<SUBMISSION>
<ACCESSION-NUMBER>0000950147-02-001369
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>9
<PERIOD>20020930
<ITEMS>5
<ITEMS>7
<ITEMS>9
<FILING-DATE>20021028
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>PINNACLE WEST CAPITAL CORP
<CIK>0000764622
<ASSIGNED-SIC>4911
<IRS-NUMBER>860512431
<STATE-OF-INCORPORATION>AZ
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-08962
<FILM-NUMBER>02799185
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>400 E VAN BUREN ST PO BOX 52132
<STREET2>P O BOX 52132
<CITY>PHOENIX
<STATE>AZ
<ZIP>85072-2132
<PHONE>6022501000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>400 E VAN BUREN ST
<STREET2>PO BOX 52132
<CITY>PHOENIX
<STATE>AZ
<ZIP>85072-2132
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AZP GROUP INC
<DATE-CHANGED>19870506
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>e-9122.txt
<DESCRIPTION>CURRENT REPORT DATED 09/30/2002
<TEXT>
                       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, 2002


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


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


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


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


                                      NONE
          (Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS

     DIVIDEND INCREASE AND POLICY

     On October 23, 2002, the Company's board of directors increased the common
dividend by $0.10 per share per year effective with the dividends payable on
December 1, 2002. This increase results in an indicated annual dividend of $1.70
per share. The Company intends to continue growing the common dividends in the
future; such growth will be dependent on a number of factors including, but not
limited to, payout ratio trends, free cash flow, and financial market
conditions.

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, 2002 and
               2001.

   99.3        Pinnacle West Capital Corporation consolidated statistics by
               quarter for 2002 (year-to-date).

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

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

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

   99.7        Pinnacle West Capital Corporation earnings variance explanations
               for the periods ended September 30, 2002 and 2001 and condensed
               consolidated statements of income for the three months, nine
               months and twelve months ended September 30, 2002 and 2001.

   99.8        Glossary of Terms.

ITEM 9. REGULATION FD DISCLOSURE

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

                                        2
<PAGE>
                                   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 25, 2002                 By: Barbara M. Gomez
                                            ------------------------------------
                                            Barbara M. Gomez
                                            Treasurer

                                        3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99-1.txt
<DESCRIPTION>QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
<TEXT>
                                                                    Exhibit 99.1


                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

                                LIST OF CONTENTS

                           2002 THIRD-QUARTER SUMMARY

                                2002 YEAR-TO-DATE

                                 2001 BY QUARTER

                                 2000 BY QUARTER

                                 1999 BY QUARTER

       See the Glossary of Terms on this website for definitions of terms
                             used in this summary.
                Quarters may not sum to totals due to rounding.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>ex99-2.txt
<DESCRIPTION>09/30/2002 AND 2001 QTRLY CONSOLIDATED STATS
<TEXT>
                                                                    Exhibit 99.2

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

<TABLE>
<CAPTION>
                                                         3 MO. ENDED SEPTEMBER 30              9 MO. ENDED SEPTEMBER 30
                                                    ----------------------------------    ----------------------------------
Line                                                  2002        2001     INCR (DECR)      2002        2001     INCR (DECR)
                                                    --------    --------   -----------    --------    --------   -----------
<S>                                                 <C>         <C>        <C>            <C>         <C>        <C>
   EARNINGS CONTRIBUTION
     BY SUBSIDIARY ($ MILLIONS)

1     Arizona Public Service                        $     87    $    108    $    (21)     $    183    $    242    $    (59)
2     Pinnacle West Energy                                10          13          (3)           12          15          (3)
3     APS Energy Services                                  7          (3)         10            20         (10)         30
4     SunCor                                              (1)          2          (3)            9           3           6
5     El Dorado                                          (15)         --         (15)          (18)         --         (18)
6     Parent Company                                      13          42         (29)           24          41         (17)
                                                    --------    --------    --------      --------    --------    --------
7         Income Before Accounting Change                101         162         (61)          230         291         (61)

8     Cumulative Effect of Change in Accounting -
        Net of Tax                                        --         (12)         12            --         (15)         15
                                                    --------    --------    --------      --------    --------    --------

9     Net Income                                    $    101    $    150    $    (49)     $    230    $    276    $    (46)
                                                    ========    ========    ========      ========    ========    ========
   EARNINGS PER SHARE
     BY SUBSIDIARY - DILUTED

10    Arizona Public Service                        $   1.02    $   1.27    $  (0.25)     $   2.15    $   2.85    $  (0.70)
11    Pinnacle West Energy                              0.12        0.16       (0.04)         0.14        0.17       (0.03)
12    APS Energy Services                               0.08       (0.03)       0.11          0.24       (0.12)       0.36
13    SunCor                                           (0.01)       0.03       (0.04)         0.11        0.03        0.08
14    El Dorado                                        (0.18)         --       (0.18)        (0.22)         --       (0.22)
15    Parent Company                                    0.16        0.49       (0.33)         0.29        0.50       (0.21)
                                                    --------    --------    --------      --------    --------    --------

16        Income Before Accounting Change               1.19        1.92       (0.73)         2.71        3.43       (0.72)

17    Cumulative Effect of Change in Accounting -
        Net of Tax                                        --       (0.15)       0.15            --       (0.18)       0.18
                                                    --------    --------    --------      --------    --------    --------

18        Net Income                                $   1.19    $   1.77    $  (0.58)     $   2.71    $   3.25    $  (0.54)
                                                    ========    ========    ========      ========    ========    ========

19    BOOK VALUE PER SHARE                          $  31.39    $  29.37    $   2.02      $  31.39    $  29.37    $   2.02

   COMMON SHARES OUTSTANDING -
     DILUTED (THOUSANDS)
20    Average                                         84,797      84,909        (112)       84,859      84,972        (113)
21    End of Period                                   84,756      84,663          93        84,756      84,663          93

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

1     Arizona Public Service                        $    222    $    296    $    (74)
2     Pinnacle West Energy                                15          14           1
3     APS Energy Services                                 21         (19)         40
4     SunCor                                              10           6           4
5     El Dorado                                          (19)         (5)        (14)
6     Parent Company                                      17          42         (25)
                                                    --------    --------    --------

7         Income Before Accounting Change                266         334         (68)

8     Cumulative Effect of Change in Accounting -
        Net of Tax                                        --         (15)         15
                                                    --------    --------    --------

9     Net Income                                    $    266    $    319    $    (53)
                                                    ========    ========    ========
   EARNINGS PER SHARE
     BY SUBSIDIARY - DILUTED

10    Arizona Public Service                        $   2.61    $   3.48    $  (0.87)
11    Pinnacle West Energy                              0.18        0.16        0.02
12    APS Energy Services                               0.24       (0.23)       0.47
13    SunCor                                            0.11        0.07        0.04
14    El Dorado                                        (0.22)      (0.06)      (0.16)
15    Parent Company                                    0.21        0.51       (0.30)
                                                    --------    --------    --------

16        Income Before Accounting Change               3.13        3.93       (0.80)

17    Cumulative Effect of Change in Accounting -
        Net of Tax                                        --       (0.18)       0.18
                                                    --------    --------    --------

18        Net Income                                $   3.13    $   3.75    $  (0.62)
                                                    ========    ========    ========

19    BOOK VALUE PER SHARE                          $  31.39    $  29.37    $   2.02

   COMMON SHARES OUTSTANDING -
     DILUTED (THOUSANDS)
20    Average                                         84,851      84,984        (133)
21    End of Period                                   84,756      84,663          93
</TABLE>

See Glossary of Terms.                                               Page 1 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

<TABLE>
<CAPTION>
                                                                   3 MO. ENDED SEPTEMBER 30             9 MO. ENDED SEPTEMBER 30
                                                             ----------------------------------   ----------------------------------
Line                                                           2002        2001     INCR (DECR)     2002        2001     INCR (DECR)
                                                             --------    --------   -----------   --------    --------   -----------
<S>                                                          <C>         <C>        <C>           <C>         <C>        <C>
    ELECTRIC OPERATING REVENUES
       (DOLLARS IN  MILLIONS)
    Retail
22     Residential                                           $    337    $    328    $      9     $    734    $    735    $     (1)
23     Business                                                   270         276          (6)         716         733         (17)
                                                             --------    --------    --------     --------    --------    --------
24        Total retail                                            607         604           3        1,450       1,468         (18)
                                                             --------    --------    --------     --------    --------    --------
    Wholesale revenue on delivered electricity
25     Traditional contracts                                        3         (10)         13            6          71         (65)
26     Retail load hedge management                                99         364        (265)         112         551        (439)
       Marketing and trading -- delivered
27        Generation sales other than native load                   8           4           4           18         142        (124)
28        Realized margin on electricity trading                    5          (5)         10           46          24          22
29        Other delivered electricity (a)                          53          51           2          126         300        (174)
                                                             --------    --------    --------     --------    --------    --------
30        Total delivered marketing and trading                    66          50          16          190         466        (276)
                                                             --------    --------    --------     --------    --------    --------
31     Total delivered wholesale electricity                      168         404        (236)         308       1,088        (780)
                                                             --------    --------    --------     --------    --------    --------
    Other marketing and trading
32     Realized margins on delivered commodities
          other than electricity (a)                               (3)         (1)         (2)           2         (18)         20
33     Prior period mark-to-market (gains) losses on
          contracts delivered during current period (a)             3         (37)         40          (34)         13         (47)
34     Change in mark-to-market for future-period
          deliveries                                               22         130        (108)          55         173        (118)
                                                             --------    --------    --------     --------    --------    --------
35     Total other marketing and trading                           22          92         (70)          23         168        (145)
                                                             --------    --------    --------     --------    --------    --------
36  Transmission for others                                         6           9          (3)          18          18          --
37  Other miscellaneous services                                    4           6          (2)          10          17          (7)
                                                             --------    --------    --------     --------    --------    --------
38        Total electric operating revenues                  $    807    $  1,115    $   (308)    $  1,809    $  2,759    $   (950)
                                                             ========    ========    ========     ========    ========    ========
    ELECTRIC SALES (GWH)

    Retail sales
39     Residential                                              3,806       3,597         209        8,388       8,185         203
40     Business                                                 3,681       3,724         (43)       9,881       9,993        (112)
                                                             --------    --------    --------     --------    --------    --------
41        Total retail                                          7,487       7,321         166       18,269      18,178          91
                                                             --------    --------    --------     --------    --------    --------
    Wholesale electricity delivered
42     Traditional contracts                                      142         (37)        179          334       1,130        (796)
43     Retail load hedge management                             1,958       1,847         111        2,346       2,658        (312)
       Marketing and trading -- delivered
44        Generation sales other than native load                 291          73         218          740       1,132        (392)
45        Electricity trading                                   5,908       3,553       2,355       12,613       8,203       4,410
46        Other delivered electricity                             905         267         638        2,406       1,836         569
                                                             --------    --------    --------     --------    --------    --------
47        Total delivered marketing and trading                 7,104       3,893       3,211       15,759      11,171       4,587
                                                             --------    --------    --------     --------    --------    --------
48     Total delivered wholesale electricity                    9,204       5,703       3,501       18,439      14,959       3,479
                                                             --------    --------    --------     --------    --------    --------
49        Total electric sales                                 16,691      13,024       3,667       36,708      33,137       3,570
                                                             ========    ========    ========     ========    ========    ========

                                                                 12 MO. ENDED SEPTEMBER 30
                                                             ----------------------------------
Line                                                           2002        2001     INCR (DECR)
                                                             --------    --------   -----------
    ELECTRIC OPERATING REVENUES
       (DOLLARS IN  MILLIONS)
    Retail
22     Residential                                           $    914    $    907    $      7
23     Business                                                   935         944          (9)
                                                             --------    --------    --------
24        Total retail                                          1,849       1,851          (2)
                                                             --------    --------    --------
    Wholesale revenue on delivered electricity
25     Traditional contracts                                        8          87         (79)
26     Retail load hedge management                               139         597        (458)
       Marketing and trading -- delivered
27        Generation sales other than native load                  24         222        (198)
28        Realized margin on electricity trading                   84          34          50
29        Other delivered electricity (a)                         155         406        (251)
                                                             --------    --------    --------
30        Total delivered marketing and trading                   263         662        (399)
                                                             --------    --------    --------
31     Total delivered wholesale electricity                      410       1,346        (936)
                                                             --------    --------    --------
    Other marketing and trading
32     Realized margins on delivered commodities
          other than electricity (a)                                6         (19)         25
33     Prior period mark-to-market (gains) losses on
          contracts delivered during current period (a)           (96)         11        (107)
34     Change in mark-to-market for future-period
          deliveries                                               57         162        (105)
                                                             --------    --------    --------
32     Total other marketing and trading                          (33)        154        (187)
                                                             --------    --------    --------
36  Transmission for others                                        26          22           4
37  Other miscellaneous services                                   11          24         (13)
                                                             --------    --------    --------
38        Total electric operating revenues                  $  2,263    $  3,397    $ (1,134)
                                                             ========    ========    ========
    ELECTRIC SALES (GWH)

    Retail sales
39     Residential                                             10,537      10,213         324
40     Business                                                12,952      12,958          (6)
                                                             --------    --------    --------
41        Total retail                                         23,489      23,171         318
                                                             --------    --------    --------
    Wholesale electricity delivered
42     Traditional contracts                                      417       1,481      (1,064)
43     Retail load hedge management                             2,728       3,360        (632)
       Marketing and trading -- delivered
44        Generation sales other than native load                 996       1,852        (856)
45        Electricity trading                                  16,441      10,292       6,149
46        Other delivered electricity                           3,152       2,796         356
                                                             --------    --------    --------
47        Total delivered marketing and trading                20,589      14,940       5,649
                                                             --------    --------    --------
48     Total delivered wholesale electricity                   23,734      19,781       3,953
                                                             --------    --------    --------
49        Total electric sales                                 47,223      42,952       4,271
                                                             ========    ========    ========
</TABLE>

----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 38 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not revenue
     recognition. The arithmetic opposites of amounts included in line 33 are
     included in lines 28 and 32. For example, line 33 shows that a prior-period
     mark-to-market loss of $3 million was transferred to "realized" for the
     third quarter of 2002. Lines 28 and 32 include amounts totaling $2 million
     of realized revenues for the third quarter of 2002.

See Glossary of Terms.                                               Page 2 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

<TABLE>
<CAPTION>
                                                               3 MO. ENDED SEPTEMBER 30            9 MO. ENDED SEPTEMBER 30
                                                            -------------------------------    -------------------------------
Line                                                         2002      2001     INCR (DECR)     2002      2001     INCR (DECR)
                                                            ------    ------    -----------    ------    ------    -----------
<S>                                                         <C>       <C>       <C>            <C>       <C>       <C>
     MARKETING AND TRADING
        PRETAX GROSS MARGIN ANALYSIS
        (DOLLARS IN  MILLIONS)

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
        Realized margin on delivered commodities
           Electricity
50           Generation sales other than native load        $    3    $    3      $   --       $    5    $   77      $  (72)
51           Other electricity marketing and trading (a)        19        14           5           76        61          15
                                                            ------    ------      ------       ------    ------      ------
52           Total electricity                                  22        17           5           81       138         (57)
53         Other commodities (a)                                (3)       (1)         (2)           2       (18)         20
                                                            ------    ------      ------       ------    ------      ------
54         Total realized margin                                19        16           3           83       120         (37)
                                                            ------    ------      ------       ------    ------      ------
        Prior-period mark-to-market (gains) losses on
          contracts delivered during current period
55         Electricity (a)                                      (4)      (38)         34          (31)       (2)        (29)
56         Other commodities (a)                                 6         1           5           (4)       22         (26)
57         Charge related to trading activities with
              Enron and its affiliates                          --        --          --           --        --          --
                                                            ------    ------      ------       ------    ------      ------
58         Subtotal                                              2       (37)         39          (35)       20         (55)
                                                            ------    ------      ------       ------    ------      ------
59      Total current period effects (b)                        21       (21)         42           48       140         (92)
                                                            ------    ------      ------       ------    ------      ------
     Change in mark-to-market gains (losses) for
       future period deliveries (b)
61      Electricity                                             25       126        (101)          62       178        (116)
61      Other commodities                                       (2)        3          (5)          (7)       (5)         (2)
                                                            ------    ------      ------       ------    ------      ------
62      Subtotal                                                23       129        (106)          55       173        (118)
                                                            ------    ------      ------       ------    ------      ------
63   Total gross margin                                     $   44    $  108      $  (64)      $  103    $  313      $ (210)
                                                            ======    ======      ======       ======    ======      ======

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

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
        Realized margin on delivered commodities
           Electricity
50           Generation sales other than native load        $    8    $  116      $ (108)
51           Other electricity marketing and trading (a)       132        66          66
                                                            ------    ------      ------
52           Total electricity                                 140       182         (42)
53         Other commodities (a)                                 6       (19)         25
                                                            ------    ------      ------
54         Total realized margin                               146       163         (17)
                                                            ------    ------      ------
        Prior-period mark-to-market (gains) losses on
          contracts delivered during current period
55         Electricity (a)                                     (80)       (5)        (75)
56         Other commodities (a)                               (16)       23         (39)
57         Charge related to trading activities with
              Enron and its affiliates                          --        --          --
                                                            ------    ------      ------
58         Subtotal                                            (96)       18        (114)
                                                            ------    ------      ------
59      Total current period effects (b)                        50       181        (131)
                                                            ------    ------      ------
     Change in mark-to-market gains (losses) for
       future period deliveries (b)
61      Electricity                                             66       168        (102)
61      Other commodities                                       (9)       (6)         (3)
                                                            ------    ------      ------
62      Subtotal                                                57       162        (105)
                                                            ------    ------      ------
63   Total gross margin                                     $  107    $  343      $ (236)
                                                            ======    ======      ======
</TABLE>

     FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

     As of September 30, 2002, Pinnacle West had accumulated mark-to-market net
gains of $159 million related to our power marketing and trading activities. We
estimate that these gains will be reclassified to realized gains as the
underlying commodities are delivered, as follows: remainder of 2002, $15
million; 2003, $30 million; 2004, $34 million; 2005 and thereafter, $80 million.

----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 59 and in line 64 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not earnings
     recognition. The arithmetic opposites of amounts included in line 55 are
     included in line 51. The opposites of amounts included in line 56 are
     included in line 53. For example, line 55 shows that a prior-period
     mark-to-market gain of $4 million was transferred to "realized" for the
     thind quarter of 2002. A $4 million realized gain is included in the $19
     million on line 51 for the third quarter of 2002.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.                                               Page 3 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

<TABLE>
<CAPTION>
                                                         3 MO. ENDED SEPTEMBER 30           9 MO. ENDED SEPTEMBER 30
                                                     -------------------------------    -------------------------------
Line                                                  2002      2001     INCR (DECR)     2002      2001     INCR (DECR)
                                                     ------    ------    -----------    ------    ------    -----------
<S>                                                  <C>       <C>       <C>            <C>       <C>       <C>
     MARKETING AND TRADING
       PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
        (DOLLARS IN  MILLIONS)

     BY COMMODITY SOLD OR TRADED

64   Electricity                                     $   43    $  105      $  (62)      $  113    $  314      $ (201)
65   Natural gas                                          3         9          (6)          (1)       (6)          5
66   Coal                                                 1        (2)          3           (2)       14         (16)
67   Emission allowances                                 (3)       (4)          1           (7)       (9)          2
68   Other                                               --        --          --           --        --          --
                                                     ------    ------      ------       ------    ------      ------
69      Total Gross Margin                           $   44    $  108      $  (64)      $  103    $  313      $ (210)
                                                     ======    ======      ======       ======    ======      ======
     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
70      Generation sales other than native load      $    2    $   --      $    2       $    3    $   --      $    3
71      Other marketing and trading                      30        74         (44)          73        84         (11)
     APS
72      Generation sales other than native load           1         2          (1)           2        76         (74)
73      Other marketing and trading                      --        32         (32)          --       153        (153)
     Pinnacle West Energy
74      Generation sales other than native load          --        --          --           --        --          --
75      Other marketing and trading                      --        --          --           --        --          --
     APS ES
76      Other marketing and trading                      11        --          11           25        --          25
                                                     ------    ------      ------       ------    ------      ------
77   Total gross margin before income taxes          $   44    $  108      $  (64)      $  103    $  313      $ (210)
                                                     ======    ======      ======       ======    ======      ======

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

     BY COMMODITY SOLD OR TRADED

64   Electricity                                     $  128    $  345      $ (217)
65   Natural gas                                         (4)       (2)         (2)
66   Coal                                                (8)       13         (21)
67   Emission allowances                                 (9)      (13)          4
68   Other                                               --        --          --
                                                     ------    ------      ------
69      Total Gross Margin                           $  107    $  343      $ (236)
                                                     ======    ======      ======
     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
70      Generation sales other than native load      $    3    $   --      $    3
71      Other marketing and trading                      67        82         (15)
     APS
72      Generation sales other than native load           5       115        (110)
73      Other marketing and trading                       3       146        (143)
     Pinnacle West Energy
74      Generation sales other than native load          --        --          --
75      Other marketing and trading                      --        --          --
     APS ES
76      Other marketing and trading                      29        --          29
                                                     ------    ------      ------
77   Total gross margin before income taxes          $  107    $  343      $ (236)
                                                     ======    ======      ======
</TABLE>

See Glossary of Terms.                                               Page 4 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

<TABLE>
<CAPTION>
                                               3 MO. ENDED SEPTEMBER 30             9 MO. ENDED SEPTEMBER 30
                                          ----------------------------------   ----------------------------------
Line                                        2002        2001     INCR (DECR)     2002        2001     INCR (DECR)
                                          --------    --------   -----------   --------    --------   -----------
<S>                                       <C>         <C>        <C>           <C>         <C>        <C>
     AVERAGE ELECTRIC CUSTOMERS

     Retail customers
78      Residential                        798,590     773,321      25,269      798,424     772,991      25,433
79      Business                           100,318      98,874       1,444       99,916      98,054       1,862
                                          --------    --------    --------     --------    --------    --------
80         Total                           898,908     872,195      26,713      898,340     871,045      27,295
81   Wholesale customers                        67          66           1           67          67          --
                                          --------    --------    --------     --------    --------    --------
82         Total customers                 898,975     872,261      26,714      898,407     871,112      27,295
                                          ========    ========    ========     ========    ========    ========
83   Customer Growth (% over prior year)       3.1%        3.7%       (0.6)%        3.1%        3.9%       (0.8)%

     RETAIL ELECTRIC SALES (GWH) -
       WEATHER NORMALIZED

84   Residential                             3,602       3,307         295        8,153       7,548         605
85   Business                                3,675       3,618          57        9,841       9,764          77
                                          --------    --------    --------     --------    --------    --------
86         Total                             7,277       6,925         352       17,994      17,312         682
                                          ========    ========    ========     ========    ========    ========
     RETAIL ELECTRICITY USAGE
       (KWH/AVERAGE CUSTOMER)

87   Residential                             4,766       4,651         115       10,506      10,590         (84)
88   Business                               36,691      37,666        (975)      98,902     101,915      (3,013)

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

89   Residential                             4,510       4,276         234       10,211       9,764         447
90   Business                               36,638      36,595          43       98,500      99,580      (1,080)

     ELECTRICITY DEMAND (MW)

91   System peak demand                      5,803       5,687         116        5,803       5,687         116

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

     Retail customers
78      Residential                        795,414     770,090      25,324
79      Business                            99,592      97,546       2,046
                                          --------    --------    --------
80         Total                           895,006     867,636      27,370
81   Wholesale customers                        67          67          --
                                          --------    --------    --------
82         Total customers                 895,073     867,703      27,370
                                          ========    ========    ========
83   Customer Growth (% over prior year)       3.2%        3.9%       (0.7)%

     RETAIL ELECTRIC SALES (GWH) -
       WEATHER NORMALIZED

84   Residential                            10,282       9,474         808
85   Business                               12,854      12,769          85
                                          --------    --------    --------
86         Total                            23,136      22,243         893
                                          ========    ========    ========
     RETAIL ELECTRICITY USAGE
       (KWH/AVERAGE CUSTOMER)

87   Residential                            13,247      13,263         (16)
88   Business                              130,056     132,843      (2,787)

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

89   Residential                            12,927      12,303         624
90   Business                              129,066     130,901      (1,835)

     ELECTRICITY DEMAND (MW)

91   System peak demand                      5,803       5,687         116
</TABLE>

See Glossary of Terms.                                               Page 5 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

<TABLE>
<CAPTION>
                                                              3 MO. ENDED SEPTEMBER 30            9 MO. ENDED SEPTEMBER 30
                                                          ---------------------------------   ---------------------------------
Line                                                        2002       2001     INCR (DECR)     2002       2001     INCR (DECR)
                                                          -------    -------    -----------   -------    -------    -----------
<S>                                                       <C>        <C>        <C>           <C>        <C>        <C>
     ENERGY SOURCES (GWH)

     Generation production
92      Nuclear                                             2,387      2,320           67       6,885      6,566          319
93      Coal                                                3,280      3,223           57       8,873      9,369         (496)
94      Gas, oil and other                                  1,647      1,157          490       2,548      3,420         (872)
                                                          -------    -------      -------     -------    -------      -------
95         Total                                            7,314      6,700          614      18,306     19,355       (1,049)
                                                          -------    -------      -------     -------    -------      -------
     Purchased power
96      Firm load                                             859      1,734         (875)      1,776      2,749         (973)
97      Marketing and trading                               8,771      5,667        3,104      17,364     12,698        4,666
                                                          -------    -------      -------     -------    -------      -------
98         Total                                            9,630      7,401        2,229      19,140     15,447        3,693
                                                          -------    -------      -------     -------    -------      -------
99         Total energy sources                            16,944     14,101        2,843      37,446     34,802        2,644
                                                          =======    =======      =======     =======    =======      =======
     POWER PLANT PERFORMANCE

     Capacity Factors
100     Nuclear                                               100%        97%           3%         97%        92%           5%
101     Coal                                                   87%        85%           2%         79%        84%          (4)%
102     Gas, oil and other                                     38%        38%           0%         25%        41%         (16)%
103     System average                                         69%        73%          (4)%        65%        72%          (8)%

     Generation Capacity Out of Service and Replaced
     for Native Load (average MW/day)
104     Nuclear                                                12         26          (14)         47         88          (41)
105     Coal                                                   88        129          (41)        184        193           (9)
106     Gas                                                   106         24           82          45         37            8
107        Total                                              206        179           27         276        319          (42)

108  Generation Fuel Cost ($/MWh)                         $ 14.84    $ 13.21      $  1.63     $ 12.99    $ 17.30      $ (4.30)

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

     Generation production
92      Nuclear                                             8,705      8,644           61
93      Coal                                               12,077     12,544         (467)
94      Gas, oil and other                                  3,132      4,309       (1,177)
                                                          -------    -------      -------
95         Total                                           23,914     25,497       (1,583)
                                                          -------    -------      -------
     Purchased power
96      Firm load                                           1,988      2,845         (857)
97      Marketing and trading                              22,319     16,448        5,871
                                                          -------    -------      -------
98         Total                                           24,307     19,293        5,014
                                                          -------    -------      -------
99         Total energy sources                            48,221     44,790        3,431
                                                          =======    =======      =======
     POWER PLANT PERFORMANCE

     Capacity Factors
100     Nuclear                                                92%        91%           1%
101     Coal                                                   81%        84%          (3)%
102     Gas, oil and other                                     24%        39%         (15)%
103     System average                                         64%        72%          (8)%

     Generation Capacity Out of Service and Replaced
     for Native Load (average MW/day)
104     Nuclear                                                97        102           (5)
105     Coal                                                  160        192          (32)
106     Gas                                                    38         33            5
107        Total                                              295        327          (32)

108  Generation Fuel Cost ($/MWh)                         $ 12.88    $ 17.07      $ (4.19)
</TABLE>

See Glossary of Terms.                                               Page 6 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

<TABLE>
<CAPTION>
                                                           3 MO. ENDED SEPTEMBER 30               9 MO. ENDED SEPTEMBER 30
                                                     ------------------------------------   ------------------------------------
Line                                                    2002         2001     INCR (DECR)      2002         2001     INCR (DECR)
                                                     ---------    ---------   -----------   ---------    ---------   -----------
<S>                                                  <C>          <C>         <C>           <C>          <C>         <C>
     ENERGY MARKET INDICATORS (a)

     Electricity Average Daily Spot Prices ($/MWh)
        On-Peak
109        Palo Verde                                $   35.45    $   49.80    $  (14.35)   $   30.98    $  446.72    $ (117.92)
110        SP15                                      $   35.55    $   45.61    $  (10.06)   $   31.84    $  451.57    $ (118.69)
        Off-Peak
111        Palo Verde                                $   18.21    $   27.22    $   (9.01)   $   18.16    $  227.94    $  (57.82)
112        SP15                                      $   19.54    $   28.92    $   (9.38)   $   19.42    $  273.50    $  (71.75)

     WEATHER INDICATORS

     Actual
113     Cooling degree-days                              2,647        2,663          (16)       4,477        4,502          (25)
114     Heating degree-days                                 --           --           --          472          700         (228)
115     Average humidity                                    27%          31%          (4)%         24%          35%         (11)%
     10-Year Averages
116     Cooling degree-days                              2,454        2,454           --        3,983        3,983           --
117     Heating degree-days                                 --           --           --          591          591           --
118     Average humidity                                    34%          34%           0%          35%          35%           0%
                                                     ---------    ---------    ---------    ---------    ---------    ---------
     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b) (d)
119     Single-family                                    6,062        5,288          774       23,142       23,239          (97)
120     Multi-family                                     1,045        1,450         (405)       4,031        7,188       (3,157)
                                                     ---------    ---------    ---------    ---------    ---------    ---------
121        Total                                         7,107        6,738          369       27,173       30,427       (3,254)
                                                     =========    =========    =========    =========    =========    =========
     Arizona Job Growth (c) (d)
122     Payroll job growth (% over prior year)            (1.0)%        0.4%        (1.4)%       (1.1)%        1.7%        (2.8)%
123     Unemployment rate (%, seasonally adjusted)         5.9%         4.1%         1.8%         5.9%         4.2%         1.7%


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

     Electricity Average Daily Spot Prices ($/MWh)
        On-Peak
109        Palo Verde                                $   29.96    $  102.07    $   (72.11)
110        SP15                                      $   30.97    $  104.10    $   (73.13)
        Off-Peak
111        Palo Verde                                $   18.20    $   61.47    $   (56.12)
112        SP15                                      $   19.67    $   74.32    $    19.67

     WEATHER INDICATORS

     Actual
113     Cooling degree-days                              5,097        4,755        342
114     Heating degree-days                                932        1,200       (268)
115     Average humidity                                    28%          38%       (10)%
     10-Year Averages
116     Cooling degree-days                              4,381        4,381         --
117     Heating degree-days                              1,026        1,026         --
118     Average humidity                                    36%          36%         0%
                                                     ---------    ---------    -------
     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b) (d)
119     Single-family                                   29,382       29,649       (267)
120     Multi-family                                     4,748        9,140     (4,392)
                                                     ---------    ---------    -------
121        Total                                        34,130       38,789     (4,659)
                                                     =========    =========    =======
     Arizona Job Growth (c) (d)
122     Payroll job growth (% over prior year)            (1.0)%        2.2%      (3.2)%
123     Unemployment rate (%, seasonally adjusted)         5.7%         4.0%       1.7%
</TABLE>

----------
Sources:

(a)  This price is an average of daily prices obtained and used with permission
     from Dow Jones & Company, Inc.
(b)  Arizona Real Estate Center, Arizona State University College of Business
(c)  Arizona Department of Economic Security
(d)  The economic indicators reflect latest available data through periods
     ending August 2002 and August 2001.

See Glossary of Terms.                                               Page 7 of 7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>ex99-3.txt
<DESCRIPTION>2002 QUARTERLY CONSOLIDATED STATISTICS YTD
<TEXT>
                                                                    Exhibit 99.3

                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2002

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

1       Arizona Public Service                        $     32   $     64    $     87                  $    183        $    (59)
2       Pinnacle West Energy                                 1          1          10                        12              (3)
3       APS Energy Services                                  2         11           7                        20              30
4       SunCor                                               2          8          (1)                        9               6
5       El Dorado                                           --         (3)        (15)                      (18)            (18)
6       Parent Company                                      17         (6)         13                        24             (17)
                                                      --------   --------    --------    --------      --------        --------

7          Income Before Accounting Change                  54         75         101                       230             (61)

8       Cumulative Effect of Change in Accounting -
           Net of Tax                                       --         --          --                        --              15
                                                      --------   --------    --------    --------      --------        --------

9          Net Income                                 $     54   $     75    $    101                  $    230        $    (46)
                                                      ========   ========    ========    ========      ========        ========
     EARNINGS PER SHARE
       BY SUBSIDIARY - DILUTED

10      Arizona Public Service                        $   0.37   $   0.76    $   1.02                  $   2.15        $  (0.70)
11      Pinnacle West Energy                              0.01       0.01        0.12                      0.14           (0.03)
12      APS Energy Services                               0.03       0.13        0.08                      0.24            0.36
13      SunCor                                            0.02       0.10       (0.01)                     0.11            0.08
14      El Dorado                                           --      (0.04)      (0.18)                    (0.22)          (0.22)
15      Parent Company                                    0.20      (0.07)       0.16                      0.29           (0.21)
                                                      --------   --------    --------    --------      --------        --------

16         Income Before Accounting Change                0.63       0.89        1.19                      2.71           (0.72)

17      Cumulative Effect of Change in Accounting -
           Net of Tax                                       --         --          --                        --            0.18
                                                      --------   --------    --------    --------      --------        --------

18         Net Income                                 $   0.63   $   0.89    $   1.19                  $   2.71        $  (0.54)
                                                      ========   ========    ========    ========      ========        ========

19   BOOK VALUE PER SHARE                             $  30.06   $  30.54    $  31.39                  $  31.39        $   2.02

     COMMON SHARES OUTSTANDING -
       DILUTED (THOUSANDS)
20      Average                                         84,884     84,926      84,797                    84,859            (113)
21      End of Period                                   84,789     84,768      84,756                    84,756              93
</TABLE>

See Glossary of Terms.                                               Page 1 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2002

<TABLE>
<CAPTION>
                                                                                                                          INCREASE
                                                                                                                         (DECREASE)
Line                                                       1ST QTR     2ND QTR     3RD QTR     4TH QTR   YEAR-TO-DATE   VS PRIOR YTD
                                                          --------    --------    --------    --------   ------------   ------------
<S>                                                       <C>         <C>         <C>         <C>        <C>            <C>
     ELECTRIC OPERATING REVENUES
        (DOLLARS IN  MILLIONS)
     Retail
22      Residential                                       $    171    $    226    $    337                 $    734       $     (1)
23      Business                                               195         251         270                      716            (17)
                                                          --------    --------    --------    --------     --------       --------
24         Total retail                                        366         477         607                    1,450            (18)
                                                          --------    --------    --------    --------     --------       --------
     Wholesale revenue on delivered electricity
25      Traditional contracts                                    2           1           3                        6            (65)
26      Retail load hedge management                             2          11          99                      112           (439)
        Marketing and trading -- delivered
27         Generation sales other than native load               8           2           8                       18           (124)
28         Realized margin on electricity trading               27          14           5                       46             22
29         Other delivered electricity (a)                      34          39          53                      126           (174)
                                                          --------    --------    --------    --------     --------       --------
30         Total delivered marketing and trading                69          55          65                      190           (276)
                                                          --------    --------    --------    --------     --------       --------
31      Total delivered wholesale electricity                   73          67         167                      308           (780)
                                                          --------    --------    --------    --------     --------       --------
     Other marketing and trading
32      Realized margins on delivered commodities
           other than electricity (a)                            4           1          (3)                       2             20
33      Prior period mark-to-market (gains) losses on
           contracts delivered during current period (a)       (22)         (8)          3                      (34)           (47)
34      Change in mark-to-market for future-period
           deliveries                                           25           1          22                       55           (118)
                                                          --------    --------    --------    --------     --------       --------
35      Total other marketing and trading                        7          (6)         22                       23           (145)
                                                          --------    --------    --------    --------     --------       --------
36   Transmission for others                                     6           6           6                       18             --
37   Other miscellaneous services                                4           2           4                       10             (7)
                                                          --------    --------    --------    --------     --------       --------
38         Total electric operating revenues              $    456    $    546    $    806                 $  1,809       $   (950)
                                                          ========    ========    ========    ========     ========       ========
     ELECTRIC SALES (GWH)

     Retail sales
39      Residential                                          2,141       2,441       3,806                    8,388            203
40      Business                                             2,771       3,429       3,681                    9,881           (112)
                                                          --------    --------    --------    --------     --------       --------
41         Total retail                                      4,912       5,870       7,487                   18,269             91
                                                          --------    --------    --------    --------     --------       --------
     Wholesale electricity delivered
42      Traditional contracts                                   71         121         142                      334           (796)
43      Retail load hedge management                           158         230       1,958                    2,346           (312)
        Marketing and trading -- delivered
44         Generation sales other than native load             376          73         291                      740           (392)
45         Electricity trading                               3,109       3,596       5,908                   12,613          4,410
46         Other delivered electricity                         727         774         905                    2,406            569
                                                          --------    --------    --------    --------     --------       --------
47         Total delivered marketing and trading             4,212       4,443       7,104                   15,759          4,587
                                                          --------    --------    --------    --------     --------       --------
48      Total delivered wholesale electricity                4,441       4,794       9,204                   18,439          3,479
                                                          --------    --------    --------    --------     --------       --------
49         Total electric sales                              9,353      10,664      16,691                   36,708          3,570
                                                          ========    ========    ========    ========     ========       ========
</TABLE>

----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 38 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not revenue
     recognition. The arithmetic opposites of amounts included in line 33 are
     included in lines 28 and 32. For example, line 33 shows that a prior-period
     mark-to-market loss of $3 million was transferred to "realized" for the
     third quarter of 2002. Lines 28 and 32 include amounts totaling $2 million
     of realized revenues for the third quarter of 2002.

See Glossary of Terms.                                               Page 2 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2002

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

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
        Realized margin on delivered commodities
           Electricity
50            Generation sales other than native load       $   2       $  --       $   3                   $   5          $ (72)
51            Other electricity marketing and trading (a)      33          24          19                      76             15
                                                            -----       -----       -----       -----       -----          -----
52            Total electricity                                35          24          22                      81            (57)
53         Other commodities (a)                                4           1          (3)                      2             20
                                                            -----       -----       -----       -----       -----          -----
54         Total realized margin                               39          25          19                      83            (37)
                                                            -----       -----       -----       -----       -----          -----
        Prior-period mark-to-market (gains) losses on
          contracts delivered during current period
55         Electricity (a)                                    (26)         (9)         (4)                    (31)           (29)
56         Other commodities (a)                               (6)         --           6                      (4)           (26)
57         Charge related to trading activities with Enron
              and its affiliates                               --          --          --                      --             --
                                                            -----       -----       -----       -----       -----          -----
58         Subtotal                                           (32)         (9)          2                     (35)           (55)
                                                            -----       -----       -----       -----       -----          -----
59      Total current period effects (b)                        7          16          21                      48            (92)
                                                            -----       -----       -----       -----       -----          -----
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
61      Electricity                                            34          10          25                      62           (116)
61      Other commodities                                      (2)         (7)         (2)                     (7)            (2)
                                                            -----       -----       -----       -----       -----          -----
62      Total future period effects                            32           3          23                      55           (118)
                                                            -----       -----       -----       -----       -----          -----
63   Total gross margin                                     $  40       $  19       $  44                   $ 103          $(210)
                                                            =====       =====       =====       =====       =====          =====
</TABLE>

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

     As of September 30, 2002, Pinnacle West had accumulated mark-to-market net
gains of $159 million related to our power marketing and trading activities. We
estimate that these gains will be reclassified to realized gains as the
underlying commodities are delivered, as follows: remainder of 2002, $15
million; 2003, $30 million; 2004, $34 million; 2005 and thereafter, $80 million.

----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 59 and in line 64 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not earnings
     recognition. The arithmetic opposites of amounts included in line 55 are
     included in line 51. The opposites of amounts included in line 56 are
     included in line 53. For example, line 55 shows that a prior-period
     mark-to-market gain of $4 million was transferred to "realized" for the
     third quarter of 2002. A $4 million realized gain is included in the $19
     million on line 51 for the third quarter of 2002.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.                                               Page 3 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2002

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

     BY COMMODITY SOLD OR TRADED

64   Electricity                                            $  45       $  25       $  43                    $ 113          $(201)
65   Natural gas                                               (5)          1           3                       (1)             5
66   Coal                                                      (1)         (2)          1                       (2)           (16)
67   Emission allowances                                        1          (5)         (3)                      (7)             2
68   Other                                                     --          --          --                       --             --
                                                            -----       -----       -----       -----        -----          -----
69      Total gross margin                                  $  40       $  19       $  44                    $ 103          $(210)
                                                            =====       =====       =====       =====        =====          =====

     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
70      Generation sales other than native load             $   1       $  --       $   2                    $   3          $   3
71      Other marketing and trading                            34           9          30                       73            (11)
     APS
72      Generation sales other than native load                 1          --           1                        2            (74)
73      Other marketing and trading                            --          --          --                       --           (153)
     Pinnacle West Energy
74      Generation sales other than native load                --          --          --                       --             --
75      Other marketing and trading                            --          --          --                       --             --
     APS ES
76      Other marketing and trading                             4          10          11                       25             25
                                                            -----       -----       -----       -----        -----          -----
77   Total gross margin before income taxes                 $  40       $  19       $  44                    $ 103          $(210)
                                                            =====       =====       =====       =====        =====          =====
</TABLE>

See Glossary of Terms.                                               Page 4 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2002

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

     Retail customers
78      Residential                                        801,000     795,681     798,590                  798,424         25,433
79      Business                                            99,335     100,096     100,318                   99,916          1,862
                                                          --------    --------    --------     --------    --------       --------
80         Total                                           900,335     895,777     898,908                  898,340         27,295
81   Wholesale customers                                        67          67          67                       67             --
                                                          --------    --------    --------     --------    --------       --------
82         Total customers                                 900,402     895,844     898,975                  898,403         27,295
                                                          ========    ========    ========     ========    ========       ========

83   Customer Growth (% over prior year)                       3.2%        3.2%        3.1%                     3.1%          (0.8)%

     RETAIL ELECTRIC SALES (GWH) -
        WEATHER NORMALIZED

84   Residential                                             2,164       2,387       3,602                    8,153            605
85   Business                                                2,774       3,392       3,675                    9,841             77
                                                          --------    --------    --------     --------    --------       --------
86         Total                                             4,938       5,779       7,277                   17,994            682
                                                          ========    ========    ========     ========    ========       ========
     RETAIL ELECTRICITY USAGE
        (KWH/AVERAGE CUSTOMER)

87   Residential                                             2,673       3,068       4,766                   10,506            (84)
88   Business                                               27,896      34,258      36,691                   98,902         (3,013)

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

89   Residential                                             2,702       3,000       4,510                   10,211            447
90   Business                                               27,926      33,886      36,638                   98,500         (1,080)

     ELECTRICITY DEMAND (MW)

91   System peak demand                                      3,921       5,425       5,803                    5,803            116
</TABLE>

See Glossary of Terms.                                               Page 5 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2002

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

     Generation production
92      Nuclear                                              2,257       2,242       2,387                   6,886            320
93      Coal                                                 2,890       2,703       3,280                   8,873           (496)
94      Gas, oil and other                                     337         564       1,647                   2,548           (872)
                                                           -------     -------     -------     -------     -------        -------
95         Total                                             5,484       5,509       7,314                  18,307         (1,048)
                                                           -------     -------     -------     -------     -------        -------
     Purchased power
96      Firm load                                              429         846         859                   1,776           (973)
97      Marketing and trading                                3,993       4,599       8,771                  17,364          4,666
                                                           -------     -------     -------     -------     -------        -------
98         Total                                             4,422       5,445       9,630                  19,140          3,693
                                                           -------     -------     -------     -------     -------        -------
99         Total energy sources                              9,906      10,954      16,944                  37,447          2,645
                                                           =======     =======     =======     =======     =======        =======
     POWER PLANT PERFORMANCE

     Capacity Factors
100     Nuclear                                                 96%         95%        100%                     97%             5%
101     Coal                                                    78%         72%         87%                     79%            (4)%
102     Gas, oil and other                                      12%         20%         38%                     25%           (16)%
103     System average                                          62%         62%         69%                     65%            (8)%

     Generation Capacity Out of Service and Replaced
     for Native Load (average MW/day)
104     Nuclear                                                 62          66          12                      47            (41)
105     Coal                                                   184         279          88                     184             (9)
106     Gas                                                     12          18         106                      45              8
107        Total                                               258         363         206                     276            (42)

108  Generation Fuel Cost ($/MWh)                          $ 11.57     $ 11.89     $ 14.84                 $ 12.99        $ (4.30)
</TABLE>

See Glossary of Terms.                                               Page 6 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2002

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

     Electricity Average Daily Spot Prices ($/MWh)
        On-Peak
109        Palo Verde                                $   26.86     $   30.65     $   35.45                 $   30.98     $ (117.92)
110        SP15                                      $   28.46     $   31.51     $   35.55                 $   31.84     $ (118.69)
        Off-Peak
111        Palo Verde                                $   22.17     $   14.10     $   18.21                 $   18.16     $  (57.82)
112        SP15                                      $   22.76     $   15.95     $   19.54                 $   19.42     $  (71.75)

     WEATHER INDICATORS

     Actual
113     Cooling degree-days                                 89         1,741         2,647                     4,477           (25)
114     Heating degree-days                                472            --            --                       472          (228)
115     Average humidity                                    28%           16%           27%                       24%          (11)%
     10-Year Averages
116     Cooling degree-days                                 71         1,458         2,454                     3,983            --
117     Heating degree-days                                556            35            --                       591            --
118     Average humidity                                    45%           25%           34%                       35%            0%

     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b) (d)
119     Single-family                                    7,514         6,456         6,062                    23,142           (97)
120     Multi-family                                       985           662         1,045                     4,031        (3,157)
                                                     ---------     ---------     ---------    ---------    ---------     ---------
121        Total                                         8,499         7,118         7,107                    27,173        (3,254)
                                                     =========     =========     =========    =========    =========     =========
     Arizona Job Growth (c) (d)
122     Payroll job growth (% over prior year)            (1.7)%        (1.1)%        (1.0)%                    (1.1)%        (2.8)%
123     Unemployment rate (%, seasonally adjusted)         5.9%          5.7%          5.9%                      5.9%          1.7%
</TABLE>

----------
Sources:

(a)  This price is an average of daily prices obtained and used with permission
     from Dow Jones & Company, Inc.
(b)  Arizona Real Estate Center, Arizona State University College of Business
(c)  Arizona Department of Economic Security
(d)  The economic indicators reflect latest available data through periods
     ending August 2002 and August 2001.

See Glossary of Terms.                                               Page 7 of 7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>ex99-4.txt
<DESCRIPTION>2001 QUARTERLY CONSOLIDATED STATISTICS
<TEXT>
                                                                    Exhibit 99.4

                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2001

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

1       Arizona Public Service                        $     65    $     70    $    108    $     39     $    282      $    (25)
2       Pinnacle West Energy                                --           1          13           3           17            19
3       APS Energy Services                                 (8)         --          (3)         --          (11)            2
4       SunCor                                              --          --           2           1            3            (8)
5       El Dorado                                            1          --          --          --            1            (1)
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
</TABLE>

See Glossary of Terms.                                               Page 1 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2001

<TABLE>
<CAPTION>
                                                                                                                          INCREASE
                                                                                                                         (DECREASE)
Line                                                        1ST QTR     2ND QTR     3RD QTR     4TH QTR   TOTAL YEAR   VS PRIOR YEAR
                                                           --------    --------    --------    --------   ----------   -------------
<S>                                                        <C>         <C>         <C>         <C>        <C>          <C>
     ELECTRIC OPERATING REVENUES
       (DOLLARS IN  MILLIONS)
     Retail
22      Residential                                        $    173    $    234    $    328    $    180    $    915      $     34
23      Business                                                199         258         276         219         952            17
                                                           --------    --------    --------    --------    --------      --------
24         Total retail                                         372         492         604         399       1,867            51
                                                           --------    --------    --------    --------    --------      --------
     Wholesale revenue on delivered electricity
25      Traditional contracts                                    26          55         (10)          2          73           (48)
26      Retail load hedge management                              5         182         364          27         578            17
        Marketing and trading -- delivered
27         Generation sales other than native load               87          51           4           6         148            32
28         Realized margin on electricity trading                12          17          (5)         38          62             6
29         Other delivered electricity (a)                      111         138          51          29         329            87
                                                           --------    --------    --------    --------    --------      --------
30         Total delivered marketing and trading                210         206          50          73         539           125
                                                           --------    --------    --------    --------    --------      --------
31      Total delivered wholesale electricity                   241         443         404         102       1,190            94
                                                           --------    --------    --------    --------    --------      --------
     Other marketing and trading
32      Realized margins on delivered commodities
           other than electricity (a)                            (5)        (12)         (1)          4         (14)           (5)
33      Prior period mark-to-market (gains) losses on
           contracts delivered during current period (a)          6           5         (37)        (51)         (1)            1
34      Change in mark-to-market for future-period
           deliveries                                            47          35         130          (9)        127           113
                                                           --------    --------    --------    --------    --------      --------
32      Total other marketing and trading                        48          28          92         (56)        112           109
                                                           --------    --------    --------    --------    --------      --------
36   Transmission for others                                      4           5           9           8          26            11
37   Other miscellaneous services                                 6           5           6           1          18            (9)
                                                           --------    --------    --------    --------    --------      --------
38         Total electric operating revenues               $    671    $    973    $  1,115    $    454    $  3,213      $    256
                                                           ========    ========    ========    ========    ========      ========
     ELECTRIC SALES (GWH)

     Retail sales
39      Residential                                           2,121       2,467       3,597       2,149      10,334           553
40      Business                                              2,824       3,445       3,724       3,071      13,064           310
                                                           --------    --------    --------    --------    --------      --------
41         Total retail                                       4,945       5,912       7,321       5,220      23,398           863
                                                           --------    --------    --------    --------    --------      --------
     Wholesale electricity delivered
42      Traditional contracts                                   569         598         (37)         83       1,214          (396)
43      Retail load hedge management                             75         736       1,847         382       3,040        (3,634)
        Marketing and trading -- delivered
44         Generation sales other than native load              623         436          73         256       1,388          (106)
45         Electricity trading                                2,291       2,359       3,553       3,828      12,031         2,772
46         Other delivered electricity                          759         810         267         746       3,659           698
                                                           --------    --------    --------    --------    --------      --------
47         Total delivered marketing and trading              3,673       3,605       3,893       4,830      17,078         3,364
                                                           --------    --------    --------    --------    --------      --------
48      Total delivered wholesale electricity                 4,318       4,939       5,703       5,295      21,332          (666)
                                                           --------    --------    --------    --------    --------      --------
49         Total electric sales                               9,263      10,851      13,024      10,515      44,730           197
                                                           ========    ========    ========    ========    ========      ========
</TABLE>

----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 38 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not revenue
     recognition. The arithmetic opposites of amounts included in line 33 are
     included in lines 29 and 32. For example, line 33 shows that a prior-period
     mark-to-market gain of $1 million was transferred to "realized" for the
     total year 2001. Lines 29 and 32 include amounts totaling $1 million of
     realized revenues for the year 2001.

See Glossary of Terms.                                               Page 2 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2001

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

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

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

----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 59 and in line 63 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not earnings
     recognition. The arithmetic opposites of amounts included in line 55 are
     included in line 51. The opposites of amounts included in line 56 are
     included in line 53. For example, line 55 shows that a prior-period
     mark-to-market gain of $11 million was transferred to "realized" for the
     total year 2001. A $11 million realized gain is included in the $117
     million on line 51 for the total year 2001.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.                                               Page 3 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2001

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

      BY COMMODITY SOLD OR TRADED

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

      BY PINNACLE WEST ENTITY

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

See Glossary of Terms.                                               Page 4 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2001

<TABLE>
<CAPTION>
                                                                                                                INCREASE
                                                                                                     TOTAL   (DECREASE) VS
Line                                            1ST QTR      2ND QTR      3RD QTR      4TH QTR        YEAR     PRIOR YEAR
----                                            -------      -------      -------      -------        ----     ----------
<S>   <C>                                       <C>          <C>          <C>          <C>          <C>           <C>
      AVERAGE ELECTRIC CUSTOMERS

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

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

      RETAIL ELECTRIC SALES (GWH) -
        WEATHER NORMALIZED

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

      RETAIL ELECTRICITY USAGE
        (KWH/AVERAGE CUSTOMER)

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


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

 89   Residential                                 2,627        2,861        4,276        2,707       12,465         (174)
 90   Business                                   29,057       33,865       36,595       30,548      130,115       (4,202)


      ELECTRICITY DEMAND (MW)

 91   System peak demand                          3,661        5,358        5,687        3,898        5,687          209
</TABLE>

See Glossary of Terms.                                               Page 5 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2001

<TABLE>
<CAPTION>
                                                                                                     INCREASE
                                                                                          TOTAL   (DECREASE) VS
Line                                    1ST QTR     2ND QTR     3RD QTR     4TH QTR       YEAR      PRIOR YEAR
                                        -------     -------     -------     -------       ----      ----------
<S>   <C>                                <C>         <C>         <C>         <C>         <C>         <C>
      ENERGY SOURCES (GWH)

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

      POWER PLANT PERFORMANCE

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

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

108   Generation Fuel Cost ($/MWh)       $19.64      $19.28      $13.21      $12.51      $16.22      $ 2.50
</TABLE>

See Glossary of Terms.                                               Page 6 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2001

<TABLE>
<CAPTION>
                                                                                                                  INCREASE
                                                                                                       TOTAL   (DECREASE) VS
Line                                                   1ST QTR     2ND QTR    3RD QTR     4TH QTR       YEAR     PRIOR YEAR
                                                       -------     -------    -------     -------       ----     ----------
<S>   <C>                                              <C>         <C>         <C>         <C>         <C>          <C>
      ENERGY MARKET INDICATORS (A)

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

      WEATHER INDICATORS

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

      ECONOMIC INDICATORS

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

      Arizona Job Growth (c)
122     Payroll job growth (% over prior year)             2.9%        1.4%       0.2%       (0.9)%        0.9%       (3.0)%
123     Unemployment rate (%, seasonally adjusted)         4.1%        4.3%       4.2%        5.4%         4.5%        0.6%
</TABLE>

----------
Sources:

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

See Glossary of Terms.                                               Page 7 of 7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>7
<FILENAME>ex99-5.txt
<DESCRIPTION>2000 QUARTERLY CONSOLIDATED STATISTICS
<TEXT>
                                                                    Exhibit 99.5

                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2000

<TABLE>
<CAPTION>
Line                                                      1ST QTR       2ND QTR        3RD QTR        4TH QTR     TOTAL YEAR
                                                          -------       -------        -------        -------     ----------
<S>   <C>                                                <C>           <C>           <C>             <C>           <C>
      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
</TABLE>

See Glossary of Terms.                                               Page 1 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2000

<TABLE>
<CAPTION>
Line                                                               1ST QTR       2ND QTR      3RD QTR       4TH QTR     TOTAL YEAR
                                                                  --------      --------     --------      --------     ----------
<S>   <C>                                                         <C>           <C>          <C>           <C>           <C>
      ELECTRIC OPERATING REVENUES
        (DOLLARS IN  MILLIONS)
      Retail
 22     Residential                                               $    157      $    228     $    324      $    172      $    881
 23     Business                                                       196           253          275           211           935
                                                                  --------      --------     --------      --------      --------
 24       Total retail                                                 353           481          599           383         1,816
                                                                  --------      --------     --------      --------      --------
      Wholesale revenue on delivered electricity
 25     Traditional contracts                                           12            18           75            16           121
 26     Retail load hedge management                                     7            36          472            46           561
        Marketing and trading -- delivered
 27       Generation sales other than native load                        9            13           14            80           116
 28       Realized margin on electricity trading                         3            11           32            10            56
 29       Other delivered electricity (a)                               22            55           59           106           242
                                                                  --------      --------     --------      --------      --------
 30       Total delivered marketing and trading                         34            79          105           196           414
                                                                  --------      --------     --------      --------      --------
 31     Total delivered wholesale electricity                           53           133          652           258         1,096
                                                                  --------      --------     --------      --------      --------
      Other marketing and trading
 32     Realized margins on delivered commodities
          other than electricity (a)                                    (5)            1           (4)           (1)           (9)
 33     Prior period mark-to-market (gains) losses on
          contracts delivered during current period (a)                 --            --          (17)           (2)           (2)
 34     Change in mark-to-market for future-period deliveries            7            25           10           (11)           14
                                                                  --------      --------     --------      --------      --------
 32     Total other marketing and trading                                2            26          (11)          (14)            3
                                                                  --------      --------     --------      --------      --------
 36   Transmission for others                                            3             4            4             4            15
 37   Other miscellaneous services                                       4             8            8             7            27
                                                                  --------      --------     --------      --------      --------
 38       Total electric operating revenues                       $    415      $    652     $  1,252      $    638      $  2,957
                                                                  ========      ========     ========      ========      ========

      ELECTRIC SALES (GWH)

      Retail sales
 39     Residential                                                  1,877         2,370        3,506         2,028         9,781
 40     Business                                                     2,736         3,379        3,674         2,965        12,754
                                                                  --------      --------     --------      --------      --------
 41       Total retail                                               4,613         5,749        7,180         4,993        22,535
                                                                  --------      --------     --------      --------      --------
      Wholesale electricity delivered
 42     Traditional contracts                                          331           391          537           351         1,610
 43     Retail load hedge management                                   232           585        5,155           702         6,674
        Marketing and trading -- delivered
 44       Generation sales other than native load                      396           215          163           720         1,494
 45       Electricity trading                                        1,294         1,803        4,073         2,089         9,259
 46       Other delivered electricity                                  735           601          665           960         2,961
                                                                  --------      --------     --------      --------      --------
 47       Total delivered marketing and trading                      2,425         2,619        4,901         3,769        13,714
                                                                  --------      --------     --------      --------      --------
 48     Total delivered wholesale electricity                        2,988         3,595       10,593         4,822        21,998
                                                                  --------      --------     --------      --------      --------
 49       Total electric sales                                       7,601         9,344       17,773         9,815        44,533
                                                                  ========      ========     ========      ========      ========
</TABLE>

----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 38 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not revenue
     recognition. The arithmetic opposites of amounts included in line 33 are
     included in lines 29 and 32. For example, line 33 shows that a prior-period
     mark-to-market gain of $2 million was transferred to "realized" for the
     total year 2000. Lines 29 and 32 include amounts totaling $2 million of
     realized revenues for the year 2000.

See Glossary of Terms.                                               Page 2 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2000

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

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

----------
(a)  The net effect on pretax gross margin from realization of prior-period
     mark-to-market included in line 59 and in line 63 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not earnings
     recognition. The arithmetic opposites of amounts included in line 55 are
     included in line 51. The opposites of amounts included in line 56 are
     included in line 53. For example, line 55 shows that a prior-period
     mark-to-market gain of $2 million was transferred to "realized" for the
     total year 2000. A $2 million realized gain is included in the $69 million
     on line 51 for the total year 2000.
(b)  Quarterly amounts do not total to the annual amounts because of intra-year
     mark-to-market eliminations.

See Glossary of Terms.                                               Page 3 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2000

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

      BY COMMODITY SOLD OR TRADED

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

      BY PINNACLE WEST ENTITY

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

See Glossary of Terms.                                               Page 4 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2000

<TABLE>
<CAPTION>
Line                                            1ST QTR      2ND QTR      3RD QTR      4TH QTR    TOTAL YEAR
                                                -------      -------      -------      -------    ----------
<S>   <C>                                       <C>          <C>          <C>          <C>          <C>
      AVERAGE ELECTRIC CUSTOMERS

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

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

      RETAIL ELECTRIC SALES (GWH) -
        WEATHER NORMALIZED

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

      RETAIL ELECTRICITY USAGE
        (KWH/AVERAGE CUSTOMER)

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

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

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

      ELECTRICITY DEMAND (MW)

 91   System peak demand                        3,315        5,095        5,478        4,331        5,478
</TABLE>

See Glossary of Terms.                                               Page 5 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2000

<TABLE>
<CAPTION>
Line                                    1ST QTR     2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR
                                         ------      ------      ------      ------    ----------
<S>   <C>                                <C>         <C>         <C>         <C>         <C>
      ENERGY SOURCES (GWH)

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

      POWER PLANT PERFORMANCE

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

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

108     Generation Fuel Cost ($/MWh)     $10.65      $12.69      $14.77      $16.28      $13.72
</TABLE>

See Glossary of Terms.                                               Page 6 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      2000

<TABLE>
<CAPTION>
Line                                                  1ST QTR     2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR
                                                       ------      ------      ------      ------    ----------
<S>   <C>                                              <C>         <C>         <C>         <C>         <C>
      ENERGY MARKET INDICATORS (A)

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

      WEATHER INDICATORS

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

      ECONOMIC INDICATORS

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

      Arizona Job Growth (c)
122     Payroll job growth (% over prior year)            4.4%        4.0%        3.9%        3.4%        3.9%
123     Unemployment rate (%, seasonally adjusted)        4.1%        3.9%        3.8%        3.7%        3.9%
</TABLE>

----------
Sources:

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

See Glossary of Terms.                                               Page 7 of 7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>8
<FILENAME>ex99-6.txt
<DESCRIPTION>1999 QUARTERLY CONSOLIDATED STATISTICS
<TEXT>
                                                                    Exhibit 99.6

                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      1999

<TABLE>
<CAPTION>
Line                                                           1ST QTR       2ND QTR        3RD QTR        4TH QTR     TOTAL YEAR
                                                              --------      --------      ----------      --------     ----------
<S>   <C>                                                     <C>           <C>           <C>             <C>           <C>
      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
</TABLE>

See Glossary of Terms.                                               Page 1 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      1999

<TABLE>
<CAPTION>
Line                                                               1ST QTR       2ND QTR       3RD QTR       4TH QTR     TOTAL YEAR
                                                                  --------      --------      --------      --------      --------
<S>   <C>                                                         <C>           <C>           <C>           <C>           <C>
      ELECTRIC OPERATING REVENUES
        (DOLLARS IN  MILLIONS)
      Retail
 22     Residential                                               $    157      $    189      $    295      $    164      $    805
 23     Business                                                       190           237           269           216           912
                                                                  --------      --------      --------      --------      --------
 24     Total retail                                                   347           426           564           380         1,717
                                                                  --------      --------      --------      --------      --------
      Wholesale revenue on delivered electricity
 25     Traditional contracts                                           11            16            21            13            61
 26     Retail load hedge management                                    --            --           108            --           108
        Marketing and trading -- delivered
 27       Generation sales other than native load                        7             6             6            11            30
 28       Realized margin on electricity trading                         4            (2)            5             3            10
 29       Other delivered electricity (a)                               17            22            45            27           111
                                                                  --------      --------      --------      --------      --------
 30       Total delivered marketing and trading                         28            26            56            41           151
                                                                  --------      --------      --------      --------      --------
 31     Total delivered wholesale electricity                           39            42           185            53           320
                                                                  --------      --------      --------      --------      --------
      Other marketing and trading
 32     Realized margins on delivered commodities
          other than electricity (a)                                    (1)           --            (2)            5             2
 33     Prior period mark-to-market (gains) losses on
          contracts delivered during current period (a)                 --            --            --            --            --
 34     Change in mark-to-market for future-period deliveries           --             6            (1)           (4)            1
                                                                  --------      --------      --------      --------      --------
 32     Total other marketing and trading                               (1)            6            (3)            1             3
                                                                  --------      --------      --------      --------      --------
 36   Transmission for others                                            3             3             3             3            11
 37   Other miscellaneous services                                       3             4             6             5            18
                                                                  --------      --------      --------      --------      --------
 38       Total electric operating revenues                       $    391      $    481      $    755      $    442      $  2,069
                                                                  ========      ========      ========      ========      ========

      ELECTRIC SALES (GWH)

      Retail sales
 39     Residential                                                  1,796         1,939         3,160         1,880         8,775
 40     Business                                                     2,664         3,239         3,464         2,932        12,300
                                                                  --------      --------      --------      --------      --------
 41       Total retail                                               4,460         5,178         6,624         4,812        21,075
                                                                  --------      --------      --------      --------      --------
      Wholesale electricity delivered
 42     Traditional contracts                                          309           351           441           321         1,422
 43     Retail load hedge management                                    --            --           631            --           631
        Marketing and trading -- delivered
 44       Generation sales other than native load                      348           255           171           494         1,566
 45       Electricity trading                                        1,287         1,198         2,165         1,029         5,679
 46       Other delivered electricity                                  902         1,192         2,937         1,664         6,695
                                                                  --------      --------      --------      --------      --------
 47       Total delivered marketing and trading                      2,537         2,645         5,273         3,187        13,940
                                                                  --------      --------      --------      --------      --------
 48     Total delivered wholesale electricity                        2,846         2,996         6,345         3,508        15,993
                                                                  --------      --------      --------      --------      --------
 49       Total electric sales                                       7,306         8,174        12,969         8,320        37,068
                                                                  ========      ========      ========      ========      ========
</TABLE>

----------
(a)  The net effect on net electric operating revenues from realization of
     prior-period mark-to-market included in line 38 is zero. Realization of
     prior-period mark-to-market relates to cash flow recognition, not revenue
     recognition. The arithmetic opposites of amounts included in line 33 are
     included in lines 29 and 32. For example, line 33 shows that a prior-period
     mark-to-market gain of $0 million was transferred to "realized" for the
     total year 1999. Lines 29 and 32 include amounts totaling $0 million of
     realized revenues for the year 1999.

See Glossary of Terms.                                               Page 2 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      1999

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

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

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

See Glossary of Terms.                                               Page 3 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      1999

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

      BY COMMODITY SOLD OR TRADED

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

      BY PINNACLE WEST ENTITY

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

See Glossary of Terms.                                               Page 4 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      1999

<TABLE>
<CAPTION>
Line                                            1ST QTR      2ND QTR      3RD QTR      4TH QTR    TOTAL YEAR
                                                -------      -------      -------      -------    ----------
<S>   <C>                                       <C>          <C>          <C>          <C>          <C>
      AVERAGE ELECTRIC CUSTOMERS

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

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

      RETAIL ELECTRIC SALES (GWH) -
        WEATHER NORMALIZED

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

      RETAIL ELECTRICITY USAGE
        (KWH/AVERAGE CUSTOMER)

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

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

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

      ELECTRICITY DEMAND (MW)

 91     System peak demand                        3,343        4,885        4,935        3,881        4,935
</TABLE>

See Glossary of Terms.                                               Page 5 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      1999

<TABLE>
<CAPTION>
Line                                    1ST QTR     2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR
                                        -------     -------     -------     -------    ----------
<S>   <C>                                 <C>         <C>         <C>         <C>         <C>
      ENERGY SOURCES (GWH)

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

      POWER PLANT PERFORMANCE

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

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

108   Generation Fuel Cost ($/MWh)       $10.00      $10.96      $11.02      $11.33      $10.85
</TABLE>

See Glossary of Terms.                                               Page 6 of 7
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION

                       CONSOLIDATED STATISTICS BY QUARTER
                                      1999

<TABLE>
<CAPTION>
Line                                                     1ST QTR     2ND QTR     3RD QTR     4TH QTR    TOTAL YEAR
                                                         -------     -------     -------     -------    ----------
<S>   <C>                                                 <C>         <C>         <C>         <C>         <C>
      ENERGY MARKET INDICATORS (A)

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

      WEATHER INDICATORS

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

      ECONOMIC INDICATORS

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

      Arizona Job Growth (c)
122     Payroll job growth (% over prior year)               3.9%        4.4%        4.6%        4.2%        4.3%
123     Unemployment rate (%, seasonally adjusted)           4.4%        4.4%        4.3%        4.3%        4.4%
</TABLE>

----------
Sources:

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

See Glossary of Terms.                                               Page 7 of 7

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>9
<FILENAME>ex99-7.txt
<DESCRIPTION>EARNINGS VARIANCE EXPLANATIONS
<TEXT>
                                                                    Exhibit 99.7

                        PINNACLE WEST CAPITAL CORPORATION
                         EARNINGS VARIANCE EXPLANATIONS
                  FOR PERIODS ENDED SEPTEMBER 30, 2002 AND 2001

     This discussion explains the changes in our earnings for the three, nine
and twelve months ended September 30, 2002 and 2001. Consolidated income
statements for the three, nine and twelve months ended September 30, 2002 and
2001 follow this discussion. We will file our Quarterly Report on Form 10-Q on
or before November 14, 2002. We suggest this section be read in connection with
the Pinnacle West Capital Corporation Annual Report on Form 10-K for the fiscal
year ended December 31, 2001 and the Pinnacle West Quarterly Reports on Form
10-Q for the fiscal quarters ended March 31, 2002 and June 30, 2002. We have
reclassified certain prior period amounts to conform to 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 two principal business segments (determined by products, services
and the regulatory environment), which consist of our regulated retail
electricity business, regulated traditional wholesale electricity business and
related activities (electric retail segment) and our competitive business
activities (marketing and trading segment). Our electric retail business segment
includes activities related to electricity transmission and distribution, as
well as electricity generation. Our marketing and trading business segment
includes activities related to wholesale marketing and trading and APS Energy
Services' commodity related energy services. The other amounts primarily include
activities related to SunCor and El Dorado.

     The following tables summarize net income and segment details for the
three, nine and twelve months ended September 30, 2002 and the comparable prior
year periods for Pinnacle West and each of our subsidiaries (dollars in
millions):

<TABLE>
<CAPTION>
                                                                      MARKETING AND
                                  TOTAL          ELECTRIC RETAIL         TRADING             OTHER
THREE MONTHS ENDED           ----------------    ----------------    ---------------    ----------------
SEPTEMBER 30,                 2002      2001      2002      2001      2002     2001      2002      2001
                             ------    ------    ------    ------    ------   ------    ------    ------
<S>                          <C>       <C>       <C>       <C>       <C>      <C>       <C>       <C>
Arizona Public Service (a)   $   87    $  108    $   86    $   87    $    1   $   21    $   --    $   --
Pinnacle West Energy (a)         10        13        10        13        --       --        --        --
APS Energy Services               7        (3)       --        --         7       (3)       --        --
SunCor                           (1)        2        --        --        --       --        (1)        2
El Dorado                       (15)       --        --        --        --       --       (15)       --
Parent company                   13        42        (8)       (1)       16       43         5        --
                             ------    ------    ------    ------    ------   ------    ------    ------
Income before
  accounting change             101       162        88        99        24       61       (11)        2
Cumulative effect of
  change in accounting
  net of income taxes (b)        --       (12)       --       (12)       --       --        --        --
                             ------    ------    ------    ------    ------   ------    ------    ------
Net Income                   $  101    $  150    $   88    $   87    $   24   $   61    $  (11)   $    2
                             ======    ======    ======    ======    ======   ======    ======    ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                                      MARKETING AND
                                  TOTAL          ELECTRIC RETAIL         TRADING             OTHER
NINE MONTHS ENDED            ----------------    ----------------    ---------------    ----------------
SEPTEMBER 30,                 2002      2001      2002      2001      2002     2001      2002      2001
                             ------    ------    ------    ------    ------   ------    ------    ------
<S>                          <C>       <C>       <C>       <C>       <C>      <C>       <C>       <C>
Arizona Public Service (a)   $  183    $  242    $  182    $  103    $    1   $  139    $   --    $   --
Pinnacle West Energy (a)         12        14        12        14        --       --        --        --
APS Energy Services              20       (10)       --        --        18      (11)        2         1
SunCor                            9         3        --        --        --       --         9         3
El Dorado                       (18)       --        --        --        --       --       (18)       --
Parent company                   24        42        (9)       (5)       30       47         3        --
                             ------    ------    ------    ------    ------   ------    ------    ------
Income before
  accounting change             230       291       185       112        49      175        (4)        4
Cumulative effect of
  change in accounting
  net of income taxes (b)        --       (15)       --       (15)       --       --        --        --
                             ------    ------    ------    ------    ------   ------    ------    ------
Net Income                   $  230    $  276    $  185    $   97    $   49   $  175    $   (4)   $    4
                             ======    ======    ======    ======    ======   ======    ======    ======

                                                                      MARKETING AND
                                  TOTAL          ELECTRIC RETAIL         TRADING             OTHER
TWELVE MONTHS ENDED          ----------------    ----------------    ---------------    ----------------
SEPTEMBER 30,                 2002      2001      2002      2001      2002     2001      2002      2001
                             ------    ------    ------    ------    ------   ------    ------    ------
Arizona Public Service (a)   $  222    $  296    $  218    $  136    $    4   $  160    $   --    $   --
Pinnacle West Energy (a)         15        14        15        14        --       --        --        --
APS Energy Services              21       (19)       --        --        20      (21)        1         2
SunCor                           10         6        --        --        --       --        10         6
El Dorado                       (19)       (5)       --        --        --       --       (19)       (5)
Parent company                   17        42       (11)       (5)       22       48         6        (1)
                             ------    ------    ------    ------    ------   ------    ------    ------
Income before
  accounting change             266       334       222       145        46      187        (2)        2
Cumulative effect of
  change in accounting
  net of income taxes (b)        --       (15)       --       (15)       --       --        --        --
                             ------    ------    ------    ------    ------   ------    ------    ------
Net Income                   $  266    $  319    $  222    $  130    $   46   $  187    $   (2)   $    2
                             ======    ======    ======    ======    ======   ======    ======    ======
</TABLE>

(a)  Consistent with APS' October 2001 ACC filing, APS entered into agreements
     with its affiliates to buy power. The agreements reflect a price based on
     the fully-dispatchable dedication of the Pinnacle West Energy generating
     assets to APS' native load customers.

(b)  APS recorded the cumulative effects of a change in accounting for
     derivatives related to the adoption in 2001 of Statement of Financial
     Accounting Standards (SFAS) No. 133, "Accounting for Derivative Instruments
     and Hedging Activities."

                                        2
<PAGE>
EARNINGS VARIANCE EXPLANATIONS

     Throughout these explanations, we refer to "gross margin." With respect to
our electric retail segment and marketing and trading segment, gross margin
refers to electric operating revenues less purchased power and fuel costs. In
June 2002, the Financial Accounting Standards Board's - Emerging Issues
Taskforce (EITF) finalized certain guidance related to energy trading activities
in EITF 02-3 "Accounting for Contracts Involved in Energy Trading and Risk
Management Activities." The new guidance, which was effective July 1, 2002,
required all energy trading activities to be presented on a net basis in
revenues and that prior period amounts be restated. We have implemented this
presentation change effective in the third quarter of 2002. Real estate gross
margin refers to real estate revenues less real estate operations costs. Other
gross margin refers to other operating revenues less other operating expenses,
which includes El Dorado's investment in NAC International, Inc. (NAC), which we
began consolidating on our financial statements in July 2002. It also includes
amounts related to APS Energy Services' energy consulting services.

     OPERATING RESULTS - THREE-MONTH PERIOD ENDED SEPTEMBER 30, 2002 COMPARED
     WITH THREE-MONTH PERIOD ENDED SEPTEMBER 30, 2001

     Our consolidated net income for the three months ended September 30, 2002
was $101 million compared with $150 million for the same period in the prior
year. We recognized a $12 million after-tax loss in the three months ended
September 30, 2001 as a cumulative effect of a change in accounting for
derivatives, as required by SFAS No. 133.

     Our income before accounting change for the three months ended September
30, 2002 was $101 million compared with $162 million for the same period in the
prior year. The period-to-period decrease was primarily the result of lower
earnings contributions from our marketing and trading activities, severance
costs of $25 million pretax recorded in the third quarter of 2002 related to a
voluntary workforce reduction and losses at El Dorado primarily related to its
investment in its subsidiary, NAC, in the third quarter of 2002. The comparison
for marketing and trading activities reflects lower prices in the wholesale
power markets in the western United States. The regulated retail comparison was
negatively impacted by higher costs for purchased power and gas, weather impacts
and the 1.5% electric retail price reduction that took effect July 1, 2002.
These factors were offset by lower replacement costs for power plant outages,
lower operating costs related to generation reliability, customer growth of 3.1%
and higher average usage per customer for the third quarter of 2002.

                                        3
<PAGE>
The major factors that increased (decreased) income before accounting change
were as follows (dollars in millions):

<TABLE>
<CAPTION>
                                                                                 Increase
                                                                                (Decrease)
                                                                                ----------
<S>                                                                             <C>
Marketing and trading segment gross margin:
     Increase in other realized marketing and trading in the current period
         primarily due to higher volumes                                        $        3(a)
     Change related to prior period mark-to-market gains on contracts
         delivered during the current period (b)                                        39(a)
     Lower mark-to-market gains for future period deliveries (b)                      (106)
                                                                                ----------
              Net decrease in marketing and trading segment gross margin               (64)
                                                                                ----------

Electric retail segment gross margin:
     Lower replacement power costs for plant outages due to lower market
         prices and fewer unplanned outages                                             15
     Lower hedge management margin, partially offset by lower purchased
         power and fuel costs due to lower spot market prices                          (14)
     Effects of weather on retail sales                                                (10)
     Higher retail sales volumes due to customer growth and higher
         average usage, excluding weather effects                                       22
     Retail price reduction effective July 1, 2002                                      (9)
     Change in mark-to-market for hedged natural gas and purchased
         power costs for future period deliveries                                      (10)
     Miscellaneous factors, net                                                         (6)
                                                                                ----------
              Net decrease in electric retail segment gross margin                     (12)
                                                                                ----------

Total decrease in electric retail and marketing and trading segments'
  gross margins                                                                        (76)
Lower other gross margin primarily related to losses recorded on El Dorado's
  investment in NAC                                                                    (13)
Lower operations and maintenance expense primarily related to lower
  generation reliability costs, partially offset by 2002 severance costs
  of $25 million and other costs                                                         6
Higher other expense                                                                    (7)
Higher net interest expense primarily due to higher debt balances                       (8)
Miscellaneous items, net                                                                (1)
                                                                                ----------
     Decrease in income before income taxes                                            (99)
Lower income taxes primarily due to lower pretax income                                 38
                                                                                ----------
     Decrease in income before accounting change                                $      (61)
                                                                                ==========
</TABLE>

(a)  Net recognized marketing and trading gains (excluding the effects of
     generation sales other than native load) increased $42 million.

(b)  Essentially all of our marketing and trading activities are structured
     activities. This means our portfolio of forward sales positions is
     economically hedged with a portfolio of forward purchases that protects the
     economic value of the sales transactions.

                                        4
<PAGE>
MARKETING AND TRADING SEGMENT GROSS MARGIN

     Marketing and trading segment revenues were $54 million lower in the
three-month period ended September 30, 2002, compared with the same period in
the prior year as a result of:

     *    increased revenues from generation sales other than native load due to
          higher sales volumes ($4 million);
     *    increased realized revenues from other realized marketing and trading
          in the current period primarily due to higher sales volumes ($10
          million);
     *    change in prior period mark-to-market gains on contracts delivered
          during the current period due to lower unit margins on higher volumes
          being delivered ($40 million increase); and
     *    lower mark-to-market gains for future period deliveries primarily as a
          result of lower market liquidity and lower price volatility, resulting
          in lower volumes ($108 million).

     Marketing and trading segment purchased power and fuel costs were $10
million higher in the three-month period ended September 30, 2002, compared to
the same period in the prior year as a result of:

     *    increased fuel costs related to generation sales other than native
          load primarily because of higher sales volumes and higher natural gas
          prices ($4 million);
     *    increased purchased power costs related to other realized marketing
          activities in the current period primarily due to higher sales volumes
          ($7 million); and
     *    other miscellaneous factors ($1 million decrease).

ELECTRIC RETAIL SEGMENT GROSS MARGIN

     Revenues related to our regulated retail and wholesale electricity
businesses were $254 million lower in the three-month period ended September 30,
2002, compared with the same period in the prior year as a result of:

     *    decreased revenues related to wholesale sales for retail load hedge
          management, as a result of lower prices ($265 million);
     *    decreased retail revenues related to milder weather ($15 million);
     *    increased retail revenues related to customer growth and higher
          average usage, excluding weather effects ($33 million);
     *    decreased retail revenues related to a reduction in retail electricity
          prices ($9 million); and
     *    other miscellaneous factors ($2 million net increase).

     Electric retail segment purchased power and fuel costs were $242 million
lower in the three-month period ended September 30, 2002, compared with the same
period in the prior year as a result of:

     *    decreased costs related to lower prices for hedged natural gas and
          purchased power ($251 million);
     *    decreased costs related to the effects of milder weather on retail
          sales ($5 million);

                                        5
<PAGE>
     *    increased costs related to retail sales growth, excluding weather
          effects ($11 million);
     *    change in mark-to-market for hedged natural gas and purchased power
          costs for future period deliveries ($10 million increase);
     *    decreased replacement power costs for power plant outages due to lower
          market prices and fewer unplanned nuclear and coal plant outages ($15
          million); and
     *    other miscellaneous factors ($8 million net increase).

     The decrease in other gross margin of $13 million was primarily due to
losses recorded on El Dorado's investment in NAC.

     The decrease in operations and maintenance expense of $6 million was due to
lower costs related to generation reliability, plant outages and maintenance
costs of $24 million. These factors were partially offset by severance costs of
$25 million related to a 2002 voluntary workforce reduction and other costs.

     Other expense increased $7 million primarily due to higher net investment
losses in the current period and higher miscellaneous non-operating costs.

     Interest expense, net of amounts capitalized, increased $8 million
primarily due to higher debt balances.

     OPERATING RESULTS - NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2002 COMPARED
     WITH NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2001

     Our consolidated net income for the nine months ended September 30, 2002
was $230 million compared with $276 million for the same period in the prior
year. We recognized a $15 million after-tax loss in the nine months ended
September 30, 2001 as a cumulative effect of a change in accounting for
derivatives, as required by SFAS No. 133.

     Our income before accounting change for the nine months ended September 30,
2002 was $230 million compared with $291 million for the same period in 2001.
The period-to-period decrease was the result of lower earnings contributions
from our marketing and trading activities, severance costs of $25 million pretax
recorded in the third quarter of 2002 related to a voluntary workforce
reduction, and losses related to El Dorado's investment in NAC, partially offset
by increased earnings contributions from our regulated retail electricity and
real estate operations. The regulated retail comparison was favorably impacted
by lower replacement costs for power plant outages, customer growth and higher
average usage per customer, lower costs for purchased power and gas related to
lower market prices, and lower generation reliability expenses, partially offset
by the effects of milder weather and retail electricity price decreases. The
real estate results benefited primarily from more sales activities. The
comparison for marketing and trading activities reflects lower volumes and
prices in the wholesale power markets in the western United States.

                                        6
<PAGE>
The major factors that increased (decreased) income before accounting change
were as follows (dollars in millions):

<TABLE>
<CAPTION>
                                                                                 Increase
                                                                                (Decrease)
                                                                                ----------
<S>                                                                             <C>
Marketing and trading segment gross margin:
     Decrease in generation sales other than native load due to lower
         market prices and resulting lower sales volumes                        $      (72)
     Increase in other realized marketing and trading in the current period
         primarily due to higher unit margins on increased volumes                      35(a)
     Change in prior period mark-to-market gains on contracts delivered
         during the current period (b)                                                 (55)(a)
     Lower mark-to-market gains for future period deliveries (b)                      (118)
                                                                                ----------
              Net decrease in marketing and trading segment gross margin              (210)
                                                                                ----------

Electric retail segment gross margin:
     Lower replacement power costs for plant outages due to lower market
         prices and fewer unplanned outages                                            123
     Lower purchased power and fuel costs related to lower prices, net of
         hedge management sales                                                          2
     Effects of weather on retail sales                                                (21)
     Higher retail sales volumes due to 3.1% customer growth and higher
         average usage, excluding weather effects                                       37
     Retail price reductions effective July 1, 2001 and July 1, 2002                   (22)
     Change in mark-to-market for hedged natural gas and purchased
         power costs for future period deliveries                                        5
     Miscellaneous factors, net                                                        (12)
                                                                                ----------
              Net increase in electric retail segment gross margin                     112
                                                                                ----------

Total decrease in electric retail and marketing and trading segments'
  gross margins                                                                        (98)
Higher real estate margin primarily due to increased sales activities                   10
Lower other gross margin primarily related to losses recorded on El Dorado's
  investment in NAC                                                                    (13)
Lower operations and maintenance expense primarily related to lower
  generation reliability costs, partially offset by 2002 severance costs
  of $25 million and other costs                                                        17
Lower depreciation and amortization expense primarily due to lower
  regulatory asset amortization, partially offset by higher depreciation
  on higher plant balances                                                               8
Lower other income                                                                      (9)
Higher other expense                                                                    (7)
Higher net interest expense primarily due to higher debt balances,
  partially offset by lower interest rates                                              (8)
Miscellaneous factor, net                                                                1
                                                                                ----------
     Decrease in income before income taxes                                            (99)
Lower income taxes primarily due to lower pretax income                                 38
                                                                                ----------
     Decrease in income before accounting change                                $      (61)
                                                                                ==========
</TABLE>

                                        7
<PAGE>
(a)  Net recognized marketing and trading gains (excluding the effects of
     generation sales other than native load) decreased $20 million.

(b)  Essentially all of our marketing and trading activities are structured
     activities. This means our portfolio of forward sales positions is
     economically hedged with a portfolio of forward purchases that protects the
     economic value of the sales transactions.

MARKETING AND TRADING SEGMENT GROSS MARGIN

     Marketing and trading segment revenues were $421 million lower in the
nine-month period ended September 30, 2002, compared with the same period in the
prior year as a result of:

     *    decreased revenues from generation sales other than native load due to
          lower market prices and resulting lower sales volumes ($124 million);
     *    decreased revenues from other realized marketing and trading in the
          current period primarily due to lower prices ($132 million);
     *    change in prior period mark-to-market gains on contracts delivered
          during the current period due to higher volumes being delivered ($47
          million decrease); and
     *    lower mark-to-market gains for future period deliveries primarily as a
          result of lower market liquidity and lower price volatility, resulting
          in lower volumes ($118 million).

     Marketing and trading segment purchased power and fuel costs were $211
million lower in the nine-month period ended September 30, 2002, compared with
the same period in the prior year as a result of:

     *    decreased fuel costs related to generation sales other than native
          load primarily because of lower natural gas prices and lower sales
          volumes ($52 million);
     *    decreased purchased power costs related to other realized marketing
          activities in the current period primarily due to lower prices ($167
          million); and
     *    change in prior period mark-to-market fuel costs for current period
          deliveries ($8 million net increase).

ELECTRIC RETAIL SEGMENT GROSS MARGIN

     Revenues related to our regulated retail and wholesale electricity
businesses were $529 million lower in the nine-month period ended September 30,
2002, compared with the same period in the prior year as a result of:

     *    decreased revenues related to traditional wholesale sales as a result
          of lower sales volumes and lower prices ($65 million);
     *    decreased revenues related to wholesale sales for retail load hedge
          management, as a result of lower prices and lower sales volumes ($439
          million);
     *    decreased retail revenues related to milder weather ($50 million);
     *    increased retail revenues related to customer growth and higher
          average usage, excluding weather effects ($68 million);
     *    decreased retail revenues related to reductions in retail electricity
          prices ($22 million); and
     *    other miscellaneous factors ($21 million net decrease).

                                        8
<PAGE>
     Electric retail segment purchased power and fuel costs were $641 million
lower in the nine-month period ended September 30, 2002, compared with the same
period in the prior year as a result of:

     *    decreased costs related to traditional wholesale sales as a result of
          lower sales volumes and lower prices ($65 million);
     *    decreased costs related to lower prices for hedged natural gas and
          purchased power ($441 million);
     *    decreased costs related to the effects of milder weather on retail
          sales ($29 million);
     *    increased costs related to retail sales growth, excluding weather
          effects ($31 million);
     *    change in mark-to-market for hedged natural gas and purchased power
          costs for future period deliveries ($5 million decrease);
     *    decreased replacement power costs for power plant outages due to lower
          market prices and fewer unplanned nuclear and coal plant outages ($123
          million); and
     *    other miscellaneous factors ($9 million net decrease).

     The increase in real estate gross margin of $10 million was primarily due
to increased sales activities.

     The decrease in other gross margin of $13 million was primarily due to
losses recorded on El Dorado's investment in NAC.

     The decrease in operations and maintenance expense of $17 million was
primarily due to lower costs related to generation reliability, plant outages
and maintenance costs of $38 million. Operation and maintenance expense was also
lower as a result of the reversal of $4 million of a $10 million reserve
recorded in the prior period for the California energy situation. These
decreases were partially offset by severance costs of $25 million related to a
2002 voluntary workforce reduction and other costs.

     The decrease in depreciation and amortization expense of $8 million
primarily related to lower regulatory asset amortization, in accordance with
APS' 1999 regulatory settlement, partially offset by increased depreciation on
higher plant balances.

     Other income decreased $9 million primarily due to an insurance recovery
recorded in the prior period related to environmental remediation costs.

     Other expense increased $7 million primarily due to losses recorded on El
Dorado's investments in the current period, partially offset by lower
miscellaneous non-operating costs.

     Interest expense increased $8 million primarily due to higher debt
balances, partially offset by lower interest rates.

                                        9
<PAGE>
     OPERATING RESULTS - TWELVE-MONTH PERIOD ENDED SEPTEMBER 30, 2002 COMPARED
     WITH TWELVE-MONTH PERIOD ENDED SEPTEMBER 30, 2001

     Our consolidated net income for the twelve months ended September 30, 2002
was $266 million compared with $319 million for the same period in the prior
year. We recognized a $15 million after-tax loss in the twelve months ended
September 30, 2001 as a cumulative effect of a change in accounting for
derivatives, as required by SFAS No. 133.

     Our income before accounting change for the twelve months ended September
30, 2002 was $266 million compared with $334 million for the same period a year
earlier. The period-to-period comparison was lower due to lower earnings
contributions from our marketing and trading activities, severance costs of $25
million pretax recorded in the third quarter of 2002 relating to a voluntary
workforce reduction, and losses related to El Dorado's investment in NAC,
partially offset by increased earnings contributions from our regulated retail
electricity and real estate operations. The regulated retail comparison was
favorably impacted by lower replacement costs for power plant outages, lower
costs for purchased power and gas related to lower market prices, customer
growth and higher average usage per customer, partially offset by the effects of
milder weather and retail electricity price decreases. The real estate results
benefited primarily from more sales activities. The comparison for marketing and
trading activities reflects lower volumes and prices in the wholesale power
markets in the western United States.

                                       10
<PAGE>
The major factors that increased (decreased) income before accounting change
were as follows (dollars in millions):

<TABLE>
<CAPTION>
                                                                                 Increase
                                                                                (Decrease)
                                                                                ----------
<S>                                                                             <C>
Marketing and trading segment gross margin:
     Decrease in generation sales other than native load due to lower
         market prices and resulting lower sales volumes                        $     (108)
     Increase in other realized marketing and trading in the current period
         primarily due to higher unit margins on increased volumes                      91(a)
     Change in prior period mark-to-market gains on contracts delivered
         during the current period (b)                                                (114)(a)
     Lower mark-to-market gains for future period deliveries (b)                      (105)
                                                                                ----------
              Net decrease in marketing and trading segment gross margin              (236)
                                                                                ----------

Electric retail segment gross margin:
     Lower replacement power costs for plant outages due to lower market
         prices and fewer unplanned outages                                            148
     Lower hedge management margins, partially offset by lower
         purchased power and fuel costs due to lower market prices                     (12)
     Effects of milder weather on retail sales                                         (21)
     Higher retail sales volumes due to customer growth and higher
         average usage, excluding weather effects                                       39
     Retail price reductions effective July 1, 2001 and July 1, 2002                   (28)
     Change in mark-to-market for hedged natural gas and purchase
         power costs for future period deliveries                                        4
     Miscellaneous factors, net                                                         (7)
                                                                                ----------
              Net increase in electric retail segment gross margin                     123
                                                                                ----------

Total decrease in electric retail and marketing and trading segments'
  gross margins                                                                       (113)
Higher real estate gross margin primarily due to increased sales activities             12
Lower other gross margin primarily related to losses recorded on El Dorado's
  investment in NAC                                                                    (13)
Lower operations and maintenance expense primarily related to lower
  generation reliability costs, partially offset by 2002 severance costs
  of $25 million and other costs                                                        15
Lower depreciation and amortization primarily due to lower regulatory asset
  amortization, partially offset by increased depreciation and
  amortization on higher property, plant and equipment balances                          5
Lower other income                                                                      (5)
Higher net interest expense primarily due to higher debt balances, partially
  offset by higher capitalized interest and lower interest rates                        (7)
Miscellaneous factors, net                                                              (2)
                                                                                ----------
     Decrease in income before income taxes                                           (108)
Lower income taxes primarily due to lower income                                        40
                                                                                ----------
     Decrease in income before accounting change                                $      (68)
                                                                                ==========
</TABLE>

                                       11
<PAGE>
(a)  Net marketing and trading gains (excluding the effects of generation sales
     other than native load) recognized for the current period decreased $23
     million.

(b)  Essentially all of our marketing and trading activities are structured
     activities. This means our portfolio of forward sales positions is
     economically hedged with a portfolio of forward purchases that protects the
     economic value of the sales transactions.

MARKETING AND TRADING SEGMENT GROSS MARGIN

     Marketing and trading segment revenues were $586 million lower in the
twelve-month period ended September 30, 2002, compared to the same period in the
prior year as a result of:

     *    decreased revenues from generation sales other than native load due to
          lower market prices and resulting lower sales volumes ($198 million);
     *    decreased revenues from other realized marketing and trading in the
          current period primarily due to lower prices ($176 million);
     *    change in prior period mark-to-market gains on contracts delivered
          during the current period due to higher volumes being delivered ($107
          million decrease); and
     *    lower mark-to-market gains for future period deliveries primarily as a
          result of lower market liquidity and lower price volatility, resulting
          in lower volumes ($105 million).

     Marketing and trading segment purchased power and fuel costs were $350
million lower in the twelve-month period ended September 30, 2002, compared to
the same period in the prior year as a result of:

     *    decreased fuel costs related to generation sales other than native
          load primarily because of lower sales volumes and lower natural gas
          prices ($90 million);
     *    decreased purchased power costs related to other realized marketing
          activities in the current period primarily due to lower prices ($267
          million); and
     *    change in prior period mark-to-market fuel costs for current period
          deliveries ($7 million increase).

ELECTRIC RETAIL SEGMENT GROSS MARGIN

     Revenues related to our regulated retail and wholesale electricity
businesses were $548 million lower in the twelve-month period ended September
30, 2002, compared to the same period in the prior year as a result of:

     *    decreased revenues related to traditional wholesale sales as a result
          of lower sales volumes and lower prices ($79 million);
     *    decreased revenues related to retail load hedge management wholesale
          sales, as a result of lower sales volumes and lower prices ($458
          million);
     *    decreased retail revenues related to milder weather ($50 million);
     *    increased retail revenues related to customer growth and higher
          average usage, excluding weather effects ($82 million);
     *    decreased retail revenues related to reductions in retail electricity
          prices ($28 million); and
     *    other miscellaneous factors ($15 million net decrease).

                                       12
<PAGE>
     Electric retail segment purchased power and fuel costs were $671 million
lower in the twelve-month period ended September 30, 2002, compared with the
same period in the prior year as a result of:

     *    decreased costs related to traditional wholesale sales as a result of
          lower sales volumes and lower prices ($79 million);
     *    decreased costs related to lower prices for hedged natural gas and
          purchased power prices ($446 million);
     *    decreased costs related to the effects of milder weather on retail
          sales ($29 million);
     *    increased costs related to retail sales growth, excluding weather
          effects ($43 million);
     *    change in mark-to-market for hedged natural gas and purchased power
          costs for future period deliveries ($4 million decrease);
     *    decreased replacement power costs for power plant outages due to lower
          market prices and fewer unplanned outages ($148 million); and
     *    miscellaneous factors ($8 million net decrease).

     The increase in real estate gross margin of $12 million was primarily due
to increased sales activities.

     The decrease in other gross margin of $13 million was primarily due to
losses on El Dorado's investment in NAC.

     The decrease in operations and maintenance expense of $15 million was
primarily due to lower costs related to generation reliability, plant outages
and maintenance costs of $37 million. Operations and maintenance expense was
also lower as a result of the reversal of $4 million of a $10 million reserve
recorded in the prior period for the California energy situation, partially
offset by severance costs of $25 million related to a 2002 voluntary workforce
reduction and other costs.

     The decrease in depreciation and amortization expenses of $5 million
primarily related to lower regulatory asset amortization, in accordance with
APS' 1999 regulatory settlement, partially offset by increased depreciation and
amortization on higher property, plant and equipment balances.

     Other income decreased $5 million primarily due to an insurance recovery
recorded in the prior period related to environmental remediation costs and
other costs.

     Net interest expense increased $7 million primarily because of higher debt
balances related to our generation expansion program, partially offset by the
increase in capitalized interest on our generation expansion program and lower
interest rates.

                                       13
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (unaudited)
                    (in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                 Three Months Ended
                                                                    September 30,
                                                              --------------------------
                                                                 2002           2001
                                                              -----------    -----------
<S>                                                           <C>            <C>
Operating Revenues
   Electric retail segment                                    $   719,361    $   973,398
   Marketing and trading segment                                   87,258        141,674
   Real estate                                                     45,108         43,024
   Other revenues                                                  21,224          2,682
                                                              -----------    -----------
     Total                                                        872,951      1,160,778
                                                              -----------    -----------

Operating Expenses
   Electric retail segment purchased power and fuel               257,484        499,789
   Marketing and trading segment purchased power and fuel          43,361         33,714
   Operations and maintenance                                     144,438        150,916
   Real estate operations                                          44,928         37,803
   Depreciation and amortization                                  108,812        107,932
   Taxes other than income taxes                                   26,757         29,336
   Other expenses                                                  34,146          2,536
                                                              -----------    -----------
     Total                                                        659,926        862,026
                                                              -----------    -----------
Operating Income                                                  213,025        298,752
                                                              -----------    -----------
Other
   Other income                                                     3,038          1,527
   Other expense                                                  (10,713)        (3,603)
                                                              -----------    -----------
     Total                                                         (7,675)        (2,076)
                                                              -----------    -----------

Interest Expense
   Interest charges                                                49,465         42,531
   Capitalized interest                                           (11,015)       (12,450)
                                                              -----------    -----------
     Total                                                         38,450         30,081
                                                              -----------    -----------
Income Before Income Taxes                                        166,900        266,595
Income Taxes                                                       65,984        104,096
                                                              -----------    -----------
Income Before Accounting Change                                   100,916        162,499
Cumulative Effect of a Change in Accounting for Derivatives
   - Net of Income Tax Benefit of $8,099                               --        (12,446)
                                                              -----------    -----------
Net Income                                                    $   100,916    $   150,053
                                                              ===========    ===========

Weighted-Average Common Shares Outstanding - Basic                 84,768         84,721

Weighted-Average Common Shares Outstanding  - Diluted              84,797         84,909

Earnings Per Weighted-Average Common Share Outstanding
    Income Before Accounting Change - Basic                   $      1.19    $      1.92
    Net Income - Basic                                               1.19           1.77
    Income Before Accounting Change - Diluted                        1.19           1.91
    Net Income - Diluted                                             1.19           1.77
</TABLE>

                                       14
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (unaudited)
                    (in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                  Nine Months Ended
                                                                    September 30,
                                                              --------------------------
                                                                 2002           2001
                                                              -----------    -----------
<S>                                                           <C>            <C>
Operating Revenues
   Electric retail segment                                    $ 1,596,440    $ 2,125,522
   Marketing and trading segment                                  212,576        633,811
   Real estate                                                    155,445        107,813
   Other revenues                                                  28,382          5,878
                                                              -----------    -----------
     Total                                                      1,992,843      2,873,024
                                                              -----------    -----------

Operating Expenses
   Electric retail segment purchased power and fuel               423,611      1,064,238
   Marketing and trading segment purchased power and fuel         109,626        320,855
   Operations and maintenance                                     390,864        408,305
   Real estate operations                                         138,499        101,248
   Depreciation and amortization                                  310,812        318,842
   Taxes other than income taxes                                   81,147         80,101
   Other expenses                                                  39,115          4,027
                                                              -----------    -----------
     Total                                                      1,493,674      2,297,616
                                                              -----------    -----------
Operating Income                                                  499,169        575,408
                                                              -----------    -----------
Other
   Other income                                                    10,313         18,826
   Other expense                                                  (26,782)       (20,108)
                                                              -----------    -----------
     Total                                                        (16,469)        (1,282)
                                                              -----------    -----------

Interest Expense
   Interest charges                                               141,149        129,103
   Capitalized interest                                           (39,143)       (35,404)
                                                              -----------    -----------
     Total                                                        102,006         93,699
                                                              -----------    -----------
Income Before Income Taxes                                        380,694        480,427
Income Taxes                                                      150,656        188,866
                                                              -----------    -----------
Income Before Accounting Change                                   230,038        291,561
Cumulative Effect of a Change in Accounting for Derivatives
 - Net of Income Tax Benefit of $9,892                                 --        (15,201)
                                                              -----------    -----------
Net Income                                                    $   230,038    $   276,360
                                                              ===========    ===========

Weighted-Average Common Shares Outstanding - Basic                 84,768         84,731

Weighted-Average Common Shares Outstanding  - Diluted              84,859         84,972

Earnings Per Weighted-Average Common Share Outstanding
    Income Before Accounting Change - Basic                   $      2.71    $      3.44
    Net Income - Basic                                               2.71           3.26
    Income Before Accounting Change - Diluted                        2.71           3.43
    Net Income - Diluted                                             2.71           3.25
</TABLE>

                                       15
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                   (unaudited)
                    (in thousands, except per share amounts)

<TABLE>
<CAPTION>
                                                                 Twelve Months Ended
                                                                    September 30,
                                                              --------------------------
                                                                 2002           2001
                                                              -----------    -----------
<S>                                                           <C>            <C>
Operating Revenues
   Electric retail segment                                    $ 2,033,006    $ 2,581,094
   Marketing and trading segment                                  229,996        816,413
   Real estate                                                    216,540        148,519
   Other revenues                                                  34,275          6,640
                                                              -----------    -----------
     Total                                                      2,513,817      3,552,666
                                                              -----------    -----------

Operating Expenses
   Electric retail segment purchased power and fuel               520,236      1,191,788
   Marketing and trading segment purchased power and fuel         122,980        473,288
   Operations and maintenance                                     512,654        527,206
   Real estate operations                                         190,713        134,296
   Depreciation and amortization                                  419,873        424,678
   Taxes other than income taxes                                  102,114        103,238
   Other expenses                                                  45,463          4,510
                                                              -----------    -----------
     Total                                                      1,914,033      2,859,004
                                                              -----------    -----------
Operating Income                                                  599,784        693,662
                                                              -----------    -----------
Other
   Other income                                                    17,903         23,108
   Other expense                                                  (40,251)       (38,700)
                                                              -----------    -----------
     Total                                                        (22,348)       (15,592)
                                                              -----------    -----------

Interest Expense
   Interest charges                                               187,868        172,265
   Capitalized interest                                           (51,601)       (43,167)
                                                              -----------    -----------
     Total                                                        136,267        129,098
                                                              -----------    -----------
Income Before Income Taxes                                        441,169        548,972
Income Taxes                                                      175,325        215,099
                                                              -----------    -----------
Income Before Accounting Change                                   265,844        333,873
Cumulative Effect of a Change in Accounting for Derivatives
 - Net of Income Tax Benefit of $9,892                                 --        (15,201)
                                                              -----------    -----------
Net Income                                                    $   265,844    $   318,672
                                                              ===========    ===========

Weighted-Average Common Shares Outstanding - Basic                 84,746         84,730

Weighted-Average Common Shares Outstanding  - Diluted              84,851         84,984

Earnings Per Weighted-Average Common Share Outstanding
    Income Before Accounting Change - Basic                   $      3.14    $      3.94
    Net Income - Basic                                               3.14           3.76
    Income Before Accounting Change - Diluted                        3.13           3.93
    Net Income - Diluted                                             3.13           3.75
</TABLE>

                                       16

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>10
<FILENAME>ex99-8.txt
<DESCRIPTION>GLOSSARY OF TERMS
<TEXT>
                                                                    Exhibit 99.8

                        Pinnacle West Capital Corporation
                   Quarterly Consolidated Statistical Summary
                                Glossary of Terms


Arizona Job Growth                      Percentage growth over the prior year in
                                        total non-farm payroll employment for
                                        the state of Arizona, non-seasonally
                                        adjusted.

Building Permits - Metro Phoenix        The number of residential dwellings
                                        permitted to be built by authorized
                                        agencies in Maricopa County, Arizona.
                                        Single-family refers to detached
                                        buildings intended to be occupied by one
                                        family each. Multi-family permits
                                        represent the number of units authorized
                                        to be built in condominium, townhouse
                                        and apartment complexes.

Capacity Factor                         The ratio of the average operating load
                                        of an electric power generating unit for
                                        a period of time to the capacity rating
                                        of the unit during that period.

Change in Mark-To-Market Gains          The gross margin related to the change
(Losses) For Future-Period              in mark-to-market value in the current
Deliveries                              period of transactions which have been
                                        entered into during the current period
                                        or prior periods for which the
                                        commodities are scheduled for delivery
                                        in a future period.

Current Period Effects                  The net effect of the total revenue or
                                        gross margins realized on delivery of
                                        commodities in the period being
                                        measured, and the amount of prior-period
                                        mark-to-market (gains) losses on
                                        contracts delivered during period. The
                                        net effect of transferring prior-period
                                        mark-to-market to realized does not
                                        affect total revenues, gross margin or
                                        earnings.

Degree-Days -- Cooling                  A measure of temperatures designed to
                                        indicate the amount of electricity
                                        demand for cooling purposes. Cooling
                                        degree-days are calculated by summing
                                        the difference between each day's actual
                                        average temperature and a base
                                        temperature of 65(degree)F for the
                                        month. Average temperatures less than
                                        the base temperature are ignored.

Degree-Days -- Heating                  A measure of temperatures designed to
                                        indicate the amount of electricity
                                        demand for heating purposes. Heating
                                        degree-days are calculated by summing
                                        the difference between each day's actual
                                        average temperature and a base
                                        temperature of 65(degree)F for the
                                        month. Average temperatures greater than
                                        the base temperature are ignored.
<PAGE>
                                       -2-

Electricity Marketing and Trading       All wholesale sales of electricity not
- Delivered                             accounted for in sales under traditional
                                        contracts or retail load hedge
                                        management. These sales are made to
                                        other electric companies, power
                                        marketers, or public entities for the
                                        purpose of resale. Measured in
                                        gigawatt-hours.

Electricity Spot Prices -- Palo Verde   Electricity average daily spot prices at
- Off-Peak                              Palo Verde substation during off-peak
                                        hours. It measures electric prices at
                                        the producer level and is the result of
                                        real time prices used for benchmarking,
                                        price comparisons, and establishing
                                        price contracts. Measured in dollars per
                                        megawatt-hour.

Electricity Spot Prices -- Palo Verde   Electricity average daily spot prices at
- On-Peak                               Palo Verde substation during on-peak
                                        hours. It measures electric prices at
                                        the producer level and is the result of
                                        real time prices used for benchmarking,
                                        price comparisons, and establishing
                                        price contracts. Measured in dollars per
                                        megawatt-hour.

Electricity Spot Prices -- SP15         Electricity average daily spot prices at
- Off-Peak                              SP15, a region of California
                                        substations, during off-peak hours. It
                                        measures electric prices at the producer
                                        level and is the result of real time
                                        prices used for benchmarking, price
                                        comparisons, and establishing price
                                        contracts. Measured in dollars per
                                        megawatt-hour.

Electricity Spot Prices -- SP15         Electricity average daily spot prices at
- On-Peak                               SP15, a region of California
                                        substations, during on-peak hours. It
                                        measures electric prices at the producer
                                        level and is the result of real time
                                        prices used for benchmarking, price
                                        comparisons, and establishing price
                                        contracts. Measured in dollars per
                                        megawatt-hour.

Generation Capacity Out of Service      Total capacity required and economic,
and Replaced for Native Load            yet unavailable for retail customers and
                                        traditional wholesale contracts due to
                                        scheduled or unscheduled outages.
                                        Measured in megawatts per day.

Generation Sales Other Than Native      Sales of electricity from generation
Load                                    owned by the company that is over and
                                        above the amount required to serve
                                        retail customers and traditional
                                        wholesale contracts.

Generation Production -- Coal           Amount of net energy produced by
                                        coal-fueled generators. Measured in
                                        gigawatt-hours.
<PAGE>
                                       -3-

Generation Production                   Amount of net energy predominately
-- Gas/Oil/Other                        produced by natural gas and oil-fueled
                                        generators. A small amount of energy
                                        from hydroelectric and solar power
                                        plants is also included. Measured in
                                        gigawatt-hours.

Generation Production -- Nuclear        Amount of net energy produced by
                                        nuclear-fueled generators. Measured in
                                        gigawatt-hours.

Gigawatt-hour (GWH)                     A unit of energy equivalent to 1,000
                                        megawatt-hours or 1,000,000
                                        kilowatt-hours.

Marketing and Trading Gross Margin      Revenues from marketing and trading
- Pretax                                activities (other than retail sales,
                                        traditional wholesale sales and retail
                                        load hedge management) less the costs of
                                        the related commodities, with
                                        mark-to-market gains or losses, before
                                        income taxes.

Marketing and Trading Gross Margin      Marketing and trading gross margin,
by Commodity -- Pretax                  before income taxes, for generation
                                        sales other than native load and for
                                        sales and purchases of electricity and
                                        other commodities by the company in the
                                        wholesale market, summarized by the
                                        underlying commodities.

Realized and Mark-to-Market             Marketing and trading gross margin,
Components                              before income taxes, for generation
                                        sales other than native load and for
                                        sales and purchases of electricity and
                                        other commodities by the company in the
                                        wholesale market, summarized by the
                                        period of delivery and whether the
                                        margin is realized or mark-to-market.
                                        Realized margins relate to commodities
                                        that have been delivered. Mark-to-market
                                        margins relate to commodities that have
                                        delivery dates in future periods.

Mark-To-Market                          Adjustments to revenues or costs to
                                        recognize value of sales and purchase
                                        contracts, for which the commodities are
                                        scheduled for delivery in a future
                                        period, at current forward wholesale
                                        prices.

Megawatt (MW)                           One million watts.

Megawatt-hour (MWh)                     A unit of energy equivalent to 1,000
                                        kilowatt-hours.
<PAGE>
                                      -4-

Prior Period Mark-To-Market (Gains)     The reversal of the gross margin related
Losses on Contracts Delivered During    to mark-to-market transactions entered
Current Period                          into in prior periods for which the
                                        commodities were delivered in the
                                        current period. Realization of
                                        prior-period mark-to-market relates to
                                        cash flow recognition, not revenue
                                        recognition or earnings recognition,
                                        because in accordance with
                                        mark-to-market accounting, the margin
                                        was already recorded in the prior
                                        period. A negative amount shown in this
                                        category represents the arithmetic
                                        opposite of a gain recognized in the
                                        period in which the commodities were
                                        delivered; an equal positive amount is
                                        reflected in the realized revenue or
                                        margin for delivered commodities. A
                                        positive amount shown in this category
                                        represents the arithmetic opposite of a
                                        loss recognized in the period in which
                                        the commodities were delivered; an equal
                                        negative amount is reflected in the
                                        realized revenue or margin for delivered
                                        commodities.

Purchased Power - Firm Load             Power purchased from wholesale market
                                        sources used to serve regulated retail
                                        demand and traditional wholesale
                                        contracts. Measured in gigawatt-hours.

Purchased Power - Marketing and         Power purchased from wholesale market
Trading                                 sources used to serve marketing and
                                        trading sales not served by
                                        company-owned generation. Measured in
                                        gigawatt-hours.

Realized Margin on Delivered            Marketing and trading gross margin
Commodities                             related to electricity and other
                                        commodities that were delivered in the
                                        then-current period.

Retail Customer Growth                  Percentage growth over the prior year in
                                        the number of retail customers.

Retail Electricity Usage                Total retail sales for a period divided
                                        by the average retail customers for the
                                        same period. Measured in kilowatt-hours
                                        per average customer.

Retail Load Hedge Management            Wholesale sales to liquidate electricity
                                        purchases originally intended to meet
                                        firm load during peak times, which
                                        purchases were not needed ultimately for
                                        firm load. These sales are made to other
                                        electric companies, power marketers, or
                                        public entities for the purpose of
                                        resale. Measured in gigawatt-hours.

Retail Sales                            Sales of electricity made directly to
                                        retail customers or ultimate customers.
                                        Residential retail sales are sales to
                                        households. Business retail sales
                                        include commercial, industrial,
                                        irrigation, and streetlighting sales.
                                        Measured in gigawatt-hours.
<PAGE>
                                      -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.

</TEXT>
</DOCUMENT>
</SUBMISSION>
