales volumes ($445 million);
* charges in 2001 related to purchased power contracts with Enron and its affiliates ($13 million net decrease);
* decrease in mark-to-market for hedged natural gas and purchased power costs for future delivery ($15 million);
* decreased costs related to the effects of milder weather on retail sales ($23 million);
* increased costs related to retail sales growth, excluding weather effects ($24 million);
* decreased replacement power costs for power plant outages due to lower market prices and fewer unplanned outages ($74 million); and
* miscellaneous factors ($5 million net increase).
MARKETING AND TRADING SEGMENT GROSS MARGIN
Marketing and trading segment revenues were $56 million lower in the twelve months ended March 31, 2003, compared with the same period in the prior year as a result of:
* increased revenues from generation sales other than Native Load primarily due to higher sales volumes, partially offset by lower market prices ($17 million);
* lower realized wholesale revenues net of related mark-to-market reversals primarily due to lower prices partially offset by higher volumes ($112 million);
* increased revenues from higher competitive retail sales in California by APS Energy Services ($124 million);
* higher revenues related to the adoption of EITF 02-3 ($16 million); and
* lower mark-to-market gains for future delivery primarily as a result of lower market liquidity and lower price volatility ($101 million).
9

Marketing and trading segment purchased power and fuel costs were $83 million higher in the twelve months ended March 31, 2003, compared to the same period in the prior year as a result of:
* increased fuel costs related to generation sales other than Native Load primarily because of higher sales volumes ($36 million);
* decreased purchased power costs related to other realized marketing activities in the current period primarily due to lower prices partially offset by higher volumes ($44 million);
* increased purchased power costs related to higher competitive retail sales in California by APS Energy Services ($89 million); and
* change in mark-to-market fuel costs for future delivery ($2 million increase).
OTHER INCOME STATEMENT ITEMS
The decrease in real estate segment gross margin of $4 million was primarily due to lower commercial and property management sales partially offset by higher home and land sales activities. In addition, as discussed in "Real Estate Activities" below, SunCor had a $23 million ($14 million after tax) gain on the sale of its water utility company and a retail center which was reported as income from discontinued operations in the twelve months ended March 31, 2003.
The decrease in other gross margin of $40 million was primarily due to losses on El Dorado's investment in NAC. Losses for the twelve month period ended March 31, 2003 totaled approximately $55 million on a pretax basis and were primarily related to NAC contracts with two customers ($47 million was recorded in other gross margin and $8 million was recorded in other expense). We reversed $5 million of loss reserves in the first quarter of 2003 related to NAC's contract settlement. We believe we have reserved our exposure with respect to these contracts in all material respects and, as a result, we consider these charges to be non-recurring.
The increase in operations and maintenance expense of $78 million was due to a $47 million write-off related to the cancellation of Redhawk Units 3 and 4, severance costs of $36 million related to a 2002 voluntary workforce reduction, increased pension and other postretirement benefit costs of $12 million and other costs of $13 million, partially offset by lower costs related to generation reliability, plant outages and maintenance costs of $30 million.
The increase in depreciation and amortization expense of $7 million primarily related to increased plant balances and new power plants, partially offset by lower regulatory amortization.
The increase in taxes other than income taxes of $7 million is primarily due to increased property taxes on higher property balances.
Other income decreased $11 million primarily due to an insurance recovery recorded in 2001 related to environmental remediation costs and other costs.
Net interest expense increased $25 million primarily because of higher debt balances related to our generation construction program and lower capitalized interest on our generation construction program due to completion of Redhawk Units 1 and 2 in mid-2002.
10

REAL ESTATE ACTIVITIES
As discussed in our 2002 10-K, we have undertaken an aggressive effort to accelerate asset sales activities to approximately double SunCor's annual earnings in 2003 to 2005 compared with the $19 million in earnings recorded in 2002.
Certain components of SunCor's real estate sales activities, which are included in the real estate segment, may be required to be reported as discontinued operations on our Consolidated Statements of Income in accordance with SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets." Among other things, SFAS No. 144 prescribes accounting for discontinued operations and defines certain real estate activities as discontinued operations. We adopted SFAS No. 144 effective January 1, 2002 and determined that activities that would have required discontinued operations reporting in 2002, 2001 and 2000 were immaterial. We currently estimate that 20% to 40% of SunCor's net income in 2003 will be reported in discontinued operations; however, this ultimately depends on the specific properties sold.
In the first quarter of 2003, SunCor sold its water utility company, which resulted in an after tax gain of $5 million ($8 million pretax). The gain on the sale and operating income in the current and prior periods are classified as discontinued operations on our Condensed Consolidated Statements of Income.
In the second quarter of 2002, SunCor sold a retail center, but maintained a significant continuing involvement through a management contract. In the first quarter of 2003, this management contract was canceled. As a result, the gain on the 2002 sale and the operating income related to this property have been reclassified as discontinued operations. The income from discontinued operations of $14 million (after income taxes) in the twelve months ended March 31, 2003 primarily reflects this sale and the sale of the water utility company.
The following chart provides a summary of SunCor's earnings (after income taxes) for the three and twelve months ended March 31, 2003 and the comparable prior periods (dollars in millions):

                                       Three Months Ended    Twelve Months Ended
                                            March 31,             March 31,
                                       ------------------    -------------------
                                        2003        2002      2003         2002
                                       ------      ------    ------       ------
Income from continuing operations      $    1      $    1    $    9       $    4
Income from discontinued operations         5           1        14            1
                                       ------      ------    ------       ------
Net income                             $    6      $    2    $   23       $    5
                                       ======      ======    ======       ======	

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements based on current expectations and we assume no obligation to update these statements or make any further statements on any of these issues, except as required by applicable law. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by us. These factors include the ongoing restructuring of the electric industry, including the introduction of retail electric competition in Arizona and decisions impacting wholesale competition; the outcome of regulatory and legislative proceedings relating to the restructuring; state and federal regulatory and legislative decisions and actions, including price caps and other market constraints imposed by the FERC; regional economic and market conditions, including the California energy
11

situation and completion of generation and transmission construction in the region, which could affect customer growth and the cost of power supplies; the cost of debt and equity capital and access to capital markets; weather variations affecting local and regional customer energy usage; the effect of conservation programs on energy usage; power plant performance; the successful completion of our generation construction program; regulatory issues associated with generation construction, such as permitting and licensing; our ability to compete successfully outside traditional regulated markets (including the wholesale market); our ability to manage our marketing and trading activities and the use of derivative contracts in our business; technological developments in the electric industry; the performance of the stock market, which affects the amount of our required contributions to our pension plan and nuclear decommissioning trust funds; the strength of the real estate market in SunCor's market areas, which include Arizona, New Mexico and Utah; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
12

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in Thousands, Except Per Share Amounts)

(Unaudited)

                                                                THREE MONTHS ENDED             TWELVE MONTHS ENDED
                                                                     March 31,                       March 31,
                                                           ----------------------------    ----------------------------
                                                               2003            2002            2003            2002
                                                           ------------    ------------    ------------    ------------
OPERATING REVENUES
  Regulated electricity segment                            $    384,960    $    380,241    $  2,017,742    $  2,529,522
  Marketing and trading segment                                 162,743          75,815         412,859         468,750
  Real estate segment                                            40,688          39,511         202,258         176,084
  Other revenues                                                 15,571           4,277          73,231          14,505
                                                           ------------    ------------    ------------    ------------
     Total                                                      603,962         499,844       2,706,090       3,188,861
                                                           ------------    ------------    ------------    ------------

OPERATING EXPENSES
  Regulated electricity segment purchased power and fuel         74,671          61,531         512,683       1,092,767
  Marketing and trading segment purchased power and fuel        143,645          35,785         301,899         218,588
  Operations and maintenance                                    133,117         117,430         600,225         522,275
  Real estate operations segment                                 40,159          36,646         189,438         159,100
  Depreciation and amortization                                 105,398          99,656         429,824         422,778
  Taxes other than income taxes                                  28,496          26,758         109,690         102,523
  Other expenses                                                  9,221           3,302         110,878          12,717
                                                           ------------    ------------    ------------    ------------
     Total                                                      534,707         381,108       2,254,637       2,530,748
                                                           ------------    ------------    ------------    ------------
OPERATING INCOME                                                 69,255         118,736         451,453         658,113
                                                           ------------    ------------    ------------    ------------

OTHER
  Other income                                                    5,721           5,161          16,226          27,096
  Other expense                                                  (4,197)         (5,089)        (33,519)        (32,864)
                                                           ------------    ------------    ------------    ------------
     Total                                                        1,524              72         (17,293)         (5,768)
                                                           ------------    ------------    ------------    ------------

INTEREST EXPENSE
  Interest charges                                               47,851          44,519         190,844         177,592
  Capitalized interest                                           (9,979)        (13,859)        (39,869)        (51,294)
                                                           ------------    ------------    ------------    ------------
     Total                                                       37,872          30,660         150,975         126,298
                                                           ------------    ------------    ------------    ------------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES            32,907          88,148         283,185         526,047

INCOME TAXES                                                     12,754          34,897         110,085         207,634
                                                           ------------    ------------    ------------    ------------

INCOME FROM CONTINUING OPERATIONS                                20,153          53,251         173,100         318,413

INCOME FROM DISCONTINUED OPERATIONS - NET OF INCOME TAX           5,145             506          13,594             506

CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING
  FOR DERIVATIVES - NET OF INCOME TAX                                --              --              --         (12,446)

CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING
  FOR TRADING ACTIVITIES - NET OF INCOME TAX                         --              --         (65,745)             --
                                                           ------------    ------------    ------------    ------------

NET INCOME                                                 $     25,298    $     53,757    $    120,949    $    306,473
                                                           ============    ============    ============    ============

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC               91,256          84,735          86,509          84,719

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED             91,359          84,884          86,627          84,910

EARNINGS PER WEIGHTED AVERAGE COMMON SHARE OUTSTANDING
  Income From Continuing Operations - Basic                $       0.22    $       0.63    $       2.00    $       3.76
  Net Income - Basic                                       $       0.28    $       0.63    $       1.40    $       3.62
  Income From Continuing Operations - Diluted              $       0.22    $       0.63    $       2.00    $       3.75
  Net Income - Diluted                                     $       0.28    $       0.63    $       1.40    $       3.61	

Certain prior year amounts have been restated to conform to the 2003 presentation.

Exhibit 99.9
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.	

Exhibit 99.10
NEWS [LOGO] PINNACLE WEST
CAPITAL CORPORATION
FOR IMMEDIATE RELEASE MAY 2, 2003
Media Contact: Alan Bunnell, (602) 250-3376 PAGE 1 OF 2 Analyst Contacts: Rebecca Hickman, (602) 250-5668 Lisa Malagon, (602) 250-5671 Website: www.pinnaclewest.com
PINNACLE WEST REPORTS 2003 FIRST QUARTER EARNINGS
ON TARGET WITH PLAN
PHOENIX - Pinnacle West Capital Corporation (NYSE: PNW) today reported consolidated net income for the quarter ended March 31, 2003, of $25.3 million, or $0.28 per diluted share of common stock. This result compares with $53.8 million, or $0.63 per share, for the comparable quarter a year ago.
"Quarterly results were on target with our plan, and our outlook for the year remains unchanged. However, we continue to monitor the uncertainties in the western wholesale power markets and their potential impact on our results," said Chairman Bill Post, adding that the Company's operations and market base remain strong.
"The growth of our retail service territory is indicative of a strong core business that will drive future financial performance. And, even in today's battered wholesale market, our power marketing group continues to produce positive results."
The quarter-to-quarter comparison was lower primarily due to decreased contributions from power marketing, which contributed very strong results in the 2002 first quarter; and an increase in fixed costs related to placing three new electricity-generating units into service in 2002.
Other factors affecting results were higher operations and maintenance and replacement power costs related to scheduled power plant overhauls; the effects of milder weather; higher costs for pension and other post-retirement benefits; and a retail electricity price decrease. These negative factors were partially offset by competitive retail sales by APS Energy Services, the Company's competitive affiliate; and strong Arizona retail customer growth of 3.3 percent, about three times the national average.
Despite the impact of milder weather, retail electricity sales in the first quarter were relatively flat at 5 billion kilowatt-hours (kWh) compared with the same period last year. First quarter wholesale power sales were 7.6 billion kWh, up 73 percent from the 4.4 billion kWh sold in the comparable 2002 period.

PINNACLE WEST FIRST QUARTER EARNINGS MAY 2, 2003
PAGE 2 OF 2
The 1.5 percent retail price decrease, totaling about $28 million annually, became effective July 1, 2002. Arizona Public Service (APS) plans to decrease its retail prices another 1.5 percent this July, completing a 10-year commitment of reducing prices a total of 16 percent for residential and small commercial customers since 1994.
Consistent with its accelerated asset sales program, SunCor Development Co., Pinnacle West's real estate subsidiary, reported net income of $6.4 million, compared with net income of $2.0 million for the prior year period. The difference was primarily the result of SunCor's sale of its water utility company. This sale resulted in a $5 million after-tax gain, which was recorded as discontinued operations in accordance with the accounting standard that classifies certain real estate activities as discontinued operations.

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

CONFERENCE CALL
Pinnacle West invites interested parties to listen to the live webcast of management's conference call to discuss the Company's 2003 first quarter earnings and recent developments at 12 noon (ET) today, May 2. The webcast can be accessed at www.pinnaclewest.com/presentations and will be available for replay through May 31, 2003. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 9833252. A replay of the call also will be available until 12 midnight (ET), Friday, May 9, 2003, by calling
(800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering reservation number 9833252.
Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial, and industrial real estate projects.
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THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS BASED ON CURRENT EXPECTATIONS, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THESE STATEMENTS OR MAKE ANY FURTHER STATEMENTS ON ANY OF THESE ISSUES, EXCEPT AS REQUIRED BY APPLICABLE LAW. BECAUSE ACTUAL RESULTS MAY DIFFER MATERIALLY FROM EXPECTATIONS, THE COMPANY CAUTIONS READERS NOT TO PLACE UNDUE RELIANCE ON THESE STATEMENTS. A NUMBER OF FACTORS COULD CAUSE FUTURE RESULTS TO DIFFER MATERIALLY FROM HISTORICAL RESULTS, OR FROM RESULTS OR OUTCOMES CURRENTLY EXPECTED OR SOUGHT BY THE COMPANY. THESE FACTORS INCLUDE THE ONGOING RESTRUCTURING OF THE ELECTRIC INDUSTRY; INCLUDING THE INTRODUCTION OF RETAIL ELECTRIC COMPETITION IN ARIZONA AND DECISIONS IMPACTING WHOLESALE COMPETITION; THE OUTCOME OF REGULATORY AND LEGISLATIVE PROCEEDINGS RELATING TO THE RESTRUCTURING; STATE AND FEDERAL REGULATORY AND LEGISLATIVE DECISIONS AND ACTIONS, INCLUDING PRICE CAPS AND OTHER MARKET CONSTRAINTS IMPOSED BY THE FERC; REGIONAL ECONOMIC AND MARKET CONDITIONS, INCLUDING THE CALIFORNIA ENERGY SITUATION AND COMPLETION OF GENERATION AND TRANSMISSION CONSTRUCTION IN THE REGION, WHICH COULD AFFECT CUSTOMER GROWTH AND THE COST OF POWER SUPPLIES; THE COST OF DEBT AND EQUITY CAPITAL AND ACCESS TO CAPITAL MARKETS; ENERGY USAGE; WEATHER VARIATIONS AFFECTING LOCAL AND REGIONAL CUSTOMER ENERGY USAGE; CONSERVATION PROGRAMS; POWER PLANT PERFORMANCE; THE SUCCESSFUL COMPLETION OF OUR GENERATION CONSTRUCTION PROGRAM; REGULATORY ISSUES ASSOCIATED WITH GENERATION CONSTRUCTION , SUCH AS PERMITTING AND LICENSING; OUR ABILITY TO COMPETE SUCCESSFULLY OUTSIDE TRADITIONAL REGULATED MARKETS (INCLUDING THE WHOLESALE MARKET);OUR ABILITY TO MANAGE OUR MARKETING AND TRADING ACTIVITIES AND THE USE OF DERIVATIVE CONTRACTS IN OUR BUSINESS; TECHNOLOGICAL DEVELOPMENTS IN THE ELECTRIC INDUSTRY; THE PERFORMANCE OF THE STOCK MARKET, WHICH AFFECTS THE AMOUNT OF OUR REQUIRED CONTRIBUTIONS TO OUR PENSION PLAN AND NUCLEAR DECOMMISSIONING TRUST FUNDS; THE STRENGTH OF THE REAL ESTATE MARKET IN SUNCOR'S MARKET AREAS, WHICH INCLUDE ARIZONA, NEW MEXICO AND UTAH; AND OTHER UNCERTAINTIES, ALL OF WHICH ARE DIFFICULT TO PREDICT AND MANY OF WHICH ARE BEYOND OUR CONTROL.