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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 30, 2003
PINNACLE WEST CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)
 	 	 	 	 	
Arizona	 	1-8962	 	86-0512431	
	 		 		
(State or other jurisdiction
of incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification Number)	
 	 	 	
400 North Fifth Street, P.O. Box 53999, Phoenix, Arizona	 	85072-3999	
	 		
(Address of principal executive offices)	 	(Zip Code)	
(602) 250-1000

(Registrant’s telephone number, including area code)
 
NONE

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

TABLE OF CONTENTS

									
	Item 7. Financial Statements, Pro Forma Financial Information and Exhibits	
	Item 9. Regulation FD Disclosure	
Item 12. Results of Operations and Financial Condition	
SIGNATURES	
INDEX TO EXHIBITS	
EX-99.1	
EX-99.2	
EX-99.3	
EX-99.4	
EX-99.5	
EX-99.6	
EX-99.7	
EX-99.8	
EX-99.9	
EX-99.10	

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Item 7.	 	Financial Statements, Pro Forma Financial Information and Exhibits	
      (c)  Exhibits.

Exhibit	 	 	 	 	 	 	
No.	 	Description	 	 	 	 	
	 		 	 	 	 	
99.1	 	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).		
 	 	 		
99.2	 	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended September 30, 2003 and 2002.		
 	 	 		
99.3	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2003.		
 	 	 		
99.4	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2002.		
 	 	 		
99.5	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2001.		
 	 	 		
99.6	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2000.		
 	 	 		
99.7	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 1999.		
 	 	 		
99.8	 	Pinnacle West Capital Corporation earnings variance explanations for periods ended September 30, 2003 and 2002 and condensed consolidated statements of income for the three months, nine months and twelve months ended September 30, 2003 and 2002.		
 	 	 		
99.9	 	Glossary of Terms.		
 	 	 		
99.10  	 	Earnings News Release.		

Item 9.	 	Regulation FD Disclosure	
     The Company is providing quarterly consolidated statistical summaries, earnings variance explanations, and a glossary of relevant terms (collectively, “Information”) to help interested parties better understand its business. This Information is concurrently being posted to the Company’s website at www.pinnaclewest.com. The Information may not represent all of the factors that could affect the Company’s operating or financial results for various periods. Some of the Information is preliminary in nature and could be subject to significant adjustment. Some of the Information is based on information received from third parties and may contain inaccuracies. The Company is not responsible for any such inaccuracies. Although the Company may update or correct the Information if it is aware that such Information has been

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revised or is inaccurate, the Company assumes no obligation to update or correct the Information and reserves the right to discontinue the provision of all or any portion of the Information at any time or to change the type of Information provided. 

Item 12.	 	Results of Operations and Financial Condition	
     Certain of the Information relates to the Company’s results of operations for its fiscal quarter ended September 30, 2003. This Information is attached hereto as Exhibits 99.2, 99.3, and 99.8.
     On October 24, 2003, the Company issued a press release regarding its results of operations for its fiscal quarter ended September 30, 2003. A copy of the press release is attached hereto as Exhibit 99.10.
2 

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

 	 	PINNACLE WEST CAPITAL CORPORATION	
 	 	(Registrant)	
 	 	 	
Dated: October 24, 2003	 	By:  /s/  Barbara M. Gomez	
 	 		
 	 	Barbara M. Gomez
Treasurer	
3 

Table of Contents
INDEX TO EXHIBITS

Exhibit	 	 	 	 	 	 	
No.	 	Description	 	 	 	 	
	 		 	 	 	 	
99.1	 	Pinnacle West Capital Corporation quarterly consolidated statistical summary (cover page and list of contents).		
 	 	 		
99.2	 	Pinnacle West Capital Corporation quarterly consolidated statistical summary for the periods ended September 30, 2003 and 2002.		
 	 	 		
99.3	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2003.		
 	 	 		
99.4	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2002.		
 	 	 		
99.5	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2001.		
 	 	 		
99.6	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 2000.		
 	 	 		
99.7	 	Pinnacle West Capital Corporation consolidated statistics by quarter for 1999.		
 	 	 		
99.8	 	Pinnacle West Capital Corporation earnings variance explanations for periods ended September 30, 2003 and 2002 and condensed consolidated statements of income for the three months, nine months and twelve months ended September 30, 2003 and 2002.		
 	 	 		
99.9	 	Glossary of Terms.		
 	 	 		
99.10  	 	Earnings News Release.		

EXHIBIT 99.1
Last Updated 10/24/2003
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002
List of Contents
2003 Third-Quarter Summary
2003 Year-to-Date
2002 by Quarter
2001 by Quarter
2000 by Quarter
1999 by Quarter
Quarters may not sum to totals due to rounding.
The definitions of terms used in this statistical summary are contained
in the “Glossary of Terms” on the Pinnacle West website at:
http://www.pinnaclewest.com/files/investors/2003Q3QuarStatsGloss.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           10/24/2003
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	
 	 	 	 	 	 	 	 		 		
Line	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1	 	 	 	Arizona Public Service	 	$	100	 	 	$	87	 	 	$	13	 	 	$	159	 	 	$	183	 	 	$	(24	)	
 	2	 	 	 	Pinnacle West Energy	 	 	3	 	 	 	10	 	 	 	(7	)	 	 	11	 	 	 	12	 	 	 	(1	)	
 	3	 	 	 	APS Energy Services	 	 	1	 	 	 	7	 	 	 	(6	)	 	 	13	 	 	 	20	 	 	 	(7	)	
 	4	 	 	 	SunCor	 	 	6	 	 	 	(1	)	 	 	7	 	 	 	10	 	 	 	2	 	 	 	8	 	
 	5	 	 	 	El Dorado	 	 	1	 	 	 	(15	)	 	 	16	 	 	 	6	 	 	 	(18	)	 	 	24	 	
 	6	 	 	 	Parent Company	 	 	(1	)	 	 	13	 	 	 	(14	)	 	 	(15	)	 	 	24	 	 	 	(39	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	7	 	 	 	 	Income From Continuing Operations	 	 	110	 	 	 	101	 	 	 	9	 	 	 	184	 	 	 	223	 	 	 	(39	)	
 	8a	 	 	 	Income From Discontinued Operations - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	7	 	 	 	7	 	 	 	—	 	
 	8b	 	 	 	Cumulative Effect of Change in Accounting - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	9	 	 	 	 	Net Income	 	$	110	 	 	$	101	 	 	$	9	 	 	$	191	 	 	$	230	 	 	$	(39	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY - DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	 	Arizona Public Service	 	$	1.10	 	 	$	1.02	 	 	$	0.08	 	 	$	1.74	 	 	$	2.15	 	 	$	(0.41	)	
 	11	 	 	 	Pinnacle West Energy	 	 	0.04	 	 	 	0.12	 	 	 	(0.08	)	 	 	0.12	 	 	 	0.14	 	 	 	(0.02	)	
 	12	 	 	 	APS Energy Services	 	 	0.01	 	 	 	0.08	 	 	 	(0.07	)	 	 	0.15	 	 	 	0.24	 	 	 	(0.09	)	
 	13	 	 	 	SunCor	 	 	0.07	 	 	 	(0.01	)	 	 	0.08	 	 	 	0.11	 	 	 	0.03	 	 	 	0.08	 	
 	14	 	 	 	El Dorado	 	 	0.01	 	 	 	(0.18	)	 	 	0.19	 	 	 	0.06	 	 	 	(0.22	)	 	 	0.28	 	
 	15	 	 	 	Parent Company	 	 	(0.03	)	 	 	0.16	 	 	 	(0.19	)	 	 	(0.16	)	 	 	0.29	 	 	 	(0.45	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	16	 	 	 	 	Income From Continuing Operations	 	 	1.20	 	 	 	1.19	 	 	 	0.01	 	 	 	2.02	 	 	 	2.63	 	 	 	(0.61	)	
 	17a	 	 	 	Income From Discontinued Operations - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	0.07	 	 	 	0.08	 	 	 	(0.01	)	
 	17b	 	 	 	Cumulative Effect of Change in Accounting - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	18	 	 	 	 	Net Income	 	$	1.20	 	 	$	1.19	 	 	$	0.01	 	 	$	2.09	 	 	$	2.71	 	 	$	(0.62	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	19	 	 	BOOK VALUE PER SHARE	 	$	30.68	 	 	$	31.39	 	 	$	(0.71	)	 	$	30.68	 	 	$	31.39	 	 	$	(0.71	)	
 	 	 	 	COMMON SHARES OUTSTANDING - DILUTED (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	 	Average	 	 	91,467	 	 	 	84,797	 	 	 	6,670	 	 	 	91,432	 	 	 	84,859	 	 	 	6,573	 	
 	21	 	 	 	End of Period	 	 	91,271	 	 	 	84,756	 	 	 	6,515	 	 	 	91,271	 	 	 	84,756	 	 	 	6,515	 	

[Additional columns below]
[Continued from above table, first column(s) repeated] 

 	 	 	 	 	 	 	 	12 Mo. Ended September 30	
 	 	 	 	 	 	 	 		
Line	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 		 		 		
 	 	 	 	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	 	
 	1	 	 	 	Arizona Public Service	 	$	176	 	 	$	222	 	 	$	(46	)	
 	2	 	 	 	Pinnacle West Energy	 	 	(20	)	 	 	15	 	 	 	(35	)	
 	3	 	 	 	APS Energy Services	 	 	21	 	 	 	21	 	 	 	—	 	
 	4	 	 	 	SunCor	 	 	18	 	 	 	3	 	 	 	15	 	
 	5	 	 	 	El Dorado	 	 	(31	)	 	 	(19	)	 	 	(12	)	
 	6	 	 	 	Parent Company	 	 	4	 	 	 	17	 	 	 	(13	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	7	 	 	 	 	Income From Continuing Operations	 	 	168	 	 	 	259	 	 	 	(91	)	
 	8a	 	 	 	Income From Discontinued Operations - Net of Tax	 	 	9	 	 	 	7	 	 	 	2	 	
 	8b	 	 	 	Cumulative Effect of Change in Accounting -Net of Tax	 	 	(66	)	 	 	—	 	 	 	(66	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	9	 	 	 	 	Net Income	 	$	111	 	 	$	266	 	 	$	(155	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY - DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	 	Arizona Public Service	 	$	1.96	 	 	$	2.61	 	 	$	(0.65	)	
 	11	 	 	 	Pinnacle West Energy	 	 	(0.23	)	 	 	0.18	 	 	 	(0.41	)	
 	12	 	 	 	APS Energy Services	 	 	0.24	 	 	 	0.24	 	 	 	—	 	
 	13	 	 	 	SunCor	 	 	0.20	 	 	 	0.03	 	 	 	0.17	 	
 	14	 	 	 	El Dorado	 	 	(0.34	)	 	 	(0.22	)	 	 	(0.12	)	
 	15	 	 	 	Parent Company	 	 	0.04	 	 	 	0.21	 	 	 	(0.17	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	16	 	 	 	 	Income From Continuing Operations	 	 	1.87	 	 	 	3.05	 	 	 	(1.18	)	
 	17a	 	 	 	Income From Discontinued Operations - Net of Tax	 	 	0.09	 	 	 	0.08	 	 	 	0.01	 	
 	17b	 	 	 	Cumulative Effect of Change in Accounting - Net of Tax	 	 	(0.73	)	 	 	—	 	 	 	(0.73	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	18	 	 	 	 	Net Income	 	$	1.23	 	 	$	3.13	 	 	$	(1.90	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	19	 	 	BOOK VALUE PER SHARE	 	$	30.68	 	 	$	31.39	 	 	$	(0.71	)	
 	 	 	 	COMMON SHARES OUTSTANDING - DILUTED (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	 	Average	 	 	89,919	 	 	 	84,851	 	 	 	5,068	 	
 	21	 	 	 	End of Period	 	 	91,271	 	 	 	84,756	 	 	 	6,515	 	
 	 	 	
See Glossary of Terms.	 	Page 1 of 8	

 
Last Updated           10/24/2003
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	 	12 Mo. Ended September 30	
 	 	 	 	 	 	 	 	 		 		 		
Line	 	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 	 		 		 		 		 		 		 		 		 		
 	 	 	 	ELECTRIC OPERATING REVENUES (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	 	 	Residential	 	$	363	 	 	$	337	 	 	$	26	 	 	$	764	 	 	$	734	 	 	$	30	 	 	$	936	 	 	$	914	 	 	$	22	 	
 	23	 	 	 	 	Business	 	 	284	 	 	 	270	 	 	 	14	 	 	 	731	 	 	 	716	 	 	 	15	 	 	 	943	 	 	 	935	 	 	 	8	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	24	 	 	 	 	 	Total retail	 	 	647	 	 	 	607	 	 	 	40	 	 	 	1,495	 	 	 	1,450	 	 	 	45	 	 	 	1,879	 	 	 	1,849	 	 	 	30	 	
 	 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	25	 	 	 	 	Traditional contracts	 	 	5	 	 	 	3	 	 	 	2	 	 	 	12	 	 	 	6	 	 	 	6	 	 	 	15	 	 	 	8	 	 	 	7	 	
 	26	 	 	 	 	Retail load hedge management	 	 	27	 	 	 	99	 	 	 	(72	)	 	 	40	 	 	 	112	 	 	 	(72	)	 	 	51	 	 	 	139	 	 	 	(88	)	
 	27	 	 	 	Transmission for others	 	 	9	 	 	 	6	 	 	 	3	 	 	 	20	 	 	 	18	 	 	 	2	 	 	 	32	 	 	 	26	 	 	 	6	 	
 	28	 	 	 	Other miscellaneous services	 	 	6	 	 	 	4	 	 	 	2	 	 	 	19	 	 	 	10	 	 	 	9	 	 	 	26	 	 	 	11	 	 	 	15	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	29	 	 	 	 	 	Total regulated electricity	 	 	694	 	 	 	719	 	 	 	(25	)	 	 	1,586	 	 	 	1,596	 	 	 	(10	)	 	 	2,003	 	 	 	2,033	 	 	 	(30	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	30	 	 	 	 	Generation sales other than native load	 	 	8	 	 	 	8	 	 	 	—	 	 	 	72	 	 	 	18	 	 	 	54	 	 	 	104	 	 	 	24	 	 	 	80	 	
 	31	 	 	 	 	Realized margins on electricity trading	 	 	2	 	 	 	5	 	 	 	(3	)	 	 	9	 	 	 	46	 	 	 	(37	)	 	 	12	 	 	 	84	 	 	 	(72	)	
 	32	 	 	 	 	Other delivered electricity (a)	 	 	156	 	 	 	53	 	 	 	103	 	 	 	425	 	 	 	126	 	 	 	299	 	 	 	506	 	 	 	155	 	 	 	351	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	33	 	 	 	 	Total delivered marketing and trading	 	 	166	 	 	 	66	 	 	 	100	 	 	 	506	 	 	 	190	 	 	 	316	 	 	 	622	 	 	 	263	 	 	 	359	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	OTHER MARKETING AND TRADING	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	 	Realized margins on delivered commodities other than electricity (a)	 	 	(5	)	 	 	(3	)	 	 	(2	)	 	 	(9	)	 	 	2	 	 	 	(11	)	 	 	(3	)	 	 	6	 	 	 	(9	)	
 	35	 	 	 	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)	 	 	(4	)	 	 	3	 	 	 	(7	)	 	 	(7	)	 	 	(34	)	 	 	27	 	 	 	(14	)	 	 	(96	)	 	 	82	 	
 	36	 	 	 	Change in mark-to-market for future-period deliveries	 	 	(2	)	 	 	22	 	 	 	(24	)	 	 	(5	)	 	 	55	 	 	 	(60	)	 	 	(7	)	 	 	57	 	 	 	(64	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	37	 	 	 	Total other marketing and trading	 	 	(11	)	 	 	22	 	 	 	(33	)	 	 	(21	)	 	 	23	 	 	 	(44	)	 	 	(24	)	 	 	(33	)	 	 	9	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	38	 	 	Total marketing and trading	 	 	155	 	 	 	88	 	 	 	67	 	 	 	485	 	 	 	213	 	 	 	272	 	 	 	598	 	 	 	230	 	 	 	368	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	39	 	 	Total operating electric revenues	 	$	849	 	 	$	807	 	 	$	42	 	 	$	2,071	 	 	$	1,809	 	 	$	262	 	 	$	2,601	 	 	$	2,263	 	 	$	338	 	

(a)	 	The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $4 million was transferred to “realized” for the third quarter of 2003. Lines 31 and 34 include amounts totaling $4 million of realized gains for the third quarter of 2003.	
 	 	 	
See Glossary of Terms.	 	Page 2 of 8	

 
Last Updated          10/24/2003
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	 	12 Mo. Ended September 30	
 	 	 	 	 	 	 	 	 		 		 		
Line	 	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 	 		 		 		 		 		 		 		 		 		
 	 	 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	40	 	 	 	 	Residential	 	 	4,126	 	 	 	3,806	 	 	 	320	 	 	 	8,773	 	 	 	8,388	 	 	 	385	 	 	 	10,829	 	 	 	10,537	 	 	 	292	 	
 	41	 	 	 	 	Business	 	 	3,891	 	 	 	3,681	 	 	 	210	 	 	 	10,190	 	 	 	9,881	 	 	 	309	 	 	 	13,226	 	 	 	12,952	 	 	 	274	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	42	 	 	 	 	 	Total retail	 	 	8,017	 	 	 	7,487	 	 	 	530	 	 	 	18,963	 	 	 	18,269	 	 	 	694	 	 	 	24,055	 	 	 	23,489	 	 	 	566	 	
 	 	 	 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43	 	 	 	 	Traditional contracts	 	 	127	 	 	 	142	 	 	 	(15	)	 	 	388	 	 	 	334	 	 	 	54	 	 	 	528	 	 	 	417	 	 	 	111	 	
 	44	 	 	 	 	Retail load hedge management	 	 	446	 	 	 	1,958	 	 	 	(1,512	)	 	 	760	 	 	 	2,346	 	 	 	(1,586	)	 	 	1,056	 	 	 	2,728	 	 	 	(1,672	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	45	 	 	 	 	 	Total regulated electricity	 	 	8,590	 	 	 	9,587	 	 	 	(997	)	 	 	20,111	 	 	 	20,949	 	 	 	(838	)	 	 	25,639	 	 	 	26,634	 	 	 	(995	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	46	 	 	 	 	Generation sales other than native load	 	 	203	 	 	 	291	 	 	 	(88	)	 	 	1,671	 	 	 	740	 	 	 	931	 	 	 	2,722	 	 	 	996	 	 	 	1,726	 	
 	47	 	 	 	 	Electricity trading	 	 	4,185	 	 	 	5,908	 	 	 	(1,723	)	 	 	11,235	 	 	 	12,613	 	 	 	(1,378	)	 	 	15,547	 	 	 	16,441	 	 	 	(894	)	
 	48	 	 	 	 	Other delivered electricity	 	 	2,623	 	 	 	905	 	 	 	1,718	 	 	 	8,097	 	 	 	2,406	 	 	 	5,691	 	 	 	9,830	 	 	 	3,152	 	 	 	6,678	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	49	 	 	 	 	Total delivered marketing and trading	 	 	7,011	 	 	 	7,104	 	 	 	(93	)	 	 	21,003	 	 	 	15,759	 	 	 	5,244	 	 	 	28,099	 	 	 	20,589	 	 	 	7,510	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	50	 	 	Total electric sales	 	 	15,601	 	 	 	16,691	 	 	 	(1,090	)	 	 	41,114	 	 	 	36,708	 	 	 	4,406	 	 	 	53,738	 	 	 	47,223	 	 	 	6,515	 	

See Glossary of Terms.	 	Page 3 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	 	12 Mo. Ended September 30	
 	 	 	 	 	 	 	 	 		 		 		
Line	 	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 	 		 		 		 		 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Current Period Effects	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Realized margin on delivered commodities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	 	 	 	Generation sales other than native load	 	$	—	 	 	$	3	 	 	$	(3	)	 	$	4	 	 	$	5	 	 	$	(1	)	 	$	13	 	 	$	8	 	 	$	5	 	
 	52	 	 	 	 	 	Other electricity marketing and trading (a)	 	 	9	 	 	 	19	 	 	 	(10	)	 	 	54	 	 	 	76	 	 	 	(22	)	 	 	77	 	 	 	132	 	 	 	(55	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	53	 	 	 	 	 	Total electricity	 	 	9	 	 	 	22	 	 	 	(13	)	 	 	58	 	 	 	81	 	 	 	(23	)	 	 	90	 	 	 	140	 	 	 	(50	)	
 	54	 	 	 	 	Other commodities (a)	 	 	(5	)	 	 	(3	)	 	 	(2	)	 	 	(9	)	 	 	2	 	 	 	(11	)	 	 	(3	)	 	 	6	 	 	 	(9	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	55	 	 	 	 	Total realized margin	 	 	4	 	 	 	19	 	 	 	(15	)	 	 	49	 	 	 	83	 	 	 	(34	)	 	 	87	 	 	 	146	 	 	 	(59	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	Prior-period mark-to-market (gains) losses on contracts delivered during current period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	 	 	Electricity (a)	 	 	(3	)	 	 	(4	)	 	 	1	 	 	 	(10	)	 	 	(31	)	 	 	21	 	 	 	(15	)	 	 	(76	)	 	 	61	 	
 	57	 	 	 	 	Other commodities (a)	 	 	—	 	 	 	6	 	 	 	(6	)	 	 	3	 	 	 	(4	)	 	 	7	 	 	 	1	 	 	 	(12	)	 	 	13	 	
 	58	 	 	 	 	Charge related to trading activities with Enron and its affiliates	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(8	)	 	 	8	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	59	 	 	 	 	Subtotal	 	 	(3	)	 	 	2	 	 	 	(5	)	 	 	(7	)	 	 	(35	)	 	 	28	 	 	 	(14	)	 	 	(96	)	 	 	82	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	60	 	 	 	Total current period effects (b)	 	 	1	 	 	 	21	 	 	 	(20	)	 	 	42	 	 	 	48	 	 	 	(6	)	 	 	73	 	 	 	50	 	 	 	23	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Change in mark-to-market gains (losses) for future period deliveries (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	 	Electricity	 	 	—	 	 	 	25	 	 	 	(25	)	 	 	(4	)	 	 	62	 	 	 	(66	)	 	 	3	 	 	 	66	 	 	 	(63	)	
 	62	 	 	 	Other commodities	 	 	(3	)	 	 	(2	)	 	 	(1	)	 	 	(1	)	 	 	(7	)	 	 	6	 	 	 	(10	)	 	 	(9	)	 	 	(1	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	63	 	 	 	Subtotal	 	 	(3	)	 	 	23	 	 	 	(26	)	 	 	(5	)	 	 	55	 	 	 	(60	)	 	 	(7	)	 	 	57	 	 	 	(64	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	64	 	 	Total gross margin	 	$	(2	)	 	$	44	 	 	$	(46	)	 	$	37	 	 	$	103	 	 	$	(66	)	 	$	66	 	 	$	107	 	 	$	(41	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of September 30, 2003, Pinnacle West had accumulated mark-to-market net gains of $30 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: remainder of 2003, $2 million; 2004, $6 million; 2005, $6 million; 2006 and thereafter, $16 million.

(a)	 	The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $3 million was transferred to “realized” for the third quarter of 2003. A $3 million realized gain is included in the $9 million on line 52 for the third quarter of 2003.	
 		
(b)	 	Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.	
 	 	 	
See Glossary of Terms.	 	Page 4 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	 	12 Mo. Ended September 30	
 	 	 	 	 	 	 		 		 		
Line	 	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 		 		 		 		 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued) (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	By Commodity Sold or Traded	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Electricity	 	$	6	 	 	$	43	 	 	$	(37	)	 	$	44	 	 	$	113	 	 	$	(69	)	 	$	78	 	 	$	128	 	 	$	(50	)	
 	66	 	 	Natural gas	 	 	(5	)	 	 	3	 	 	 	(8	)	 	 	—	 	 	 	(1	)	 	 	1	 	 	 	(5	)	 	 	(4	)	 	 	(1	)	
 	67	 	 	Coal	 	 	—	 	 	 	1	 	 	 	(1	)	 	 	(2	)	 	 	(2	)	 	 	—	 	 	 	(2	)	 	 	(8	)	 	 	6	 	
 	68	 	 	Emission allowances	 	 	(3	)	 	 	(3	)	 	 	—	 	 	 	(6	)	 	 	(7	)	 	 	1	 	 	 	(6	)	 	 	(9	)	 	 	3	 	
 	69	 	 	Other	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1	 	 	 	—	 	 	 	1	 	 	 	1	 	 	 	—	 	 	 	1	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	70	 	 	 	Total Gross Margin	 	$	(2	)	 	$	44	 	 	$	(46	)	 	$	37	 	 	$	103	 	 	$	(66	)	 	$	66	 	 	$	107	 	 	$	(41	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Parent company marketing and trading division	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	 	Generation sales other than native load	 	$	—	 	 	$	2	 	 	$	(2	)	 	$	(2	)	 	$	3	 	 	$	(5	)	 	$	3	 	 	$	3	 	 	$	—	 	
 	72	 	 	 	Other marketing and trading	 	 	(2	)	 	 	30	 	 	 	(32	)	 	 	6	 	 	 	73	 	 	 	(67	)	 	 	15	 	 	 	67	 	 	 	(52	)	
 	 	 	 	APS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	73	 	 	 	Generation sales other than native load	 	 	—	 	 	 	1	 	 	 	(1	)	 	 	7	 	 	 	2	 	 	 	5	 	 	 	7	 	 	 	5	 	 	 	2	 	
 	74	 	 	 	Other marketing and trading	 	 	(6	)	 	 	—	 	 	 	(6	)	 	 	(3	)	 	 	—	 	 	 	(3	)	 	 	(3	)	 	 	3	 	 	 	(6	)	
 	 	 	 	Pinnacle West Energy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	 	Generation sales other than native load	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(1	)	 	 	—	 	 	 	(1	)	 	 	3	 	 	 	—	 	 	 	3	 	
 	76	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	APS ES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	 	Other marketing and trading	 	 	6	 	 	 	11	 	 	 	(5	)	 	 	30	 	 	 	25	 	 	 	5	 	 	 	41	 	 	 	29	 	 	 	12	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	78	 	 	Total gross margin before income taxes	 	$	(2	)	 	$	44	 	 	$	(46	)	 	$	37	 	 	$	103	 	 	$	(66	)	 	$	66	 	 	$	107	 	 	$	(41	)	

See Glossary of Terms.	 	Page 5 of 8	

 
Last Updated  10/24/2003
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	
 	 	 	 	 	 		 		
Line	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 		 		 		 		 		 		
 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
79	 	Residential	 	 	824,655	 	 	 	798,590	 	 	 	26,065	 	 	 	824,641	 	 	 	798,424	 	 	 	26,216	 	
80	 	Business	 	 	103,262	 	 	 	100,318	 	 	 	2,944	 	 	 	102,621	 	 	 	99,916	 	 	 	2,704	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
81	 	      Total	 	 	927,917	 	 	 	898,908	 	 	 	29,009	 	 	 	927,262	 	 	 	898,340	 	 	 	28,921	 	
82	Wholesale customers	 	 	66	 	 	 	67	 	 	 	(1	)	 	 	66	 	 	 	67	 	 	 	(1	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
83	 	      Total customers	 	 	927,983	 	 	 	898,975	 	 	 	29,008	 	 	 	927,327	 	 	 	898,407	 	 	 	28,920	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
84	Customer Growth (% over prior year)	 	 	3.2	%	 	 	3.1	%	 	 	0.1	%	 	 	3.2	%	 	 	3.1	%	 	 	0.1	%	
 	RETAIL SALES (GWH) -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
85	Residential	 	 	3,871	 	 	 	3,647	 	 	 	224	 	 	 	8,622	 	 	 	8,252	 	 	 	370	 	
86	Business	 	 	3,832	 	 	 	3,691	 	 	 	141	 	 	 	10,206	 	 	 	9,876	 	 	 	330	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
87	 	      Total	 	 	7,703	 	 	 	7,338	 	 	 	365	 	 	 	18,828	 	 	 	18,128	 	 	 	700	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	RETAIL USAGE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	(KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
88	Residential	 	 	5,004	 	 	 	4,766	 	 	 	238	 	 	 	10,639	 	 	 	10,506	 	 	 	133	 	
89	Business	 	 	37,677	 	 	 	36,691	 	 	 	986	 	 	 	99,289	 	 	 	98,902	 	 	 	387	 	
 	RETAIL USAGE -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	  (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
90	Residential	 	 	4,694	 	 	 	4,566	 	 	 	128	 	 	 	10,463	 	 	 	10,335	 	 	 	128	 	
91	Business	 	 	37,113	 	 	 	36,795	 	 	 	318	 	 	 	99,461	 	 	 	98,845	 	 	 	616	 	
 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
92	System peak demand	 	 	6,332	 	 	 	5,803	 	 	 	529	 	 	 	6,332	 	 	 	5,803	 	 	 	529	 	

[Additional columns below]
[Continued from above table, first column(s) repeated] 

 	 	 	 	 	 	12 Mo. Ended September 30	
 	 	 	 	 	 		
Line	 	 	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 		 		 		
 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	
 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	
79	 	Residential	 	 	821,463	 	 	 	795,414	 	 	 	26,049	 	
80	 	Business	 	 	102,260	 	 	 	99,592	 	 	 	2,668	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
81	 	      Total	 	 	923,723	 	 	 	895,006	 	 	 	28,717	 	
82	Wholesale customers	 	 	66	 	 	 	67	 	 	 	(1	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
83	 	      Total customers	 	 	923,789	 	 	 	895,073	 	 	 	28,716	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
84	Customer Growth (% over prior year)	 	 	3.2	%	 	 	3.2	%	 	 	0.0	%	
 	RETAIL SALES (GWH) -	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	
85	Residential	 	 	10,758	 	 	 	10,390	 	 	 	368	 	
86	Business	 	 	13,230	 	 	 	12,897	 	 	 	333	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
87	 	      Total	 	 	23,988	 	 	 	23,287	 	 	 	701	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	RETAIL USAGE	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	(KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	
88	Residential	 	 	13,183	 	 	 	13,247	 	 	 	(64	)	
89	Business	 	 	129,333	 	 	 	130,056	 	 	 	(723	)	
 	RETAIL USAGE -	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	  (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	
90	Residential	 	 	13,096	 	 	 	13,062	 	 	 	34	 	
91	Business	 	 	129,374	 	 	 	129,496	 	 	 	(122	)	
 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	
92	System peak demand	 	 	6,332	 	 	 	5,803	 	 	 	529	 	

See Glossary of Terms.	 	Page 6 of 8	

 
Last Updated 10/24/2003
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	
 	 	 	 	 	 		 		
Line	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 		 		 		 		 		 		
 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
93	 	 	Nuclear	 	 	2,230	 	 	 	2,387	 	 	 	(157	)	 	 	6,583	 	 	 	6,886	 	 	 	(303	)	
94	 	 	Coal	 	 	2,970	 	 	 	3,280	 	 	 	(310	)	 	 	8,563	 	 	 	8,873	 	 	 	(310	)	
95	 	 	Gas, oil and other	 	 	2,696	 	 	 	1,918	 	 	 	778	 	 	 	5,556	 	 	 	2,914	 	 	 	2,642	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
96	 	 	 	Total	 	 	7,896	 	 	 	7,585	 	 	 	311	 	 	 	20,702	 	 	 	18,673	 	 	 	2,029	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
97	 	 	Firm load	 	 	1,099	 	 	 	859	 	 	 	240	 	 	 	1,690	 	 	 	1,775	 	 	 	(85	)	
98	 	 	Marketing and trading	 	 	7,255	 	 	 	8,771	 	 	 	(1,516	)	 	 	20,093	 	 	 	17,363	 	 	 	2,730	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
99	 	 	 	Total	 	 	8,354	 	 	 	9,630	 	 	 	(1,276	)	 	 	21,783	 	 	 	19,138	 	 	 	2,645	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
100	 	 	 	Total energy sources	 	 	16,250	 	 	 	17,215	 	 	 	(965	)	 	 	42,485	 	 	 	37,811	 	 	 	4,674	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
101	 	 	Nuclear	 	 	93	%	 	 	100	%	 	 	(7	)%	 	 	93	%	 	 	97	%	 	 	(4	)%	
102	 	 	Coal	 	 	79	%	 	 	87	%	 	 	(8	)%	 	 	76	%	 	 	79	%	 	 	(3	)%	
103	 	 	Gas, oil and other	 	 	44	%	 	 	38	%	 	 	6	%	 	 	35	%	 	 	25	%	 	 	10	%	
104	 	 	System average	 	 	64	%	 	 	69	%	 	 	(5	)%	 	 	60	%	 	 	65	%	 	 	(5	)%	
 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
105	 	Nuclear	 	 	61	 	 	 	12	 	 	 	49	 	 	 	76	 	 	 	47	 	 	 	29		
106	 	Coal	 	 	277	 	 	 	88	 	 	 	189	 	 	 	275	 	 	 	184	 	 	 	91	 	
107	 	Gas	 	 	154	 	 	 	106	 	 	 	48	 	 	 	164	 	 	 	45	 	 	 	119	 	
108	 	 	Total	 	 	 	492	 	 	 	206	 	 	 	286	 	 	 	515	 	 	 	276	 	 	 	239		
109	 	Generation Fuel Cost ($/MWh)	 	$	19.52	 	 	$	14.84	 	 	$	4.68	 	 	$	17.84	 	 	$	12.99	 	 	$	4.85	 	

[Additional columns below]
[Continued from above table, first column(s) repeated] 

 	 	 	 	 	 	12 Mo. Ended September 30	
 	 	 	 	 	 		
Line	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 		 		 		
 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	
93	 	 	Nuclear	 	 	8,678	 	 	 	8,705	 	 	 	(27	)	
94	 	 	Coal	 	 	11,746	 	 	 	12,076	 	 	 	(330	)	
95	 	 	Gas, oil and other	 	 	7,011	 	 	 	3,488	 	 	 	3,523	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
96	 	 	 	Total	 	 	27,435	 	 	 	24,269	 	 	 	3,166	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	
97	 	 	Firm load	 	 	1,533	 	 	 	1,987	 	 	 	(454	)	
98	 	 	Marketing and trading	 	 	26,433	 	 	 	22,318	 	 	 	4,115	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
99	 	 	 	Total	 	 	27,966	 	 	 	24,305	 	 	 	3,661	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
100	 	 	 	Total energy sources	 	 	55,401	 	 	 	48,574	 	 	 	6,827	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 		
 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 		
101	 	 	Nuclear	 	 	91	%	 	 	92	%	 	 	(1	)%	
102	 	 	Coal	 	 	78	%	 	 	81	%	 	 	(3	)%	
103	 	 	Gas, oil and other	 	 	33	%	 	 	24	%	 	 	9	%	
104	 	 	System average	 	 	60	%	 	 	64	%	 	 	(4	)%	
 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)	 	 	 	 	 	 	 	 	 	 	 	 	
105	 	 	Nuclear	 	 	89	 	 	 	97	 	 	 	(8	)	
106	 	 	Coal	 	 	235	 	 	 	160	 	 	 	75		
107	 	 	Gas	 	 	136	 	 	 	38	 	 	 	98	 	
108	 	 	 	Total	 	 	460	 	 	 	295	 	 	 	165	 	
109	 	Generation Fuel Cost ($/MWh)	 	$	16.66	 	 	$	12.88	 	 	$	3.78	 	

See Glossary of Terms.	 	Page 7 of 8	

 
Last Updated           10/24/2003
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Periods Ended September 30, 2003 and 2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	3 Mo. Ended September 30	 	9 Mo. Ended September 30	
 	 	 	 	 	 		 		
Line	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 		 		 		 		 		 		
 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
110	 	 	 	Palo Verde	 	$	52.88	 	 	$	35.45	 	 	$	17.43	 	 	$	50.47	 	 	$	30.99	 	 	$	19.49	 	
111	 	 	 	SP15	 	$	53.54	 	 	$	35.55	 	 	$	17.99	 	 	$	52.87	 	 	$	31.84	 	 	$	21.03	 	
 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
112	 	 	 	Palo Verde	 	$	36.08	 	 	$	18.21	 	 	$	17.87	 	 	$	32.55	 	 	$	18.16	 	 	$	14.39	 	
113	 	 	 	SP15	 	$	37.81	 	 	$	19.54	 	 	$	18.27	 	 	$	35.26	 	 	$	19.42	 	 	$	15.84	 	
 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
114	 	 	Cooling degree-days	 	 	2,701	 	 	 	2,647	 	 	 	54	 	 	 	4,327	 	 	 	4,477	 	 	 	(150	)	
115	 	 	Heating degree-days	 	 	—	 	 	 	—	 	 	 	—	 	 	 	366	 	 	 	472	 	 	 	(106	)	
116	 	 	Average humidity	 	 	30	%	 	 	27	%	 	 	3	%	 	 	30	%	 	 	24	%	 	 	6	%	
 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
117	 	 	Cooling degree-days	 	 	2,489	 	 	 	2,489	 	 	 	—	 	 	 	4,044	 	 	 	4,044	 	 	 	—	 	
118	 	 	Heating degree-days	 	 	—	 	 	 	—	 	 	 	—	 	 	 	580	 	 	 	580	 	 	 	—	 	
119	 	 	Average humidity	 	 	34	%	 	 	34	%	 	 	0	%	 	 	35	%	 	 	35	%	 	 	0	%	
 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Building Permits – Metro Phoenix (b) (d)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
120	 	 	Single-family	 	 	10,981	 	 	 	9,249	 	 	 	1,732	 	 	 	28,279	 	 	 	25,805	 	 	 	2,474	 	
121	 	 	Multi-family	 	 	1,982	 	 	 	2,569	 	 	 	(587	)	 	 	4,312	 	 	 	5,050	 	 	 	(738	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
122	 	 	 	Total	 	 	12,963	 	 	 	11,818	 	 	 	1,145	 	 	 	32,591	 	 	 	30,855	 	 	 	1,736	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	Arizona Job Growth (c) (d)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
123	 	 	Payroll job growth (% over prior year)	 	 	0.7	%	 	 	0.1	%	 	 	0.6	%	 	 	0.8	%	 	 	(0.4	)%	 	 	1.2	%	
124	 	 	Unemployment rate (%, seasonally adjusted)	 	 	6.0	%	 	 	6.3	%	 	 	(0.3	)%	 	 	5.9	%	 	 	6.2	%	 	 	(0.3	)%	

[Additional columns below]
[Continued from above table, first column(s) repeated] 

 	 	 	 	 	 	12 Mo. Ended September 30	
 	 	 	 	 	 		
Line	 	 	 	 	 	2003	 	2002	 	Incr (Decr)	
 	 	 	 	 	 		 		 		
 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	
110	 	 	 	Palo Verde	 	$	46.90	 	 	$	29.96	 	 	$	16.94	 	
111	 	 	 	SP15	 	$	49.99	 	 	$	30.97	 	 	$	19.02	 	
 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	
112	 	 	 	Palo Verde	 	$	30.69	 	 	$	18.20	 	 	$	12.49	 	
113	 	 	 	SP15	 	$	33.58	 	 	$	19.67	 	 	$	13.91	 	
 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	
114	 	 	Cooling degree - days	 	 	4,725	 	 	 	5,097	 	 	 	(372	)	
115	 	 	Heating degree-days	 	 	694	 	 	 	932	 	 	 	(238	)	
116	 	 	Average humidity	 	 	32	%	 	 	28	%	 	 	4	%	
 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	
117	 	 	Cooling degree-days	 	 	4,437	 	 	 	4,437	 	 	 	—	 	
118	 	 	Heating degree-days	 	 	1,013	 	 	 	1,013	 	 	 	—	 	
119	 	 	Average humidity	 	 	36	%	 	 	36	%	 	 	0	%	
 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Building Permits – Metro Phoenix (b) (d)	 	 	 	 	 	 	 	 	 	 	 	 	
120	 	 	Single-family	 	 	36,858	 	 	 	32,778	 	 	 	4,080	 	
121	 	 	Multi-family	 	 	6,239	 	 	 	6,277	 	 	 	(38	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
122	 	 	 	Total	 	 	43,097	 	 	 	39,055	 	 	 	4,042	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	
 	 	Arizona Job Growth (c) (d)	 	 	 	 	 	 	 	 	 	 	 	 	
123	 	 	Payroll job growth (% over prior year)	 	 	0.7	%	 	 	(0.4	)%	 	 	1.1	%	
124	 	 	Unemployment rate (%, seasonally adjusted)	 	 	5.9	%	 	 	6.0	%	 	 	(0.1	)%	

Sources:	
 		
(a)	 	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 		
(d)	 	The economic indicators reflect three month, nine month and twelve month ended August 2002 and August 2003.	
 	 	 	
See Glossary of Terms.	 	Page 8 of 8	

 
Last Updated  10/24/2003
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	 	 	 	 	 	 	$	159	 	 	$	(24	)	
 	2	 	 	 	Pinnacle West Energy	 	 	5	 	 	 	2	 	 	 	3	 	 	 	 	 	 	 	11	 	 	 	(1	)	
 	3	 	 	 	APS Energy Services	 	 	8	 	 	 	5	 	 	 	1	 	 	 	 	 	 	 	13	 	 	 	(7	)	
 	4	 	 	 	SunCor	 	 	1	 	 	 	2	 	 	 	6	 	 	 	 	 	 	 	10	 	 	 	8	 	
 	5	 	 	 	El Dorado	 	 	3	 	 	 	2	 	 	 	1	 	 	 	 	 	 	 	6	 	 	 	24	 	
 	6	 	 	 	Parent Company	 	 	(13	)	 	 	1	 	 	 	(1	)	 	 	 	 	 	 	(15	)	 	 	(39	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 		 	 		 	 	 		 	
 	7	 	 	 	 	 	Income From Continuing Operations	 	 	20	 	 	 	55	 	 	 	110	 	 	 	 	 	 	 	184	 	 	 	(39	)	
 	 	 	 	 	Income From Discontinued Operations -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	8	 	 	 	 	Net of Tax	 	 	5	 	 	 	1	 	 	 	—	 	 	 	 	 	 	 	7	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 		 	 		 	 	 		 	
 	9	 	 	 	 	 	Net Income	 	$	25	 	 	$	56	 	 	$	110	 	 	 	 	 	 	$	191	 	 	$	(39	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 		 	 		 	 	 		 	
 	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY - DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	 	Arizona Public Service	 	$	0.17	 	 	$	0.47	 	 	$	1.10	 	 	 	 	 	 	$	1.74	 	 	$	(0.41	)	
 	11	 	 	 	Pinnacle West Energy	 	 	0.06	 	 	 	0.02	 	 	 	0.04	 	 	 	 	 	 	 	0.12	 	 	 	(0.02	)	
 	12	 	 	 	APS Energy Services	 	 	0.08	 	 	 	0.06	 	 	 	0.01	 	 	 	 	 	 	 	0.15	 	 	 	(0.09	)	
 	13	 	 	 	SunCor	 	 	0.01	 	 	 	0.02	 	 	 	0.07	 	 	 	 	 	 	 	0.11	 	 	 	0.08	 	
 	14	 	 	 	El Dorado	 	 	0.03	 	 	 	0.02	 	 	 	0.01	 	 	 	 	 	 	 	0.06	 	 	 	0.28	 	
 	15	 	 	 	Parent Company	 	 	(0.13	)	 	 	0.01	 	 	 	(0.03	)	 	 	 	 	 	 	(0.16	)	 	 	(0.45	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 		 	 		 	 	 		 	
 	16	 	 	 	 	 	Income From Continuing Operations	 	 	0.22	 	 	 	0.60	 	 	 	1.20	 	 	 	 	 	 	 	2.02	 	 	 	(0.61	)	
 	 	 	 	 	Income From Discontinued Operations -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	17	 	 	 	 	Net of Tax	 	 	0.06	 	 	 	0.01	 	 	 	—	 	 	 	 	 	 	 	0.07	 	 	 	(0.01	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 		 	 		 	 	 		 	
 	18	 	 	 	 	 	Net Income	 	$	0.28	 	 	$	0.61	 	 	$	1.20	 	 	 	 	 	 	$	2.09	 	 	$	(0.62	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 		 	 		 	 	 		 	
 	19	 	 	BOOK VALUE PER SHARE	 	$	29.39	 	 	$	29.95	 	 	$	30.68	 	 	 	 	 	 	$	30.68	 	 	$	(0.71	)	
 	 	 	 	COMMON SHARES OUTSTANDING - DILUTED (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	 	Average	 	 	91,359	 	 	 	91,450	 	 	 	91,467	 	 	 	 	 	 	 	91,432	 	 	 	6,573	 	
 	21	 	 	 	End of Period	 	 	91,257	 	 	 	91,262	 	 	 	91,271	 	 	 	 	 	 	 	91,271	 	 	 	6,515	 	
 	 	 	
See Glossary of Terms.	 	Page 1 of 8	

 
Last Updated          10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	ELECTRIC OPERATING REVENUES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	 	 	Residential	 	$	168	 	 	$	233	 	 	$	363	 	 	 	 	 	 	$	764	 	 	$	30	 	
 	23	 	 	 	 	Business	 	 	196	 	 	 	251	 	 	 	284	 	 	 	 	 	 	 	731	 	 	 	15	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	24	 	 	 	 	 	Total retail	 	 	364	 	 	 	484	 	 	 	647	 	 	 	 	 	 	 	1,495	 	 	 	45	 	
 	 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	25	 	 	 	 	Traditional contracts	 	 	3	 	 	 	4	 	 	 	5	 	 	 	 	 	 	 	12	 	 	 	6	 	
 	26	 	 	 	 	Retail load hedge management	 	 	5	 	 	 	8	 	 	 	27	 	 	 	 	 	 	 	40	 	 	 	(72	)	
 	27	 	 	 	Transmission for others	 	 	6	 	 	 	5	 	 	 	9	 	 	 	 	 	 	 	20	 	 	 	2	 	
 	28	 	 	 	Other miscellaneous services	 	 	7	 	 	 	6	 	 	 	6	 	 	 	 	 	 	 	19	 	 	 	9	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	29	 	 	 	 	 	Total regulated electricity	 	 	385	 	 	 	507	 	 	 	694	 	 	 	 	 	 	 	1,586	 	 	 	(10	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	30	 	 	 	 	Generation sales other than native load	 	 	44	 	 	 	20	 	 	 	8	 	 	 	 	 	 	 	72	 	 	 	54	 	
 	31	 	 	 	 	Realized margins on electricity trading	 	 	5	 	 	 	2	 	 	 	2	 	 	 	 	 	 	 	9	 	 	 	(37	)	
 	32	 	 	 	 	Other delivered electricity (a)	 	 	122	 	 	 	147	 	 	 	156	 	 	 	 	 	 	 	425	 	 	 	299	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	33	 	 	 	 	Total delivered marketing and trading	 	 	171	 	 	 	169	 	 	 	166	 	 	 	 	 	 	 	506	 	 	 	316	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	OTHER MARKETING AND TRADING	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	 	Realized margins on delivered commodities other than electricity (a)	 	 	(2	)	 	 	(2	)	 	 	(5	)	 	 	 	 	 	 	(9	)	 	 	(11	)	
 	35	 	 	 	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)	 	 	(3	)	 	 	1	 	 	 	(4	)	 	 	 	 	 	 	(7	)	 	 	27	 	
 	36	 	 	 	Change in mark-to-market for future-period deliveries	 	 	(3	)	 	 	(1	)	 	 	(2	)	 	 	 	 	 	 	(5	)	 	 	(60	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	37	 	 	 	Total other marketing and trading	 	 	(8	)	 	 	(2	)	 	 	(11	)	 	 	 	 	 	 	(21	)	 	 	(44	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	38	 	 	Total marketing and trading	 	 	163	 	 	 	167	 	 	 	155	 	 	 	 	 	 	 	485	 	 	 	272	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	39	 	 	Total electric operating revenues	 	$	548	 	 	$	674	 	 	$	849	 	 	 	 	 	 	$	2,071	 	 	$	262	 	

(a)	 	The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $4 million was transferred to “realized” for the third quarter of 2003. Lines 31 and 34 include amounts totaling $4 million of realized gains for the third quarter of 2003.	
 	 	 	
See Glossary of Terms.	 	Page 2 of 8	

 
Last Updated          10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Retail sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	40	 	 	 	 	Residential	 	 	2,104	 	 	 	2,543	 	 	 	4,126	 	 	 	 	 	 	 	8,773	 	 	 	385	 	
 	41	 	 	 	 	Business	 	 	2,849	 	 	 	3,450	 	 	 	3,891	 	 	 	 	 	 	 	10,190	 	 	 	309	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	42	 	 	 	 	 	Total retail	 	 	4,953	 	 	 	5,993	 	 	 	8,017	 	 	 	 	 	 	 	18,963	 	 	 	694	 	
 	 	 	 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43	 	 	 	 	Traditional contracts	 	 	130	 	 	 	131	 	 	 	127	 	 	 	 	 	 	 	388	 	 	 	54	 	
 	44	 	 	 	 	Retail load hedge management	 	 	109	 	 	 	205	 	 	 	446	 	 	 	 	 	 	 	760	 	 	 	(1,586	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	45	 	 	 	 	 	Total regulated electricity	 	 	5,192	 	 	 	6,329	 	 	 	8,590	 	 	 	 	 	 	 	20,111	 	 	 	(838	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	46	 	 	 	 	Generation sales other than native load	 	 	992	 	 	 	476	 	 	 	203	 	 	 	 	 	 	 	1,671	 	 	 	931	 	
 	47	 	 	 	 	Electricity trading	 	 	3,910	 	 	 	3,140	 	 	 	4,185	 	 	 	 	 	 	 	11,235	 	 	 	(1,378	)	
 	48	 	 	 	 	Other delivered electricity	 	 	2,470	 	 	 	3,004	 	 	 	2,623	 	 	 	 	 	 	 	8,097	 	 	 	5,691	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	49	 	 	 	 	 	Total delivered marketing and trading	 	 	7,372	 	 	 	6,620	 	 	 	7,011	 	 	 	 	 	 	 	21,003	 	 	 	5,244	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	50	 	 	Total electric sales	 	 	12,564	 	 	 	12,949	 	 	 	15,601	 	 	 	 	 	 	 	41,114	 	 	 	4,406	 	

See Glossary of Terms.	 	Page 3 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Current Period Effects	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Realized margin on delivered commodities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	 	 	 	Generation sales other than native load	 	$	3	 	 	$	1	 	 	$	—	 	 	 	 	 	 	$	4	 	 	$	(1	)	
 	52	 	 	 	 	 	Other electricity marketing and trading (a)	 	 	24	 	 	 	21	 	 	 	9	 	 	 	 	 	 	 	54	 	 	 	(22	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	53	 	 	 	 	 	Total electricity	 	 	27	 	 	 	22	 	 	 	9	 	 	 	 	 	 	 	58	 	 	 	(23	)	
 	54	 	 	 	 	Other commodities (a)	 	 	(2	)	 	 	(2	)	 	 	(5	)	 	 	 	 	 	 	(9	)	 	 	(11	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	55	 	 	 	 	Total realized margin	 	 	25	 	 	 	20	 	 	 	4	 	 	 	 	 	 	 	49	 	 	 	(34	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	 	Prior-period mark-to-market (gains) losses on contracts delivered during current period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	 	 	Electricity (a)	 	 	(5	)	 	 	(2	)	 	 	(3	)	 	 	 	 	 	 	(10	)	 	 	21	 	
 	57	 	 	 	 	Other commodities (a)	 	 	2	 	 	 	3	 	 	 	—	 	 	 	 	 	 	 	3	 	 	 	7	 	
 	58	 	 	 	 	Charge related to trading activities with Enron and its affiliates	 	 	—	 	 	 	—	 	 	 	—	 	 	 	 	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	59	 	 	 	 	Subtotal	 	 	(3	)	 	 	1	 	 	 	(3	)	 	 	 	 	 	 	(7	)	 	 	28	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	60	 	 	 	Total current period effects (b)	 	 	22	 	 	 	21	 	 	 	1	 	 	 	 	 	 	 	42	 	 	 	(6	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	Change in mark-to-market gains (losses) for future period deliveries (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	 	Electricity	 	 	(6	)	 	 	1	 	 	 	—	 	 	 	 	 	 	 	(4	)	 	 	(61	)	
 	62	 	 	 	Other commodities	 	 	3	 	 	 	(2	)	 	 	(3	)	 	 	 	 	 	 	(1	)	 	 	6	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	63	 	 	 	Total future period effects	 	 	(3	)	 	 	(1	)	 	 	(3	)	 	 	 	 	 	 	(5	)	 	 	(55	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	64	 	 	Total gross margin	 	$	19	 	 	$	20	 	 	$	(2	)	 	 	 	 	 	$	37	 	 	$	(61	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of September 30, 2003, Pinnacle West had accumulated mark-to-market net gains of $30 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: remainder of 2003, $2 million; 2004, $6 million; 2005, $6 million; 2006 and thereafter, $16 million.

(a)	 	The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $3 million was transferred to “realized” for the third quarter of 2003. A $3 million realized gain is included in the $9 million on line 52 for the third quarter of 2003.	
 		
(b)	 	Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.	
 	 	 	
See Glossary of Terms.	 	Page 4 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 		 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued) (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	By Commodity Sold or Traded	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Electricity	 	$	17	 	 	$	21	 	 	$	6	 	 	 	 	 	 	$	44	 	 	$	(69	)	
 	66	 	 	Natural gas	 	 	2	 	 	 	3	 	 	 	(5	)	 	 	 	 	 	 	—	 	 	 	1	 	
 	67	 	 	Coal	 	 	(1	)	 	 	(1	)	 	 	—	 	 	 	 	 	 	 	(2	)	 	 	—	 	
 	68	 	 	Emission allowances	 	 	—	 	 	 	(3	)	 	 	(3	)	 	 	 	 	 	 	(6	)	 	 	1	 	
 	69	 	 	Other	 	 	1	 	 	 	—	 	 	 	—	 	 	 	 	 	 	 	1	 	 	 	1	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	70	 	 	 	Total gross margin	 	$	19	 	 	$	20	 	 	$	(2	)	 	 	 	 	 	$	37	 	 	$	(66	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Parent company marketing and trading division	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	 	Generation sales other than native load	 	$	(2	)	 	$	—	 	 	$	—	 	 	 	 	 	 	$	(2	)	 	$	(5	)	
 	72	 	 	 	Other marketing and trading	 	 	4	 	 	 	4	 	 	 	(2	)	 	 	 	 	 	 	6	 	 	 	(67	)	
 	 	 	 	APS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	73	 	 	 	Generation sales other than native load	 	 	6	 	 	 	1	 	 	 	—	 	 	 	 	 	 	 	7	 	 	 	5	 	
 	74	 	 	 	Other marketing and trading	 	 	—	 	 	 	3	 	 	 	(6	)	 	 	 	 	 	 	(3	)	 	 	(3	)	
 	 	 	 	Pinnacle West Energy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	 	Generation sales other than native load	 	 	(1	)	 	 	—	 	 	 	—	 	 	 	 	 	 	 	(1	)	 	 	(1	)	
 	76	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	 	 	 	 	—	 	 	 	—	 	
 	 	 	 	APS ES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	 	Other marketing and trading	 	 	12	 	 	 	12	 	 	 	6	 	 	 	 	 	 	 	30	 	 	 	5	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	78	 	 	Total gross margin before income taxes	 	$	19	 	 	$	20	 	 	$	(2	)	 	 	 	 	 	$	37	 	 	$	(66	)	

See Glossary of Terms.	 	Page 5 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	 	Residential	 	 	827,937	 	 	 	821,331	 	 	 	824,655	 	 	 	 	 	 	 	824,641	 	 	 	26,217	 	
 	80	 	 	 	Business	 	 	101,999	 	 	 	102,601	 	 	 	103,262	 	 	 	 	 	 	 	102,621	 	 	 	2,703	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	81	 	 	 	 	Total	 	 	929,936	 	 	 	923,932	 	 	 	927,917	 	 	 	 	 	 	 	927,262	 	 	 	28,921	 	
 	82	 	 	Wholesale customers	 	 	65	 	 	 	66	 	 	 	66	 	 	 	 	 	 	 	66	 	 	 	(1	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	83	 	 	 	 	Total customers	 	 	930,001	 	 	 	923,998	 	 	 	927,983	 	 	 	 	 	 	 	927,327	 	 	 	28,920	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	84	 	 	Customer Growth (% over prior year)	 	 	3.3	%	 	 	3.1	%	 	 	3.2	%	 	 	 	 	 	 	3.2	%	 	 	0.1	%	
 	 	 	 	RETAIL SALES (GWH) -
WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	85	 	 	Residential	 	 	2,235	 	 	 	2,516	 	 	 	3,871	 	 	 	 	 	 	 	8,622	 	 	 	370	 	
 	86	 	 	Business	 	 	2,880	 	 	 	3,494	 	 	 	3,832	 	 	 	 	 	 	 	10,206	 	 	 	330	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	87	 	 	 	 	Total	 	 	5,115	 	 	 	6,010	 	 	 	7,703	 	 	 	 	 	 	 	18,828	 	 	 	700	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	88	 	 	Residential	 	 	2,541	 	 	 	3,096	 	 	 	5,004	 	 	 	 	 	 	 	10,639	 	 	 	133	 	
 	89	 	 	Business	 	 	27,927	 	 	 	33,625	 	 	 	37,677	 	 	 	 	 	 	 	99,289	 	 	 	387	 	
 	 	 	 	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	90	 	 	Residential	 	 	2,700	 	 	 	3,063	 	 	 	4,694	 	 	 	 	 	 	 	10,463	 	 	 	128	 	
 	91	 	 	Business	 	 	28,236	 	 	 	34,058	 	 	 	37,113	 	 	 	 	 	 	 	99,461	 	 	 	616	 	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	92	 	 	System peak demand	 	 	3,569	 	 	 	5,571	 	 	 	6,332	 	 	 	 	 	 	 	6,332	 	 	 	529	 	
 	 	 	
See Glossary of Terms.	 	Page 6 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	93	 	 	 	Nuclear	 	 	2,306	 	 	 	2,047	 	 	 	2,230	 	 	 	 	 	 	 	6,583	 	 	 	(303	)	
 	94	 	 	 	Coal	 	 	2,770	 	 	 	2,823	 	 	 	2,970	 	 	 	 	 	 	 	8,563	 	 	 	(310	)	
 	95	 	 	 	Gas, oil and other	 	 	1,288	 	 	 	1,572	 	 	 	2,696	 	 	 	 	 	 	 	5,556	 	 	 	2,642	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	96	 	 	 	 	Total	 	 	6,364	 	 	 	6,442	 	 	 	7,896	 	 	 	 	 	 	 	20,702	 	 	 	2,029	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	97	 	 	 	Firm load	 	 	(15	)	 	 	606	 	 	 	1,099	 	 	 	 	 	 	 	1,690	 	 	 	(85	)	
 	98	 	 	 	Marketing and trading	 	 	6,489	 	 	 	6,349	 	 	 	7,255	 	 	 	 	 	 	 	20,093	 	 	 	2,730	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	99	 	 	 	 	Total	 	 	6,474	 	 	 	6,955	 	 	 	8,354	 	 	 	 	 	 	 	21,783	 	 	 	2,645	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	100	 	 	 	 	Total energy sources	 	 	12,838	 	 	 	13,397	 	 	 	16,250	 	 	 	 	 	 	 	42,485	 	 	 	4,674	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	101	 	 	 	Nuclear	 	 	98	%	 	 	86	%	 	 	93	%	 	 	 	 	 	 	93	%	 	 	(4	)%	
 	102	 	 	 	Coal	 	 	75	%	 	 	75	%	 	 	79	%	 	 	 	 	 	 	76	%	 	 	(3	)%	
 	103	 	 	 	Gas, oil and other	 	 	26	%	 	 	31	%	 	 	44	%	 	 	 	 	 	 	35	%	 	 	10	%	
 	104	 	 	 	System average	 	 	58	%	 	 	59	%	 	 	64	%	 	 	 	 	 	 	60	%	 	 	(5	)%	
 	 	 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	105	 	 	 	Nuclear	 	 	31	 	 	 	136	 	 	 	61	 	 	 	 	 	 	 	76	 	 	 	29		
 	106	 	 	 	Coal	 	 	292	 	 	 	254	 	 	 	277	 	 	 	 	 	 	 	275	 	 	 	91	 	
 	107	 	 	 	Gas	 	 	189	 	 	 	148	 	 	 	154	 	 	 	 	 	 	 	164	 	 	 	119	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	108	 	 	 	 	Total	 	 	512	 	 	 	538	 	 	 	492	 	 	 	 	 	 	 	515	 	 	 	239	 	
 	109	 	 	Generation Fuel Cost ($/MWh)	 	$	15.89	 	 	$	16.80	 	 	$	19.52	 	 	 	 	 	 	$	17.84	 	 	$	4.85	 	
 	 	 	
See Glossary of Terms.	 	Page 7 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2003

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	110	 	 	 	 	Palo Verde	 	$	49.66	 	 	$	48.88	 	 	$	52.88	 	 	 	 	 	 	$	50.47	 	 	$	19.49	 	
 	111	 	 	 	 	SP15	 	$	54.35	 	 	$	50.73	 	 	$	53.54	 	 	 	 	 	 	$	52.87	 	 	$	21.03	 	
 	 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	112	 	 	 	 	Palo Verde	 	$	36.09	 	 	$	25.48	 	 	$	36.08	 	 	 	 	 	 	$	32.55	 	 	$	14.39	 	
 	113	 	 	 	 	SP15	 	$	39.70	 	 	$	28.27	 	 	$	37.81	 	 	 	 	 	 	$	35.26	 	 	$	15.84	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	114	 	 	 	Cooling degree-days	 	 	76	 	 	 	1,550	 	 	 	2,701	 	 	 	 	 	 	 	4,327	 	 	 	(150	)	
 	115	 	 	 	Heating degree-days	 	 	349	 	 	 	17	 	 	 	—	 	 	 	 	 	 	 	366	 	 	 	(106	)	
 	116	 	 	 	Average humidity	 	 	44	%	 	 	18	%	 	 	30	%	 	 	 	 	 	 	30	%	 	 	9	%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	117	 	 	 	Cooling degree-days	 	 	77	 	 	 	1,478	 	 	 	2,489	 	 	 	 	 	 	 	4,044	 	 	 	2,489	 	
 	118	 	 	 	Heating degree-days	 	 	546	 	 	 	34	 	 	 	—	 	 	 	 	 	 	 	580	 	 	 	—	 	
 	119	 	 	 	Average humidity	 	 	45	%	 	 	25	%	 	 	34	%	 	 	 	 	 	 	35	%	 	 	0	%	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits – Metro Phoenix (b) (d)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	120	 	 	 	Single-family	 	 	8,030	 	 	 	10,613	 	 	 	7,358	 	 	 	 	 	 	 	26,001	 	 	 	2,556	 	
 	121	 	 	 	Multi-family	 	 	863	 	 	 	2,053	 	 	 	730	 	 	 	 	 	 	 	3,646	 	 	 	(835)	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	122	 	 	 	 	Total	 	 	8,893	 	 	 	12,666	 	 	 	8,088	 	 	 	 	 	 	 	29,647	 	 	 	1,721	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 		 	 	 		 	
 	 	 	 	Arizona Job Growth (c) (d)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	123	 	 	 	Payroll job growth (% over prior year)	 	 	1.0	%	 	 	0.6	%	 	 	0.8	%	 	 	 	 	 	 	0.8	%	 	 	1.1	%	
 	124	 	 	 	Unemployment rate (%, seasonally adjusted)	 	 	5.7	%	 	 	5.9	%	 	 	6.1	%	 	 	 	 	 	 	6.1	%	 	 	(0.1	)%	

Sources:	
 		
(a)	 	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 		
(d)	 	The economic indicators reflect latest available data through periods ending August 2003.	
 	 	 	
See Glossary of Terms.	 	Page 8 of 8	

 
EXHIBIT 99.4

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	EARNINGS CONTRIBUTION	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	BY SUBSIDIARY ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1	 	 	 	 	Arizona Public Service	 	$	32	 	 	$	64	 	 	$	87	 	 	$	16	 	 	$	199	 	 	$	(82	)	
 	2	 	 	 	 	Pinnacle West Energy	 	 	1	 	 	 	1	 	 	 	10	 	 	 	(31	)	 	 	(19	)	 	 	(37	)	
 	3	 	 	 	 	APS Energy Services	 	 	2	 	 	 	11	 	 	 	7	 	 	 	8	 	 	 	28	 	 	 	38	 	
 	4	 	 	 	 	SunCor	 	 	1	 	 	 	2	 	 	 	(1	)	 	 	8	 	 	 	10	 	 	 	7	 	
 	5	 	 	 	 	El Dorado	 	 	—	 	 	 	(3	)	 	 	(15	)	 	 	(37	)	 	 	(55	)	 	 	(55	)	
 	6	 	 	 	 	Parent Company	 	 	17	 	 	 	(6	)	 	 	13	 	 	 	19	 	 	 	43	 	 	 	8	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	7	 	 	 	 	 	Income From Continuing Operations	 	 	53	 	 	 	69	 	 	 	101	 	 	 	(17	)	 	 	206	 	 	 	(121	)	
 	8a	 	 	 	 	Income From Discontinued Operations - Net of Tax	 	 	1	 	 	 	6	 	 	 	—	 	 	 	2	 	 	 	9	 	 	 	9	 	
 	8b	 	 	 	 	Cumulative Effect of Change in Accounting - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(66	)	 	 	(66	)	 	 	(51	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	9	 	 	 	 	 	Net Income	 	$	54	 	 	$	75	 	 	$	101	 	 	$	(81	)	 	$	149	 	 	$	(163	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	EARNINGS PER SHARE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	BY SUBSIDIARY - DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	 	 	Arizona Public Service	 	$	0.37	 	 	$	0.76	 	 	$	1.02	 	 	$	0.19	 	 	$	2.35	 	 	$	(0.95	)	
 	11	 	 	 	 	Pinnacle West Energy	 	 	0.01	 	 	 	0.01	 	 	 	0.12	 	 	 	(0.37	)	 	 	(0.23	)	 	 	(0.44	)	
 	12	 	 	 	 	APS Energy Services	 	 	0.03	 	 	 	0.13	 	 	 	0.08	 	 	 	0.09	 	 	 	0.33	 	 	 	0.45	 	
 	13	 	 	 	 	SunCor	 	 	0.02	 	 	 	0.02	 	 	 	(0.01	)	 	 	0.09	 	 	 	0.11	 	 	 	0.07	 	
 	14	 	 	 	 	El Dorado	 	 	—	 	 	 	(0.04	)	 	 	(0.18	)	 	 	(0.43	)	 	 	(0.65	)	 	 	(0.65	)	
 	15	 	 	 	 	Parent Company	 	 	0.20	 	 	 	(0.07	)	 	 	0.16	 	 	 	0.24	 	 	 	0.51	 	 	 	0.09	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	16	 	 	 	 	 	Income From Continuing Operations	 	 	0.63	 	 	 	0.81	 	 	 	1.19	 	 	 	(0.19	)	 	 	2.42	 	 	 	(1.43	)	
 	17a	 	 	 	 	Income From Discontinued Operations - Net of Tax	 	 	—	 	 	 	0.08	 	 	 	—	 	 	 	0.02	 	 	 	0.11	 	 	 	0.11	 	
 	17b	 	 	 	 	Cumulative Effect of Change in Accounting - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(0.78	)	 	 	(0.77	)	 	 	(0.60	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	18	 	 	 	 	 	Net Income	 	$	0.63	 	 	$	0.89	 	 	$	1.19	 	 	$	(0.95	)	 	$	1.76	 	 	$	(1.92	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	19	 	 	BOOK VALUE PER SHARE	 	$	30.06	 	 	$	30.54	 	 	$	31.39	 	 	$	29.40	 	 	$	29.40	 	 	$	(0.06	)	
 	 	 	 	COMMON SHARES OUTSTANDING - DILUTED (Thousands )	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	 	 	Average	 	 	84,884	 	 	 	84,926	 	 	 	84,797	 	 	 	85,302	 	 	 	84,964	 	 	 	34	 	
 	21	 	 	 	 	End of Period	 	 	84,789	 	 	 	84,768	 	 	 	84,756	 	 	 	91,255	 	 	 	91,255	 	 	 	6,531	 	
 	 	 	
See Glossary of Terms.	 	Page 1 of 8	

 

Last Updated	 	10/20/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	ELECTRIC OPERATING REVENUES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	 	 	Residential	 	$	171	 	 	$	226	 	 	$	337	 	 	$	172	 	 	$	906	 	 	$	(9	)	
 	23	 	 	 	 	Business	 	 	195	 	 	 	251	 	 	 	270	 	 	 	212	 	 	 	928	 	 	 	(24	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	24	 	 	 	 	 	Total retail	 	 	366	 	 	 	477	 	 	 	607	 	 	 	384	 	 	 	1,834	 	 	 	(33	)	
 	 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	25	 	 	 	 	Traditional contracts	 	 	2	 	 	 	1	 	 	 	3	 	 	 	3	 	 	 	9	 	 	 	(64	)	
 	26	 	 	 	 	Retail load hedge management	 	 	2	 	 	 	11	 	 	 	99	 	 	 	11	 	 	 	123	 	 	 	(455	)	
 	27	 	 	 	Transmission for others	 	 	6	 	 	 	6	 	 	 	6	 	 	 	12	 	 	 	30	 	 	 	4	 	
 	28	 	 	 	Other miscellaneous services	 	 	4	 	 	 	2	 	 	 	4	 	 	 	7	 	 	 	17	 	 	 	(1	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	29	 	 	 	 	 	Total regulated electricity	 	 	380	 	 	 	497	 	 	 	719	 	 	 	417	 	 	 	2,013	 	 	 	(549	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	30	 	 	 	 	Generation sales other than native load	 	 	8	 	 	 	2	 	 	 	8	 	 	 	32	 	 	 	50	 	 	 	(98	)	
 	31	 	 	 	 	Realized margins on electricity trading	 	 	27	 	 	 	14	 	 	 	5	 	 	 	3	 	 	 	49	 	 	 	(13	)	
 	32	 	 	 	 	Other delivered electricity (a)	 	 	34	 	 	 	39	 	 	 	53	 	 	 	81	 	 	 	207	 	 	 	(122	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	33	 	 	 	 	Total delivered marketing and trading	 	 	69	 	 	 	55	 	 	 	66	 	 	 	116	 	 	 	306	 	 	 	(233	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	OTHER MARKETING AND TRADING	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	 	Realized margins on delivered commodities other than electricity (a)	 	 	4	 	 	 	1	 	 	 	(3	)	 	 	6	 	 	 	8	 	 	 	22	 	
 	35	 	 	 	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)	 	 	(22	)	 	 	(8	)	 	 	3	 	 	 	(8	)	 	 	(40	)	 	 	(39	)	
 	36	 	 	 	Change in mark-to-market for future-period deliveries	 	 	25	 	 	 	1	 	 	 	22	 	 	 	(1	)	 	 	52	 	 	 	(75	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	37	 	 	 	Total other marketing and trading	 	 	7	 	 	 	(6	)	 	 	22	 	 	 	(3	)	 	 	20	 	 	 	(92	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	38	 	 	Total marketing and trading	 	 	76	 	 	 	49	 	 	 	87	 	 	 	113	 	 	 	326	 	 	 	(325	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	39	 	 	Total electric operating revenues	 	$	456	 	 	$	546	 	 	$	807	 	 	$	530	 	 	$	2,339	 	 	$	(874	)	

(a)	 	The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $40 million was transferred to “realized” for the total year 2002. Lines 31 and 34 include amounts totaling $40 million of realized revenues for the total year 2002.	
 	 	 	
See Glossary of Terms.	 	Page 2 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

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

See Glossary of Terms.	 	Page 3 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	PRETAX GROSS MARGIN ANALYSIS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Current Period Effects	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Realized margin on delivered commodities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	Electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	 	 	 	 	Generation sales other than native load	 	$	2	 	 	$	—	 	 	$	3	 	 	$	9	 	 	$	14	 	 	$	(66	)	
 	52	 	 	 	 	 	 	Other electricity marketing and trading (a)	 	 	33	 	 	 	24	 	 	 	19	 	 	 	23	 	 	 	99	 	 	 	(18	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	53	 	 	 	 	 	 	Total electricity	 	 	35	 	 	 	24	 	 	 	22	 	 	 	32	 	 	 	113	 	 	 	(84	)	
 	54	 	 	 	 	 	Other commodities (a)	 	 	4	 	 	 	1	 	 	 	(3	)	 	 	6	 	 	 	8	 	 	 	22	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	55	 	 	 	 	 	Total realized margin	 	 	39	 	 	 	25	 	 	 	19	 	 	 	38	 	 	 	121	 	 	 	(62	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	Prior-period mark-to-market (gains) losses on contracts	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	delivered during current period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	 	 	 	Electricity (a)	 	 	(16	)	 	 	(9	)	 	 	(4	)	 	 	(4	)	 	 	(30	)	 	 	(19	)	
 	57	 	 	 	 	 	Other commodities (a)	 	 	(6	)	 	 	—	 	 	 	6	 	 	 	(4	)	 	 	(11	)	 	 	(36	)	
 	58	 	 	 	 	 	Charge related to trading activities with Enron and its affiliates	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	8	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	59	 	 	 	 	 	Subtotal	 	 	(22	)	 	 	(9	)	 	 	2	 	 	 	(8	)	 	 	(41	)	 	 	(47	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	60	 	 	 	Total current period effects (b)	 	 	17	 	 	 	16	 	 	 	21	 	 	 	30	 	 	 	80	 	 	 	(109	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Change in mark-to-market gains (losses) for future period deliveries (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	 	Electricity	 	 	25	 	 	 	10	 	 	 	25	 	 	 	6	 	 	 	63	 	 	 	(83	)	
 	62	 	 	 	Other commodities	 	 	(2	)	 	 	(7	)	 	 	(2	)	 	 	(7	)	 	 	(11	)	 	 	7	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	63	 	 	 	Total future period effects	 	 	23	 	 	 	3	 	 	 	23	 	 	 	(1	)	 	 	52	 	 	 	(76	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	64	 	 	Total gross margin	 	$	40	 	 	$	19	 	 	$	44	 	 	$	29	 	 	$	132	 	 	$	(185	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of December 31, 2002, Pinnacle West had accumulated mark-to-market net gains of $41 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2003, $4 million; 2004, $10 million; 2005 and thereafter, $27 million.

(a)	 	The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $30 million was transferred to “realized” for the total year 2002. A $30 million realized gain is included in the $99 million on line 52 for total year 2002.	
 		
(b)	 	Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.	
 	 	 	
See Glossary of Terms.	 	Page 4 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

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

See Glossary of Terms.	 	Page 4 of 8	

 
Last Updated              10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	 	Residential	 	 	801,000	 	 	 	795,681	 	 	 	798,590	 	 	 	811,930	 	 	 	801,801	 	 	 	25,462	 	
 	80	 	 	 	Business	 	 	99,335	 	 	 	100,096	 	 	 	100,318	 	 	 	101,177	 	 	 	100,228	 	 	 	2,030	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	81	 	 	 	 	Total	 	 	900,335	 	 	 	895,777	 	 	 	898,908	 	 	 	913,107	 	 	 	902,029	 	 	 	27,492	 	
 	82	 	 	Wholesale customers	 	 	67	 	 	 	67	 	 	 	67	 	 	 	67	 	 	 	67	 	 	 	1	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	83	 	 	 	 	Total customers	 	 	900,402	 	 	 	895,844	 	 	 	898,975	 	 	 	913,174	 	 	 	902,096	 	 	 	27,493	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	84	 	 	Customer Growth (% over prior year)	 	 	3.2	%	 	 	3.2	%	 	 	3.1	%	 	 	3.2	%	 	 	3.1	%	 	 	(0.5	)%	
 	 	 	 	RETAIL SALES (GWH) - WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	85	 	 	Residential	 	 	2,162	 	 	 	2,443	 	 	 	3,647	 	 	 	2,130	 	 	 	10,382	 	 	 	615	 	
 	86	 	 	Business	 	 	2,774	 	 	 	3,411	 	 	 	3,691	 	 	 	3,023	 	 	 	12,899	 	 	 	81	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	87	 	 	 	 	Total	 	 	4,936	 	 	 	5,854	 	 	 	7,338	 	 	 	5,153	 	 	 	23,281	 	 	 	696	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	RETAIL USAGE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	(KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	88	 	 	Residential	 	 	2,673	 	 	 	3,068	 	 	 	4,766	 	 	 	2,532	 	 	 	13,025	 	 	 	(287	)	
 	89	 	 	Business	 	 	27,896	 	 	 	34,258	 	 	 	36,691	 	 	 	30,011	 	 	 	128,885	 	 	 	(4,152	)	
 	 	 	 	RETAIL USAGE -	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	(KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	90	 	 	Residential	 	 	2,699	 	 	 	3,071	 	 	 	4,566	 	 	 	2,623	 	 	 	12,947	 	 	 	366	 	
 	91	 	 	Business	 	 	27,926	 	 	 	34,075	 	 	 	36,795	 	 	 	29,878	 	 	 	128,698	 	 	 	(1,834	)	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	92	 	 	System peak demand	 	 	3,921	 	 	 	5,425	 	 	 	5,803	 	 	 	3,828	 	 	 	5,803	 	 	 	116	 	
 	 	 	
See Glossary of Terms.	 	Page 6 of 8	

 
Last Updated            10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

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

 
Last Updated           10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2002

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Year-To-Date	 	vs Prior YTD	
 	 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	110	 	 	 	 	 	 	Palo Verde	 	$	26.86	 	 	$	30.65	 	 	$	35.45	 	 	$	36.18	 	 	$	32.28	 	 	$	(86.13	)	
 	111	 	 	 	 	 	 	SP15	 	$	28.46	 	 	$	31.51	 	 	$	35.55	 	 	$	41.35	 	 	$	34.22	 	 	$	(85.77	)	
 	 	 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	112	 	 	 	 	 	 	Palo Verde	 	$	22.17	 	 	$	14.10	 	 	$	18.21	 	 	$	25.09	 	 	$	19.89	 	 	$	(41.68	)	
 	113	 	 	 	 	 	 	SP15	 	$	22.76	 	 	$	15.95	 	 	$	19.54	 	 	$	28.52	 	 	$	21.69	 	 	$	(51.79	)	
 	 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	114	 	 	 	 	 	Cooling degree-days	 	 	89	 	 	 	1,741	 	 	 	2,647	 	 	 	398	 	 	 	4,875	 	 	 	(247	)	
 	115	 	 	 	 	 	Heating degree-days	 	 	472	 	 	 	—	 	 	 	—	 	 	 	328	 	 	 	800	 	 	 	(360	)	
 	116	 	 	 	 	 	Average humidity	 	 	28	%	 	 	16	%	 	 	27	%	 	 	38	%	 	 	27	%	 	 	(9	)%	
 	 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	117	 	 	 	 	 	Cooling degree-days	 	 	77	 	 	 	1,478	 	 	 	2,489	 	 	 	395	 	 	 	4,439	 	 	 	—	 	
 	118	 	 	 	 	 	Heating degree-days	 	 	546	 	 	 	34	 	 	 	—	 	 	 	433	 	 	 	1,013	 	 	 	—	 	
 	119	 	 	 	 	 	Average humidity	 	 	45	%	 	 	25	%	 	 	34	%	 	 	40	%	 	 	36	%	 	 	0	%	
 	 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Building Permits – Metro Phoenix (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	120	 	 	 	 	Single-family	 	 	7,682	 	 	 	9,666	 	 	 	8,689	 	 	 	8,275	 	 	 	34,312	 	 	 	1,447	 	
 	121	 	 	 	 	Multi-family	 	 	1,249	 	 	 	2,005	 	 	 	2,662	 	 	 	1,158	 	 	 	7,074	 	 	 	(1,930	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	122	 	 	 	 	 	 	Total	 	 	8,931	 	 	 	11,671	 	 	 	11,351	 	 	 	9,433	 	 	 	41,386	 	 	 	(483	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	Arizona Job Growth (c)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	123	 	 	 	 	Payroll job growth (% over prior year)	 	 	(0.8	)%	 	 	(0.2	)%	 	 	0.1	%	 	 	0.9	%	 	 	0.0	%	 	 	(1.0	)%	
 	124	 	 	 	 	Unemployment rate (%, seasonally adjusted)	 	 	6.2	%	 	 	6.2	%	 	 	6.2	%	 	 	6.0	%	 	 	6.2	%	 	 	1.5	%	

Sources:	
 		
(a)	 	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 	 	 	
See Glossary of Terms.	 	Page 8 of 8	

EXHIBIT 99.5
Last Updated                 10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

 
Last Updated                 10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

(a)	 	The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $1 million was transferred to “realized” for the total year 2001. Lines 31 and 34 include amounts totaling $1 million of realized revenues for the total year 2001.	
 	 	 	
See Glossary of Terms.	 	Page 2 of 8	

 
Last Updated                 10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

See Glossary of Terms.	 	Page 3 of 8	

 
Last Updated                 10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	 	vs Prior Year	
 	 	 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	PRETAX GROSS MARGIN ANALYSIS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Current Period Effects	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Realized margin on delivered commodities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	 	 	 	 	Generation sales other than native load	 	$	48	 	 	$	26	 	 	$	3	 	 	$	3	 	 	$	80	 	 	$	26	 	
 	52	 	 	 	 	 	 	Other electricity marketing and trading (a)	 	 	4	 	 	 	43	 	 	 	14	 	 	 	56	 	 	 	117	 	 	 	48	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	53	 	 	 	 	 	 	Total electricity	 	 	52	 	 	 	69	 	 	 	17	 	 	 	59	 	 	 	197	 	 	 	74	 	
 	54	 	 	 	 	 	Other commodities (a)	 	 	(5	)	 	 	(12	)	 	 	(1	)	 	 	4	 	 	 	(14	)	 	 	(5	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	55	 	 	 	 	 	Total realized margin	 	 	47	 	 	 	57	 	 	 	16	 	 	 	63	 	 	 	183	 	 	 	69	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	Prior-period mark-to-market (gains) losses on contracts delivered during current period	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	 	 	 	Electricity (a)	 	 	1	 	 	 	—	 	 	 	(38	)	 	 	(38	)	 	 	(11	)	 	 	(9	)	
 	57	 	 	 	 	 	Other commodities (a)	 	 	12	 	 	 	5	 	 	 	1	 	 	 	(4	)	 	 	25	 	 	 	25	 	
 	58	 	 	 	 	 	Charge related to trading activities with Enron and its affiliates	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(8	)	 	 	(8	)	 	 	(8	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	59	 	 	 	 	 	Subtotal	 	 	13	 	 	 	5	 	 	 	(37	)	 	 	(50	)	 	 	6	 	 	 	8	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	60	 	 	 	Total current period effects (b)	 	 	60	 	 	 	62	 	 	 	(21	)	 	 	13	 	 	 	189	 	 	 	77	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Change in mark-to-market gains (losses) for future period deliveries (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	 	Electricity	 	 	45	 	 	 	42	 	 	 	126	 	 	 	(2	)	 	 	146	 	 	 	139	 	
 	62	 	 	 	Other commodities	 	 	2	 	 	 	(6	)	 	 	3	 	 	 	(7	)	 	 	(18	)	 	 	(25	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	63	 	 	 	Total future period effects	 	 	47	 	 	 	36	 	 	 	129	 	 	 	(9	)	 	 	128	 	 	 	114	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	64	 	 	Total gross margin	 	$	107	 	 	$	98	 	 	$	108	 	 	$	4	 	 	$	317	 	 	$	191	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION
As of December 31, 2001, Pinnacle West had accumulated mark-to-market net gains of $138.0 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: 2002, $43.0 million; 2003, $22.6 million; 2004, $23.6 million; 2005 and thereafter, $48.8 million.

(a)	 	The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $11 million was transferred to “realized” for the total year 2001. A $11 million realized gain is included in the $117 million on line 52 for the total year 2001.	
 		
(b)	 	Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.	
 	 	 	
See Glossary of Terms.	 	Page 4 of 8	

 
Last Updated                 10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

See Glossary of Terms.	 	Page 5 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	 	vs Prior Year	
 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	 	Residential	 	 	775,317	 	 	 	770,335	 	 	 	773,321	 	 	 	786,382	 	 	 	776,339	 	 	 	27,054	 	
 	80	 	 	 	Business	 	 	97,222	 	 	 	98,065	 	 	 	98,874	 	 	 	98,631	 	 	 	98,198	 	 	 	4,070	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	81	 	 	 	 	Total	 	 	872,539	 	 	 	868,400	 	 	 	872,195	 	 	 	885,013	 	 	 	874,537	 	 	 	31,124	 	
 	82	 	 	Wholesale customers	 	 	68	 	 	 	66	 	 	 	66	 	 	 	66	 	 	 	66	 	 	 	(1	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	83	 	 	 	 	Total customers	 	 	872,607	 	 	 	868,466	 	 	 	872,261	 	 	 	885,079	 	 	 	874,603	 	 	 	31,123	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	84	 	 	Customer Growth (% over prior year)	 	 	4.0	%	 	 	3.9	%	 	 	3.7	%	 	 	3.2	%	 	 	3.7	%	 	 	(0.4	)%	
 	 	 	 	RETAIL SALES (GWH) - WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	85	 	 	Residential	 	 	2,037	 	 	 	2,238	 	 	 	3,354	 	 	 	2,138	 	 	 	9,767	 	 	 	208	 	
 	86	 	 	Business	 	 	2,825	 	 	 	3,339	 	 	 	3,633	 	 	 	3,021	 	 	 	12,818	 	 	 	126	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	87	 	 	 	 	Total	 	 	4,862	 	 	 	5,577	 	 	 	6,987	 	 	 	5,159	 	 	 	22,585	 	 	 	334	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	88	 	 	Residential	 	 	2,737	 	 	 	3,203	 	 	 	4,651	 	 	 	2,733	 	 	 	13,312	 	 	 	259	 	
 	89	 	 	Business	 	 	29,047	 	 	 	35,130	 	 	 	37,666	 	 	 	31,136	 	 	 	133,037	 	 	 	(2,459	)	
 	 	 	 	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	90	 	 	Residential	 	 	2,627	 	 	 	2,905	 	 	 	4,337	 	 	 	2,719	 	 	 	12,581	 	 	 	(177	)	
 	91	 	 	Business	 	 	29,057	 	 	 	34,049	 	 	 	36,747	 	 	 	30,629	 	 	 	130,532	 	 	 	(4,305	)	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	92	 	 	System peak demand	 	 	3,661	 	 	 	5,358	 	 	 	5,687	 	 	 	3,898	 	 	 	5,687	 	 	 	209	 	
 	 	 	
See Glossary of Terms.	 	Page 6 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

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

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2001

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Increase	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	(Decrease)	
Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	 	vs Prior Year	
 	 	 	 	 	 		 		 		 		 		 		
 	 	 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	110	 	 	 	 	Palo Verde	 	$	214.21	 	 	$	182.71	 	 	$	49.80	 	 	$	26.89	 	 	$	118.41	 	 	$	6.98	 	
 	111	 	 	 	 	SP15	 	$	219.66	 	 	$	186.30	 	 	$	45.61	 	 	$	28.38	 	 	$	119.99	 	 	$	12.64	 	
 	 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	112	 	 	 	 	Palo Verde	 	$	130.40	 	 	$	70.32	 	 	$	27.22	 	 	$	18.33	 	 	$	61.57	 	 	$	8.55	 	
 	113	 	 	 	 	SP15	 	$	159.80	 	 	$	84.78	 	 	$	28.92	 	 	$	20.41	 	 	$	73.48	 	 	$	12.74	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	114	 	 	 	Cooling degree-days	 	 	106	 	 	 	1,733	 	 	 	2,663	 	 	 	620	 	 	 	5,122	 	 	 	539	 	
 	115	 	 	 	Heating degree-days	 	 	657	 	 	 	43	 	 	 	—	 	 	 	460	 	 	 	1,160	 	 	 	192	 	
 	116	 	 	 	Average humidity	 	 	50	%	 	 	25	%	 	 	31	%	 	 	39	%	 	 	36	%	 	 	2	%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	117	 	 	 	Cooling degree-days	 	 	77	 	 	 	1,478	 	 	 	2,489	 	 	 	395	 	 	 	4,439	 	 	 	—	 	
 	118	 	 	 	Heating degree-days	 	 	546	 	 	 	34	 	 	 	—	 	 	 	433	 	 	 	1,013	 	 	 	—	 	
 	119	 	 	 	Average humidity	 	 	45	%	 	 	25	%	 	 	34	%	 	 	40	%	 	 	36	%	 	 	0	%	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits - Metro Phoenix (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	120	 	 	 	Single-family	 	 	8,783	 	 	 	9,394	 	 	 	8,384	 	 	 	6,304	 	 	 	32,865	 	 	 	356	 	
 	121	 	 	 	Multi-family	 	 	3,925	 	 	 	1,833	 	 	 	2,514	 	 	 	732	 	 	 	9,004	 	 	 	(1,224	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	122	 	 	 	 	Total	 	 	12,708	 	 	 	11,227	 	 	 	10,898	 	 	 	7,036	 	 	 	41,869	 	 	 	(868	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Arizona Job Growth (c)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	123	 	 	 	Payroll job growth (% over prior year)	 	 	2.4	%	 	 	1.5	%	 	 	0.8	%	 	 	(0.7	)%	 	 	1.0	%	 	 	(2.7	)%	
 	124	 	 	 	Unemployment rate (%, seasonally adjusted)	 	 	3.9	%	 	 	4.4	%	 	 	4.9	%	 	 	5.7	%	 	 	4.7	%	 	 	0.8	%	

Sources:	
 		
(a)	 	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 	 	 	
See Glossary of Terms.	 	Page 8 of 8	

EXHIBIT 99.6

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	 	 	 	 	
 	 	 	 	 	 		 		 		 		 		 	 	 	 	
 	 	 	 	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1	 	 	 	Arizona Public Service	 	$	33	 	 	$	96	 	 	$	124	 	 	$	54	 	 	$	307	 	 	 	 	 	
 	2	 	 	 	Pinnacle West Energy	 	 	—	 	 	 	(1	)	 	 	—	 	 	 	(1	)	 	 	(2	)	 	 	 	 	
 	3	 	 	 	APS Energy Services	 	 	(2	)	 	 	(2	)	 	 	—	 	 	 	(9	)	 	 	(13	)	 	 	 	 	
 	4	 	 	 	SunCor	 	 	5	 	 	 	1	 	 	 	2	 	 	 	3	 	 	 	11	 	 	 	 	 	
 	5	 	 	 	El Dorado	 	 	19	 	 	 	(3	)	 	 	(9	)	 	 	(5	)	 	 	2	 	 	 	 	 	
 	6	 	 	 	Parent Company	 	 	(1	)	 	 	(1	)	 	 	(1	)	 	 	—	 	 	 	(3	)	 	 	 	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 	 	 	
 	7	 	 	 	 	Income Before Accounting Change	 	 	54	 	 	 	90	 	 	 	116	 	 	 	42	 	 	 	302	 	 	 	 	 	
 	8	 	 	 	Cumulative Effect of Change in Accounting - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	 	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 	 	 	
 	9	 	 	 	 	Net Income	 	$	54	 	 	$	90	 	 	$	116	 	 	$	42	 	 	$	302	 	 	 	 	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 	 	 	
 	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY - DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	 	Arizona Public Service	 	$	0.39	 	 	$	1.13	 	 	$	1.46	 	 	$	0.63	 	 	$	3.61	 	 	 	 	 	
 	11	 	 	 	Pinnacle West Energy	 	 	—	 	 	 	(0.01	)	 	 	(0.01	)	 	 	(0.01	)	 	 	(0.03	)	 	 	 	 	
 	12	 	 	 	APS Energy Services	 	 	(0.02	)	 	 	(0.03	)	 	 	—	 	 	 	(0.11	)	 	 	(0.16	)	 	 	 	 	
 	13	 	 	 	SunCor	 	 	0.06	 	 	 	0.01	 	 	 	0.03	 	 	 	0.04	 	 	 	0.14	 	 	 	 	 	
 	14	 	 	 	El Dorado	 	 	0.22	 	 	 	(0.04	)	 	 	(0.10	)	 	 	(0.06	)	 	 	0.02	 	 	 	 	 	
 	15	 	 	 	Parent Company	 	 	(0.01	)	 	 	—	 	 	 	(0.01	)	 	 	—	 	 	 	(0.02	)	 	 	 	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 	 	 	
 	16	 	 	 	 	Income Before Accounting Change	 	 	0.64	 	 	 	1.06	 	 	 	1.37	 	 	 	0.49	 	 	 	3.56	 	 	 	 	 	
 	17	 	 	 	Cumulative Effect of Change in Accounting - Net of Tax	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	 	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	18	 	 	 	 	Net Income	 	$	0.64	 	 	$	1.06	 	 	$	1.37	 	 	$	0.49	 	 	$	3.56	 	 	 	 	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 	 	 	
 	19	 	 	BOOK VALUE PER SHARE	 	$	26.29	 	 	$	27.00	 	 	$	28.01	 	 	$	28.09	 	 	$	28.09	 	 	 	 	 	
 	 	 	 	COMMON SHARES OUTSTANDING - DILUTED (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	 	Average	 	 	84,834	 	 	 	84,891	 	 	 	85,012	 	 	 	85,015	 	 	 	84,935	 	 	 	 	 	
 	21	 	 	 	End of Period	 	 	84,723	 	 	 	84,727	 	 	 	84,779	 	 	 	84,715	 	 	 	84,715	 	 	 	 	 	
 	 	
See Glossary of Terms.	Page 1 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000

Line	 	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 	 	 		 		 		 		 		
 	 	 	 	 	ELECTRIC OPERATING REVENUES
(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	 	 	 	 	Residential	 	$	157	 	 	$	228	 	 	$	324	 	 	$	172	 	 	$	881	 	
 	23	 	 	 	 	 	 	Business	 	 	196	 	 	 	253	 	 	 	275	 	 	 	211	 	 	 	935	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	24	 	 	 	 	 	 	     Total retail	 	 	353	 	 	 	481	 	 	 	599	 	 	 	383	 	 	 	1,816	 	
 	 	 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	25	 	 	 	 	 	 	Traditional contracts	 	 	12	 	 	 	18	 	 	 	75	 	 	 	16	 	 	 	121	 	
 	26	 	 	 	 	 	 	Retail load hedge management	 	 	7	 	 	 	36	 	 	 	472	 	 	 	46	 	 	 	561	 	
 	27	 	 	 	 	Transmission for others	 	 	3	 	 	 	4	 	 	 	4	 	 	 	4	 	 	 	15	 	
 	28	 	 	 	 	Other miscellaneous services	 	 	4	 	 	 	8	 	 	 	8	 	 	 	7	 	 	 	27	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	29	 	 	 	 	 	 	     Total regulated electricity	 	 	379	 	 	 	547	 	 	 	1,158	 	 	 	456	 	 	 	2,540	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	30	 	 	 	 	 	 	Generation sales other than native load	 	 	9	 	 	 	13	 	 	 	14	 	 	 	80	 	 	 	116	 	
 	31	 	 	 	 	 	 	Realized margins on electricity trading	 	 	3	 	 	 	11	 	 	 	32	 	 	 	10	 	 	 	56	 	
 	32	 	 	 	 	 	 	Other delivered electricity (a)	 	 	22	 	 	 	55	 	 	 	59	 	 	 	106	 	 	 	242	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	33	 	 	 	 	 	 	Total delivered marketing and trading	 	 	34	 	 	 	79	 	 	 	105	 	 	 	196	 	 	 	414	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	OTHER MARKETING AND TRADING	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	 	 	Realized margins on delivered commodities other than electricity (a)	 	 	(5	)	 	 	1	 	 	 	(4	)	 	 	(1	)	 	 	(9	)	
 	35	 	 	 	 	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)	 	 	—	 	 	 	—	 	 	 	(17	)	 	 	(2	)	 	 	(2	)	
 	36	 	 	 	 	Change in mark-to-market for future-period deliveries	 	 	7	 	 	 	25	 	 	 	10	 	 	 	(11	)	 	 	14	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	37	 	 	 	 	Total other marketing and trading	 	 	2	 	 	 	26	 	 	 	(11	)	 	 	(14	)	 	 	3	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	38	 	 	 	Total marketing and trading	 	 	36	 	 	 	105	 	 	 	94	 	 	 	182	 	 	 	417	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	39	 	 	 	Total electric operating revenues	 	$	415	 	 	$	652	 	 	$	1,252	 	 	$	638	 	 	$	2,957	 	

(a)	 	The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $2 million was transferred to “realized” for the total year 2000. Lines 31 and 34 include amounts totaling $2 million of realized revenues for the total year 2000.	
 	 	
See Glossary of Terms.	Page 2 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
2000

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

See Glossary of Terms.	Page 3 of 8	

 
Last Updated              10/24/2003
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2000

Line	 	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
	 	 	 	 	 	 	 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT
PRETAX GROSS MARGIN ANALYSIS
   (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Current Period Effects	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Realized margin on delivered commodities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	Electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	 	 	 	 	Generation sales other than native load	 	$	2	 	 	$	6	 	 	$	7	 	 	$	39	 	 	$	54	 	
 	52	 	 	 	 	 	 	Other electricity marketing and trading (a)	 	 	3	 	 	 	28	 	 	 	33	 	 	 	5	 	 	 	69	 	
 	 	 	 	 					 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	53	 	 	 	 	 	 	Total electricity	 	 	5	 	 	 	34	 	 	 	40	 	 	 	44	 	 	 	123	 	
 	54	 	 	 	 	 	Other commodities (a)	 	 	(5	)	 	 	1	 	 	 	(4	)	 	 	(1	)	 	 	(9	)	
 	 	 	 	 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	55	 	 	 	 	 	Total realized margin	 	 	—	 	 	 	35	 	 	 	36	 	 	 	43	 	 	 	114	 	
 	 	 	 	 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	 	Prior-period mark-to-market (gains) losses on contracts delivered during current period (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	 	 	 	Electricity (a)	 	 	—	 	 	 	—	 	 	 	(18	)	 	 	(2	)	 	 	(2	)	
 	57	 	 	 	 	 	Other commodities (a)	 	 	—	 	 	 	—	 	 	 	1	 	 	 	—	 	 	 	—	 	
 	58	 	 	 	 	 	Charge related to trading activities with Enron and its affiliates	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	59	 	 	 	 	 	Subtotal	 	 	—	 	 	 	—	 	 	 	(17	)	 	 	(2	)	 	 	(2	)	
 	 	 	 	 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	60	 	 	 	 	Total current period effects (b)	 	 	—	 	 	 	35	 	 	 	19	 	 	 	41	 	 	 	112	 	
 	 	 	 	 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Change in mark-to-market gains (losses) for future period deliveries (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	 	 	Electricity	 	 	2	 	 	 	27	 	 	 	6	 	 	 	(10	)	 	 	7	 	
 	62	 	 	 	 	Other commodities	 	 	5	 	 	 	(2	)	 	 	4	 	 	 	(1	)	 	 	7	 	
 	 	 	 	 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	63	 	 	 	 	Total future period effects	 	 	7	 	 	 	25	 	 	 	10	 	 	 	(11	)	 	 	14	 	
 	 	 	 	 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	64	 	 	Total gross margin	 	$	7	 	 	$	60	 	 	$	29	 	 	$	30	 	 	$	126	 	

(a)	 	The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $2 million was transferred to “realized” for the total year 2000. A $2 million realized gain is included in the $69 million on line 52 for the total year 2000.	
 		
(b)	 	Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.	
 	 	 	
See Glossary of Terms.	 	Page 4 of 8	

 
Last Updated              10/24/2003
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2000

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
	 	 	 	 	 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT
PRETAX GROSS MARGIN ANALYSIS (continued)
   (Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	By Commodity Sold or Traded	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Electricity	 	 	7	 	 	 	61	 	 	 	28	 	 	 	31	 	 	 	127	 	
 	66	 	 	Natural gas	 	 	—	 	 	 	(1	)	 	 	3	 	 	 	4	 	 	 	6	 	
 	67	 	 	Coal	 	 	—	 	 	 	—	 	 	 	(2	)	 	 	—	 	 	 	(2	)	
 	68	 	 	Emission allowances	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(5	)	 	 	(5	)	
 	69	 	 	Other	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	70	 	 	 	 	Total gross margin	 	$	7	 	 	$	60	 	 	$	29	 	 	$	30	 	 	$	126	 	
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Parent company marketing and trading division	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	 	 	Generation sales other than native load	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	
 	72	 	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(2	)	 	 	(2	)	
 	 	 	 	APS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	73	 	 	 	 	Generation sales other than native load	 	 	2	 	 	 	6	 	 	 	7	 	 	 	39	 	 	 	54	 	
 	74	 	 	 	 	Other marketing and trading	 	 	5	 	 	 	54	 	 	 	22	 	 	 	(7	)	 	 	74	 	
 	 	 	 	Pinnacle West Energy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	 	 	Generation sales other than native load	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	76	 	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	APS ES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	78	 	 	Total gross margin before income taxes	 	$	7	 	 	$	60	 	 	$	29	 	 	$	30	 	 	$	126	 	

See Glossary of Terms.	 	Page 5 of 8	

 
Last Updated              10/24/2003
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2000

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 		 		 		 		 		
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	 	Residential	 	 	746,528	 	 	 	742,485	 	 	 	746,742	 	 	 	761,386	 	 	 	749,285	 	
 	80	 	 	 	Business	 	 	92,667	 	 	 	93,343	 	 	 	94,479	 	 	 	96,024	 	 	 	94,128	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	81	 	 	 	 	Total	 	 	839,195	 	 	 	835,828	 	 	 	841,221	 	 	 	857,410	 	 	 	843,413	 	
 	82	 	 	Wholesale customers	 	 	67	 	 	 	67	 	 	 	67	 	 	 	67	 	 	 	67	 	
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	83	 	 	 	 	Total customers	 	 	839,262	 	 	 	835,895	 	 	 	841,288	 	 	 	857,477	 	 	 	843,480	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	84	 	 	Customer Growth (% over prior year)	 	 	4.0	%	 	 	4.1	%	 	 	4.1	%	 	 	4.2	%	 	 	4.1	%	
 	 	 	 	RETAIL SALES (GWH) - WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	85	 	 	Residential			 	 	1,933	 	 	 	2,253	 	 	 	3,439	 	 	 	1,934	 	 	 	9,559	 	
 	86	 	 	Business			 	 	2,737	 	 	 	3,297	 	 	 	3,644	 	 	 	3,014	 	 	 	12,692	 	
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	87	 	 	 	 	Total	 	 	4,670	 	 	 	5,550	 	 	 	7,083	 	 	 	4,948	 	 	 	22,251	 	
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	88	 	 	Residential			 	 	2,514	 	 	 	3,192	 	 	 	4,695	 	 	 	2,664	 	 	 	13,054	 	
 	89	 	 	Business			 	 	29,525	 	 	 	36,200	 	 	 	38,887	 	 	 	30,878	 	 	 	135,496	 	
 	 	 	 	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	90	 	 	Residential			 	 	2,589	 	 	 	3,034	 	 	 	4,605	 	 	 	2,540	 	 	 	12,757	 	
 	91	 	 	Business			 	 	29,536	 	 	 	35,321	 	 	 	38,569	 	 	 	31,388	 	 	 	134,838	 	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	92	 	 	System peak demand	 	 	3,315	 	 	 	5,095	 	 	 	5,478	 	 	 	4,331	 	 	 	5,478	 	
 	 	 	
See Glossary of Terms.	 	Page 6 of 8	

 
Last Updated              10/24/2003
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2000

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year		
	 	 	 	 	 		 		 		 		 			
 	 	 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
 	 	 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
 	93	 	 	 	Nuclear	 	 	2,325	 	 	 	2,090	 	 	 	2,348	 	 	 	2,078	 	 	 	8,841	 		
 	94	 	 	 	Coal	 	 	2,828	 	 	 	3,163	 	 	 	3,343	 	 	 	3,175	 	 	 	12,509	 		
 	95	 	 	 	Gas, oil and other	 	 	323	 	 	 	526	 	 	 	1,046	 	 	 	889	 	 	 	2,784	 		
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 		
 	96	 	 	 	 	Total	 	 	5,476	 	 	 	5,779	 	 	 	6,737	 	 	 	6,142	 	 	 	24,134	 		
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 		
 	 	 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
 	97	 	 	 	Firm load	 	 	51	 	 	 	819	 	 	 	1,550	 	 	 	95	 	 	 	2,515	 		
 	98	 	 	 	Marketing and trading	 	 	2,261	 	 	 	2,989	 	 	 	9,893	 	 	 	3,750	 	 	 	18,893	 		
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 		
 	99	 	 	 	 	Total	 	 	2,312	 	 	 	3,808	 	 	 	11,443	 	 	 	3,845	 	 	 	21,408	 		
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 		
 	100	 	 	 	 	Total energy sources	 	 	7,788	 	 	 	9,587	 	 	 	18,180	 	 	 	9,987	 	 	 	45,542	 		
 	 	 	 	 			 	 		 	 	 		 	 	 		 	 	 		 	 	 		 		
 	 	 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
 	 	 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
 	101	 	 	 	Nuclear	 	 	98	%	 	 	88	%	 	 	98	%	 	 	87	%	 	 	93	%		
 	102	 	 	 	Coal	 	 	76	%	 	 	85	%	 	 	88	%	 	 	84	%	 	 	83	%		
 	103	 	 	 	Gas, oil and other	 	 	13	%	 	 	21	%	 	 	40	%	 	 	34	%	 	 	27	%		
 	104	 	 	 	System average	 	 	63	%	 	 	67	%	 	 	77	%	 	 	70	%	 	 	69	%		
 	 	 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 		
 	105	 	 	 	Nuclear	 	 	27	 	 	 	129	 	 	 	21	 	 	 	143	 	 	 	80	 		
 	106	 	 	 	Coal	 	 	223	 	 	 	124	 	 	 	85	 	 	 	187	 	 	 	155	 		
 	107	 	 	 	Gas	 	 	8	 	 	 	43	 	 	 	16	 	 	 	20	 	 	 	22	 		
 	108	 	 	 	 	Total	 	 	258	 	 	 	296	 	 	 	122	 	 	 	350	 	 	 	257	 		
 	109	 	 	Generation Fuel Cost ($/MWh)	 	$	10.65	 	 	$	12.69	 	 	$	14.77	 	 	$	16.28	 	 	$	13.72	 		
 	 	 	
See Glossary of Terms.	 	Page 7 of 8	

 
Last Updated              10/24/2003
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2000

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
	 	 	 	 	 		 		 		 		 		
 	 	 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	110	 	 	 	 	Palo Verde	 	$	30.52	 	 	$	90.49	 	 	$	170.40	 	 	$	154.33	 	 	$	111.44	 	
 	111	 	 	 	 	SP15	 	$	31.40	 	 	$	82.67	 	 	$	152.74	 	 	$	162.59	 	 	$	107.35	 	
 	 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	112	 	 	 	 	Palo Verde	 	$	22.97	 	 	$	31.91	 	 	$	61.48	 	 	$	95.72	 	 	$	53.02	 	
 	113	 	 	 	 	SP15	 	$	24.52	 	 	$	32.45	 	 	$	66.28	 	 	$	119.72	 	 	$	60.74	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual			 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	114	 	 	 	Cooling degree-days	 	 	71	 	 	 	1,712	 	 	 	2,547	 	 	 	253	 	 	 	4,583	 	
 	115	 	 	 	Heating degree-days	 	 	459	 	 	 	9	 	 	 	—	 	 	 	500	 	 	 	968	 	
 	116	 	 	 	Average humidity	 	 	37	%	 	 	23	%	 	 	29	%	 	 	46	%	 	 	34	%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	117	 	 	 	Cooling degree-days	 	 	77	 	 	 	1,478	 	 	 	2,489	 	 	 	395	 	 	 	4,439	 	
 	118	 	 	 	Heating degree-days	 	 	546	 	 	 	34	 	 	 	—	 	 	 	433	 	 	 	1,013	 	
 	119	 	 	 	Average humidity	 	 	45	%	 	 	25	%	 	 	34	%	 	 	40	%	 	 	36	%	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits – Metro Phoenix (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	120	 	 	 	Single-family	 	 	8,163	 	 	 	9,605	 	 	 	8,331	 	 	 	6,410	 	 	 	32,509	 	
 	121	 	 	 	Multi-family	 	 	3,208	 	 	 	2,651	 	 	 	2,417	 	 	 	1,952	 	 	 	10,228	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	122	 	 	 	 	Total	 	 	11,371	 	 	 	12,256	 	 	 	10,748	 	 	 	8,362	 	 	 	42,737	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Arizona Job Growth (c)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	123	 	 	 	Payroll job growth (% over prior year)	 	 	4.4	%	 	 	3.8	%	 	 	3.4	%	 	 	3.2	%	 	 	3.7	%	
 	124	 	 	 	Unemployment rate (%, seasonally adjusted)	 	 	4.1	%	 	 	3.9	%	 	 	3.8	%	 	 	3.7	%	 	 	3.9	%	

Sources:

(a)	 	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 	 	 	
See Glossary of Terms.	 	Page 8 of 8	

 

 	Last Updated	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 	 		 		 		 		 		
 	 	 	 	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	1	 	 	 	Arizona Public Service	 	$	33	 	 	$	70	 	 	$	130	 	 	$	34	 	 	$	267	 	
 	2	 	 	 	Pinnacle West Energy	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	3	 	 	 	APS Energy Services	 	 	(2	)	 	 	(2	)	 	 	(2	)	 	 	(3	)	 	 	(9	)	
 	4	 	 	 	SunCor	 	 	1	 	 	 	3	 	 	 	—	 	 	 	2	 	 	 	6	 	
 	5	 	 	 	El Dorado	 	 	—	 	 	 	—	 	 	 	—	 	 	 	11	 	 	 	11	 	
 	6	 	 	 	Parent Company	 	 	(1	)	 	 	(2	)	 	 	(2	)	 	 	—	 	 	 	(5	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	7	 	 	 	 	 	Income From Continuing Operations	 	 	31	 	 	 	69	 	 	 	126	 	 	 	44	 	 	 	270	 	
 	8a	 	 	 	Income Tax Benefit From Discontinued Operations	 	 	—	 	 	 	—	 	 	 	38	 	 	 	—	 	 	 	38	 	
 	8b	 	 	 	Extraordinary Charge - Net of Income Tax	 	 	—	 	 	 	—	 	 	 	(140	)	 	 	—	 	 	 	(140	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	9	 	 	 	 	 	Net Income	 	$	31	 	 	$	69	 	 	$	24	 	 	$	44	 	 	$	168	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	EARNINGS PER SHARE BY SUBSIDIARY - DILUTED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	10	 	 	 	Arizona Public Service	 	$	0.38	 	 	$	0.82	 	 	$	1.52	 	 	$	0.42	 	 	$	3.14	 	
 	11	 	 	 	Pinnacle West Energy	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	12	 	 	 	APS Energy Services	 	 	(0.02	)	 	 	(0.02	)	 	 	(0.02	)	 	 	(0.05	)	 	 	(0.11	)	
 	13	 	 	 	SunCor	 	 	0.01	 	 	 	0.03	 	 	 	(0.01	)	 	 	0.03	 	 	 	0.07	 	
 	14	 	 	 	El Dorado	 	 	—	 	 	 	—	 	 	 	—	 	 	 	0.13	 	 	 	0.14	 	
 	15	 	 	 	Parent Company	 	 	(0.01	)	 	 	(0.02	)	 	 	(0.01	)	 	 	—	 	 	 	(0.07	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	16	 	 	 	 	 	Income From Continuing Operations	 	 	0.36	 	 	 	0.81	 	 	 	1.48	 	 	 	0.53	 	 	 	3.17	 	
 	17a	 	 	 	Income Tax Benefit From Discontinued Operations	 	 	—	 	 	 	—	 	 	 	0.45	 	 	 	—	 	 	 	0.45	 	
 	17b	 	 	 	Extraordinary Charge - Net of Income Tax	 	 	—	 	 	 	—	 	 	 	(1.65	)	 	 	—	 	 	 	(1.65	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	18	 	 	 	 	 	Net Income	 	$	0.36	 	 	$	0.81	 	 	$	0.28	 	 	$	0.53	 	 	$	1.97	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	19	 	 	BOOK VALUE PER SHARE	 	$	25.49	 	 	$	25.58	 	 	$	25.84	 	 	$	26.00	 	 	$	26.00	 	
 	 	 	 	COMMON SHARES OUTSTANDING - DILUTED (Thousands)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	20	 	 	 	Average	 	 	85,176	 	 	 	85,093	 	 	 	84,989	 	 	 	84,894	 	 	 	85,009	 	
 	21	 	 	 	End of Period	 	 	84,645	 	 	 	84,771	 	 	 	84,735	 	 	 	84,750	 	 	 	84,750	 	
 	 	 	
See Glossary of Terms.	 	Page 1 of 8	

 

 	Last Updated	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 	 		 		 		 		 		
 	 	 	 	ELECTRIC OPERATING REVENUES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Retail	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	22	 	 	 	 	Residential	 	$	157	 	 	$	189	 	 	$	295	 	 	$	164	 	 	$	805	 	
 	23	 	 	 	 	Business	 	 	190	 	 	 	237	 	 	 	269	 	 	 	216	 	 	 	912	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	24	 	 	 	 	 	Total retail	 	 	347	 	 	 	426	 	 	 	564	 	 	 	380	 	 	 	1,717	 	
 	 	 	 	 	Wholesale revenue on delivered electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	25	 	 	 	 	Traditional contracts	 	 	11	 	 	 	16	 	 	 	21	 	 	 	13	 	 	 	61	 	
 	26	 	 	 	 	Retail load hedge management	 	 	—	 	 	 	—	 	 	 	108	 	 	 	—	 	 	 	108	 	
 	27	 	 	 	Transmission for others	 	 	3	 	 	 	3	 	 	 	3	 	 	 	3	 	 	 	11	 	
 	28	 	 	 	Other miscellaneous services	 	 	3	 	 	 	4	 	 	 	6	 	 	 	5	 	 	 	18	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	29	 	 	 	 	 	Total regulated electricity	 	 	364	 	 	 	449	 	 	 	702	 	 	 	401	 	 	 	1,915	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	30	 	 	 	 	Generation sales other than native load	 	 	7	 	 	 	6	 	 	 	6	 	 	 	11	 	 	 	30	 	
 	31	 	 	 	 	Realized margins on electricity trading	 	 	4	 	 	 	(2	)	 	 	5	 	 	 	3	 	 	 	10	 	
 	32	 	 	 	 	Other delivered electricity (a)	 	 	17	 	 	 	22	 	 	 	45	 	 	 	27	 	 	 	111	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	33	 	 	 	 	Total delivered marketing and trading	 	 	28	 	 	 	26	 	 	 	56	 	 	 	41	 	 	 	151	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	OTHER MARKETING AND TRADING	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	34	 	 	 	Realized margins on delivered commodities other than electricity (a)	 	 	(1	)	 	 	—	 	 	 	(2	)	 	 	5	 	 	 	2	 	
 	35	 	 	 	Prior period mark-to-market (gains) losses on contracts delivered during current period (a)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	36	 	 	 	Change in mark-to-market for future-period deliveries	 	 	—	 	 	 	6	 	 	 	(1	)	 	 	(4	)	 	 	1	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	37	 	 	 	Total other marketing and trading	 	 	(1	)	 	 	6	 	 	 	(3	)	 	 	1	 	 	 	3	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	38	 	 	Total marketing and trading	 	 	27	 	 	 	32	 	 	 	53	 	 	 	42	 	 	 	154	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	39	 	 	Total electric operating revenues	 	$	391	 	 	$	481	 	 	$	755	 	 	$	442	 	 	$	2,069	 	

 	(a)	 	The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market gain of $0 million was transferred to “realized” for the total year 1999. Lines 31 and 34 include amounts totaling $0 million of realized revenues for the total year 1999.	
 	 	 	
See Glossary of Terms.	 	Page 2 of 8	

 
Last Updated         10/24/2003
Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

Line	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 	 		 		 		 		 		
 	 	 	 	ELECTRIC SALES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	REGULATED ELECTRICITY SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Retail sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	40	 	 	 	 	Residential	 	 	1,796	 	 	 	1,939	 	 	 	3,160	 	 	 	1,880	 	 	 	8,775	 	
 	41	 	 	 	 	Business	 	 	2,665	 	 	 	3,239	 	 	 	3,464	 	 	 	2,932	 	 	 	12,300	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	42	 	 	 	 	 	Total sales	 	 	4,461	 	 	 	5,178	 	 	 	6,624	 	 	 	4,812	 	 	 	21,075	 	
 	 	 	 	 	Wholesale electricity delivered	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	43	 	 	 	 	Traditional contracts	 	 	309	 	 	 	351	 	 	 	441	 	 	 	321	 	 	 	1,422	 	
 	44	 	 	 	 	Retail load hedge management	 	 	—	 	 	 	—	 	 	 	631	 	 	 	—	 	 	 	631	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	45	 	 	 	 	 	Total regulated electricity	 	 	4,770	 	 	 	5,529	 	 	 	7,696	 	 	 	5,133	 	 	 	23,128	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Delivered marketing and trading	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	46	 	 	 	 	Generation sales other than native load	 	 	348	 	 	 	254	 	 	 	171	 	 	 	494	 	 	 	1,267	 	
 	47	 	 	 	 	Electricity trading	 	 	1,286	 	 	 	1,198	 	 	 	2,165	 	 	 	1,029	 	 	 	5,678	 	
 	48	 	 	 	 	Other delivered electricity	 	 	902	 	 	 	1,192	 	 	 	2,937	 	 	 	1,664	 	 	 	6,695	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	49	 	 	 	 	Total delivered marketing and trading	 	 	2,536	 	 	 	2,644	 	 	 	5,273	 	 	 	3,187	 	 	 	13,640	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	50	 	 	Total electric sales	 	 	7,306	 	 	 	8,173	 	 	 	12,969	 	 	 	8,320	 	 	 	36,768	 	

See Glossary of Terms.	 	Page 3 of 8	

 
Last Updated                 10/24/2003
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

Line	 	 	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 	 	 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	PRETAX GROSS MARGIN ANALYSIS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Realized and Mark-To-Market Components	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Current Period Effects	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Realized margin on delivered commodities	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	Electricity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	51	 	 	 	 	 	 	Generation sales other than native load	 	$	2	 	 	$	1	 	 	$	2	 	 	$	2	 	 	$	7	 	
 	52	 	 	 	 	 	 	Other electricity marketing and trading (a)	 	 	6	 	 	 	(2	)	 	 	3	 	 	 	—	 	 	 	7	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	53	 	 	 	 	 	 	Total electricity	 	 	8	 	 	 	(1	)	 	 	5	 	 	 	2	 	 	 	14	 	
 	54	 	 	 	 	 	Other commodities (a)	 	 	(1	)	 	 	—	 	 	 	(2	)	 	 	6	 	 	 	3	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	55	 	 	 	 	 	Total realized margin	 	 	7	 	 	 	(1	)	 	 	3	 	 	 	8	 	 	 	17	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	 	 	Prior-period mark-to-market (gains) losses on contracts delivered during current period (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	56	 	 	 	 	 	Electricity	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	57	 	 	 	 	 	Other commodities	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	58	 	 	 	 	 	Charge related to trading activities with Enron and its affiliates	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	59	 	 	 	 	 	Subtotal	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	60	 	 	 	 	Total current period effects	 	 	7	 	 	 	(1	)	 	 	3	 	 	 	8	 	 	 	17	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Change in mark-to-market gains (losses) for future period deliveries	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	61	 	 	 	 	Electricity	 	 	(1	)	 	 	4	 	 	 	(1	)	 	 	—	 	 	 	2	 	
 	62	 	 	 	 	Other commodities	 	 	1	 	 	 	2	 	 	 	—	 	 	 	(4	)	 	 	(1	)	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	63	 	 	 	 	Total future period effects	 	 	—	 	 	 	6	 	 	 	(1	)	 	 	(4	)	 	 	1	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	64	 	 	Total gross margin	 	$	7	 	 	$	5	 	 	$	2	 	 	$	4	 	 	$	18	 	

(a)	 	Quarterly amounts do not total to the annual amounts because of intra-year mark-to-market eliminations.	
 	 	 	
See Glossary of Terms.	 	Page 4 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

Line	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 		 		 		 		 		
 	 	 	 	MARKETING AND TRADING SEGMENT PRETAX GROSS MARGIN ANALYSIS (continued)
(Dollars in Millions)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	By Commodity Sold or Traded	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	65	 	 	Electricity	 	$	7	 	 	$	3	 	 	$	4	 	 	$	2	 	 	$	16	 	
 	66	 	 	Natural gas	 	 	(1	)	 	 	—	 	 	 	—	 	 	 	1	 	 	 	—	 	
 	67	 	 	Coal	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	68	 	 	Emission allowances	 	 	1	 	 	 	2	 	 	 	(2	)	 	 	1	 	 	 	2	 	
 	69	 	 	Other	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	70	 	 	 	Total gross margin	 	$	7	 	 	$	5	 	 	$	2	 	 	$	4	 	 	$	18	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	By Pinnacle West Entity	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Parent company marketing and trading division	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	71	 	 	 	Generation sales other than native load	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	
 	72	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	APS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	73	 	 	 	Generation sales other than native load	 	 	2	 	 	 	1	 	 	 	2	 	 	 	2	 	 	 	7	 	
 	74	 	 	 	Other marketing and trading	 	 	5	 	 	 	4	 	 	 	—	 	 	 	2	 	 	 	11	 	
 	 	 	 	Pinnacle West Energy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	75	 	 	 	Generation sales other than native load	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	76	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	APS ES	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	77	 	 	 	Other marketing and trading	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	78	 	 	Total gross margin before income taxes	 	$	7	 	 	$	5	 	 	$	2	 	 	$	4	 	 	$	18	 	

See Glossary of Terms.	 	Page 5 of 8	

 

Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 		 		 		 		 		
 	 	 	 	AVERAGE ELECTRIC CUSTOMERS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Retail customers	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	79	 	 	 	Residential	 	 	717,540	 	 	 	713,259	 	 	 	717,204	 	 	 	731,092	 	 	 	719,774	 	
 	80	 	 	 	Business	 	 	89,046	 	 	 	89,949	 	 	 	91,076	 	 	 	91,914	 	 	 	90,496	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	81	 	 	 	 	Total	 	 	806,586	 	 	 	803,208	 	 	 	808,280	 	 	 	823,006	 	 	 	810,270	 	
 	82	 	 	Wholesale customers	 	 	67	 	 	 	67	 	 	 	71	 	 	 	73	 	 	 	70	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	83	 	 	 	 	Total customers	 	 	806,653	 	 	 	803,275	 	 	 	808,351	 	 	 	823,079	 	 	 	810,340	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	84	 	 	Customer Growth (% over prior year)	 	 	4.2	%	 	 	4.3	%	 	 	4.2	%	 	 	4.0	%	 	 	4.2	%	
 	 	 	 	RETAIL SALES (GWH) - WEATHER NORMALIZED	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	85	 	 	Residential	 	 	1,859	 	 	 	1,984	 	 	 	3,166	 	 	 	1,924	 	 	 	8,933	 	
 	86	 	 	Business	 	 	2,669	 	 	 	3,280	 	 	 	3,461	 	 	 	2,893	 	 	 	12,303	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	87	 	 	 	 	Total	 	 	4,528	 	 	 	5,264	 	 	 	6,627	 	 	 	4,817	 	 	 	21,236	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	RETAIL USAGE (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	88	 	 	Residential	 	 	2,503	 	 	 	2,719	 	 	 	4,406	 	 	 	2,571	 	 	 	12,191	 	
 	89	 	 	Business	 	 	29,928	 	 	 	36,009	 	 	 	38,034	 	 	 	31,899	 	 	 	135,918	 	
 	 	 	 	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	90	 	 	Residential	 	 	2,591	 	 	 	2,782	 	 	 	4,414	 	 	 	2,632	 	 	 	12,411	 	
 	91	 	 	Business	 	 	29,973	 	 	 	36,465	 	 	 	38,001	 	 	 	31,475	 	 	 	135,951	 	
 	 	 	 	ELECTRICITY DEMAND (MW)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	92	 	 	System peak demand	 	 	3,343	 	 	 	4,885	 	 	 	4,935	 	 	 	3,881	 	 	 	4,935	 	
 	 	 	
See Glossary of Terms.	 	Page 6 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 		 		 		 		 		
 	 	 	 	ENERGY SOURCES (GWH)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Generation production	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	93	 	 	 	Nuclear	 	 	2,295	 	 	 	2,080	 	 	 	2,397	 	 	 	2,077	 	 	 	8,849	 	
 	94	 	 	 	Coal	 	 	2,677	 	 	 	2,764	 	 	 	3,230	 	 	 	3,204	 	 	 	11,875	 	
 	95	 	 	 	Gas, oil and other	 	 	241	 	 	 	477	 	 	 	557	 	 	 	484	 	 	 	1,759	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	96	 	 	 	 	Total	 	 	5,213	 	 	 	5,321	 	 	 	6,184	 	 	 	5,765	 	 	 	22,483	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Purchased power	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	97	 	 	 	Firm load	 	 	170	 	 	 	753	 	 	 	1,470	 	 	 	87	 	 	 	2,480	 	
 	98	 	 	 	Marketing and trading	 	 	2,189	 	 	 	2,390	 	 	 	5,734	 	 	 	2,693	 	 	 	13,006	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	99	 	 	 	 	Total	 	 	2,359	 	 	 	3,143	 	 	 	7,204	 	 	 	2,780	 	 	 	15,486	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	100	 	 	 	 	Total energy sources	 	 	7,572	 	 	 	8,464	 	 	 	13,388	 	 	 	8,545	 	 	 	37,969	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	POWER PLANT PERFORMANCE	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Capacity Factors	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	101	 	 	 	Nuclear	 	 	98	%	 	 	88	%	 	 	100	%	 	 	87	%	 	 	93	%	
 	102	 	 	 	Coal	 	 	72	%	 	 	74	%	 	 	85	%	 	 	85	%	 	 	79	%	
 	103	 	 	 	Gas, oil and other	 	 	9	%	 	 	18	%	 	 	21	%	 	 	18	%	 	 	17	%	
 	104	 	 	 	System average	 	 	61	%	 	 	61	%	 	 	71	%	 	 	66	%	 	 	65	%	
 	 	 	 	Generation Capacity Out of Service and Replaced for Native Load (average MW/day)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	105	 	 	 	Nuclear	 	 	36	 	 	 	135	 	 	 	3	 	 	 	152	 	 	 	82	 	
 	106	 	 	 	Coal	 	 	337	 	 	 	368	 	 	 	177	 	 	 	172	 	 	 	264	 	
 	107	 	 	 	Gas	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	108	 	 	 	 	Total	 	 	373	 	 	 	503	 	 	 	180	 	 	 	324	 	 	 	345	 	
 	109	 	 	Generation Fuel Cost ($/MWh)	 	$	10.00	 	 	$	10.96	 	 	$	11.02	 	 	$	11.33	 	 	$	10.85	 	
 	 	 	
See Glossary of Terms.	 	Page 7 of 8	

 

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Consolidated Statistics By Quarter
1999

Line	 	 	 	 	 	1st Qtr	 	2nd Qtr	 	3rd Qtr	 	4th Qtr	 	Total Year	
 	 	 	 	 	 		 		 		 		 		
 	 	 	 	ENERGY MARKET INDICATORS (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Electricity Average Daily Spot Prices ($/MWh)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	On-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	110	 	 	 	 	Palo Verde	 	$	21.57	 	 	$	29.02	 	 	$	38.46	 	 	$	33.31	 	 	$	30.59	 	
 	111	 	 	 	 	SP15	 	$	21.26	 	 	$	27.17	 	 	$	35.01	 	 	$	33.84	 	 	$	29.32	 	
 	 	 	 	 	Off-Peak	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	112	 	 	 	 	Palo Verde	 	$	13.94	 	 	$	15.33	 	 	$	20.73	 	 	$	22.26	 	 	$	18.07	 	
 	113	 	 	 	 	SP15	 	$	13.68	 	 	$	14.47	 	 	$	20.60	 	 	$	25.06	 	 	$	18.45	 	
 	 	 	 	WEATHER INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Actual	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	114	 	 	 	Cooling degree-days	 	 	71	 	 	 	1,312	 	 	 	2,353	 	 	 	589	 	 	 	4,325	 	
 	115	 	 	 	Heating degree-days	 	 	459	 	 	 	112	 	 	 	—	 	 	 	359	 	 	 	930	 	
 	116	 	 	 	Average humidity	 	 	34	%	 	 	27	%	 	 	40	%	 	 	28	%	 	 	32	%	
 	 	 	 	10-Year Averages	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	117	 	 	 	Cooling degree-days	 	 	77	 	 	 	1,478	 	 	 	2,489	 	 	 	395	 	 	 	4,439	 	
 	118	 	 	 	Heating degree-days	 	 	546	 	 	 	34	 	 	 	—	 	 	 	433	 	 	 	1,013	 	
 	119	 	 	 	Average humidity	 	 	45	%	 	 	25	%	 	 	34	%	 	 	40	%	 	 	36	%	
 	 	 	 	ECONOMIC INDICATORS	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Building Permits – Metro Phoenix (b)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	120	 	 	 	Single-family	 	 	8,873	 	 	 	9,299	 	 	 	8,223	 	 	 	6,855	 	 	 	33,250	 	
 	121	 	 	 	Multi-family	 	 	2,337	 	 	 	2,396	 	 	 	1,861	 	 	 	3,011	 	 	 	9,605	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	122	 	 	 	 	Total	 	 	11,210	 	 	 	11,695	 	 	 	10,084	 	 	 	9,866	 	 	 	42,855	 	
 	 	 	 	 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
 	 	 	 	Arizona Job Growth (c)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	123	 	 	 	Payroll job growth (% over prior year)	 	 	3.9	%	 	 	4.4	%	 	 	4.6	%	 	 	4.2	%	 	 	4.3	%	
 	124	 	 	 	Unemployment rate (%, seasonally adjusted)	 	 	4.4	%	 	 	4.4	%	 	 	4.3	%	 	 	4.3	%	 	 	4.4	%	

Sources:	
 		
(a)	 	This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.	
 		
(b)	 	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business	
 		
(c)	 	Arizona Department of Economic Security	
 	 	 	
See Glossary of Terms.	 	Page 8 of 8	

 

EXHIBIT 99.8

 	Last Updated	 	10/24/2003	
Pinnacle West Capital Corporation
Earnings Variance Explanations
For Periods Ended September 30, 2003 and 2002
     This discussion explains the changes in our consolidated earnings for the three, nine and twelve month periods ended September 30, 2003 and 2002. Condensed Consolidated Statements of Income for the three, nine and twelve months ended September 30, 2003 and 2002 follow this discussion. We will file our Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 on or before November 14, 2003. We suggest this section be read in connection with the Pinnacle West Capital Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2002 and the Quarterly Reports on Form 10-Q for the quarters ended March 31, 2003 and June 30, 2003. We have reclassified certain prior period amounts to conform to our current period presentation. Additional operating and financial statistics and a glossary of terms are available on our website (www.pinnaclewest.com).
Earnings Contributions By Subsidiary And Business Segment
     We have three principal business segments (determined by products, services and the regulatory environment):

 	•	 	our regulated electricity segment, which consists of regulated traditional retail and wholesale electricity businesses and related activities and includes electricity generation, transmission and distribution;	
 		
 	•	 	our marketing and trading segment, which consists of our competitive energy business activities, including wholesale marketing and trading and APS Energy Services’ commodity-related energy services; and	
 		
 	•	 	our real estate segment, which consists of SunCor’s real estate development and investment activities.	
     The following tables summarize net income and segment details for the three, nine and twelve months ended September 30, 2003 and the comparable prior year periods for Pinnacle West and each of our subsidiaries (dollars in millions): 

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Marketing and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	Regulated Electricity	 	Trading	 	Real Estate (a)	 	Other (d)	
 	 		 		 		 		 		
Three months ended	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	
September 30,	 		 		 		 		 		 		 		 		 		 		
Arizona Public Service (APS) (b)	 	$	100	 	 	$	87	 	 	$	104	 	 	$	86	 	 	$	(4	)	 	$	1	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	
Pinnacle West Energy (b)	 	 	3	 	 	 	10	 	 	 	3	 	 	 	10	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
APS Energy Services (c)	 	 	1	 	 	 	7	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	7	 	 	 	—	 	 	 	—	 	 	 	1	 	 	 	—	 	
SunCor	 	 	6	 	 	 	(1	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	6	 	 	 	(1	)	 	 	—	 	 	 	—	 	
El Dorado (c)	 	 	1	 	 	 	(15	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	1	 	 	 	(15	)	
Parent company (c)	 	 	(1	)	 	 	13	 	 	 	—	 	 	 	(8	)	 	 	(1	)	 	 	16	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	5	 	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
Net income (loss)	 	$	110	 	 	$	101	 	 	$	107	 	 	$	88	 	 	$	(5	)	 	$	24	 	 	$	6	 	 	$	(1	)	 	$	2	 	 	$	(10	)	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
1 

 

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Marketing and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	Regulated Electricity	 	Trading	 	Real Estate (a)	 	Other (d)	
 	 		 		 		 		 		
Nine months ended	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	
September 30,	 		 		 		 		 		 		 		 		 		 		
Arizona Public Service (APS) (b)	 	$	159	 	 	$	183	 	 	$	156	 	 	$	182	 	 	$	3	 	 	$	1	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	
Pinnacle West Energy (b)	 	 	11	 	 	 	12	 	 	 	12	 	 	 	12	 	 	 	(1	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
APS Energy Services (c)	 	 	13	 	 	 	20	 	 	 	—	 	 	 	—	 	 	 	10	 	 	 	18	 	 	 	—	 	 	 	—	 	 	 	3	 	 	 	2	 	
SunCor	 	 	10	 	 	 	2	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	10	 	 	 	2	 	 	 	—	 	 	 	—	 	
El Dorado (c)	 	 	6	 	 	 	(18	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	6	 	 	 	(18	)	
Parent company (c)	 	 	(15	)	 	 	24	 	 	 	(13	)	 	 	(9	)	 	 	—	 	 	 	30	 	 	 	—	 	 	 	—	 	 	 	(2	)	 	 	3	 	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
Income (loss) from continuing operations	 	 	184	 	 	 	223	 	 	 	155	 	 	 	185	 	 	 	12	 	 	 	49	 	 	 	10	 	 	 	2	 	 	 	7	 	 	 	(13	)	
Income from discontinued operations – net of tax	 	 	7	 	 	 	7	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	7	 	 	 	7	 	 	 	—	 	 	 	—	 	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
Net income (loss)	 	$	191	 	 	$	230	 	 	$	155	 	 	$	185	 	 	$	12	 	 	$	49	 	 	$	17	 	 	$	9	 	 	$	7	 	 	$	(13	)	

 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Marketing and	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total	 	Regulated Electricity	 	Trading	 	Real Estate (a)	 	Other (d)	
 	 		 		 		 		 		
Twelve months ended	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	
September 30,	 		 		 		 		 		 		 		 		 		 		
Arizona Public Service (APS) (b)	 	$	176	 	 	$	222	 	 	$	173	 	 	$	218	 	 	$	3	 	 	$	4	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	—	 	
Pinnacle West Energy (b) (e)	 	 	(20	)	 	 	15	 	 	 	(22	)	 	 	15	 	 	 	2	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
APS Energy Services (c)	 	 	21	 	 	 	21	 	 	 	—	 	 	 	—	 	 	 	15	 	 	 	20	 	 	 	—	 	 	 	—	 	 	 	6	 	 	 	1	 	
SunCor	 	 	18	 	 	 	3	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	18	 	 	 	3	 	 	 	—	 	 	 	—	 	
El Dorado (c)	 	 	(31	)	 	 	(19	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(31	)	 	 	(19	)	
Parent company (c)	 	 	4	 	 	 	17	 	 	 	(11	)	 	 	(11	)	 	 	4	 	 	 	22	 	 	 	—	 	 	 	—	 	 	 	11	 	 	 	6	 	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
Income (loss) from continuing operations	 	 	168	 	 	 	259	 	 	 	140	 	 	 	222	 	 	 	24	 	 	 	46	 	 	 	18	 	 	 	3	 	 	 	(14	)	 	 	(12	)	
Income from discontinued operations – net of tax	 	 	9	 	 	 	7	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	9	 	 	 	7	 	 	 	—	 	 	 	—	 	
Cumulative effect of change in accounting – net of tax (f)	 	 	(66	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	(66	)	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
Net income (loss)	 	$	111	 	 	$	266	 	 	$	140	 	 	$	222	 	 	$	(42	)	 	$	46	 	 	$	27	 	 	$	10	 	 	$	(14	)	 	$	(12	)	

 	(a)	 	See “Real Estate Activities” discussion below.	
 		
 	(b)	 	Consistent with APS’ October 2001 Arizona Corporation Commission (“ACC”) filing, APS entered into contracts with its affiliates to buy power through June 2003. The contracts reflected prices based on the fully-dispatchable dedication of the Pinnacle West Energy generating assets to APS’ native load customers (customers receiving power under traditional cost-based rate regulation). Beginning July 1, 2003, under the ACC Track B Order, APS was required to solicit bids for certain estimated capacity and energy requirements. Pinnacle West Energy bid on and entered into a contract to supply most of these purchase power requirements in summer months through September 2006.	
 		
 	(c)	 	APS Energy Services’ net income prior to 2003 and El Dorado’s net income (loss) are primarily reported before income taxes. The income tax expense or benefit for these subsidiaries was recorded at the parent company.	
 		
 	(d)	 	The “Other” segment primarily includes activities related to El Dorado’s investment in NAC International Inc. (“NAC”). We recorded pretax losses of $16 million in the three months ended September 30, 2002 and $21 million in the nine and twelve months ended September 30, 2002, primarily related to NAC contracts with two customers. In the twelve months ended September 30, 2003, we recorded an additional $33 million in pretax losses related to these same contracts, partially offset by a contract settlement.	
 		
 	(e)	 	In the fourth quarter of 2002, Pinnacle West Energy recorded a charge related to the cancellation of Redhawk Units 3 and 4 of approximately $30 million after income taxes ($49 million pretax).	
 		
 	(f)	 	We recorded a $66 million after-tax charge as of October 1, 2002 for the cumulative effect of a change in accounting for trading activities, for the early adoption of EITF 02-3, “Issues Involved in Accounting for Derivative Contracts Held for Trading Purposes and Contracts Involved in Energy Trading and Risk Management Activities.”	
2 

 

Results of Operations

 	 	General	
     Throughout the following explanations of our results of operations, we refer to “gross margin.” With respect to our regulated electricity segment and our marketing and trading segment, gross margin refers to electric operating revenues less purchased power and fuel costs. Our real estate segment gross margin refers to real estate revenues less real estate operations costs of SunCor. Other gross margin refers to other operating revenues less other operating expenses, which primarily includes El Dorado’s investment in NAC, which we began consolidating in our financial statements in July 2002. Other gross margin also includes amounts related to APS Energy Services’ energy consulting services.
     Consistent with APS returning to a vertically integrated utility, as evidenced by APS’ recent general rate case filing, which includes the request for rate recognition of generation assets, APS has also returned to the Allowance for Funds Used During Construction (“AFUDC”) method, which is a more traditional method of capitalizing interest and equity costs associated with construction projects in a regulated utility. This change increased earnings by $8 million in the third quarter of 2003.

 	 	Operating Results – Three-month period ended September 30, 2003 compared with Three-month period ended September 30, 2002	
     Our consolidated net income for the three months ended September 30, 2003 was $110 million compared with $101 million for the prior period. The $9 million increase in the period-to-period comparison reflects the following changes in earnings by segment:

 	•	 	Regulated Electricity Segment – Net income increased $19 million primarily due to higher retail sales related to customer growth and favorable weather effects; lower operating costs primarily related to severance costs recorded in 2002; higher capitalized construction finance costs related to APS’ return to the AFUDC method of capitalizing such costs; an income tax benefit recorded in 2003; and lower regulatory asset amortization, consistent with the comprehensive settlement agreement related to the implementation of retail electric competition (the"1999 Settlement Agreement"). These favorable factors were partially offset by higher replacement power costs from plant outages due to more unplanned outages and higher market prices; higher prices for hedged gas and purchased power; a retail electricity price reduction that was effective July 1, 2003; and higher pension and other costs.	
 		
 	•	 	Marketing and Trading Segment – Net income decreased $29 million, reflecting the effects of lower market liquidity in the wholesale power markets in the western United States on our marketing and trading activities.	
 		
 	•	 	Real Estate Segment – Net income increased $7 million because of increased land and home sales.	
 		
 	•	 	Other Segment – Net income increased $12 million, primarily due to the absence of NAC losses in 2003.	
3 

 

     Additional details on the major factors that increased (decreased) income from continuing operations before income taxes and net income are contained in the table below (dollars in millions). 

 	 	 	 	 	Increase (Decrease)	
 	 	 	 	 		
 	 	 	 	 	Pretax	 	After Tax	
 	 	 	 	 		 		
Regulated electricity segment gross margin:	 	 	 	 	 	 	 	 	
 	 	Higher replacement power costs from plant outages due to more unplanned outages and higher market prices	 	$	(22	)	 	$	(13	)	
 	 	Increased purchased power and fuel costs primarily due to higher prices for hedged gas and purchased power	 	 	(19	)	 	 	(11	)	
 	 	Retail electricity price reduction effective July 1, 2003	 	 	(9	)	 	 	(5	)	
 	 	Higher retail sales primarily due to customer growth, excluding weather effects	 	 	22	 	 	 	13	 	
 	 	Decreased purchased power costs due to new power plants in service	 	 	12	 	 	 	7	 	
 	 	Effects of weather on retail sales	 	 	7	 	 	 	4	 	
 	 	Miscellaneous items, net	 	 	6	 	 	 	3	 	
 	 	 	 	 		 	 	 		 	
 	 	 	Net decrease in regulated electricity segment gross margin	 	 	(3	)	 	 	(2	)	
 	 	 		 	 	 		 	
Marketing and trading segment gross margin:	 	 	 	 	 	 	 	 	
 	 	Lower mark-to-market gains for future delivery due to lower market liquidity resulting in lower volumes and margins	 	 	(26	)	 	 	(16	)	
 	 	Lower realized margins on wholesale sales due to lower unit margins and lower volumes	 	 	(13	)	 	 	(8	)	
 	 	Lower unit margins on higher competitive retail sales in California by APS Energy Services	 	 	(5	)	 	 	(3	)	
 	 	Miscellaneous items, net	 	 	(2	)	 	 	(1	)	
 	 	 		 	 	 		 	
 	 	 	Net decrease in marketing and trading segment gross margin	 	 	(46	)	 	 	(28	)	
 	 	 		 	 	 		 	
Net decrease in regulated electricity and marketing and trading segments’ gross margins	 	 	(49	)	 	 	(30	)	
Higher income primarily related to the absence of NAC losses in 2003	 	 	17	 	 	 	10	 	
Higher real estate segment contribution primarily due to increased land and home sales at SunCor	 	 	12	 	 	 	7	 	
Operations and maintenance expense:	 	 	 	 	 	 	 	 	
 	 	Severance costs recorded in 2002	 	 	26	 	 	 	16	 	
 	 	Increased pension and other benefit costs	 	 	(7	)	 	 	(4	)	
 	 	Costs for new power plants in service	 	 	(4	)	 	 	(2	)	
 	 	Other items, net	 	 	(4	)	 	 	(2	)	
Depreciation and amortization:	 	 	 	 	 	 	 	 	
 	 	Primarily related to increased delivery and other assets	 	 	(5	)	 	 	(3	)	
 	 	Depreciation related to new power plants in service	 	 	(4	)	 	 	(2	)	
 	 	Decreased regulatory asset amortization	 	 	7	 	 	 	4	 	
Higher income resulting from APS’ return to the AFUDC method of capitalizing construction finance costs	 	 	5	 	 	 	8	 	
Income tax credits related to prior years	 	 	—	 	 	 	7	 	
 	 	 	 	 		 	 	 		 	
 	Net decrease in income from continuing operations before income taxes	 	$	(6	)	 	 	 	 	
 	 	 		 	 	 	 	 	
 	Net increase in net income	 	 	 	 	 	$	9	 	
 	 	 	 	 	 	 		 	
     The increase in operating and interest costs related to new power plants placed in service by Pinnacle West Energy, net of purchased power savings and increased gross margin from generation sales other than native load, totaled approximately $3 million after income taxes in the three months ended September 30, 2003 compared with the prior-year period.
4 

 

Regulated Electricity Segment Revenues
     Regulated electricity segment revenues were $25 million lower in the three months ended September 30, 2003, compared with the same period in the prior year primarily as a result of:

 	•	 	a $72 million decrease related to retail load hedge management wholesale sales primarily as a result of lower sales volumes;	
 		
 	•	 	a $9 million decrease in retail revenues related to a reduction in retail electricity prices;	
 		
 	•	 	a $33 million increase in retail revenues related to customer growth, excluding weather effects;	
 		
 	•	 	a $14 million increase in retail revenues related to weather; and	
 		
 	•	 	a $9 million net increase due to miscellaneous factors.	
Marketing and Trading Segment Revenues
     Marketing and trading segment revenues were $67 million higher in the three months ended September 30, 2003, compared with the same period in the prior year primarily as a result of:

 	•	 	$77 million of higher realized wholesale revenues primarily due to higher prices;	
 		
 	•	 	a $13 million increase from higher competitive retail sales in California by APS Energy Services, partially offset by lower prices;	
 		
 	•	 	$24 million in lower mark-to-market gains for future delivery primarily as a result of lower market liquidity; and	
 		
 	•	 	a $1 million net increase due to miscellaneous factors.	
5 

 

 	 	Operating Results – Nine-month period ended September 30, 2003 compared with Nine-month period ended September 30, 2002	
     Our consolidated net income for the nine months ended September 30, 2003 was $191 million compared with $230 million for the prior year. Both periods include income from discontinued operations related to our real estate segment (see “Real Estate Activities” below). The $39 million decrease in the period-to-period comparison reflects the following changes in earnings by segment:

 	•	 	Regulated Electricity Segment – Net income decreased $30 million primarily because of higher replacement power costs from plant outages due to higher market prices and more unplanned outages; higher costs related to new power plants, net of related gross margin benefits; higher prices for hedged gas and purchased power; two retail electricity price reductions; higher pension and other benefit costs; and higher depreciation expense related to increased delivery assets. These negative factors were partially offset by higher retail sales primarily due to customer growth; lower operating costs primarily related to severance costs recorded in 2002; lower regulatory asset amortization, consistent with the 1999 Settlement Agreement; higher income related to APS’ return to the AFUDC method of capitalizing construction finance costs; and an income tax benefit recorded in 2003.	
 		
 	•	 	Marketing and Trading Segment – Net income decreased $37 million, reflecting lower market liquidity in the wholesale power markets in the western United States, partially offset by higher revenues related to structured contracts from prior years (including the effects of the adoption of EITF 02-3 in the fourth quarter of 2002).	
 		
 	•	 	Real Estate Segment – Net income increased $8 million primarily due to increased home and land sales.	
 		
 	•	 	Other Segment – Net income increased $20 million primarily due to the absence of NAC losses in 2003 and the current-period settlement of an NAC contract dispute.	
     Additional details on the major factors that increased (decreased) income from continuing operations before income taxes and net income are contained in the table below (dollars in millions).
6 

 

 	 	 	 	Increase (Decrease)	
 	 	 	 		
 	 	 	 	Pretax	 	After Tax	
 	 	 	 		 		
Regulated electricity segment gross margin:	 	 	 	 	 	 	 	 	
 	Higher replacement power costs from plant outages due to higher market prices and more unplanned outages	 	$	(35	)	 	$	(21	)	
 	Increased purchased power and fuel costs primarily due to higher prices for hedged gas and purchased power	 	 	(24	)	 	 	(14	)	
 	Retail electricity price reductions effective July 1, 2002 and July 1, 2003	 	 	(21	)	 	 	(13	)	
 	Higher retail sales volumes due to customer growth, excluding weather effects	 	 	45	 	 	 	27	 	
 	Decreased purchased power costs due to new power plants in service	 	 	16	 	 	 	10	 	
 	Miscellaneous factors, net	 	 	(2	)	 	 	(2	)	
 	 	 	 		 	 	 		 	
 	 	Net decrease in regulated electricity segment gross margin	 	 	(21	)	 	 	(13	)	
 	 	 		 	 	 		 	
Marketing and trading segment gross margin:	 	 	 	 	 	 	 	 	
 	Lower mark-to-market gains for future delivery due to lower market liquidity	 	 	(60	)	 	 	(36	)	
 	Lower realized margins on wholesale sales primarily due to lower unit margins, partially offset by higher volumes	 	 	(23	)	 	 	(14	)	
 	Higher revenues related to structured contracts from prior years (including the effects of the adoption of EITF 02-3)	 	 	13	 	 	 	8	 	
 	Increased competitive retail sales in California by APS Energy Services	 	 	5	 	 	 	3	 	
 	Miscellaneous factors, net	 	 	(1	)	 	 	(1	)	
 	 	 	 		 	 	 		 	
 	 	Net decrease in marketing and trading segment gross margin	 	 	(66	)	 	 	(40	)	
 	 	 		 	 	 		 	
Net decrease in regulated electricity and marketing and trading segments’ gross margins	 	 	(87	)	 	 	(53	)	
Higher income primarily related to the absence of NAC losses in 2003 and NAC’s settlement of a contract dispute recorded in the first quarter of 2003	 	 	28	 	 	 	17	 	
Higher real estate segment contribution primarily due to increased home and land sales at SunCor	 	 	12	 	 	 	8	 	
Higher interest expense on higher debt balances and lower capitalized interest primarily related to new power plants in service	 	 	(20	)	 	 	(12	)	
Higher income resulting from APS’ return to the AFUDC method of capitalizing construction finance costs	 	 	5	 	 	 	8	 	
Operations and maintenance expense:	 	 	 	 	 	 	 	 	
 	Increased pension and other benefit costs	 	 	(20	)	 	 	(12	)	
 	Costs for new power plants in service	 	 	(14	)	 	 	(8	)	
 	Severance costs recorded in 2002	 	 	26	 	 	 	16	 	
 	Other items, net	 	 	(10	)	 	 	(7	)	
Depreciation and amortization:	 	 	 	 	 	 	 	 	
 	Primarily related to increased delivery and other assets	 	 	(19	)	 	 	(11	)	
 	Depreciation related to new power plants in service	 	 	(16	)	 	 	(10	)	
 	Decreased regulatory asset amortization	 	 	22	 	 	 	13	 	
Income tax credits related to prior years	 	 	—	 	 	 	7	 	
Miscellaneous factors, net	 	 	7	 	 	 	5	 	
 	 	 	 		 	 	 		 	
 	Net decrease in income from continuing operations before income taxes	 	$	(86	)	 	 	 	 	
 	 	 		 	 	 	 	 	
 	Net decrease in net income	 	 	 	 	 	$	(39	)	
 	 	 	 	 	 	 		 	
7 

 

     The increase in operating and interest costs related to new power plants placed in service by Pinnacle West Energy, net of purchased power savings and increased gross margin from generation sales other than native load, totaled approximately $17 million after income taxes in the nine months ended September 30, 2003 compared with the prior-year period.
Regulated Electricity Segment Revenues
     Regulated electricity segment revenues were $10 million lower in the nine months ended September 30, 2003, compared with the same period in the prior year primarily as a result of:

 	•	 	a $72 million decrease related to retail load hedge management wholesale sales primarily as a result of lower sales volumes;	
 		
 	•	 	a $21 million decrease in retail revenues related to reductions in retail electricity prices;	
 		
 	•	 	a $69 million increase in retail revenues related to customer growth, excluding weather effects;	
 		
 	•	 	a $6 million increase related to traditional wholesale sales as a result of higher sales volumes and higher prices; and	
 		
 	•	 	an $8 million net increase due to miscellaneous factors.	
Marketing and Trading Segment Revenues
     Marketing and trading segment revenues were $272 million higher in the nine months ended September 30, 2003, compared with the same period in the prior year primarily as a result of:

 	•	 	$217 million of higher realized wholesale revenues primarily due to higher volumes, including revenues related to structured contracts from prior years (including the effects of the adoption of EITF 02-3);	
 		
 	•	 	a $61 million increase from higher competitive retail sales in California by APS Energy Services;	
 		
 	•	 	a $54 million increase from generation sales other than native load primarily due to higher prices and higher sales volumes, including sales from new power plants in service; and	
 		
 	•	 	$60 million in lower mark-to-market gains for future delivery primarily as a result of lower market liquidity and higher price volatility.	
8 

 

     Operating Results – Twelve-month period ended September 30, 2003 compared with Twelve-month period ended September 30, 2002
     Our consolidated net income for the twelve months ended September 30, 2003 was $111 million compared with $266 million for the prior year. Both periods include income from discontinued operations related to our real estate segment (see “Real Estate Activities” below). The $155 million decrease in the period-to-period comparison reflects the following changes in earnings by segment:

 	•	 	Regulated Electricity Segment - Net income decreased $82 million primarily due to higher operations and maintenance costs related to the cancellation of Redhawk Units 3 and 4 and increased pension and other benefits; higher prices for hedged gas and purchased power; higher costs related to new power plants, net of related gross margin benefits; higher replacement power costs from plant outages due to higher market prices and more unplanned outages; and two retail electricity price reductions. These negative factors were partially offset by higher retail sales primarily due to customer growth; lower operating costs primarily related to severance costs recorded in 2002; 2001 charges related to purchase power contracts with Enron; higher income related to APS’ return to the AFUDC method of capitalizing construction finance costs; and an income tax benefit recorded in 2003.	
 		
 	•	 	Marketing and Trading Segment - Net income decreased $88 million, reflecting a charge for the cumulative effect of a change in accounting for trading activities at the time of the early adoption of EITF 02-3 on October 1, 2002; and lower market liquidity in the wholesale power markets in the western United States. These negative factors were partially offset by higher revenues related to structured contracts from prior years (including the effects of the adoption of EITF 02-3); higher competitive retail sales in California by APS Energy Services; and fourth quarter 2001 charges related to Enron and its affiliates.	
 		
 	•	 	Real Estate Segment - Net income increased $17 million primarily due to increased land and home sales.	
     Additional details on the major factors that increased (decreased) income from continuing operations and net income are contained in the table below (dollars in millions).
9 

 

 	 	 	 	Increase (Decrease)	
 	 	 	 		
 	 	 	 	Pretax	 	After Tax	
 	 	 	 		 		
Regulated electricity segment gross margin:	 	 	 	 	 	 	 	 	
 	Increased purchased power and fuel costs primarily due to higher prices for hedged gas and purchased power	 	$	(40	)	 	$	(24	)	
 	Higher replacement power costs from plant outages due to higher market prices and more unplanned outages	 	 	(31	)	 	 	(19	)	
 	Retail electricity price reductions effective July 1, 2002 and July 1, 2003	 	 	(27	)	 	 	(16	)	
 	Effects of milder weather on retail sales	 	 	(6	)	 	 	(4	)	
 	Higher retail sales volumes due to customer growth, excluding weather effects	 	 	46	 	 	 	28	 	
 	Decreased purchased power costs due to new power plants in service	 	 	16	 	 	 	10	 	
 	2001 charges related to purchased power contracts with Enron	 	 	13	 	 	 	8	 	
 	Miscellaneous factors, net	 	 	9	 	 	 	5	 	
 	 	 	 		 	 	 		 	
 	 	Net decrease in regulated electricity segment gross margin	 	 	(20	)	 	 	(12	)	
 	 	 		 	 	 		 	
Marketing and trading segment gross margin:	 	 	 	 	 	 	 	 	
 	Lower mark-to-market gains for future delivery due to lower market liquidity	 	 	(64	)	 	 	(38	)	
 	Lower realized margins on wholesale sales primarily due to lower unit margins, partially offset by higher volumes	 	 	(22	)	 	 	(13	)	
 	Higher revenues related to structured contracts from prior years (including the effects of the adoption of EITF 02-3)	 	 	20	 	 	 	12	 	
 	Increased competitive retail sales in California by APS Energy Services	 	 	12	 	 	 	7	 	
 	Change in prior period mark-to-market value related to trading with Enron	 	 	8	 	 	 	5	 	
 	Increased generation sales other than native load primarily due to higher sales volumes, including sales from new power plants in service, partially offset by lower unit margins	 	 	5	 	 	 	3	 	
 	 	 	 		 	 	 		 	
 	 	Net decrease in marketing and trading segment gross margin	 	 	(41	)	 	 	(24	)	
 	 	 		 	 	 		 	
 	Net decrease in regulated electricity and marketing and trading segments’ gross margins	 	 	(61	)	 	 	(36	)	
Operations and maintenance expense:	 	 	 	 	 	 	 	 	
 	Cancellation of Redhawk Units 3 and 4 in the fourth quarter of 2002	 	 	(47	)	 	 	(28	)	
 	Increased pension and other benefit costs	 	 	(21	)	 	 	(13	)	
 	Severance costs recorded in 2002	 	 	15	 	 	 	9	 	
 	Costs for new power plants in service	 	 	(15	)	 	 	(9	)	
 	Other items, net	 	 	(22	)	 	 	(13	)	
Lower income primarily related to NAC losses	 	 	(9	)	 	 	(5	)	
Higher interest expense and lower capitalized interest primarily related to new power plants in service	 	 	(27	)	 	 	(16	)	
Higher income resulting from APS’ return to the AFUDC method of capitalizing construction finance costs	 	 	5	 	 	 	8	 	
Depreciation and amortization:	 	 	 	 	 	 	 	 	
 	Depreciation related to new power plants in service	 	 	(22	)	 	 	(13	)	
 	Primarily related to increased delivery and other assets	 	 	(25	)	 	 	(15	)	
 	Decreased regulatory asset amortization	 	 	29	 	 	 	17	 	
Higher taxes other than income taxes due to increased property taxes on higher property balances	 	 	(10	)	 	 	(6	)	
Higher real estate segment contribution primarily due to higher home and land sales, equity earnings in joint ventures and decreased miscellaneous expenses	 	 	25	 	 	 	16	 	
Higher APS Energy Services non-commodity margin	 	 	6	 	 	 	4	 	
Miscellaneous items, net	 	 	3	 	 	 	3	 	
Income tax credits related to prior years	 	 	—	 	 	 	7	 	
 	 	 		 	 	 		 	
 	Net decrease in income from continuing operations	 	$	(176	)	 	 	(90	)	
 	 	 		 	 	 	 	 	
Increase in income from discontinued operations related to SunCor – net of income tax (see “Real Estate Activities” below)	 	 	 	 	 	 	1	 	
Decrease due to cumulative effect of a change in accounting for trading activities due to the adoption of EITF 02-3 – net of income tax	 	 	 	 	 	 	(66	)	
 	 	 		 	 	 		 	
Net decrease in net income	 	 	 	 	 	$	(155	)	
 	 	 	 	 	 	 		 	
10 

 

     The increase in operating and interest costs related to new power plants placed in service by Pinnacle West Energy, net of purchased power savings and increased gross margin from generation sales other than native load, totaled approximately $21 million after income taxes in the twelve months ended September 30, 2003 compared with the prior-year period.
Regulated Electricity Segment Revenues
     Regulated electricity segment revenues were $30 million lower in the twelve months ended September 30, 2003, compared with the same period in the prior year primarily as a result of:

 	•	 	an $88 million decrease related to retail load hedge management wholesale sales primarily as a result of lower prices and lower sales volumes;	
 		
 	•	 	a $27 million decrease in retail revenues related to reductions in retail electricity prices;	
 		
 	•	 	a $9 million decrease in retail revenues related to milder weather;	
 		
 	•	 	a $70 million increase in retail revenues related to customer growth and higher average usage, excluding weather effects;	
 		
 	•	 	a $7 million increase related to traditional wholesale sales as a result of higher prices and higher sales volumes; and	
 		
 	•	 	a $17 million net increase due to miscellaneous factors.	
Marketing and Trading Segment Revenues
     Marketing and trading segment revenues were $368 million higher in the twelve months ended September 30, 2003, compared with the same period in the prior year primarily as a result of:

 	•	 	$256 million of higher realized wholesale revenues primarily due to higher volumes, partially offset by lower prices, including revenues related to structured contracts from prior years (including the effects of the adoption of EITF 02-3);	
 		
 	•	 	an $88 million increase from higher competitive retail sales in California by APS Energy Services;	
 		
 	•	 	an $80 million increase from generation sales other than native load primarily due to higher sales volumes and higher prices, including sales from new power plants in service;	
 		
 	•	 	an $8 million increase due to the fourth quarter 2001 write-off of prior-period mark-to-market value related to trading with Enron and its affiliates; and	
11 

 

 	•	 	$64 million in lower mark-to-market gains for future delivery primarily as a result of lower market liquidity and lower price volatility.	
Real Estate Activities
     As discussed in our 2002 10-K, we have undertaken an aggressive effort to accelerate asset sales activities to approximately double SunCor’s annual earnings in 2003 to 2005 compared with the $19 million in earnings recorded in 2002.
     Certain components of SunCor’s real estate sales activities, which are included in the real estate segment, are required to be reported as discontinued operations on our Condensed Consolidated Statements of Income in accordance with SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” Among other things, SFAS No. 144 prescribes accounting for discontinued operations and defines certain real estate activities as discontinued operations. We adopted SFAS No. 144 effective January 1, 2002 and determined that activities that would have required discontinued operations reporting in 2002, 2001 and 2000 were immaterial. We currently estimate that 15% to 30% of SunCor’s net income in 2003 will be reported in discontinued operations; however, this ultimately depends on the specific properties sold.
     In the first quarter of 2003, SunCor sold its water utility company, which resulted in an after-tax gain of $5 million ($8 million pretax). The gain on the sale and operating income in the current and prior periods are classified as discontinued operations on our Condensed Consolidated Statements of Income.
     In the second quarter of 2002, SunCor sold a retail center, but maintained a significant continuing involvement through a management contract. In the first quarter of 2003, this management contract was canceled. As a result, the gain on the 2002 sale and the operating income related to this property have been reclassified as discontinued operations. The income from discontinued operations in the three, nine and twelve months ended September 30, 2002 primarily reflects this sale.
     The following chart provides a summary of SunCor’s earnings (after income taxes) for the three, nine and twelve months ended September 30, 2003 and the comparable prior periods (dollars in millions): 

 	 	Three Months	 	Nine Months	 	Twelve Months	
 	 	Ended	 	Ended	 	Ended	
 	 	September 30,	 	September 30,	 	September 30,	
 	 		 		 		
 	 	2003	 	2002	 	2003	 	2002	 	2003	 	2002	
 	 		 		 		 		 		 		
Income from continuing operations	 	$	6	 	 	$	(1	)	 	$	10	 	 	$	2	 	 	$	18	 	 	$	3	 	
Income from discontinued operations	 	 	—	 	 	 	—	 	 	 	7	 	 	 	7	 	 	 	9	 	 	 	7	 	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
Net income	 	$	6	 	 	$	(1	)	 	$	17	 	 	$	9	 	 	$	27	 	 	$	10	 	
 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	 	 		 	
12 

 

Forward-Looking Statements
     This document contains forward-looking statements based on current expectations, and we assume no obligation to update these statements or make any further statements on any of these issues, except as required by applicable law. These forward-looking statements are often identified by words such as “hope,” “may,” “believe,” “anticipate,” “plan,” “expect,” “require,” “intend,” “assume” and similar words. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by us. These factors include, but are not limited to:

 	•	 	the ongoing restructuring of the electric industry, including the introduction of retail electric competition in Arizona and decisions impacting wholesale competition;	
 		
 	•	 	the outcome of regulatory and legislative proceedings relating to the restructuring;	
 		
 	•	 	state and federal regulatory and legislative decisions and actions, including the outcome of the rate case APS filed with the ACC on June 27, 2003 and the wholesale electric price mitigation plan adopted by the FERC;	
 		
 	•	 	regional economic and market conditions, including the results of litigation and other proceedings resulting from the California energy situation, volatile purchased power and fuel costs and the completion of generation and transmission construction in the region, which could affect customer growth and the cost of power supplies;	
 		
 	•	 	the cost of debt and equity capital and access to capital markets;	
 		
 	•	 	energy usage;	
 		
 	•	 	weather variations affecting local and regional customer energy usage;	
 		
 	•	 	conservation programs;	
 		
 	•	 	power plant performance;	
 		
 	•	 	the successful completion of our generation construction program;	
 		
 	•	 	regulatory issues associated with generation construction, such as permitting and licensing;	
 		
 	•	 	changes in accounting principles;	
 		
 	•	 	our ability to compete successfully outside traditional regulated markets (including the wholesale market);	
 		
 	•	 	our ability to manage our marketing and trading activities and the use of derivative contracts in our business (including the interpretation of the subjective and complex accounting rules related to these contracts);	
 		
 	•	 	technological developments in the electric industry;	
 		
 	•	 	the performance of the stock market, which affects the amount of our required contributions to our pension plan and nuclear decommissioning trust funds;	
 		
 	•	 	the strength of the real estate market in SunCor’s market areas, which include Arizona, New Mexico and Utah; and	
 		
 	•	 	other uncertainties, all of which are difficult to predict and many of which are beyond our control.	
13 

 

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts) 

 	 	 	 	THREE MONTHS ENDED	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	September 30,	 	Increase (Decrease)	 	 	 	 	
 	 	 	 	2003	 	2002	 	Amount	 	Percent	 	 	 	 	
 	 	 	 		 		 		 		 	 	 	 	
Operating Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Regulated electricity segment	 	$	694,306	 	 	$	719,361	 	 	$	(25,055	)	 	 	3.5	%	 	 	W	 	
 	Marketing and trading segment	 	 	154,519	 	 	 	87,258	 	 	 	67,261	 	 	 	77.1	%	 	 	B	 	
 	Real estate segment	 	 	75,009	 	 	 	43,547	 	 	 	31,462	 	 	 	72.2	%	 	 	B	 	
 	Other revenues	 	 	22,736	 	 	 	21,224	 	 	 	1,512	 	 	 	7.1	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	946,570	 	 	 	871,390	 	 	 	75,180	 	 	 	8.6	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Operating Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Regulated electricity segment purchased power and fuel	 	 	235,663	 	 	 	257,484	 	 	 	(21,821	)	 	 	8.5	%	 	 	B	 	
 	Marketing and trading segment purchased power and fuel	 	 	156,156	 	 	 	43,361	 	 	 	112,795	 	 	 	260.1	%	 	 	W	 	
 	Operations and maintenance	 	 	133,852	 	 	 	144,438	 	 	 	(10,586	)	 	 	7.3	%	 	 	B	 	
 	Real estate segment operations	 	 	63,196	 	 	 	44,041	 	 	 	19,155	 	 	 	43.5	%	 	 	W	 	
 	Depreciation and amortization	 	 	110,997	 	 	 	108,672	 	 	 	2,325	 	 	 	2.1	%	 	 	W	 	
 	Taxes other than income taxes	 	 	28,206	 	 	 	26,757	 	 	 	1,449	 	 	 	5.4	%	 	 	W	 	
 	Other expenses	 	 	19,650	 	 	 	34,146	 	 	 	(14,496	)	 	 	42.5	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	747,720	 	 	 	658,899	 	 	 	88,821	 	 	 	13.5	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Operating Income	 	 	198,850	 	 	 	212,491	 	 	 	(13,641	)	 	 	6.4	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Allowance for equity funds used during construction	 	 	11,194	 	 	 	—	 	 	 	11,194	 	 	 	100.0	%	 	 	B	 	
 	Other income	 	 	5,533	 	 	 	3,026	 	 	 	2,507	 	 	 	82.8	%	 	 	B	 	
 	Other expense	 	 	(5,791	)	 	 	(10,713	)	 	 	4,922	 	 	 	45.9	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	10,936	 	 	 	(7,687	)	 	 	18,623	 	 	 	242.3	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Interest charges	 	 	52,571	 	 	 	49,255	 	 	 	3,316	 	 	 	6.7	%	 	 	W	 	
 	Capitalized interest	 	 	(2,851	)	 	 	(11,015	)	 	 	8,164	 	 	 	74.1	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	49,720	 	 	 	38,240	 	 	 	11,480	 	 	 	30.0	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Income From Continuing Operations Before Income Taxes	 	 	160,066	 	 	 	166,564	 	 	 	(6,498	)	 	 	3.9	%	 	 	W	 	
Income Taxes	 	 	50,528	 	 	 	65,851	 	 	 	(15,323	)	 	 	23.3	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Income From Continuing Operations	 	 	109,538	 	 	 	100,713	 	 	 	8,825	 	 	 	8.8	%	 	 	B	 	
Income from Discontinued Operations - Net of Income Tax Expense	 	 	510	 	 	 	203	 	 	 	307	 	 	 	151.2	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Net Income	 	$	110,048	 	 	$	100,916	 	 	$	9,132	 	 	 	9.0	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Weighted-Average Common Shares Outstanding - Basic	 	 	91,271	 	 	 	84,768	 	 	 	6,503	 	 	 	7.7	%	 	 	 	 	
Weighted-Average Common Shares Outstanding - Diluted	 	 	91,467	 	 	 	84,797	 	 	 	6,670	 	 	 	7.9	%	 	 	 	 	
Earnings Per Weighted-Average Common Share Outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Income From Continuing Operations - Basic	 	$	1.20	 	 	$	1.19	 	 	$	0.01	 	 	 	0.8	%	 	 	B	 	
 	Net Income - Basic	 	$	1.21	 	 	$	1.19	 	 	$	0.02	 	 	 	1.7	%	 	 	B	 	
 	Income From Continuing Operations - Diluted	 	$	1.20	 	 	$	1.19	 	 	$	0.01	 	 	 	0.8	%	 	 	B	 	
 	Net Income - Diluted	 	$	1.20	 	 	$	1.19	 	 	$	0.01	 	 	 	0.8	%	 	 	B	 	
Certain prior year amounts have been restated to conform to the 2003 presentation.

 	 	 	B – Better	
 		
 	 	 	W – Worse	

 

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts) 

 	 	 	 	 	NINE MONTHS ENDED	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	September 30,	 	Increase (Decrease)	 	 	 	 	
 	 	 	 	 	2003	 	2002	 	Amount	 	Percent	 	 	 	 	
 	 	 	 	 		 		 		 		 	 	 	 	
Operating Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Regulated electricity segment	 	$	1,585,898	 	 	$	1,596,440	 	 	$	(10,542	)	 	 	0.7	%	 	 	W	 	
 	Marketing and trading segment	 	 	484,737	 	 	 	212,576	 	 	 	272,161	 	 	 	128.0	%	 	 	B	 	
 	Real estate segment	 	 	172,886	 	 	 	127,352	 	 	 	45,534	 	 	 	35.8	%	 	 	B	 	
 	Other revenues	 	 	64,494	 	 	 	28,382	 	 	 	36,112	 	 	 	127.2	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	2,308,015	 	 	 	1,964,750	 	 	 	343,265	 	 	 	17.5	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Operating Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Regulated electricity segment purchased power and fuel	 	 	434,442	 	 	 	423,606	 	 	 	10,836	 	 	 	2.6	%	 	 	W	 	
 	Marketing and trading segment purchased power and fuel	 	 	447,499	 	 	 	109,625	 	 	 	337,874	 	 	 	308.2	%	 	 	W	 	
 	Operations and maintenance	 	 	408,488	 	 	 	390,864	 	 	 	17,624	 	 	 	4.5	%	 	 	W	 	
 	Real estate segment operations	 	 	157,297	 	 	 	123,219	 	 	 	34,078	 	 	 	27.7	%	 	 	W	 	
 	Depreciation and amortization	 	 	323,471	 	 	 	310,114	 	 	 	13,357	 	 	 	4.3	%	 	 	W	 	
 	Taxes other than income taxes	 	 	84,851	 	 	 	81,147	 	 	 	3,704	 	 	 	4.6	%	 	 	W	 	
 	Other expenses	 	 	51,380	 	 	 	39,116	 	 	 	12,264	 	 	 	31.4	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	 	Total	 	 	1,907,428	 	 	 	1,477,691	 	 	 	429,737	 	 	 	29.1	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Operating Income	 	 	400,587	 	 	 	487,059	 	 	 	(86,472	)	 	 	17.8	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Allowance for equity funds used during construction	 	 	11,194	 	 	 	—	 	 	 	11,194	 	 	 	100.0	%	 	 	B	 	
 	Other income	 	 	13,886	 	 	 	10,139	 	 	 	3,747	 	 	 	37.0	%	 	 	B	 	
 	Other expense	 	 	(15,079	)	 	 	(26,787	)	 	 	11,708	 	 	 	43.7	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	 	Total	 	 	10,001	 	 	 	(16,648	)	 	 	26,649	 	 	 	160.1	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Interest charges	 	 	151,539	 	 	 	140,538	 	 	 	11,001	 	 	 	7.8	%	 	 	W	 	
 	Capitalized interest	 	 	(24,061	)	 	 	(38,782	)	 	 	14,721	 	 	 	38.0	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	 	Total	 	 	127,478	 	 	 	101,756	 	 	 	25,722	 	 	 	25.3	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Income From Continuing Operations Before Income Taxes	 	 	283,110	 	 	 	368,655	 	 	 	(85,545	)	 	 	23.2	%	 	 	W	 	
Income Taxes	 	 	98,530	 	 	 	145,888	 	 	 	(47,358	)	 	 	32.5	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Income From Continuing Operations	 	 	184,580	 	 	 	222,767	 	 	 	(38,187	)	 	 	17.1	%	 	 	W	 	
Income from Discontinued Operations - Net of Income Tax Expense	 	 	6,908	 	 	 	7,271	 	 	 	(363	)	 	 	5.0	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Net Income	 	$	191,488	 	 	$	230,038	 	 	$	(38,550	)	 	 	16.8	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Weighted-Average Common Shares Outstanding - Basic	 	 	91,262	 	 	 	84,768	 	 	 	6,494	 	 	 	7.7	%	 	 	 	 	
Weighted-Average Common Shares Outstanding - Diluted	 	 	91,432	 	 	 	84,859	 	 	 	6,573	 	 	 	7.7	%	 	 	 	 	
Earnings Per Weighted-Average Common Share Outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Income From Continuing Operations - Basic	 	$	2.02	 	 	$	2.63	 	 	$	(0.61	)	 	 	23.2	%	 	 	W	 	
 	Net Income - Basic	 	$	2.10	 	 	$	2.71	 	 	$	(0.61	)	 	 	22.5	%	 	 	W	 	
 	Income From Continuing Operations - Diluted	 	$	2.02	 	 	$	2.63	 	 	$	(0.61	)	 	 	23.2	%	 	 	W	 	
 	Net Income - Diluted	 	$	2.09	 	 	$	2.71	 	 	$	(0.62	)	 	 	22.9	%	 	 	W	 	
Certain prior year amounts have been restated to conform to the 2003 presentation.

 	 	 	B – Better	
 		
 	 	 	W – Worse	

 

PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(in thousands, except per share amounts) 

 	 	 	 	TWELVE MONTHS ENDED	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	September 30,	 	Increase (Decrease)	 	 	 	 	
 	 	 	 	2003	 	2002	 	Amount	 	Percent	 	 	 	 	
 	 	 	 		 		 		 		 	 	 	 	
Operating Revenues	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Regulated electricity segment	 	$	2,002,481	 	 	$	2,033,006	 	 	$	(30,525	)	 	 	1.5	%	 	 	W	 	
 	Marketing and trading segment	 	 	598,092	 	 	 	229,996	 	 	 	368,096	 	 	 	160.0	%	 	 	B	 	
 	Real estate segment	 	 	246,615	 	 	 	188,447	 	 	 	58,168	 	 	 	30.9	%	 	 	B	 	
 	Other revenues	 	 	98,049	 	 	 	34,275	 	 	 	63,774	 	 	 	186.1	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	2,945,237	 	 	 	2,485,724	 	 	 	459,513	 	 	 	18.5	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Operating Expenses	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Regulated electricity segment purchased power and fuel	 	 	510,379	 	 	 	520,231	 	 	 	(9,852	)	 	 	1.9	%	 	 	B	 	
 	Marketing and trading segment purchased power and fuel	 	 	531,913	 	 	 	122,979	 	 	 	408,934	 	 	 	332.5	%	 	 	W	 	
 	Operations and maintenance	 	 	602,162	 	 	 	512,654	 	 	 	89,508	 	 	 	17.5	%	 	 	W	 	
 	Real estate segment operations	 	 	220,003	 	 	 	175,433	 	 	 	44,570	 	 	 	25.4	%	 	 	W	 	
 	Depreciation and amortization	 	 	437,439	 	 	 	419,175	 	 	 	18,264	 	 	 	4.4	%	 	 	W	 	
 	Taxes other than income taxes	 	 	111,656	 	 	 	102,114	 	 	 	9,542	 	 	 	9.3	%	 	 	W	 	
 	Other expenses	 	 	117,223	 	 	 	45,464	 	 	 	71,759	 	 	 	157.8	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	2,530,775	 	 	 	1,898,050	 	 	 	632,725	 	 	 	33.3	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Operating Income	 	 	414,462	 	 	 	587,674	 	 	 	(173,212	)	 	 	29.5	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Other	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Allowance for equity funds used during construction	 	 	11,194	 	 	 	—	 	 	 	11,194	 	 	 	100.0	%	 	 	B	 	
 	Other income	 	 	16,591	 	 	 	17,729	 	 	 	(1,138	)	 	 	6.4	%	 	 	W	 	
 	Other expense	 	 	(19,881	)	 	 	(40,256	)	 	 	20,375	 	 	 	50.6	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	7,904	 	 	 	(22,527	)	 	 	30,431	 	 	 	135.1	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Interest charges	 	 	198,513	 	 	 	187,257	 	 	 	11,256	 	 	 	6.0	%	 	 	W	 	
 	Capitalized interest	 	 	(29,028	)	 	 	(51,240	)	 	 	22,212	 	 	 	43.3	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
 	 	Total	 	 	169,485	 	 	 	136,017	 	 	 	33,468	 	 	 	24.6	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Income From Continuing Operations Before Income Taxes	 	 	252,881	 	 	 	429,130	 	 	 	(176,249	)	 	 	41.1	%	 	 	W	 	
Income Taxes	 	 	84,870	 	 	 	170,557	 	 	 	(85,687	)	 	 	50.2	%	 	 	B	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Income from Continuing Operations	 	 	168,011	 	 	 	258,573	 	 	 	(90,562	)	 	 	35.0	%	 	 	W	 	
Income from Discontinued Operations - Net of Income Tax Expense	 	 	8,592	 	 	 	7,271	 	 	 	1,321	 	 	 	18.2	%	 	 	B	 	
Cumulative Effect of a Change in Accounting for Trading Activities - Net of Income Tax Benefit	 	 	(65,745	)	 	 	—	 	 	 	(65,745	)	 	 	100.0	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Net Income	 	$	110,858	 	 	$	265,844	 	 	$	(154,986	)	 	 	58.3	%	 	 	W	 	
 	 	 		 	 	 		 	 	 		 	 	 	 	 	 	 	 	 	
Weighted-Average Common Shares Outstanding - Basic	 	 	89,760	 	 	 	84,746	 	 	 	5,014	 	 	 	5.9	%	 	 	 	 	
Weighted-Average Common Shares Outstanding - Diluted	 	 	89,919	 	 	 	84,851	 	 	 	5,068	 	 	 	6.0	%	 	 	 	 	
Earnings Per Weighted-Average Common Share Outstanding	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Income From Continuing Operations - Basic	 	$	1.87	 	 	$	3.05	 	 	$	(1.18	)	 	 	38.7	%	 	 	W	 	
 	Net Income - Basic	 	$	1.24	 	 	$	3.14	 	 	$	(1.90	)	 	 	60.5	%	 	 	W	 	
 	Income From Continuing Operations - Diluted	 	$	1.87	 	 	$	3.05	 	 	$	(1.18	)	 	 	38.7	%	 	 	W	 	
 	Net Income - Diluted	 	$	1.23	 	 	$	3.13	 	 	$	(1.90	)	 	 	60.7	%	 	 	W	 	
Certain prior year amounts have been restated to conform to the 2003 presentation.

 	 	 	B – Better	
 		
 	 	 	W – Worse	

 
Exhibit 99.9
Pinnacle West Capital Corporation
Quarterly Consolidated Statistical Summary
Glossary of Terms

Arizona Job Growth	 	Percentage growth over the prior year in total non-farm payroll employment for the state of Arizona, non-seasonally adjusted.	
 	 	 	
Building Permits – Metro Phoenix	 	The number of residential dwellings permitted to be built by authorized agencies in Maricopa County, Arizona. Single-family refers to detached buildings intended to be occupied by one family each. Multi-family permits represent the number of units authorized to be built in condominium, townhouse and apartment complexes.	
 	 	 	
Capacity Factor	 	The ratio of the average operating load of an electric power generating unit for a period of time to the capacity rating of the unit during that period.	
 	 	 	
Change in Mark-To-Market Gains (Losses)
For Future-Period Deliveries	 	The gross margin related to the change in mark-to-market value in the current period of transactions which have been entered into during the current period or prior periods for which the commodities are scheduled for delivery in a future period.	
 	 	 	
Current Period Effects	 	The net effect of the total revenue or gross margins realized on delivery of commodities in the period being measured, and the amount of prior-period mark-to-market (gains) losses on contracts delivered during period. The net effect of transferring prior-period mark-to-market to realized does not affect total revenues, gross margin or earnings.	
 	 	 	
Degree-Days — Cooling	 	A measure of temperatures designed to indicate the amount of electricity demand for cooling purposes. Cooling degree-days are calculated by summing the difference between each day’s actual average temperature and a base temperature of 65°F for the month. Average temperatures less than the base temperature are ignored.	
 	 	 	
Degree-Days — Heating	 	A measure of temperatures designed to indicate the amount of electricity demand for heating purposes. Heating degree-days are calculated by summing the difference between each day’s actual average temperature and a base temperature of 65°F for the month. Average temperatures greater than the base temperature are ignored.	

 

- 2 - 

Electricity Marketing and Trading – Delivered	 	All wholesale sales of electricity not accounted for in sales under traditional contracts or retail load hedge management. These sales are made to other electric companies, power marketers, or public entities for the purpose of resale. Measured in gigawatt-hours.	
 	 	 	
Electricity Spot Prices — Palo Verde – Off-Peak	 	Electricity average daily spot prices at Palo Verde substation during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Electricity Spot Prices — Palo Verde – On-Peak	 	Electricity average daily spot prices at Palo Verde substation during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Electricity Spot Prices — SP15 – Off-Peak	 	Electricity average daily spot prices at SP15, a region of California substations, during off-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Electricity Spot Prices — SP15 – On-Peak	 	Electricity average daily spot prices at SP15, a region of California substations, during on-peak hours. It measures electric prices at the producer level and is the result of real time prices used for benchmarking, price comparisons, and establishing price contracts. Measured in dollars per megawatt-hour.	
 	 	 	
Generation Capacity Out of Service and Replaced for Native Load	 	Total capacity required and economic, yet unavailable for retail customers and traditional wholesale contracts due to scheduled or unscheduled outages. Measured in megawatts per day.	
 		
Generation Sales Other Than Native Load	 	Sales of electricity from generation owned by the company that is over and above the amount required to serve retail customers and traditional wholesale contracts.	
 	 	 	
Generation Production — Coal	 	Amount of net energy produced by coal-fueled generators. Measured in gigawatt-hours.	

 

- 3 - 

Generation Production — Gas/Oil/Other	 	Amount of net energy predominately produced by natural gas and oil-fueled generators. A small amount of energy from hydroelectric and solar power plants is also included. Measured in gigawatt-hours.	
 	 	 	
Generation Production — Nuclear	 	Amount of net energy produced by nuclear-fueled generators. Measured in gigawatt-hours.	
 	 	 	
Gigawatt-hour (GWH)	 	A unit of energy equivalent to 1,000 megawatt-hours or 1,000,000 kilowatt-hours.	
 	 	 	
Marketing and Trading Gross Margin – Pretax	 	Revenues from marketing and trading activities (other than retail sales, traditional wholesale sales and retail load hedge management) less the costs of the related commodities, with mark-to-market gains or losses, before income taxes.	
 	 	 	
Marketing and Trading Gross Margin by Commodity — Pretax	 	Marketing and trading gross margin, before income taxes, for generation sales other than native load and for sales and purchases of electricity and other commodities by the company in the wholesale market, summarized by the underlying commodities.	
 	 	 	
Realized and Mark-to-Market Components	 	Marketing and trading gross margin, before income taxes, for generation sales other than native load and for sales and purchases of electricity and other commodities by the company in the wholesale market, summarized by the period of delivery and whether the margin is realized or mark-to-market. Realized margins relate to commodities that have been delivered. Mark-to-market margins relate to commodities that have delivery dates in future periods.	
 	 	 	
Mark-To-Market	 	Adjustments to revenues or costs to recognize value of sales and purchase contracts, for which the commodities are scheduled for delivery in a future period, at current forward wholesale prices.	
 	 	 	
Megawatt (MW)	 	One million watts.	
 	 	 	
Megawatt-hour (MWh)	 	A unit of energy equivalent to 1,000 kilowatt-hours.	

 

- 4 - 

Prior Period Mark-To-Market (Gains) Losses on
Contracts Delivered During Current Period	 	The reversal of the gross margin related to mark-to-market transactions entered into in prior periods for which the commodities were delivered in the current period. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition or earnings recognition, because in accordance with mark-to-market accounting, the margin was already recorded in the prior period. A negative amount shown in this category represents the arithmetic opposite of a gain recognized in the period in which the commodities were delivered; an equal positive amount is reflected in the realized revenue or margin for delivered commodities. A positive amount shown in this category represents the arithmetic opposite of a loss recognized in the period in which the commodities were delivered; an equal negative amount is reflected in the realized revenue or margin for delivered commodities.	
 	 	 	
Purchased Power – Firm Load	 	Power purchased from wholesale market sources used to serve regulated retail demand and traditional wholesale contracts. Measured in gigawatt-hours.	
 	 	 	
Purchased Power – Marketing and Trading	 	Power purchased from wholesale market sources used to serve marketing and trading sales not served by company-owned generation. Measured in gigawatt-hours.	
 	 	 	
Realized Margin on Delivered Commodities	 	Marketing and trading gross margin related to electricity and other commodities that were delivered in the then-current period.	
 	 	 	
Retail Customer Growth	 	Percentage growth over the prior year in the number of retail customers.	
 	 	 	
Retail Electricity Usage	 	Total retail sales for a period divided by the average retail customers for the same period. Measured in kilowatt-hours per average customer.	
 	 	 	
Retail Load Hedge Management	 	Wholesale sales to liquidate electricity purchases originally intended to meet firm load during peak times, which purchases were not needed ultimately for firm load. These sales are made to other electric companies, power marketers, or public entities for the purpose of resale. Measured in gigawatt-hours.	
 	 	 	
Retail Sales	 	Sales of electricity made directly to retail customers or ultimate customers. Residential retail sales are sales to households. Business retail sales include commercial, industrial, irrigation, and streetlighting sales. Measured in gigawatt-hours.	

 

- 5- 

System Peak Demand	 	The demand for electricity during the one hour of highest use each month. Measured in megawatts.	
 	 	 	
Traditional Contracts	 	Wholesale sales resulting from unique cost-based, long-term contracts held by the company with various entities for the supply of electricity at agreed-upon prices.	
 	 	 	
Weather Normalized	 	Adjusted to exclude the effects of abnormal weather patterns.	

 
EXHIBIT 99.10

 	 	 	 	 	
FOR IMMEDIATE RELEASE	 	October 24, 2003	
Media Contacts:	 	Alan Bunnell, (602) 250-3376	 	Page 1 of 2	
Analyst Contacts:	 	Rebecca Hickman, (602) 250-5668	 	 	
 	 	Lisa Malagon, (602) 250-5671	 	 	
Web site:	 	www.pinnaclewest.com	 	 	
PINNACLE WEST REPORTS THIRD QUARTER EARNINGS
PHOENIX – Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income for the quarter ended September 30, 2003, of $110.0 million, or $1.20 per diluted share of common stock. This result compares with consolidated net income of $100.9 million, or $1.19 per diluted share, for the same period in 2002.
“Our employees navigated through some challenging issues while maintaining an intense focus on customer service, cost management and profitability,” said Chairman Bill Post.
The earnings were positively impacted by higher retail sales due to both customer growth and favorable weather; improved results from the Company’s unregulated subsidiaries; the absence of severance costs recorded in the 2002 period; and income tax credits. These factors were substantially offset by continuing deterioration in the western wholesale power market; unplanned plant outages; higher fuel and hedged gas prices; a 1.5 percent retail electricity price decrease; and an increase in pension and other related benefit costs.
The electricity price decrease, which took effect in July 2003, completed a 10-year commitment of reducing prices a total of 16 percent for residential and small commercial customers since 1994.
Looking forward, Post said, “The Company needs to achieve a constructive regulatory outcome in our pending rate case to cover the costs of providing reliable service for our retail customer base, which is growing at about three times the national average.”
As a result of increased home and land sales, SunCor Development Co., Pinnacle West’s real estate subsidiary, reported an earnings increase of about $7 million for the 2003 third quarter. Unregulated subsidiary results also benefited from the absence of a $10 million after-tax charge recorded in the third quarter of 2002 related to NAC International.
For the nine-month period ended September 30, 2003, Pinnacle West’s consolidated net income was $191.5 million, or $2.09 per diluted share of common stock. This result compares with consolidated net income of $230.0 million, or $2.71 per diluted share, in last year’s corresponding period.
For more information on Pinnacle West’s operating statistics and earnings, please visit http://www.pinnaclewest.com/main/pnw/investors/default.html.

 

 	 	 	
PINNACLE WEST 2003 THIRD QUARTER EARNINGS	 	October 24, 2003
Page 2 of 2	
Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial, and industrial real estate projects.
Webcast and Conference Call
The Company will hold a conference call and live webcast at 11 a.m. (ET) today, Friday, October 24 to discuss its earnings. The live webcast can be accessed at http://www.pinnaclewest.com/main/pnw/investors/presentations/default.html and will be available for replay on the website for 30 days. To access the conference call by telephone, dial (877) 356-3961 and enter reservation number 2917767. A replay of the call also will be available until 12:00 midnight (ET), Friday, October 31, 2003, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same reservation number.

This press release contains forward-looking statements based on current expectations, and the Company assumes no obligation to update these statements or make any further statements on any of these issues, except as required by applicable law. These forward-looking statements are often identified by words such as “hope,” “may,” “believe,” “anticipate,” “plan,” “expect,” “require,” “intend,” “assume,” and similar words. Because actual results may differ materially from expectations, the Company cautions readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by the Company. These factors include the ongoing restructuring of the electric industry, including the introduction of retail electric competition in Arizona and decisions impacting wholesale competition; the outcome of regulatory and legislative proceedings relating to the restructuring; state and federal regulatory and legislative decisions and actions, including the outcome of the rate case APS filed with the Arizona Corporation Commission on June 27, 2003 and the wholesale electric price mitigation plan adopted by the FERC; regional economic and market conditions, including the results of litigation and other proceedings resulting from the California energy situation, volatile purchased power and fuel costs, and the completion of generation and transmission construction in the region, which could affect customer growth and the cost of power supplies; the cost of debt and equity capital and access to capital markets; energy usage; weather variations affecting local and regional customer energy usage; conservation programs; power plant performance; the successful completion of our generation construction program; regulatory issues associated with generation construction , such as permitting and licensing; changes in accounting principles; our ability to compete successfully outside traditional regulated markets (including the wholesale market);our ability to manage our marketing and trading activities and the use of derivative contracts in our business (including the interpretation of the subjective and complex accounting rules related to these contracts); technological developments in the electric industry; the performance of the stock market, which affects the amount of our required contributions to our pension plan and nuclear decommissioning trust funds; the strength of the real estate market in SunCor’s market areas, which include Arizona, New Mexico and Utah; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.