Table of Contents

 
UNITED STATES 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, 2006
 	 	 	 	 	
 	 	Exact Name of Registrant as Specified	 	 	
 	 	in Charter; State of Incorporation;	 	IRS Employer	
Commission File Number	 	Address and Telephone Number	 	Identification Number	

1-8962	 	Pinnacle West Capital Corporation
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602) 250-1000	 	86-0512431	
 	 	 	 	 	
1-4473	 	Arizona Public Service Company
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602) 250-1000	 	86-0011170	
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
      o Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
      o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
      o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
      o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
     This combined Form 8-K is separately filed by Pinnacle West Capital Corporation and Arizona Public Service Company. Each registrant is filing on its own behalf all of the information contained in this Form 8-K that relates to such registrant and, where required, its subsidiaries. Except as stated in the preceding sentence, neither registrant is filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.

 

 

TABLE OF CONTENTS
 	 	 	 	 	
 	 	Page	
Item 2.02 Results of Operations and Financial Condition	 	 	2	 	
Item 7.01 Regulation FD Disclosure	 	 	3	 	
Item 9.01 Financial Statements and Exhibits	 	 	4	 	
Signatures	 	 	5	 	
  Exhibit 99.1	
  Exhibit 99.2	
  Exhibit 99.3	
  Exhibit 99.4	
  Exhibit 99.5	
  Exhibit 99.6	
  Exhibit 99.7	
  Exhibit 99.8	

Table of Contents
Item 2.02. Results of Operations and Financial Condition
     Certain of the Information referenced in Item 7.01 below relates to Pinnacle West Capital Corporation’s (“Pinnacle West” or the “Company”) results of operations for its fiscal quarter ended March 31, 2006. This Information is attached hereto as Exhibits 99.2, 99.3, and 99.8.
     On May 9, 2006, the Company issued a press release regarding its financial results for its fiscal quarter ended March 31, 2006. A copy of the press release is attached hereto as Exhibit 99.8.
     The information being furnished pursuant to this Item 2.02 and in Exhibits 99.2, 99.3, and 99.8 of this report relating to the Company’s financial results for its fiscal quarter ended March 31, 2006 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
2

Table of Contents
Item 7.01. Regulation FD Disclosure
Financial and Business Information
     The Company is providing quarterly consolidated statistical summaries and a glossary of relevant terms (collectively, “Information”) to help interested parties better understand its business (see Exhibits 99.1, 99.2, 99.3, 99.4, 99.5, 99.6 and 99.7). 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.
3

Table of Contents
Item 9.01. Financial Statements and Exhibits
      (c) Exhibits.
 	 	 	 	 	
Exhibit	 	 	 	 	
No.	 	Registrant(s)	 	Description	
 	
99.1	 	Pinnacle West
Arizona Public
Service Company
(“APS”)	 	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).	
 	 	 	 	 	
99.2	 	Pinnacle West
APS	 	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the three-month periods ended March 31, 2006 and 2005.	
 	 	 	 	 	
99.3	 	Pinnacle West
APS	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2006.	
 	 	 	 	 	
99.4	 	Pinnacle West	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2005.	
 	 	 	 	 	
99.5	 	Pinnacle West	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2004.	
 	 	 	 	 	
99.6	 	Pinnacle West	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2003.	
 	 	 	 	 	
99.7	 	Pinnacle West
APS	 	Glossary of Terms.	
 	 	 	 	 	
99.8	 	Pinnacle West
APS	 	Earnings News Release issued on May 9, 2006.	
4

Table of Contents
SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 	 	 	 	 	
 	 	PINNACLE WEST CAPITAL CORPORATION
(Registrant)	
 	 	 	 	 	
Dated: May 9, 2006	 	By:	 	     /s/ Barbara M. Gomez	
 	 	 	 	 	
 	 	 	 	     Barbara M. Gomez	
 	 	 	 	     Vice President and Treasurer	
 	 	 	 	 	
 	 	ARIZONA PUBLIC SERVICE COMPANY
(Registrant)	
 	 	 	 	 	
Dated: May 9, 2006	 	By:	 	     /s/ Barbara M. Gomez	
 	 	 	 	 	
 	 	 	 	     Barbara M. Gomez	
 	 	 	 	     Vice President and Treasurer	
5

Exhibit 99.1
Last Updated     5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
List of Contents
2006 First Quarter Summary
2006 Year-to-Date
2005 by Quarter
2004 by Quarter
2003 by Quarter
Quarters may not sum to totals due to rounding.
Certain current and prior-year amounts have been reclassified to conform to current-period presentation.
The definitions of terms used in this statistical summary are contained
in the “Glossary of Terms” on the Pinnacle West website at:
http://www.pinnaclewest.com/files/investors/2006Q1QuarStatsGloss.pdf
This statistical data may be graphed in various quarterly or annual comparisons
using the “Interactive Charts” tool on the Pinnacle West website at:
http://www.pinnaclewest.com/main/pnw/investors/financials/quarterly/landing.html

 

Exhibit 99.2
Last Updated     5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended March	 	
Line	 	 	 	 	2006	 	 	2005	 	 	Incr (Decr)	 	
 	 	 	 	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1	 	 	Arizona Public Service	 	$	(6	)	 	$	27	 	 	$	(33	)	
 	2	 	 	Pinnacle West Energy	 	 	—	 	 	 	(21	)	 	 	21	 	
 	3	 	 	APS Energy Services	 	 	1	 	 	 	(3	)	 	 	4	 	
 	4	 	 	SunCor	 	 	21	 	 	 	9	 	 	 	12	 	
 	5	 	 	El Dorado	 	 	(1	)	 	 	(1	)	 	 	—	 	
 	6	 	 	Parent Company	 	 	(3	)	 	 	19	 	 	 	(22	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	7	 	 	Income From Continuing Operations	 	 	12	 	 	 	30	 	 	 	(18	)	
 	8		 	Loss From Discontinued Operations — Net of Tax	 	 	—	 	 	 	(6	)	 	 	6	 	
 	9	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	Net Income	 	$	12	 	 	$	24	 	 	$	(12	)	

  	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	11	 	 	Arizona Public Service	 	$	(0.06	)	 	$	0.30	 	 	$	(0.36	)	
 	12	 	 	Pinnacle West Energy	 	 	—	 	 	 	(0.23	)	 	 	0.23	 	
 	13	 	 	APS Energy Services	 	 	0.01	 	 	 	(0.04	)	 	 	0.05	 	
 	14	 	 	SunCor	 	 	0.21	 	 	 	0.09	 	 	 	0.12	 	
 	15	 	 	El Dorado	 	 	(0.01	)	 	 	(0.01	)	 	 	—	 	
 	16	 	 	Parent Company	 	 	(0.03	)	 	 	0.21	 	 	 	(0.24	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	17	 	 	Income From Continuing Operations	 	 	0.12	 	 	 	0.32	 	 	 	(0.20	)	
 	18	 	 	Income (Loss) From Discontinued Operations — Net of Tax	 	 	0.01	 	 	 	(0.05	)	 	 	0.06	 	
 	19	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	Net Income	 	$	0.13	 	 	$	0.27	 	 	$	(0.14	)	

 	21	 	 	BOOK VALUE PER SHARE	 	$	32.37	*	 	$	32.50	 	 	$	(0.13	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	COMMON SHARES OUTSTANDING (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	Average — Diluted	 	 	99,449	 	 	 	92,045	 	 	 	7,404	 	
 	23	 	 	End of Period	 	 	99,187	 	 	 	92,103	 	 	 	7,084	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	* Estimate	 	 	 	 	 	 	 	 	 	 	 	 	
			
See Glossary of Terms.	 	Page 2 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended March	 	
Line	 	 	 	 	2006	 	 	2005	 	 	Incr (Decr)	 	
 	 	 	 	ELECTRIC OPERATING REVENUES (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	
 	24	 	 	Residential	 	$	202	 	 	$	190	 	 	$	12	 	
 	25	 	 	Business	 	 	233	 	 	 	209	 	 	 	24	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	26	 	 	Total retail	 	 	435	 	 	 	399	 	 	 	36	 	
 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	
 	27	 	 	Traditional contracts	 	 	6	 	 	 	3	 	 	 	3	 	
 	28	 	 	Off-system sales	 	 	12	 	 	 	—	 	 	 	12	 	
 	29	 	 	Transmission for others	 	 	6	 	 	 	7	 	 	 	(1	)	
 	30	 	 	Other miscellaneous services	 	 	7	 	 	 	7	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	31	 	 	Total regulated operating electricity revenues	 	 	466	 	 	 	416	 	 	 	50	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	
 	32	 	 	Electricity and other commodity sales	 	 	85	 	 	 	89	 	 	 	(4	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	33	 	 	Total operating electric revenues	 	$	551	 	 	$	505	 	 	$	46	 	

 	 	 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail sales	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	Residential	 	 	2,419	 	 	 	2,367	 	 	 	52	 	
 	35	 	 	Business	 	 	3,199	 	 	 	3,042	 	 	 	157	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	36	 	 	Total retail	 	 	5,618	 	 	 	5,409	 	 	 	209	 	
 	 	 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	
 	37	 	 	Traditional contracts	 	 	215	 	 	 	155	 	 	 	60	 	
 	38	 	 	Off-system sales	 	 	936	 	 	 	—	 	 	 	936	 	
 	39	 	 	Retail load hedge management	 	 	178	 	 	 	750	 	 	 	(572	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	40	 	 	Total regulated electricity	 	 	6,947	 	 	 	6,314	 	 	 	633	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	
 	41	 	 	Wholesale sales of electricity	 	 	3,891	 	 	 	6,060	 	 	 	(2,169	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	42	 	 	Total electric sales	 	 	10,838	 	 	 	12,374	 	 	 	(1,536	)	

See Glossary of Terms.	 	Page 3 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended March	 	
Line	 	 	 	 	2006	 	 	2005	 	 	Incr (Decr)	 	
 	 	 	 	POWER SUPPLY ADJUSTOR (“PSA”) - REGULATED ELECTRICITY SEGMENT (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43	 	 	Deferred fuel and purchased power regulatory asset — beginning balance	 	$	173	 	 	$	—	 	 	$	173	 	
 	44	 	 	Deferred fuel and purchased power costs — current period	 	 	13	 	 	 	—	 	 	 	13	 	
 	45	 	 	Interest on deferred fuel	 	 	1	 	 	 	—	 	 	 	1	 	
 	46	 	 	Amounts recovered through revenues	 	 	(18	)	 	 	—	 	 	 	(18	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	47	 	 	Deferred fuel and purchased power regulatory asset — ending balance	 	$	169	 	 	$	—	 	 	$	169	 	

  	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	48	 	 	Electricity and other commodity sales, realized (a)	 	$	11	 	 	$	12	 	 	$	(1	)	
 	49	 	 	Mark-to-market reversals on realized sales (b)	 	 	(1	)	 	 	(3	)	 	 	2	 	
 	50	 	 	Change in mark-to-market value of forward sales	 	 	1	 	 	 	10	 	 	 	(9	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	Total gross margin	 	$	11	 	 	$	19	 	 	$	(8	)	

 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	52	 	 	Parent company marketing and trading division	 	$	(2	)	 	$	21	 	 	$	(23	)	
 	53	 	 	APS	 	 	10	 	 	 	(4	)	 	 	14	 	
 	54	 	 	Pinnacle West Energy	 	 	—	 	 	 	5	 	 	 	(5	)	
 	55	 	 	APS Energy Services	 	 	3	 	 	 	(3	)	 	 	6	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	Total gross margin	 	$	11	 	 	$	19	 	 	$	(8	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Future Marketing and Trading Mark-to-Market Realization
As of March 31, 2006, Pinnacle West had accumulated net mark-to-market gains of $45 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: 2006, $11 million; 2007, $21 million; and 2008, $13 million.

(a)	 	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 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 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the first quarter of 2006. A $1 million realized gain is included in the $11 million on line 48 for the first quarter of 2006.	
 		
(b)	 	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.	
			
See Glossary of Terms.	 	Page 4 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended March	 	
Line	 	 	 	 	2006	 	 	2005	 	 	Incr (Decr)	 	
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	
 	57	 	 	Residential	 	 	930,799	 	 	 	889,967	 	 	 	40,832	 	
 	58	 	 	Business	 	 	113,570	 	 	 	109,795	 	 	 	3,775	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	59	 	 	Total	 	 	1,044,369	 	 	 	999,762	 	 	 	44,607	 	
 	60	 	 	Wholesale customers	 	 	75	 	 	 	81	 	 	 	(6	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	Total customers	 	 	1,044,444	 	 	 	999,843	 	 	 	44,601	 	

 	62	 	 	Customer growth (% over prior year)	 	 	4.5	%	 	 	4.0	%	 	 	0.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL SALES (GWH) - WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	63	 	 	Residential	 	 	2,514	 	 	 	2,439	 	 	 	75	 	
 	64	 	 	Business	 	 	3,252	 	 	 	3,058	 	 	 	194	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Total	 	 	5,766	 	 	 	5,497	 	 	 	269	 	

 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	66	 	 	Residential	 	 	2,763	 	 	 	2,660	 	 	 	103	 	
 	67	 	 	Business	 	 	30,444	 	 	 	27,706	 	 	 	2,738	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	68	 	 	Residential	 	 	2,700	 	 	 	2,741	 	 	 	(41	)	
 	69	 	 	Business	 	 	28,636	 	 	 	27,860	 	 	 	776	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	70	 	 	System peak demand	 	 	4,205	 	 	 	3,997	 	 	 	208	 	
			
See Glossary of Terms.	 	Page 5 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended March	 	
Line	 	 	 	 	2006	 	 	2005	 	 	Incr (Decr)	 	
 	 	 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	Nuclear	 	 	1,720	 	 	 	2,247	 	 	 	(527	)	
 	72	 	 	Coal	 	 	3,083	 	 	 	2,940	 	 	 	143	 	
 	73	 	 	Gas, oil and other	 	 	1,252	 	 	 	1,127	 	 	 	125	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	74	 	 	Total generation production	 	 	6,055	 	 	 	6,314	 	 	 	(259	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	Firm load	 	 	365	 	 	 	586	 	 	 	(221	)	
 	76	 	 	Marketing and trading	 	 	4,669	 	 	 	5,832	 	 	 	(1,163	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	Total purchased power	 	 	5,034	 	 	 	6,418	 	 	 	(1,384	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	78	 	 	Total energy sources	 	 	11,089	 	 	 	12,732	 	 	 	(1,643	)	

 	 	 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	Nuclear	 	 	71	%	 	 	94	%	 	 	(23	)%	
 	80	 	 	Coal	 	 	83	%	 	 	79	%	 	 	4	%	
 	81	 	 	Gas, oil and other	 	 	20	%	 	 	18	%	 	 	2	%	
 	82	 	 	System average	 	 	49	%	 	 	50	%	 	 	(1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)	 	 	 	 	 	 	 	 	 	 	 	 	
 	83	 	 	Nuclear	 	 	306	 	 	 	52	 	 	 	254	 	
 	84	 	 	Coal	 	 	257	 	 	 	195	 	 	 	62	 	
 	85	 	 	Gas	 	 	201	 	 	 	212	 	 	 	(11	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	86	 	 	Total	 	 	764	 	 	 	459	 	 	 	305	 	

			
(a)	 	Includes planned and unplanned outages	
			
See Glossary of Terms.	 	Page 6 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended March 31, 2006 and 2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended March	 	
Line	 	 	 	 	2006	 	 	2005	 	 	Incr (Decr)	 	
 	 	 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	
 	87	 	 	Palo Verde	 	$	53.78	 	 	$	49.74	 	 	$	4.04	 	
 	88	 	 	SP15	 	$	58.34	 	 	$	55.70	 	 	$	2.64	 	
 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	
 	89	 	 	Palo Verde	 	$	41.92	 	 	$	37.04	 	 	$	4.88	 	
 	90	 	 	SP15	 	$	44.79	 	 	$	40.96	 	 	$	3.83	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	
 	91	 	 	Cooling degree-days	 	 	43	 	 	 	34	 	 	 	9	 	
 	92	 	 	Heating degree-days	 	 	464	 	 	 	457	 	 	 	7	 	
 	93	 	 	Average humidity	 	 	28	%	 	 	56	%	 	 	(28	)%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	
 	94	 	 	Cooling degree-days	 	 	99	 	 	 	99	 	 	 	—	 	
 	95	 	 	Heating degree-days	 	 	514	 	 	 	514	 	 	 	—	 	
 	96	 	 	Average humidity	 	 	41	%	 	 	41	%	 	 	0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits — Metro Phoenix (b) (d)	 	 	 	 	 	 	 	 	 	 	 	 	
 	97	 	 	Single-family	 	 	5,376	 	 	 	6,470	 	 	 	(1,094	)	
 	98	 	 	Multi-family	 	 	2,448	 	 	 	1,049	 	 	 	1,399	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	99	 	 	Total	 	 	7,824	 	 	 	7,519	 	 	 	305	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Arizona Job Growth (c) (d)	 	 	 	 	 	 	 	 	 	 	 	 	
 	100	 	 	Payroll job growth (% over prior year)	 	 	5.6	%	 	 	4.8	%	 	 	0.8	%	
 	 	 	 	Unemployment rate	 	 	 	 	 	 	 	 	 	 	 	 	
 	101	 	 	(%, seasonally adjusted)	 	 	4.6	%	 	 	4.5	%	 	 	0.1	%	

Sources:	 	
 		
(a)	 	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 		
(d)	 	Economic indicators reflect latest available data through periods ended February 28, 2006.	
			
See Glossary of Terms.	 	Page 7 of 31	

 

Exhibit 99.3
Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	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	 	$	(6	)	 	 	 	 	 	 	 	 	 	 	 	 	 	$	(6	)	 	$	(33	)	
 	2	 	 	Pinnacle West Energy	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	 	 	21	 	
 	3	 	 	APS Energy Services	 	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	 	 	4	 	
 	4	 	 	SunCor	 	 	21	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	21	 	 	 	12	 	
 	5	 	 	El Dorado	 	 	(1	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1	)	 	 	—	 	
 	6	 	 	Parent Company	 	 	(3	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(3	)	 	 	(22	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	7	 	 	Income From Continuing Operations	 	 	12	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	12	 	 	 	(18	)	
 	8	 	 	Loss From Discontinued Operations — Net of Tax	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	 	 	6	 	
 	9	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	Net Income	 	$	12	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	12	 	 	$	(12	)	

 	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	11	 	 	Arizona Public Service	 	$	(0.06	)	 	 	 	 	 	 	 	 	 	 	 	 	 	$	(0.06	)	 	$	(0.36	)	
 	12	 	 	Pinnacle West Energy	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	 	 	0.23	 	
 	13	 	 	APS Energy Services	 	 	0.01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.01	 	 	 	0.05	 	
 	14	 	 	SunCor	 	 	0.21	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.21	 	 	 	0.12	 	
 	15	 	 	El Dorado	 	 	(0.01	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.01	)	 	 	—	 	
 	16	 	 	Parent Company	 	 	(0.03	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(0.03	)	 	 	(0.24	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	17	 	 	Income From Continuing Operations	 	 	0.12	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	0.12	 	 	 	(0.20	)	
 	18	 	 	Income (Loss) From Discontinued Operations — Net of Tax	 	 	0.01	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	0.01	 	 	 	0.06	 	
 	19	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	Net Income	 	$	0.13	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	0.13	 	 	$	(0.14	)	

 	21	 	 	BOOK VALUE PER SHARE	 	$	32.37	*	 	 	 	 	 	 	 	 	 	 	 	 	 	$	32.37	 	 	$	(0.13	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	COMMON SHARES OUTSTANDING (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	Average — Diluted	 	 	99,449	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	99,449	 	 	 	7,404	 	
 	23	 	 	End of Period	 	 	99,187	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	99,187	 	 	 	7,084	 	

*	 	Estimate	
			
See Glossary of Terms.	 	Page 8 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	24	 	 	Residential	 	$	202	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	202	 	 	$	12	 	
 	25	 	 	Business	 	 	233	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	233	 	 	 	24	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	26	 	 	Total retail	 	 	435	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	435	 	 	 	36	 	
 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	27	 	 	Traditional contracts	 	 	6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	6	 	 	 	3	 	
 	28	 	 	Off-system sales	 	 	12	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	12	 	 	 	12	 	
 	29	 	 	Transmission for others	 	 	6	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	6	 	 	 	(1	)	
 	30	 	 	Other miscellaneous services	 	 	7	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	7	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	31	 	 	Total regulated operating electricity revenues	 	 	466	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	466	 	 	 	50	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	32	 	 	Electricity and other commodity sales	 	 	85	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	85	 	 	 	(4	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	33	 	 	Total operating electric revenues	 	$	551	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	551	 	 	$	46	 	

 	 	 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	Residential	 	 	2,419	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,419	 	 	 	52	 	
 	35	 	 	Business	 	 	3,199	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,199	 	 	 	157	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	36	 	 	Total retail	 	 	5,618	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5,618	 	 	 	209	 	
 	 	 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	37	 	 	Traditional contracts	 	 	215	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	215	 	 	 	60	 	
 	38	 	 	Off-system sales	 	 	936	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	936	 	 	 	936	 	
 	39	 	 	Retail load hedge management	 	 	178	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	178	 	 	 	(572	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	40	 	 	Total regulated electricity	 	 	6,947	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	6,947	 	 	 	633	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	41	 	 	Wholesale sales of electricity	 	 	3,891	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,891	 	 	 	(2,169	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	42	 	 	Total electric sales	 	 	10,838	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	10,838	 	 	 	(1,536	)	

See Glossary of Terms.	 	Page 9 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	POWER SUPPLY ADJUSTOR (“PSA”) - REGULATED ELECTRICITY SEGMENT (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43	 	 	Deferred fuel and purchased power regulatory asset — beginning balance	 	$	173	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	173	 	 	$	173	 	
 	44	 	 	Deferred fuel and purchased power costs — current period	 	 	13	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	13	 	 	 	13	 	
 	45	 	 	Interest on deferred fuel	 	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	 	 	1	 	
 	46	 	 	Amounts recovered through revenues	 	 	(18	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(18	)	 	 	(18	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	47	 	 	Deferred fuel and purchased power regulatory asset — ending balance	 	$	169	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	169	 	 	$	169	 	

 	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	48	 	 	Electricity and other commodity sales, realized (a)	 	$	11	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	11	 	 	$	(1	)	
 	49	 	 	Mark-to-market reversals on realized sales (b)	 	 	(1	)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(1	)	 	 	2	 	
 	50	 	 	Change in mark-to-market value of forward sales	 	 	1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1	 	 	 	(9	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	Total gross margin	 	$	11	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	11	 	 	$	(8	)	

 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	52	 	 	Parent company marketing and trading division	 	$	(2	)	 	 	 	 	 	 	 	 	 	 	 	 	 	$	(2	)	 	$	(23	)	
 	53	 	 	APS	 	 	10	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	10	 	 	 	14	 	
 	54	 	 	Pinnacle West Energy	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	—	 	 	 	(5	)	
 	55	 	 	APS Energy Services	 	 	3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3	 	 	 	6	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	Total gross margin	 	$	11	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	11	 	 	$	(8	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future Marketing and Trading Mark-to-Market Realization
As of March 31, 2006, Pinnacle West had accumulated net mark-to-market gains of $45 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: 2006, $11 million; 2007, $21 million; and 2008, $13 million.

(a)	 	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 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 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the first quarter of 2006. A $1 million realized gain is included in the $11 million on line 48 for the first quarter of 2006.	
 		
(b)	 	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.	
			
See Glossary of Terms.	 	Page 10 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	57	 	 	Residential	 	 	930,799	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	930,799	 	 	 	40,832	 	
 	58	 	 	Business	 	 	113,570	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	113,570	 	 	 	3,775	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	59	 	 	Total	 	 	1,044,369	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,044,369	 	 	 	44,607	 	
 	60	 	 	Wholesale customers	 	 	75	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	75	 	 	 	(6	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	Total customers	 	 	1,044,444	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1,044,444	 	 	 	44,601	 	

 	62	 	 	Customer growth (% over prior year)	 	 	4.5	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4.5	%	 	 	0.5	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL SALES (GWH) — WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	63	 	 	Residential	 	 	2,514	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,514	 	 	 	75	 	
 	64	 	 	Business	 	 	3,252	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,252	 	 	 	194	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Total	 	 	5,766	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5,766	 	 	 	269	 	

 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	66	 	 	Residential	 	 	2,763	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,763	 	 	 	103	 	
 	67	 	 	Business	 	 	30,444	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	30,444	 	 	 	2,738	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	68	 	 	Residential	 	 	2,700	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,700	 	 	 	(41	)	
 	69	 	 	Business	 	 	28,636	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	28,636	 	 	 	776	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	70	 	 	System peak demand	 	 	4,205	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,205	 	 	 	208	 	
			
See Glossary of Terms.	 	Page 11 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	Nuclear	 	 	1,720	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,720	 	 	 	(527	)	
 	72	 	 	Coal	 	 	3,083	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	3,083	 	 	 	143	 	
 	73	 	 	Gas, oil and other	 	 	1,252	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	1,252	 	 	 	125	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	74	 	 	Total generation production	 	 	6,055	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	6,055	 	 	 	(259	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	Firm load	 	 	365	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	365	 	 	 	(221	)	
 	76	 	 	Marketing and trading	 	 	4,669	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4,669	 	 	 	(1,163	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	Total purchased power	 	 	5,034	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5,034	 	 	 	(1,384	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	78	 	 	Total energy sources	 	 	11,089	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	11,089	 	 	 	(1,643	)	

 	 	 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	Nuclear	 	 	71	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	71	%	 	 	(23	)%	
 	80	 	 	Coal	 	 	83	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	83	%	 	 	4	%	
 	81	 	 	Gas, oil and other	 	 	20	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	20	%	 	 	2	%	
 	82	 	 	System average	 	 	49	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	49	%	 	 	(1	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	83	 	 	Nuclear	 	 	306	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	306	 	 	 	254	 	
 	84	 	 	Coal	 	 	257	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	257	 	 	 	62	 	
 	85	 	 	Gas	 	 	201	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	201	 	 	 	(11	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	86	 	 	Total	 	 	764	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	764	 	 	 	305	 	

			
(a)	 	Includes planned and unplanned outages	
			
See Glossary of Terms.	 	Page 12 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2006
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	87	 	 	Palo Verde	 	$	53.78	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	53.78	 	 	$	4.04	 	
 	88	 	 	SP15	 	$	58.34	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	58.34	 	 	$	2.64	 	
 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	89	 	 	Palo Verde	 	$	41.92	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	41.92	 	 	$	4.88	 	
 	90	 	 	SP15	 	$	44.79	 	 	 	 	 	 	 	 	 	 	 	 	 	 	$	44.79	 	 	$	3.83	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	91	 	 	Cooling degree-days	 	 	43	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	43	 	 	 	9	 	
 	92	 	 	Heating degree-days	 	 	464	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	464	 	 	 	7	 	
 	93	 	 	Average humidity	 	 	28	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	28	%	 	 	(28	)%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	94	 	 	Cooling degree-days	 	 	99	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	99	 	 	 	—	 	
 	95	 	 	Heating degree-days	 	 	514	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	514	 	 	 	—	 	
 	96	 	 	Average humidity	 	 	41	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	41	%	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits — Metro Phoenix (b) (d)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	97	 	 	Single-family	 	 	5,376	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5,376	 	 	 	(1,094	)	
 	98	 	 	Multi-family	 	 	2,448	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	2,448	 	 	 	1,399	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	99	 	 	Total	 	 	7,824	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	7,824	 	 	 	305	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Arizona Job Growth (c) (d)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	100	 	 	Payroll job growth (% over prior year)	 	 	5.6	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	5.6	%	 	 	0.8	%	
 	101	 	 	Unemployment rate	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	(%, seasonally adjusted)	 	 	4.6	%	 	 	 	 	 	 	 	 	 	 	 	 	 	 	4.6	%	 	 	0.1	%	

Sources:	 	
 		
(a)	 	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 		
(d)	 	Economic indicators reflect latest available data through periods ended February 28, 2006.	
			
See Glossary of Terms.	 	Page 13 of 31	

 

Exhibit 99.4
Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	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	 	$	27	 	 	$	64	 	 	$	61	 	 	$	18	 	 	$	170	 	 	$	(30	)	
 	2	 	 	Pinnacle West Energy	 	 	(21	)	 	 	12	 	 	 	(71	)	 	 	(6	)	 	 	(85	)	 	 	(27	)	
 	3	 	 	APS Energy Services	 	 	(3	)	 	 	1	 	 	 	—	 	 	 	(3	)	 	 	(6	)	 	 	(9	)	
 	4	 	 	SunCor	 	 	9	 	 	 	11	 	 	 	6	 	 	 	13	 	 	 	39	 	 	 	(2	)	
 	5	 	 	El Dorado	 	 	(1	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(2	)	 	 	(35	)	
 	6	 	 	Parent Company	 	 	19	 	 	 	(3	)	 	 	89	 	 	 	2	 	 	 	107	 	 	 	79	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	7	 	 	Income From Continuing Operations	 	 	30	 	 	 	85	 	 	 	85	 	 	 	24	 	 	 	223	 	 	 	(24	)	
 	8	 	 	Loss From Discontinued Operations — Net of Tax	 	 	(6	)	 	 	(58	)	 	 	19	 	 	 	(3	)	 	 	(47	)	 	 	(43	)	
 	9	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	Net Income	 	$	24	 	 	$	27	 	 	$	104	 	 	$	21	 	 	$	176	 	 	$	(67	)	

 	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	11	 	 	Arizona Public Service	 	$	0.30	 	 	$	0.66	 	 	$	0.62	 	 	$	0.19	 	 	$	1.77	 	 	$	(0.41	)	
 	12	 	 	Pinnacle West Energy	 	 	(0.23	)	 	 	0.13	 	 	 	(0.72	)	 	 	(0.06	)	 	 	(0.89	)	 	 	(0.26	)	
 	13	 	 	APS Energy Services	 	 	(0.04	)	 	 	0.01	 	 	 	—	 	 	 	(0.04	)	 	 	(0.06	)	 	 	(0.09	)	
 	14	 	 	SunCor	 	 	0.09	 	 	 	0.11	 	 	 	0.07	 	 	 	0.13	 	 	 	0.40	 	 	 	(0.05	)	
 	15	 	 	El Dorado	 	 	(0.01	)	 	 	—	 	 	 	(0.01	)	 	 	(0.01	)	 	 	(0.02	)	 	 	(0.38	)	
 	16	 	 	Parent Company	 	 	0.21	 	 	 	(0.03	)	 	 	0.90	 	 	 	0.03	 	 	 	1.11	 	 	 	0.81	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	17	 	 	Income From Continuing Operations	 	 	0.32	 	 	 	0.88	 	 	 	0.86	 	 	 	0.24	 	 	 	2.31	 	 	 	(0.38	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	18	 	 	Income (Loss) From Discontinued Operations — Net of Tax	 	 	(0.05	)	 	 	(0.60	)	 	 	0.19	 	 	 	(0.02	)	 	 	(0.49	)	 	 	(0.46	)	
 	19	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	Net Income	 	$	0.27	 	 	$	0.28	 	 	$	1.05	 	 	$	0.22	 	 	$	1.82	 	 	$	(0.84	)	

 	21	 	 	BOOK VALUE PER SHARE	 	$	32.50	 	 	$	32.89	 	 	$	35.81	 	 	$	34.58	 	 	$	34.58	 	 	$	2.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	COMMON SHARES OUTSTANDING (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	Average — Diluted	 	 	92,045	 	 	 	96,299	 	 	 	98,816	 	 	 	99,050	 	 	 	96,590	 	 	 	5,058	 	
 	23	 	 	End of Period	 	 	92,103	 	 	 	98,442	 	 	 	98,881	 	 	 	99,057	 	 	 	99,057	 	 	 	7,264	 	
			
See Glossary of Terms.	 	Page 14 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	24	 	 	Residential	 	$	190	 	 	$	268	 	 	$	414	 	 	$	207	 	 	$	1,079	 	 	$	95	 	
 	25	 	 	Business	 	 	209	 	 	 	281	 	 	 	308	 	 	 	243	 	 	 	1,041	 	 	 	63	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	26	 	 	Total retail	 	 	399	 	 	 	549	 	 	 	722	 	 	 	450	 	 	 	2,120	 	 	 	158	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	27	 	 	Traditional contracts	 	 	3	 	 	 	5	 	 	 	9	 	 	 	6	 	 	 	23	 	 	 	7	 	
 	28	 	 	Off-system sales	 	 	—	 	 	 	12	 	 	 	8	 	 	 	20	 	 	 	40	 	 	 	40	 	
 	29	 	 	Transmission for others	 	 	7	 	 	 	7	 	 	 	7	 	 	 	5	 	 	 	26	 	 	 	(6	)	
 	30	 	 	Other miscellaneous services	 	 	7	 	 	 	7	 	 	 	7	 	 	 	7	 	 	 	28	 	 	 	3	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	31	 	 	Total regulated operating electricity revenues	 	 	416	 	 	 	580	 	 	 	753	 	 	 	488	 	 	 	2,237	 	 	 	202	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	32	 	 	Electricity and other commodity sales	 	 	89	 	 	 	71	 	 	 	107	 	 	 	83	 	 	 	351	 	 	 	(50	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	33	 	 	Total operating electric revenues	 	$	505	 	 	$	651	 	 	$	860	 	 	$	571	 	 	$	2,588	 	 	$	152	 	

 	 	 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	Residential	 	 	2,367	 	 	 	2,889	 	 	 	4,449	 	 	 	2,518	 	 	 	12,223	 	 	 	696	 	
 	35	 	 	Business	 	 	3,042	 	 	 	3,684	 	 	 	4,100	 	 	 	3,427	 	 	 	14,254	 	 	 	428	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	36	 	 	Total retail	 	 	5,409	 	 	 	6,573	 	 	 	8,549	 	 	 	5,945	 	 	 	26,477	 	 	 	1,124	 	
 	 	 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	37	 	 	Traditional contracts	 	 	155	 	 	 	200	 	 	 	269	 	 	 	227	 	 	 	850	 	 	 	141	 	
 	38	 	 	Off-system sales	 	 	—	 	 	 	598	 	 	 	212	 	 	 	526	 	 	 	1,336	 	 	 	1,336	 	
 	39	 	 	Retail load hedge management	 	 	750	 	 	 	702	 	 	 	1,026	 	 	 	532	 	 	 	3,010	 	 	 	278	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	40	 	 	Total regulated electricity	 	 	6,314	 	 	 	8,073	 	 	 	10,056	 	 	 	7,230	 	 	 	31,673	 	 	 	2,879	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	41	 	 	Wholesale sales of electricity	 	 	6,060	 	 	 	5,009	 	 	 	7,263	 	 	 	5,240	 	 	 	23,572	 	 	 	(6,606	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	42	 	 	Total electric sales	 	 	12,374	 	 	 	13,082	 	 	 	17,319	 	 	 	12,470	 	 	 	55,245	 	 	 	(3,727	)	

See Glossary of Terms.	 	Page 15 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	POWER SUPPLY ADJUSTOR (“PSA”) — REGULATED ELECTRICITY	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	SEGMENT (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43	 	 	Deferred fuel and purchased power regulatory asset — beginning balance	 	$	—	 	 	$	—	 	 	$	38	 	 	 	143	 	 	$	—	 	 	$	—	 	
 	44	 	 	Deferred fuel and purchased power costs — current period	 	 	—	 	 	 	38	 	 	 	104	 	 	 	29	 	 	 	171	 	 	 	171	 	
 	45	 	 	Interest on deferred fuel	 	 	—	 	 	 	—	 	 	 	1	 	 	 	1	 	 	 	2	 	 	 	2	 	
 	46	 	 	Amounts recovered through revenues	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	47	 	 	Deferred fuel and purchased power regulatory asset — ending balance	 	$	—	 	 	$	38	 	 	$	143	 	 	$	173	 	 	$	173	 	 	$	173	 	

 	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	48	 	 	Electricity and other commodity sales, realized (a)	 	$	12	 	 	$	18	 	 	$	3	 	 	$	22	 	 	$	55	 	 	$	(9	)	
 	49	 	 	Mark-to-market reversals on realized sales (b)	 	 	(3	)	 	 	(8	)	 	 	3	 	 	 	(17	)	 	 	(16	)	 	 	(11	)	
 	50	 	 	Change in mark-to-market value of forward sales	 	 	10	 	 	 	3	 	 	 	14	 	 	 	1	 	 	 	20	 	 	 	(1	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	Total gross margin	 	$	19	 	 	$	13	 	 	$	20	 	 	$	6	 	 	$	59	 	 	$	(21	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	52	 	 	Parent company marketing and trading division	 	$	21	 	 	$	6	 	 	$	26	 	 	$	5	 	 	$	59	 	 	$	34	 	
 	53	 	 	APS	 	 	(4	)	 	 	3	 	 	 	(8	)	 	 	3	 	 	 	(6	)	 	 	(1	)	
 	54	 	 	Pinnacle West Energy	 	 	5	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5	 	 	 	(41	)	
 	55	 	 	APS Energy Services	 	 	(3	)	 	 	4	 	 	 	2	 	 	 	(2	)	 	 	1	 	 	 	(13	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	Total gross margin	 	$	19	 	 	$	13	 	 	$	20	 	 	$	6	 	 	$	59	 	 	$	(21	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Future Marketing and Trading Mark-to-Market Realization
As of December 31, 2005, Pinnacle West had accumulated net mark-to-market gains of $45 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: 2006, $14 million; 2007, $20 million; and 2008, $11 million.

(a)	 	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 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 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $17 million was transferred to “realized” for the fourth quarter of 2005. A $17 million realized gain is included in the $22 million on line 48 for the fourth quarter of 2005.	
 		
(b)	 	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.	
			
See Glossary of Terms.	 	Page 16 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	57	 	 	Residential	 	 	889,967	 	 	 	888,509	 	 	 	895,789	 	 	 	911,623	 	 	 	896,472	 	 	 	37,403	 	
 	58	 	 	Business	 	 	109,795	 	 	 	110,658	 	 	 	111,648	 	 	 	112,569	 	 	 	111,168	 	 	 	4,053	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	59	 	 	Total	 	 	999,762	 	 	 	999,167	 	 	 	1,007,437	 	 	 	1,024,192	 	 	 	1,007,640	 	 	 	41,456	 	
 	60	 	 	Wholesale customers	 	 	81	 	 	 	76	 	 	 	78	 	 	 	77	 	 	 	78	 	 	 	(3	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	Total customers	 	 	999,843	 	 	 	999,243	 	 	 	1,007,515	 	 	 	1,024,269	 	 	 	1,007,718	 	 	 	41,453	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	62	 	 	Customer growth (% over prior year)	 	 	4.0	%	 	 	4.2	%	 	 	4.5	%	 	 	4.5	%	 	 	4.3	%	 	 	0.6	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL SALES (GWH) — WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	63	 	 	Residential	 	 	2,439	 	 	 	2,905	 	 	 	4,421	 	 	 	2,515	 	 	 	12,280	 	 	 	572	 	
 	64	 	 	Business	 	 	3,058	 	 	 	3,693	 	 	 	4,120	 	 	 	3,414	 	 	 	14,286	 	 	 	415	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Total	 	 	5,497	 	 	 	6,598	 	 	 	8,541	 	 	 	5,929	 	 	 	26,566	 	 	 	987	 	

 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	66	 	 	Residential	 	 	2,660	 	 	 	3,252	 	 	 	4,967	 	 	 	2,763	 	 	 	13,635	 	 	 	217	 	
 	67	 	 	Business	 	 	27,706	 	 	 	33,292	 	 	 	36,723	 	 	 	30,444	 	 	 	128,514	 	 	 	(878	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	68	 	 	Residential	 	 	2,741	 	 	 	3,269	 	 	 	4,935	 	 	 	2,758	 	 	 	13,698	 	 	 	70	 	
 	69	 	 	Business	 	 	27,860	 	 	 	33,377	 	 	 	36,899	 	 	 	30,332	 	 	 	128,507	 	 	 	(987	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	70	 	 	System peak demand	 	 	3,997	 	 	 	6,458	 	 	 	7,000	 	 	 	5,169	 	 	 	7,000	 	 	 	598	 	
			
See Glossary of Terms.	 	Page 17 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	Nuclear	 	 	2,247	 	 	 	1,619	 	 	 	2,147	 	 	 	1,496	 	 	 	7,509	 	 	 	(674	)	
 	72	 	 	Coal	 	 	2,940	 	 	 	3,088	 	 	 	3,574	 	 	 	3,458	 	 	 	13,060	 	 	 	394	 	
 	73	 	 	Gas, oil and other	 	 	1,127	 	 	 	2,074	 	 	 	3,018	 	 	 	1,482	 	 	 	7,701	 	 	 	2,373	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	74	 	 	Total generation production	 	 	6,314	 	 	 	6,781	 	 	 	8,739	 	 	 	6,436	 	 	 	28,270	 	 	 	2,093	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	Firm load	 	 	586	 	 	 	880	 	 	 	1,589	 	 	 	402	 	 	 	3,474	 	 	 	(851	)	
 	76	 	 	Marketing and trading	 	 	5,832	 	 	 	5,984	 	 	 	7,795	 	 	 	6,102	 	 	 	25,713	 	 	 	(4,479	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	Total purchased power	 	 	6,418	 	 	 	6,864	 	 	 	9,384	 	 	 	6,504	 	 	 	29,187	 	 	 	(5,330	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	78	 	 	Total energy sources	 	 	12,732	 	 	 	13,645	 	 	 	18,123	 	 	 	12,940	 	 	 	57,457	 	 	 	(3,237	)	

 	 	 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	Nuclear	 	 	94	%	 	 	67	%	 	 	88	%	 	 	61	%	 	 	77	%	 	 	(7	)%	
 	80	 	 	Coal	 	 	79	%	 	 	83	%	 	 	95	%	 	 	91	%	 	 	87	%	 	 	3	%	
 	81	 	 	Gas, oil and other	 	 	18	%	 	 	28	%	 	 	40	%	 	 	29	%	 	 	29	%	 	 	9	%	
 	82	 	 	System average	 	 	50	%	 	 	49	%	 	 	63	%	 	 	51	%	 	 	53	%	 	 	2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	83	 	 	Nuclear	 	 	52	 	 	 	329	 	 	 	107	 	 	 	419	 	 	 	227	 	 	 	66	 	
 	84	 	 	Coal	 	 	195	 	 	 	244	 	 	 	57	 	 	 	103	 	 	 	150	 	 	 	43	 	
 	85	 	 	Gas	 	 	212	 	 	 	164	 	 	 	140	 	 	 	226	 	 	 	186	 	 	 	144	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	86	 	 	Total	 	 	459	 	 	 	737	 	 	 	304	 	 	 	748	 	 	 	563	 	 	 	253	 	

			
(a)	 	Includes planned and unplanned outages	
			
See Glossary of Terms.	 	Page 18 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2005
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	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	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	87	 	 	Palo Verde	 	$	49.74	 	 	$	53.33	 	 	$	78.94	 	 	$	83.58	 	 	$	66.40	 	 	$	17.10	 	
 	88	 	 	SP15	 	$	55.70	 	 	$	55.19	 	 	$	83.21	 	 	$	97.65	 	 	$	72.94	 	 	$	17.74	 	
 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	89	 	 	Palo Verde	 	$	37.04	 	 	$	33.03	 	 	$	52.35	 	 	$	67.79	 	 	$	47.55	 	 	$	12.81	 	
 	90	 	 	SP15	 	$	40.96	 	 	$	34.73	 	 	$	56.08	 	 	$	76.45	 	 	$	52.06	 	 	$	13.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	91	 	 	Cooling degree-days	 	 	34	 	 	 	1,538	 	 	 	2,583	 	 	 	508	 	 	 	4,663	 	 	 	(31	)	
 	92	 	 	Heating degree-days	 	 	457	 	 	 	1	 	 	 	—	 	 	 	308	 	 	 	766	 	 	 	(219	)	
 	93	 	 	Average humidity	 	 	56	%	 	 	20	%	 	 	29	%	 	 	30	%	 	 	34	%	 	 	2	%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	94	 	 	Cooling degree-days	 	 	99	 	 	 	1,547	 	 	 	2,541	 	 	 	437	 	 	 	4,623	 	 	 	—	 	
 	95	 	 	Heating degree-days	 	 	514	 	 	 	31	 	 	 	—	 	 	 	386	 	 	 	930	 	 	 	—	 	
 	96	 	 	Average humidity	 	 	41	%	 	 	23	%	 	 	33	%	 	 	39	%	 	 	34	%	 	 	0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits — Metro Phoenix (b) (d)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	97	 	 	Single-family	 	 	10,356	 	 	 	12,013	 	 	 	11,577	 	 	 	9,312	 	 	 	43,258	 	 	 	(4,859	)	
 	98	 	 	Multi-family	 	 	1,741	 	 	 	1,645	 	 	 	2,360	 	 	 	2,032	 	 	 	7,778	 	 	 	192	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	99	 	 	Total	 	 	12,097	 	 	 	13,658	 	 	 	13,937	 	 	 	11,344	 	 	 	51,036	 	 	 	(4,667	)	

 	 	 	 	Arizona Job Growth (c)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	100	 	 	Payroll job growth (% over prior year)	 	 	4.8	%	 	 	5.5	%	 	 	6.1	%	 	 	6.0	%	 	 	5.6	%	 	 	2.2	%	
 	101	 	 	Unemployment rate
(%, seasonally adjusted)	 	 	4.5	%	 	 	4.7	%	 	 	4.8	%	 	 	4.7	%	 	 	4.7	%	 	 	(0.3	)%	

Sources:	 	 	
 		
(a)	 	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
			
See Glossary of Terms.	 	Page 19 of 31	

 

Exhibit 99.5
Last Updated     5/9/2006
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	EARNINGS CONTRIBUTION BY
SUBSIDIARY ($ Millions)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
1	 	Arizona Public Service	 	$	34	 	 	$	55	 	 	$	95	 	 	$	15	 	 	$	200	 	 	$	19	 	
2	 	Pinnacle West Energy	 	 	(22	)	 	 	(14	)	 	 	1	 	 	 	(23	)	 	 	(58	)	 	 	(50	)	
3	 	APS Energy Services	 	 	2	 	 	 	1	 	 	 	1	 	 	 	(1	)	 	 	3	 	 	 	(13	)	
4	 	SunCor	 	 	2	 	 	 	4	 	 	 	4	 	 	 	31	 	 	 	41	 	 	 	(5	)	
5	 	El Dorado	 	 	—	 	 	 	34	 	 	 	—	 	 	 	—	 	 	 	33	 	 	 	34	 	
6	 	Parent Company	 	 	15	 	 	 	(6	)	 	 	3	 	 	 	16	 	 	 	28	 	 	 	37	 	

7	 	Income From Continuing Operations	 	 	31	 	 	 	74	 	 	 	104	 	 	 	38	 	 	 	247	 	 	 	22	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
8	 	Income (Loss) From Discontinued	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operations — Net of Tax	 	 	—	 	 	 	(1	)	 	 	1	 	 	 	(4	)	 	 	(4	)	 	 	(20	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
9	 	Cumulative Effect of Change in	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
10	 	Net Income	 	$	31	 	 	$	73	 	 	$	105	 	 	$	34	 	 	$	243	 	 	$	2	 	

 	 	EARNINGS PER SHARE
BY SUBSIDIARY — DILUTED	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
11	 	Arizona Public Service	 	$	0.38	 	 	$	0.60	 	 	$	1.04	 	 	$	0.16	 	 	$	2.18	 	 	$	0.20	 	
12	 	Pinnacle West Energy	 	 	(0.24	)	 	 	(0.15	)	 	 	0.01	 	 	 	(0.25	)	 	 	(0.63	)	 	 	(0.55	)	
13	 	APS Energy Services	 	 	0.02	 	 	 	0.01	 	 	 	0.01	 	 	 	(0.01	)	 	 	0.03	 	 	 	(0.15	)	
14	 	SunCor	 	 	0.02	 	 	 	0.04	 	 	 	0.05	 	 	 	0.34	 	 	 	0.45	 	 	 	(0.05	)	
15	 	El Dorado	 	 	—	 	 	 	0.37	 	 	 	—	 	 	 	—	 	 	 	0.36	 	 	 	0.37	 	
16	 	Parent Company	 	 	0.15	 	 	 	(0.06	)	 	 	0.03	 	 	 	0.17	 	 	 	0.30	 	 	 	0.40	 	

17	 	Income From Continuing Operations	 	 	0.33	 	 	 	0.81	 	 	 	1.14	 	 	 	0.41	 	 	 	2.69	 	 	 	0.22	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
18	 	Income (Loss) From Discontinued	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operations — Net of Tax	 	 	0.01	 	 	 	(0.02	)	 	 	0.01	 	 	 	(0.04	)	 	 	(0.03	)	 	 	(0.19	)	
19	 	Cumulative Effect of Change in	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
20	 	Net Income	 	$	0.34	 	 	$	0.79	 	 	$	1.15	 	 	$	0.37	 	 	$	2.66	 	 	$	0.03	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
21	 	BOOK VALUE PER SHARE	 	$	31.19	 	 	$	31.68	 	 	$	32.55	 	 	$	32.14	 	 	$	32.14	 	 	$	1.17	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	COMMON SHARES OUTSTANDING
(Thousands)	 	 	 	 	
22	 	Average — Diluted	 	 	91,376	 	 	 	91,400	 	 	 	91,491	 	 	 	91,779	 	 	 	91,532	 	 	 	127	 	
23	 	End of Period	 	 	91,310	 	 	 	91,309	 	 	 	91,443	 	 	 	91,793	 	 	 	91,793	 	 	 	505	 	

See Glossary of Terms.	 	Page 20 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
  	 	ELECTRIC OPERATING
REVENUES (Dollars in Millions)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	REGULATED ELECTRICITY
SEGMENT
Retail	 	 	 	 	
24	 	Residential	 	$	189	 	 	$	245	 	 	$	360	 	 	$	190	 	 	$	984	 	 	$	27	 	
25	 	Business	 	 	211	 	 	 	257	 	 	 	289	 	 	 	221	 	 	 	978	 	 	 	25	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
26	 	Total retail	 	 	400	 	 	 	502	 	 	 	649	 	 	 	411	 	 	 	1,962	 	 	 	52	 	
 	 	Wholesale revenue on delivered
    electricity	 	 	 	 	
27	 	Traditional contracts	 	 	3	 	 	 	4	 	 	 	6	 	 	 	3	 	 	 	16	 	 	 	1	 	
28	 	Off-system sales	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
29	 	Transmission for others	 	 	8	 	 	 	8	 	 	 	8	 	 	 	8	 	 	 	32	 	 	 	4	 	
30	 	Other miscellaneous services	 	 	4	 	 	 	6	 	 	 	8	 	 	 	7	 	 	 	25	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
31	 	Total regulated operating	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	electricity revenues	 	 	415	 	 	 	520	 	 	 	671	 	 	 	429	 	 	 	2,035	 	 	 	57	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	MARKETING AND TRADING
SEGMENT	 	 	 	 	
32	 	Electricity and other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	commodity sales	 	 	89	 	 	 	110	 	 	 	91	 	 	 	111	 	 	 	401	 	 	 	9	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
33	 	Total operating electric revenues	 	$	504	 	 	$	630	 	 	$	762	 	 	$	540	 	 	$	2,436	 	 	$	66	 	

 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	REGULATED ELECTRICITY
SEGMENT
Retail sales	 	 	 	 	
34	 	Residential	 	 	2,410	 	 	 	2,722	 	 	 	4,028	 	 	 	2,367	 	 	 	11,527	 	 	 	380	 	
35	 	Business	 	 	3,051	 	 	 	3,602	 	 	 	3,937	 	 	 	3,236	 	 	 	13,826	 	 	 	411	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
36	 	Total retail	 	 	5,461	 	 	 	6,324	 	 	 	7,965	 	 	 	5,603	 	 	 	25,353	 	 	 	791	 	
 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
37	 	Traditional contracts	 	 	138	 	 	 	195	 	 	 	210	 	 	 	166	 	 	 	709	 	 	 	209	 	
38	 	Off-system sales	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
39	 	Retail load hedge management	 	 	169	 	 	 	731	 	 	 	943	 	 	 	889	 	 	 	2,732	 	 	 	1,638	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
40	 	Total regulated electricity	 	 	5,768	 	 	 	7,250	 	 	 	9,118	 	 	 	6,658	 	 	 	28,794	 	 	 	2,638	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	MARKETING AND TRADING
SEGMENT	 	 	 	 	
41	 	Wholesale sales of electricity	 	 	5,696	 	 	 	7,141	 	 	 	8,994	 	 	 	8,347	 	 	 	30,178	 	 	 	1,375	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
42	 	Total electric sales	 	 	11,464	 	 	 	14,391	 	 	 	18,112	 	 	 	15,005	 	 	 	58,972	 	 	 	4,013	 	

			
See Glossary of Terms.	 	Page 21 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	POWER SUPPLY ADJUSTOR (“PSA”)
— REGULATED ELECTRICITY
SEGMENT (Dollars in Millions)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
43	 	Deferred fuel and purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	regulatory asset — beginning balance	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	
44	 	Deferred fuel and purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	costs — current period	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
45	 	Interest on deferred fuel	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
46	 	Amounts recovered through revenues	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
47	 	Deferred fuel and purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	regulatory asset — ending balance	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	

 	 	MARKETING AND TRADING
SEGMENT PRETAX GROSS
MARGIN ANALYSIS
(Dollars in Millions)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Realized and Mark-To-Market  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
48	 	Electricity and other commodity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	sales, realized (a)	 	$	12	 	 	$	21	 	 	$	16	 	 	$	15	 	 	$	64	 	 	$	(1	)	
49	 	Mark-to-market reversals on	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	realized sales (b)	 	 	1	 	 	 	(4	)	 	 	(3	)	 	 	(1	)	 	 	(5	)	 	 	6	 	
50	 	Change in mark-to-market value of	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	forward sales	 	 	8	 	 	 	4	 	 	 	8	 	 	 	3	 	 	 	21	 	 	 	28	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
51	 	Total gross margin	 	$	21	 	 	$	21	 	 	$	21	 	 	$	17	 	 	$	80	 	 	$	33	 	

 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
52	 	Parent company marketing and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	trading division	 	$	12	 	 	$	6	 	 	$	5	 	 	$	1	 	 	$	25	 	 	$	30	 	
53	 	APS	 	 	(5	)	 	 	—	 	 	 	2	 	 	 	(2	)	 	 	(5	)	 	 	(13	)	
54	 	Pinnacle West Energy	 	 	10	 	 	 	11	 	 	 	10	 	 	 	16	 	 	 	46	 	 	 	38	 	
55	 	APS Energy Services	 	 	4	 	 	 	4	 	 	 	4	 	 	 	2	 	 	 	14	 	 	 	(22	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
56	 	Total gross margin	 	$	21	 	 	$	21	 	 	$	21	 	 	$	17	 	 	$	80	 	 	$	33	 	

			
(a)	 	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The opposites of amounts included in line 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $6 million was transferred to “realized” for the total year 2004. A $6 million realized gain is included in the $63 million on line 48 for the total year 2004.	
 		
(b)	 	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.	

See Glossary of Terms.	 	Page 22 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
57	 	Residential	 	 	855,754	 	 	 	852,594	 	 	 	856,353	 	 	 	871,575	 	 	 	859,069	 	 	 	30,703	 	
58	 	Business	 	 	105,502	 	 	 	106,517	 	 	 	107,583	 	 	 	108,860	 	 	 	107,115	 	 	 	4,019	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
59	 	Total	 	 	961,256	 	 	 	959,111	 	 	 	963,936	 	 	 	980,435	 	 	 	966,184	 	 	 	34,722	 	
60	 	Wholesale customers	 	 	81	 	 	 	82	 	 	 	85	 	 	 	77	 	 	 	81	 	 	 	15	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
61	 	Total customers	 	 	961,337	 	 	 	959,193	 	 	 	964,021	 	 	 	980,512	 	 	 	966,265	 	 	 	34,737	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
62	 	Customer growth (% over prior year)	 	 	3.4	%	 	 	3.8	%	 	 	3.9	%	 	 	3.9	%	 	 	3.7	%	 	 	0.4	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	RETAIL SALES (GWH) —
WEATHER NORMALIZED	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
63	 	Residential	 	 	2,366	 	 	 	2,798	 	 	 	4,209	 	 	 	2,334	 	 	 	11,708	 	 	 	804	 	
64	 	Business	 	 	2,998	 	 	 	3,616	 	 	 	4,005	 	 	 	3,252	 	 	 	13,871	 	 	 	469	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
65	 	Total	 	 	5,364	 	 	 	6,414	 	 	 	8,214	 	 	 	5,586	 	 	 	25,579	 	 	 	1,273	 	

 	 	RETAIL USAGE
(KWh/Average Customer)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
66	 	Residential	 	 	2,816	 	 	 	3,193	 	 	 	4,704	 	 	 	2,717	 	 	 	13,418	 	 	 	(39	)	
67	 	Business	 	 	28,919	 	 	 	33,816	 	 	 	36,595	 	 	 	29,726	 	 	 	129,392	 	 	 	(1,137	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	RETAIL USAGE —
WEATHER NORMALIZED
(KWh/Average Customer)	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
68	 	Residential	 	 	2,765	 	 	 	3,282	 	 	 	4,915	 	 	 	2,678	 	 	 	13,628	 	 	 	465	 	
69	 	Business	 	 	28,421	 	 	 	33,944	 	 	 	37,224	 	 	 	29,874	 	 	 	129,494	 	 	 	(503	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
70	 	System peak demand	 	 	3,979	 	 	 	5,632	 	 	 	6,402	 	 	 	4,432	 	 	 	6,402	 	 	 	70	 	

See Glossary of Terms.	 	Page 23 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
71	 	Nuclear	 	 	2,148	 	 	 	1,860	 	 	 	2,364	 	 	 	1,811	 	 	 	8,183	 	 	 	(132	)	
72	 	Coal	 	 	2,887	 	 	 	3,035	 	 	 	3,417	 	 	 	3,327	 	 	 	12,666	 	 	 	1,299	 	
73	 	Gas, oil and other	 	 	367	 	 	 	1,339	 	 	 	2,547	 	 	 	1,075	 	 	 	5,328	 	 	 	(763	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
74	 	Total generation production	 	 	5,402	 	 	 	6,234	 	 	 	8,328	 	 	 	6,213	 	 	 	26,177	 	 	 	404	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
75	 	Firm load	 	 	701	 	 	 	1,532	 	 	 	1,068	 	 	 	1,024	 	 	 	4,325	 	 	 	1,214	 	
76	 	Marketing and trading	 	 	5,506	 	 	 	7,167	 	 	 	9,301	 	 	 	8,218	 	 	 	30,192	 	 	 	2,442	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
77	 	Total purchased power	 	 	6,207	 	 	 	8,699	 	 	 	10,369	 	 	 	9,242	 	 	 	34,517	 	 	 	3,656	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
78	 	Total energy sources	 	 	11,609	 	 	 	14,933	 	 	 	18,697	 	 	 	15,455	 	 	 	60,694	 	 	 	4,060	 	

 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
79	 	Nuclear	 	 	88	%	 	 	76	%	 	 	96	%	 	 	74	%	 	 	84	%	 	 	(3	)%	
80	 	Coal	 	 	77	%	 	 	81	%	 	 	90	%	 	 	88	%	 	 	84	%	 	 	8	%	
81	 	Gas, oil and other	 	 	5	%	 	 	20	%	 	 	38	%	 	 	17	%	 	 	20	%	 	 	(7	)%	
82	 	System average	 	 	44	%	 	 	49	%	 	 	64	%	 	 	48	%	 	 	51	%	 	 	(3	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Generation Capacity Out of Service
and Replaced for Native Load
(average MW/day) (a)	 	 	 	 	
83	 	Nuclear	 	 	135	 	 	 	233	 	 	 	13	 	 	 	261	 	 	 	161	 	 	 	29	 	
84	 	Coal	 	 	149	 	 	 	153	 	 	 	63	 	 	 	61	 	 	 	107	 	 	 	(163	)	
85	 	Gas	 	 	49	 	 	 	47	 	 	 	39	 	 	 	34	 	 	 	42	 	 	 	(163	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
86	 	Total	 	 	333	 	 	 	433	 	 	 	115	 	 	 	356	 	 	 	310	 	 	 	(296	)	

			
(a)	 	Includes planned and unplanned outages	

See Glossary of Terms.	 	Page 24 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2004
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	
 	 	Electricity Average Daily
Spot Prices
($/MWh)	 	 	 	 	
 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
87	 	Palo Verde	 	$	43.73	 	 	$	50.36	 	 	$	51.86	 	 	$	51.23	 	 	$	49.30	 	 	$	0.70	 	
88	 	SP15	 	$	48.37	 	 	$	54.73	 	 	$	57.09	 	 	$	60.62	 	 	$	55.20	 	 	$	3.82	 	
 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
89	 	Palo Verde	 	$	33.66	 	 	$	33.74	 	 	$	33.37	 	 	$	38.21	 	 	$	34.75	 	 	$	2.72	 	
90	 	SP15	 	$	36.90	 	 	$	37.32	 	 	$	37.18	 	 	$	43.07	 	 	$	38.62	 	 	$	3.96	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
91	 	Cooling degree-days	 	 	273	 	 	 	1,598	 	 	 	2,471	 	 	 	352	 	 	 	4,694	 	 	 	(205	)	
92	 	Heating degree-days	 	 	552	 	 	 	11	 	 	 	—	 	 	 	422	 	 	 	985	 	 	 	249	 	
93	 	Average humidity	 	 	39	%	 	 	19	%	 	 	26	%	 	 	45	%	 	 	32	%	 	 	1	%	
 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
94	 	Cooling degree-days	 	 	99	 	 	 	1,547	 	 	 	2,541	 	 	 	437	 	 	 	4,623	 	 	 	—	 	
95	 	Heating degree-days	 	 	514	 	 	 	31	 	 	 	—	 	 	 	386	 	 	 	930	 	 	 	—	 	
96	 	Average humidity	 	 	41	%	 	 	23	%	 	 	33	%	 	 	39	%	 	 	34	%	 	 	0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ECONOMIC INDICATORS  	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Building Permits —
Metro Phoenix (b)	 	 	 	 	
97	 	Single-family	 	 	10,045	 	 	 	13,636	 	 	 	14,111	 	 	 	10,325	 	 	 	48,117	 	 	 	8,466	 	
98	 	Multi-family	 	 	1,757	 	 	 	1,324	 	 	 	2,149	 	 	 	2,356	 	 	 	7,586	 	 	 	859	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
99	 	Total	 	 	11,802	 	 	 	14,960	 	 	 	16,260	 	 	 	12,681	 	 	 	55,703	 	 	 	9,325	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Arizona Job Growth (c)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
100	 	Payroll job growth (% over prior year)	 	 	2.7	%	 	 	3.3	%	 	 	3.6	%	 	 	3.9	%	 	 	3.4	%	 	 	2.0	%	
101	 	Unemployment rate 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	(%, seasonally adjusted)	 	 	5.2	%	 	 	5.1	%	 	 	4.9	%	 	 	4.6	%	 	 	5.0	%	 	 	(0.7	)%	

Sources:  	 	 	
 		
(a)	 	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	

See Glossary of Terms.	 	Page 25 of 31	

 

Exhibit 99.6
Last Updated     5/9/2006
Pinnacle West Capital Corporation
 
Consolidated Statistics By Quarter
2003
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	EARNINGS CONTRIBUTION BY
SUBSIDIARY   ($   Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1	 	 	Arizona Public Service	 	$	16	 	 	$	43	 	 	$	100	 	 	$	21	 	 	$	181	 	 	$	(18	)	
 	2	 	 	Pinnacle West Energy	 	 	4	 	 	 	1	 	 	 	2	 	 	 	(15	)	 	 	(8	)	 	 	11	 	
 	3	 	 	APS Energy Services	 	 	8	 	 	 	5	 	 	 	1	 	 	 	3	 	 	 	16	 	 	 	(12	)	
 	4	 	 	SunCor	 	 	1	 	 	 	2	 	 	 	6	 	 	 	36	 	 	 	46	 	 	 	36	 	
 	5	 	 	El Dorado	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(1	)	 	 	4	 	
 	6	 	 	Parent Company	 	 	(11	)	 	 	3	 	 	 	—	 	 	 	—	 	 	 	(9	)	 	 	(32	)	

 	7	 	 	Income From Continuing Operations	 	 	18	 	 	 	54	 	 	 	109	 	 	 	45	 	 	 	225	 	 	 	(11	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	8	 	 	Income From Discontinued Operations — Net of Tax	 	 	7	 	 	 	2	 	 	 	1	 	 	 	4	 	 	 	16	 	 	 	37	 	
 	9	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	66	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	Net Income	 	$	25	 	 	$	56	 	 	$	110	 	 	$	49	 	 	$	241	 	 	$	92	 	

 	 	 	 	EARNINGS PER SHARE BY
SUBSIDIARY — DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	11	 	 	Arizona Public Service	 	$	0.17	 	 	$	0.47	 	 	$	1.10	 	 	$	0.24	 	 	$	1.98	 	 	$	(0.37	)	
 	12	 	 	Pinnacle West Energy	 	 	0.05	 	 	 	0.01	 	 	 	0.02	 	 	 	(0.16	)	 	 	(0.08	)	 	 	0.15	 	
 	13	 	 	APS Energy Services	 	 	0.08	 	 	 	0.06	 	 	 	0.01	 	 	 	0.03	 	 	 	0.18	 	 	 	(0.15	)	
 	14	 	 	SunCor	 	 	0.01	 	 	 	0.03	 	 	 	0.07	 	 	 	0.39	 	 	 	0.50	 	 	 	0.37	 	
 	15	 	 	El Dorado	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(0.01	)	 	 	0.05	 	
 	16	 	 	Parent Company	 	 	(0.11	)	 	 	0.02	 	 	 	(0.01	)	 	 	(0.01	)	 	 	(0.10	)	 	 	(0.36	)	

 	17	 	 	Income From Continuing Operations	 	 	0.20	 	 	 	0.59	 	 	 	1.19	 	 	 	0.49	 	 	 	2.47	 	 	 	(0.31	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	18	 	 	Income From Discontinued Operations — Net of Tax	 	 	0.08	 	 	 	0.02	 	 	 	0.01	 	 	 	0.05	 	 	 	0.16	 	 	 	0.41	 	
 	19	 	 	Cumulative Effect of Change in Accounting — Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	0.77	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	Net Income	 	$	0.28	 	 	$	0.61	 	 	$	1.20	 	 	$	0.54	 	 	$	2.63	 	 	$	0.87	 	

 	21	 	 	BOOK VALUE PER SHARE	 	$	29.39	 	 	$	29.95	 	 	$	30.68	 	 	$	30.97	 	 	$	30.97	 	 	$	1.57	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	COMMON SHARES
OUTSTANDING (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	Average — Diluted	 	 	91,359	 	 	 	91,450	 	 	 	91,467	 	 	 	91,403	 	 	 	91,405	 	 	 	6,441	 	
 	23	 	 	End of Period	 	 	91,257	 	 	 	91,262	 	 	 	91,271	 	 	 	91,288	 	 	 	91,288	 	 	 	33	 	

See Glossary of Terms.	 	Page 26 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
 
Consolidated Statistics By Quarter
2003
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	ELECTRIC OPERATING
REVENUES (Dollars in
Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY
SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	24	 	 	Residential	 	$	168	 	 	$	233	 	 	$	363	 	 	$	193	 	 	$	957	 	 	$	51	 	
 	25	 	 	Business	 	 	196	 	 	 	251	 	 	 	284	 	 	 	222	 	 	 	953	 	 	 	25	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	26	 	 	Total retail	 	 	364	 	 	 	484	 	 	 	647	 	 	 	415	 	 	 	1,910	 	 	 	76	 	
 	 	 	 	Wholesale revenue on delivered
electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	27	 	 	Traditional contracts	 	 	3	 	 	 	4	 	 	 	5	 	 	 	3	 	 	 	15	 	 	 	7	 	
 	28	 	 	Off-system sales	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	29	 	 	Transmission for others	 	 	6	 	 	 	5	 	 	 	9	 	 	 	8	 	 	 	28	 	 	 	(2	)	
 	30	 	 	Other miscellaneous services	 	 	7	 	 	 	6	 	 	 	6	 	 	 	6	 	 	 	25	 	 	 	7	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	31	 	 	Total regulated operating electricity revenues	 	 	380	 	 	 	499	 	 	 	667	 	 	 	432	 	 	 	1,978	 	 	 	88	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING
SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	32	 	 	Electricity and other commodity sales	 	 	117	 	 	 	101	 	 	 	83	 	 	 	91	 	 	 	392	 	 	 	105	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	33	 	 	Total operating electric revenues	 	$	497	 	 	$	600	 	 	$	750	 	 	$	523	 	 	$	2,370	 	 	$	193	 	

 	 	 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY
SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	Residential	 	 	2,104	 	 	 	2,543	 	 	 	4,126	 	 	 	2,374	 	 	 	11,147	 	 	 	703	 	
 	35	 	 	Business	 	 	2,849	 	 	 	3,450	 	 	 	3,891	 	 	 	3,225	 	 	 	13,415	 	 	 	497	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	36	 	 	Total retail	 	 	4,953	 	 	 	5,993	 	 	 	8,017	 	 	 	5,599	 	 	 	24,562	 	 	 	1,200	 	
 	 	 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	37	 	 	Traditional contracts	 	 	130	 	 	 	131	 	 	 	127	 	 	 	112	 	 	 	500	 	 	 	27	 	
 	38	 	 	Off-system sales	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	39	 	 	Retail load hedge management	 	 	109	 	 	 	205	 	 	 	446	 	 	 	334	 	 	 	1,094	 	 	 	(1,548	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	40	 	 	Total regulated electricity	 	 	5,192	 	 	 	6,329	 	 	 	8,590	 	 	 	6,045	 	 	 	26,156	 	 	 	(321	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	MARKETING AND TRADING
SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	41	 	 	Wholesale sales of electricity	 	 	7,372	 	 	 	6,798	 	 	 	7,255	 	 	 	7,378	 	 	 	28,803	 	 	 	5,949	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	42	 	 	Total electric sales	 	 	12,564	 	 	 	13,127	 	 	 	15,845	 	 	 	13,423	 	 	 	54,959	 	 	 	5,628	 	

			
See Glossary of Terms.	 	Page 27 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
 
Consolidated Statistics By Quarter
2003
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	POWER SUPPLY ADJUSTOR
(“PSA”) - REGULATED
ELECTRICITY SEGMENT
(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43	 	 	Deferred fuel and purchased power regulatory asset — beginning balance	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	
 	44	 	 	Deferred fuel and purchased power costs — current period	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	45	 	 	Interest on deferred fuel	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	46	 	 	Amounts recovered through revenues	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	47	 	 	Deferred fuel and purchased power regulatory asset — ending balance	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	

 	 	 	 	MARKETING AND TRADING
SEGMENT PRETAX GROSS
MARGIN ANALYSIS
(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	48	 	 	Electricity and other commodity sales, realized (a)	 	$	25	 	 	$	20	 	 	$	4	 	 	$	16	 	 	$	65	 	 	$	(56	)	
 	49	 	 	Mark-to-market reversals on realized sales (b)	 	 	(3	)	 	 	1	 	 	 	(3	)	 	 	(1	)	 	 	(11	)	 	 	35	 	
 	50	 	 	Change in mark-to-market value of forward sales	 	 	(3	)	 	 	(1	)	 	 	(3	)	 	 	(5	)	 	 	(7	)	 	 	(64	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	Total gross margin	 	$	19	 	 	$	20	 	 	$	(2	)	 	$	10	 	 	$	47	 	 	$	(85	)	

 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	52	 	 	Parent company marketing and trading division	 	$	2	 	 	$	4	 	 	$	(2	)	 	$	(9	)	 	$	(5	)	 	$	(95	)	
 	53	 	 	APS	 	 	6	 	 	 	4	 	 	 	(6	)	 	 	4	 	 	 	8	 	 	$	6	 	
 	54	 	 	Pinnacle West Energy	 	 	(1	)	 	 	—	 	 	 	—	 	 	 	9	 	 	 	8	 	 	$	4	 	
 	55	 	 	APS Energy Services	 	 	12	 	 	 	12	 	 	 	6	 	 	 	6	 	 	 	36	 	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	Total gross margin	 	$	19	 	 	$	20	 	 	$	(2	)	 	$	10	 	 	$	47	 	 	$	(85	)	

			
(a)	 	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The opposites of amounts included in line 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $6 million was transferred to “realized” for the total year 2003. A $6 million realized gain is included in the $65 million on line 48 for the total year 2003.	
 		
(b)	 	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.	

See Glossary of Terms.	 	Page 28 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
 
Consolidated Statistics By Quarter
2003
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	57	 	 	Residential	 	 	827,937	 	 	 	821,331	 	 	 	824,655	 	 	 	839,539	 	 	 	828,366	 	 	 	26,565	 	
 	58	 	 	Business	 	 	101,999	 	 	 	102,601	 	 	 	103,262	 	 	 	104,521	 	 	 	103,096	 	 	 	2,868	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	59	 	 	Total	 	 	929,936	 	 	 	923,932	 	 	 	927,917	 	 	 	944,060	 	 	 	931,462	 	 	 	29,432	 	
 	60	 	 	Wholesale customers	 	 	65	 	 	 	66	 	 	 	66	 	 	 	66	 	 	 	66	 	 	 	(1	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	Total customers	 	 	930,001	 	 	 	923,998	 	 	 	927,983	 	 	 	944,126	 	 	 	931,528	 	 	 	29,431	 	

 	62	 	 	Customer growth (% over prior year)	 	 	3.3	%	 	 	3.1	%	 	 	3.2	%	 	 	3.4	%	 	 	3.3	%	 	 	0.2	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL SALES (GWH) — WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	63	 	 	Residential	 	 	2,218	 	 	 	2,477	 	 	 	3,939	 	 	 	2,269	 	 	 	10,904	 	 	 	443	 	
 	64	 	 	Business	 	 	2,885	 	 	 	3,485	 	 	 	3,857	 	 	 	3,174	 	 	 	13,402	 	 	 	496	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Total	 	 	5,103	 	 	 	5,962	 	 	 	7,796	 	 	 	5,443	 	 	 	24,306	 	 	 	939	 	

 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	66	 	 	Residential	 	 	2,541	 	 	 	3,096	 	 	 	5,004	 	 	 	2,828	 	 	 	13,457	 	 	 	432	 	
 	67	 	 	Business	 	 	27,927	 	 	 	33,625	 	 	 	37,677	 	 	 	30,865	 	 	 	130,529	 	 	 	1,288	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	68	 	 	Residential	 	 	2,679	 	 	 	3,016	 	 	 	4,777	 	 	 	2,703	 	 	 	13,163	 	 	 	116	 	
 	69	 	 	Business	 	 	28,286	 	 	 	33,969	 	 	 	37,356	 	 	 	30,371	 	 	 	129,997	 	 	 	1,234	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	70	 	 	System peak demand	 	 	3,569	 	 	 	5,571	 	 	 	6,332	 	 	 	5,124	 	 	 	6,332	 	 	 	529	 	

See Glossary of Terms.	 	Page 29 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
 
Consolidated Statistics By Quarter
2003
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	Nuclear	 	 	2,306	 	 	 	2,047	 	 	 	2,230	 	 	 	1,732	 	 	 	8,315	 	 	 	(666	)	
 	72	 	 	Coal	 	 	2,770	 	 	 	2,824	 	 	 	2,972	 	 	 	2,801	 	 	 	11,367	 	 	 	(690	)	
 	73	 	 	Gas, oil and other	 	 	1,288	 	 	 	1,572	 	 	 	2,696	 	 	 	535	 	 	 	6,091	 	 	 	1,722	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	74	 	 	Total generation production	 	 	6,364	 	 	 	6,443	 	 	 	7,898	 	 	 	5,068	 	 	 	25,773	 	 	 	366	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	Firm load	 	 	(12	)	 	 	606	 	 	 	1,099	 	 	 	1,418	 	 	 	3,111	 	 	 	1,492	 	
 	76	 	 	Marketing and trading	 	 	6,489	 	 	 	6,527	 	 	 	7,498	 	 	 	7,236	 	 	 	27,750	 	 	 	4,045	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	Total purchased power	 	 	6,477	 	 	 	7,133	 	 	 	8,597	 	 	 	8,654	 	 	 	30,861	 	 	 	5,537	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	78	 	 	Total energy sources	 	 	12,841	 	 	 	13,576	 	 	 	16,495	 	 	 	13,722	 	 	 	56,634	 	 	 	5,903	 	

 	 	 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	Nuclear	 	 	98	%	 	 	86	%	 	 	93	%	 	 	72	%	 	 	87	%	 	 	(7	)%	
 	80	 	 	Coal	 	 	75	%	 	 	75	%	 	 	79	%	 	 	74	%	 	 	76	%	 	 	(4	)%	
 	81	 	 	Gas, oil and other	 	 	26	%	 	 	30	%	 	 	45	%	 	 	9	%	 	 	27	%	 	 	0	%	
 	82	 	 	System average	 	 	58	%	 	 	57	%	 	 	65	%	 	 	41	%	 	 	54	%	 	 	(9	)%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	83	 	 	Nuclear	 	 	31	 	 	 	136	 	 	 	61	 	 	 	297	 	 	 	131	 	 	 	64	 	
 	84	 	 	Coal	 	 	292	 	 	 	254	 	 	 	277	 	 	 	253	 	 	 	269	 	 	 	102	 	
 	85	 	 	Gas	 	 	189	 	 	 	148	 	 	 	154	 	 	 	338	 	 	 	205	 	 	 	157	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	86	 	 	Total	 	 	512	 	 	 	538	 	 	 	492	 	 	 	888	 	 	 	605	 	 	 	323	 	

			
(a)	 	Includes planned and unplanned outages	

See Glossary of Terms.	 	Page 30 of 31	

 

Last Updated     5/9/2006
Pinnacle West Capital Corporation
 
Consolidated Statistics By Quarter
2003
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	 	
Line	 	 	 	 	1st Qtr	 	 	2nd Qtr	 	 	3rd Qtr	 	 	4th Qtr	 	 	Year-To-Date	 	 	vs Prior YTD	 	
 	 	 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	87	 	 	Palo Verde	 	$	49.66	 	 	$	48.88	 	 	$	52.88	 	 	$	42.98	 	 	$	48.60	 	 	$	16.32	 	
 	88	 	 	SP15	 	$	54.35	 	 	$	50.73	 	 	$	53.54	 	 	$	46.88	 	 	$	51.38	 	 	$	17.16	 	
 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	89	 	 	Palo Verde	 	$	36.09	 	 	$	25.48	 	 	$	36.08	 	 	$	30.48	 	 	$	32.03	 	 	$	12.14	 	
 	90	 	 	SP15	 	$	39.70	 	 	$	28.27	 	 	$	37.81	 	 	$	32.85	 	 	$	34.66	 	 	$	12.97	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	91	 	 	Cooling degree-days	 	 	76	 	 	 	1,550	 	 	 	2,701	 	 	 	572	 	 	 	4,899	 	 	 	24	 	
 	92	 	 	Heating degree-days	 	 	349	 	 	 	17	 	 	 	—	 	 	 	370	 	 	 	736	 	 	 	(64	)	
 	93	 	 	Average humidity	 	 	44	%	 	 	18	%	 	 	30	%	 	 	34	%	 	 	31	%	 	 	4	%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	94	 	 	Cooling degree-days	 	 	99	 	 	 	1,547	 	 	 	2,541	 	 	 	437	 	 	 	4,623	 	 	 	—	 	
 	95	 	 	Heating degree-days	 	 	514	 	 	 	31	 	 	 	—	 	 	 	386	 	 	 	930	 	 	 	—	 	
 	96	 	 	Average humidity	 	 	41	%	 	 	23	%	 	 	33	%	 	 	39	%	 	 	34	%	 	 	0	%	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits — Metro Phoenix (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	97	 	 	Single-family	 	 	8,030	 	 	 	10,613	 	 	 	11,191	 	 	 	9,817	 	 	 	39,651	 	 	 	5,339	 	
 	98	 	 	Multi-family	 	 	863	 	 	 	2,053	 	 	 	1,231	 	 	 	2,580	 	 	 	6,727	 	 	 	(347	)	
 	99	 	 	Total	 	 	8,893	 	 	 	12,666	 	 	 	12,422	 	 	 	12,397	 	 	 	46,378	 	 	 	4,992	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Arizona Job Growth (c)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	100	 	 	Payroll job growth (% over prior year)	 	 	1.1	%	 	 	0.9	%	 	 	1.5	%	 	 	2.0	%	 	 	1.4	%	 	 	1.4	%	
 	101	 	 	Unemployment rate (%, seasonally adjusted)	 	 	5.8	%	 	 	5.9	%	 	 	5.7	%	 	 	5.3	%	 	 	5.7	%	 	 	(0.5	)%	

Sources:	 	

(a)	 	Average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	

See Glossary of Terms.	 	Page 31 of 31	

 

Exhibit 99.7
Last updated 10/27/05
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
 Glossary of Terms
 	 	 	
Amounts Recovered Through Revenues	 	Amounts recovered from retail customers through the power supply adjustor in the current period.	
 	 	 	
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 Value of Forward Sales	 	The gross margin related to the change in mark-to-market value in the current period of transactions which have been entered into during the current period or prior periods for which the commodities are scheduled for delivery in a future period.	
 	 	 	
Deferred Fuel and Purchased Power Costs — Current Period	 	Deferrals recorded in the period for recovery or refund to the extent actual retail fuel and purchased power costs vary from the amount included in base retail rates (currently $0.020743 per kWh).	
 	 	 	
Deferred Fuel and Purchased Power Regulatory Asset	 	Balance of accumulated deferrals, net of amounts recovered through revenues, recorded for recovery or refund to the extent actual retail fuel and purchased power costs vary from the amount included in base retail rates (currently $0.020743 per kWh).	
 	 	 	
Degree-Days — Cooling	 	A measure of temperatures designed to indicate the amount of electricity demand for cooling purposes. Cooling degree-days are calculated by summing the difference between each day’s actual average temperature and a base temperature of 65°F for the month. Average temperatures less than the base temperature are ignored.	

 

- 2 - 

 	 	 	
Degree-Days — Heating	 	A measure of temperatures designed to indicate the amount of electricity demand for heating purposes. Heating degree-days are calculated by summing the difference between each day’s actual average temperature and a base temperature of 65°F for the month. Average temperatures greater than the base temperature are ignored.	
 	 	 	
Electricity and Other Commodity Sales, Realized	 	Marketing and trading gross margin related to electricity and other commodities that were delivered in the then-current period.	
 	 	 	
Electricity Spot Prices —Palo Verde — Off-Peak	 	Electricity average daily spot prices at Palo Verde substation during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Electricity Spot Prices — Palo Verde — On-Peak	 	Electricity average daily spot prices at Palo Verde substation during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Electricity Spot Prices — SP15 — Off-Peak	 	Electricity average daily spot prices at SP15, a region of California substations, during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Electricity Spot Prices — SP15 — On-Peak	 	Electricity average daily spot prices at SP15, a region of California substations, during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Generation Capacity Out of Service and Replaced for Native Load	 	Total capacity required and economic, yet unavailable for retail customers and traditional wholesale contracts due to scheduled or unscheduled outages. Measured in megawatts per day.	
 	 	 	
Generation Production — Coal	 	Amount of net energy produced by coal-fueled generators. Measured in gigawatt-hours.	

 

- 3 - 

 	 	 	
Generation Production — Gas/Oil/Other	 	Amount of net energy predominately produced by natural gas and oil-fueled generators. A small amount of energy from hydroelectric and solar power plants is also included. Measured in gigawatt-hours.	
 	 	 	
Generation Production — Nuclear	 	Amount of net energy produced by nuclear-fueled generators. Measured in gigawatt-hours.	
 	 	 	
Gigawatt-hour (GWH)	 	A unit of energy equivalent to 1,000 megawatt-hours or 1,000,000 kilowatt-hours.	
 	 	 	
Marketing and Trading Gross Margin — Pretax	 	Revenues from marketing and trading activities (other than retail sales, traditional wholesale sales and retail load hedge management) less the costs of the related commodities, with mark-to-market gains or losses, before income taxes.	
 	 	 	
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.	
 	 	 	
Mark-To-Market Reversals on Realized Sales	 	The reversal of the gross margin related to mark-to-market transactions entered into in prior periods for which the commodities were delivered in the current period. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition or earnings recognition, because in accordance with mark-to-market accounting, the margin was already recorded in the prior period. A negative amount shown in this category represents the arithmetic opposite of a gain recognized in the period in which the commodities were delivered; an equal positive amount is reflected in the realized revenue or margin for delivered commodities. A positive amount shown in this category represents the arithmetic opposite of a loss recognized in the period in which the commodities were delivered; an equal negative amount is reflected in the realized revenue or margin for delivered commodities.	
 	 	 	
Megawatt (MW)	 	One million watts.	
 	 	 	
Megawatt-hour (MWh)	 	A unit of energy equivalent to 1,000 kilowatt-hours.	
 	 	 	
Native Load	 	Retail and wholesale sales supplied under traditional cost-based rate regulation.	
 	 	 	
Off-System Sales	 	Sales of electricity from generation owned or contracted by the company that is over and above the amount required to serve retail customers and traditional wholesale contracts.	

 

- 4 - 

 	 	 	
Power Supply Adjustor (“PSA”)	 	Power supply adjustor provides for recovery or refund of variations in actual fuel and purchased power costs compared with the amount included in base retail rates (currently $0.020743 per kWh) subject to certain specified parameters.	
 	 	 	
Purchased Power — Firm Load	 	Power purchased from wholesale market sources used to serve regulated retail demand and traditional wholesale contracts. Measured in gigawatt-hours.	
 	 	 	
Purchased Power — Marketing and Trading	 	Power purchased from wholesale market sources used to serve marketing and trading sales not served by company-owned generation. Measured in gigawatt-hours.	
 	 	 	
Realized and Mark-to-Market Components	 	Marketing and trading gross margin, before income taxes, for off-system sales 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.	
 	 	 	
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.	
 	 	 	
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.	

 

- 5 - 

 	 	 	
Weather Normalized	 	Adjusted to exclude the effects of abnormal weather patterns.	
 	 	 	
Wholesale Sales of Electricity	 	All wholesale sales of electricity not accounted for in sales under traditional contracts or retail load hedge management. These sales are made to other electric companies, power marketers, or public entities for the purpose of resale. Measured in gigawatt-hours.	

 

Exhibit 99.8

FOR IMMEDIATE RELEASE	 	May 9, 2006	
Media Contact:	 	Alan Bunnell, (602) 250-3376	 	Page 1 of 2	
Analyst Contact:	 	Rebecca Hickman, (602) 250-5668	 	 	
Web site:	 	www.pinnaclewest.com	 	 	
PINNACLE WEST FIRST QUARTER EARNINGS
LOWER DUE TO HIGHER FUEL COSTS
PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported lower consolidated net income for the quarter ended March 31, 2006, of $12.5 million, or $0.13 per diluted share of common stock. This result compares with net income of $24.4 million, or $0.27 per share, for the comparable quarter a year ago.
Arizona Public Service (APS) reported a net loss of $5.5 million for the first quarter of 2006, compared with net income of $27.0 million for the same period a year ago. Whereas, SunCor Development Co., Pinnacle West’s real estate subsidiary, delivered solid performance, reporting net income of $22.0 million, compared with $9.4 million in the 2005 first quarter.
“APS’ first quarter sales growth was strong, increasing 4 percent in 2006. But the associated revenue growth was more than offset by high natural gas and purchased power prices,” said Chairman Bill Post. “The power supply adjustor approved by the Arizona Corporation Commission (ACC) last week allows us to begin collecting a significant portion of our fuel cost increases on a timely basis.
“And, the ACC’s order will improve APS’ cash flow, which is essential to maintaining its financial integrity and investment grade credit ratings so as to allow us to continue supporting Arizona’s growth in the most cost-effective manner for our customers.”
For more information on Pinnacle West’s operating statistics and earnings, please visit www.pinnaclewest.com/financials .
Pinnacle West is a Phoenix-based company with consolidated assets of about $11 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.

 

			
PINNACLE WEST FIRST QUARTER EARNINGS	 	May 9, 2006	
 	 	Page 2 of 2	
Conference Call
Pinnacle West invites interested parties to listen to the live web cast of management’s conference call to discuss the Company’s 2006 first quarter earnings and recent developments at 1:00 p.m. (ET), today, Tuesday, May 9, 2006. The web cast can be accessed at www.pinnaclewest.com/presentations and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 8073391. A replay of the call also will be available until 11:55 p.m. (ET), Tuesday, May 16, 2006, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same reservation number as above.
-30-

 

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts)
 	 	 	 	 	 	 	 	 	
 	 	THREE MONTHS ENDED	 	
 	 	MARCH 31,	 	
 	 	2006	 	 	2005	 	
Operating Revenues	 	 	 	 	 	 	 	 	
Regulated electricity segment	 	$	466,126	 	 	$	416,030	 	
Marketing and trading segment	 	 	85,002	 	 	 	89,257	 	
Real estate segment	 	 	107,854	 	 	 	69,936	 	
Other revenues	 	 	11,224	 	 	 	10,135	 	
 	 	 	 	 	 	 	
Total	 	 	670,206	 	 	 	585,358	 	

Operating Expenses	 	 	 	 	 	 	 	 	
Regulated electricity segment fuel and purchased power	 	 	157,395	 	 	 	78,423	 	
Marketing and trading segment fuel and purchased power	 	 	74,175	 	 	 	70,809	 	
Operations and maintenance	 	 	178,427	 	 	 	155,084	 	
Real estate segment operations	 	 	71,330	 	 	 	55,334	 	
Depreciation and amortization	 	 	87,621	 	 	 	90,944	 	
Taxes other than income taxes	 	 	35,573	 	 	 	34,565	 	
Other expenses	 	 	8,522	 	 	 	8,374	 	
 	 	 	 	 	 	 	
Total	 	 	613,043	 	 	 	493,533	 	

Operating Income	 	 	57,163	 	 	 	91,825	 	

Other	 	 	 	 	 	 	 	 	
Allowance for equity funds used during construction	 	 	3,801	 	 	 	2,603	 	
Other income	 	 	5,467	 	 	 	1,726	 	
Other expense	 	 	(4,541	)	 	 	(5,309	)	
 	 	 	 	 	 	 	
Total	 	 	4,727	 	 	 	(980	)	

Interest Expense	 	 	 	 	 	 	 	 	
Interest charges	 	 	47,526	 	 	 	45,965	 	
Capitalized interest	 	 	(4,024	)	 	 	(3,289	)	
 	 	 	 	 	 	 	
Total	 	 	43,502	 	 	 	42,676	 	

Income From Continuing Operations Before Income Taxes	 	 	18,388	 	 	 	48,169	 	
 	 	 	 	 	 	 	 	 	
Income Taxes	 	 	6,793	 	 	 	18,570	 	

Income From Continuing Operations	 	 	11,595	 	 	 	29,599	 	
 	 	 	 	 	 	 	 	 	
Income (Loss) From Discontinued Operations	 	 	 	 	 	 	 	 	
Net of Income Taxes	 	 	860	 	 	 	(5,151	)	

Net Income	 	$	12,455	 	 	$	24,448	 	

Weighted-Average Common Shares Outstanding — Basic	 	 	99,115	 	 	 	91,962	 	
 	 	 	 	 	 	 	 	 	
Weighted-Average Common Shares Outstanding — Diluted	 	 	99,449	 	 	 	92,045	 	
 	 	 	 	 	 	 	 	 	
Earnings Per Weighted-Average Common Share Outstanding	 	 	 	 	 	 	 	 	
Income From Continuing Operations — Basic	 	$	0.12	 	 	$	0.32	 	
Net Income — Basic	 	$	0.13	 	 	$	0.27	 	
Income From Continuing Operations — Diluted	 	$	0.12	 	 	$	0.32	 	
Net Income — Diluted	 	$	0.13	 	 	$	0.27	 	
Certain prior year amounts have been reclassified to conform to the 2006 presentation.