<SUBMISSION>
<ACCESSION-NUMBER>0000950147-03-000093
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>9
<PERIOD>20021231
<ITEMS>5
<ITEMS>7
<ITEMS>9
<FILING-DATE>20030204
<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>03537305
</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-9475.txt
<DESCRIPTION>CURRENT REPORT DATED 12/31/2002
<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): December 31, 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

     TRACK B

     As previously reported, on September 10, 2002, the Arizona Corporation
Commission (the "ACC") issued an order that, among other things, established a
requirement that Arizona Public Service Company ("APS") competitively procure,
at a minimum, any required power that it cannot produce from its existing assets
in accordance with the ultimate outcome of the pending "Track B" ACC
proceedings. See "Track A Order" in Note 5 of Notes to Condensed Consolidated
Financial Statements of the Pinnacle West Capital Corporation Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2002. On October 25,
2002, the ACC Staff issued its report in the Track B proceeding proposing a
process by which APS would procure power not supplied by its own resources. This
report was subsequently modified at the November hearing on Track B. Under the
ACC Staff's modified proposal, we believe APS would be required to competitively
bid for about 2,500 MW of capacity on peak during 2003, increasing to about
3,000 MW in 2006 based on projections of increasing customer loads. On January
30, 2003, an ACC administrative law judge ("ALJ") issued a recommended order on
Track B. The ALJ's recommendation generally adopts the ACC Staff's position. The
parties must file comments on the recommended order no later than February 10,
2003. APS expects to file comments. The ACC has scheduled a special open meeting
on February 21, 2003 to consider this matter.

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 December 31, 2002 and 2001.

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

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

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

                                        2
<PAGE>
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 December 31, 2002 and 2001 and condensed
          consolidated statements of income for the three months, nine months
          and twelve months ended December 31, 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.

                                        3
<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: February 3, 2003                 By: Barbara M. Gomez
                                            ------------------------------------
                                            Barbara M. Gomez
                                            Treasurer

                                        4

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>ex99-1.txt
<DESCRIPTION>QTRLY STAT. SUMMARY COVER PAGE & LIST OF CONTENTS
<TEXT>
                                                                    Exhibit 99.1

                                                           Last Updated 2/3/2003

                       PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

                                LIST OF CONTENTS


                           2002 FOURTH-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>QTRLY STAT. SUMMARY FOR 12/31/2002 AND 2001
<TEXT>
                                                                    Exhibit 99.2

                                                           Last Updated 2/3/2003

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                                             3 MO. ENDED DECEMBER 31              12 MO. ENDED DECEMBER 31
                                                       ----------------------------------    ----------------------------------
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                        $     16    $     39    $    (23)     $    199    $    281    $    (82)
2        Pinnacle West Energy                               (31)          4         (35)          (19)         18         (37)
3        APS Energy Services                                  8          --           8            28         (10)         38
4        SunCor                                              10          --          10            19           3          16
5        El Dorado                                          (37)         --         (37)          (55)         --         (55)
6        Parent Company                                      19          (7)         26            43          35           8
                                                       --------    --------    --------      --------    --------    --------
7            Income Before Accounting Change                (15)         36         (51)          215         327        (112)
8        Cumulative Effect of Change in Accounting -
           Net of Tax                                       (66)         --         (66)          (66)        (15)        (51)
                                                       --------    --------    --------      --------    --------    --------

9            Net Income                                $    (81)   $     36    $   (117)     $    149    $    312    $   (163)
                                                       ========    ========    ========      ========    ========    ========
     EARNINGS PER SHARE
       BY SUBSIDIARY - DILUTED

10       Arizona Public Service                        $   0.19    $   0.46    $  (0.27)     $   2.35    $   3.30    $  (0.95)
11       Pinnacle West Energy                             (0.37)       0.04       (0.41)        (0.23)       0.21       (0.44)
12       APS Energy Services                               0.09          --        0.09          0.33       (0.12)       0.45
13       SunCor                                            0.11        0.01        0.10          0.22        0.04        0.18
14       El Dorado                                        (0.43)         --       (0.43)        (0.65)         --       (0.65)
15       Parent Company                                    0.24       (0.09)       0.33          0.51        0.42        0.09
                                                       --------    --------    --------      --------    --------    --------

16           Income Before Accounting Change              (0.17)       0.42       (0.59)         2.53        3.85       (1.32)

17       Cumulative Effect of Change in Accounting -
           Net of Tax                                     (0.78)         --       (0.78)        (0.77)      (0.17)      (0.60)
                                                       --------    --------    --------      --------    --------    --------

18           Net Income                                $  (0.95)   $   0.42    $  (1.37)     $   1.76    $   3.68    $  (1.92)
                                                       ========    ========    ========      ========    ========    ========

19   BOOK VALUE PER SHARE                              $  29.40    $  29.46    $  (0.06)     $  29.40    $  29.46    $  (0.06)

     COMMON SHARES OUTSTANDING -
       DILUTED (THOUSANDS)
20       Average                                         85,302      84,824         478        84,964      84,930          34
21       End of Period                                   91,255      84,724       6,531        91,255      84,724       6,531
</TABLE>

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                                                   3 MO. ENDED DECEMBER 31             12 MO. ENDED DECEMBER 31
                                                             ----------------------------------   ----------------------------------
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                                         $    172    $    180    $     (8)    $    906    $    915    $     (9)
23       Business                                                 212         219          (7)         928         952         (24)
                                                             --------    --------    --------     --------    --------    --------
24           Total retail                                         384         399         (15)       1,834       1,867         (33)
                                                             --------    --------    --------     --------    --------    --------
     Wholesale revenue on delivered electricity
25       Traditional contracts                                      3           2           1            9          73         (64)
26       Retail load hedge management                              11          27         (16)         123         578        (455)
         Marketing and trading -- delivered                                    --
27           Generation sales other than native load               32           6          26           50         148         (98)
28           Realized margins on electricity trading                3          38         (35)          49          62         (13)
29           Other delivered electricity (a)                       81          29          52          207         329        (122)
                                                             --------    --------    --------     --------    --------    --------
30           Total delivered marketing and trading                116          73          43          306         539        (233)
                                                             --------    --------    --------     --------    --------    --------
31       Total delivered wholesale electricity                    130         102          28          438       1,190        (752)
                                                             --------    --------    --------     --------    --------    --------
     Other marketing and trading
32       Realized margins on delivered commodities
            other than electricity (a)                              6           4           2            8         (14)         22
33       Prior period mark-to-market (gains) losses on
            contracts delivered during current period (a)          (8)        (51)         43          (40)         (1)        (39)
34       Change in mark-to-market for future-period
           deliveries                                              (1)         (9)          8           52         127         (75)
                                                             --------    --------    --------     --------    --------    --------
35       Total other marketing and trading                         (3)        (56)         53           20         112         (92)
                                                             --------    --------    --------     --------    --------    --------
36   Transmission for others                                       12           8           4           30          26           4
37   Other miscellaneous services                                   7           1           6           17          18          (1)
                                                             --------    --------    --------     --------    --------    --------
38           Total electric operating revenues               $    530    $    454    $     76     $  2,339    $  3,213    $   (874)
                                                             ========    ========    ========     ========    ========    ========
     ELECTRIC SALES (GWH)

     Retail sales
39       Residential                                            2,056       2,149         (93)      10,444      10,335         109
40       Business                                               3,036       3,071         (35)      12,917      13,064        (147)
                                                             --------    --------    --------     --------    --------    --------
41           Total retail                                       5,092       5,220        (128)      23,361      23,399         (38)
                                                             --------    --------    --------     --------    --------    --------
     Wholesale electricity delivered
42       Traditional contracts                                    140          83          57          474       1,213        (739)
43       Retail load hedge management                             296         382         (86)       2,642       3,040        (398)
         Marketing and trading -- delivered
44           Generation sales other than native load            1,051         256         795        1,791       1,388         403
45           Electricity trading                                4,312       3,828         484       16,925      12,031       4,894
46           Other delivered electricity                        1,733         746         987        4,139       2,582       1,557
                                                             --------    --------    --------     --------    --------    --------
47           Total delivered marketing and trading              7,096       4,830       2,266       22,855      16,001       6,854
                                                             --------    --------    --------     --------    --------    --------
48       Total delivered wholesale electricity                  7,532       5,295       2,237       25,971      20,254       5,717
                                                             --------    --------    --------     --------    --------    --------
49           Total electric sales                              12,624      10,515       2,109       49,332      43,653       5,679
                                                             ========    ========    ========     ========    ========    ========
</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 gain of $8 million was transferred to "realized" for the
     fourth quarter of 2002. Lines 28 and 32 include amounts totaling $9 million
     of realized revenues for the fourth quarter of 2002.

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                                                      3 MO. ENDED DECEMBER 31           12 MO. ENDED DECEMBER 31
                                                                  -------------------------------    -------------------------------
Line                                                               2002       2001    INCR (DECR)      2002      2001    INCR (DECR)
                                                                  -------    -------  -----------    -------    -------  -----------
<S>                                                               <C>        <C>      <C>            <C>        <C>      <C>
     MARKETING AND TRADING SEGMENT
         PRETAX GROSS MARGIN ANALYSIS
         (DOLLARS IN MILLIONS)

     REALIZED AND MARK-TO-MARKET COMPONENTS
     Current Period Effects
         Realized margin on delivered commodities
             Electricity
50              Generation sales other than native load           $     9    $     3    $     6      $    14    $    80    $   (66)
51              Other electricity marketing and trading (a)            23         56        (33)          99        117        (18)
                                                                  -------    -------    -------      -------    -------    -------
52              Total electricity                                      32         59        (27)         113        197        (84)
53           Other commodities (a)                                      6          4          2            8        (14)        22
                                                                  -------    -------    -------      -------    -------    -------
54           Total realized margin                                     38         63        (25)         121        183        (62)
                                                                  -------    -------    -------      -------    -------    -------
         Prior-period mark-to-market (gains) losses on contracts
            delivered during current period
55           Electricity (a)                                           (4)       (38)        34          (30)       (11)       (19)
56           Other commodities (a)                                     (4)        (4)        --          (11)        25        (36)
             Charge related to trading activities with Enron
57              and its affiliates                                     --         (8)         8           --         (8)         8
                                                                  -------    -------    -------      -------    -------    -------
58           Subtotal                                                  (8)       (50)        42          (41)         6        (47)
                                                                  -------    -------    -------      -------    -------    -------
59       Total current period effects (b)                              30         13         17           80        189       (109)
                                                                  -------    -------    -------      -------    -------    -------
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
61       Electricity                                                    6         (2)         8           63        146        (83)
62       Other commodities                                             (7)        (7)        --          (11)       (18)         7
                                                                  -------    -------    -------      -------    -------    -------
63       Subtotal                                                      (1)        (9)         8           52        128        (76)
                                                                  -------    -------    -------      -------    -------    -------
64   Total gross margin                                           $    29    $     4    $    25      $   132    $   317    $  (185)
                                                                  =======    =======    =======      =======    =======    =======
</TABLE>

     FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

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

     ----------
     (a)  The net effect on pretax gross margin from realization of prior-period
          mark-to-market included in line 59 and in line 64 is zero. Realization
          of prior-period mark-to-market relates to cash flow recognition, not
          earnings recognition. The arithmetic opposites of amounts included in
          line 55 are included in line 51. The opposites of amounts included in
          line 56 are included in line 53. For example, line 55 shows that a
          prior-period mark-to-market gain of $4 million was transferred to
          "realized" for the fourth quarter of 2002. A $4 million realized gain
          is included in the $23 million on line 51 for the fourth quarter of
          2002.
     (b)  Quarterly amounts do not total to the annual amounts because of
          intra-year mark-to-market eliminations.

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                                           3 MO. ENDED DECEMBER 31              12 MO. ENDED DECEMBER 31
                                                     ----------------------------------    ----------------------------------
Line                                                   2002        2001     INCR (DECR)      2002        2001     INCR (DECR)
                                                     --------    --------   -----------    --------    --------   -----------
<S>                                                  <C>         <C>        <C>            <C>         <C>        <C>
     MARKETING AND TRADING SEGMENT
         PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
         (DOLLARS IN MILLIONS)

     BY COMMODITY SOLD OR TRADED

65   Electricity                                     $     34    $     15    $     19      $    147    $    328    $   (181)
66   Natural gas                                           (5)         (3)         (2)           (6)         (8)          2
67   Coal                                                  --          (6)          6            (2)          7          (9)
68   Emission allowances                                   --          (2)          2            (7)        (10)          3
69   Other                                                 --          --          --            --          --          --
                                                     --------    --------    --------      --------    --------    --------
70       Total Gross Margin                          $     29    $      4    $     25      $    132    $    317    $   (185)
                                                     ========    ========    ========      ========    ========    ========
     BY PINNACLE WEST ENTITY

     Parent company marketing and trading division
71       Generation sales other than native load     $      5    $     --    $      5      $      8    $     --    $      8
72       Other marketing and trading                        9          (6)         15            82          78           4
     APS
73       Generation sales other than native load           --           3          (3)            2          79         (77)
74       Other marketing and trading                       --           3          (3)           --         156        (156)
     Pinnacle West Energy
75       Generation sales other than native load            4          --           4             4          --           4
76       Other marketing and trading                       --          --          --            --          --          --
     APS ES
77       Other marketing and trading                       11           4           7            36           4          32
                                                     --------    --------    --------      --------    --------    --------
78   Total gross margin before income taxes          $     29    $      4    $     25      $    132    $    317    $   (185)
                                                     --------    --------    --------      --------    --------    --------
</TABLE>

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                                3 MO. ENDED DECEMBER 31              12 MO. ENDED DECEMBER 31
                                          ----------------------------------    ----------------------------------
Line                                        2002        2001     INCR (DECR)      2002        2001     INCR (DECR)
                                          --------    --------   -----------    --------    --------   -----------
<S>                                       <C>         <C>        <C>            <C>         <C>        <C>
     AVERAGE ELECTRIC CUSTOMERS

     Retail customers
79       Residential                       811,930     786,382      25,548       801,801     776,339      25,462
80       Business                          101,177      98,631       2,546       100,228      98,198       2,030
                                          --------    --------    --------      --------    --------    --------
81           Total                         913,107     885,013      28,094       902,029     874,537      27,492
82   Wholesale customers                        67          66           1            67          66           1
                                          --------    --------    --------      --------    --------    --------
83           Total customers               913,174     885,079      28,095       902,096     874,603      27,493
                                          ========    ========    ========      ========    ========    ========

84   Customer Growth (% over prior year)       3.2%        3.2%        0.0%          3.1%        3.7%       (0.5)%


     RETAIL SALES (GWH) -
        WEATHER NORMALIZED

85   Residential                             2,123       2,129          (6)       10,276       9,677         599
86   Business                                3,015       3,013           2        12,856      12,777          79
                                          --------    --------    --------      --------    --------    --------
87           Total                           5,138       5,142          (4)       23,132      22,454         678
                                          ========    ========    ========      ========    ========    ========
     RETAIL USAGE
         (KWH/AVERAGE CUSTOMER)

88   Residential                             2,532       2,733        (201)       13,025      13,312        (287)
89   Business                               30,011      31,136      (1,125)      128,885     133,037      (4,152)

     RETAIL USAGE -
          WEATHER NORMALIZED
         (KWH/AVERAGE CUSTOMER)

90   Residential                             2,615       2,707         (92)       12,817      12,465         352
91   Business                               29,797      30,548        (751)      128,269     130,115      (1,846)

     ELECTRICITY DEMAND (MW)

92   System peak demand                      3,828       3,898         (70)        5,803       5,687         116
</TABLE>

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                                                 3 MO. ENDED DECEMBER 31               12 MO. ENDED DECEMBER 31
                                                           -----------------------------------    ----------------------------------
Line                                                         2002         2001     INCR (DECR)      2002        2001     INCR (DECR)
                                                           --------     --------   -----------    --------    --------   -----------
<S>                                                        <C>          <C>        <C>            <C>         <C>        <C>
     ENERGY SOURCES (GWH)

     Generation production
93       Nuclear                                              2,094        1,818         276         8,980       8,384         596
94       Coal                                                 3,183        3,203         (20)       12,056      12,572        (516)
95       Gas, oil and other                                   1,455          583         872         4,003       4,003          --
                                                           --------     --------    --------      --------    --------    --------
96           Total                                            6,732        5,604       1,128        25,039      24,959          80
                                                           --------     --------    --------      --------    --------    --------
     Purchased power
97       Firm load                                             (157)         212        (369)        1,619       2,961      (1,342)
98       Marketing and trading                                6,340        4,955       1,385        23,704      17,653       6,051
                                                           --------     --------    --------      --------    --------    --------
99           Total                                            6,183        5,167       1,016        25,323      20,614       4,709
                                                           --------     --------    --------      --------    --------    --------
100          Total energy sources                            12,915       10,771       2,144        50,362      45,573       4,789
                                                           ========     ========    ========      ========    ========    ========
     POWER PLANT PERFORMANCE

     Capacity Factors
101      Nuclear                                                 87%          76%         11%           94%         88%          6%
102      Coal                                                    84%          85%         (1)%          80%         84%         (4)%
103      Gas, oil and other                                      29%          20%          9%           27%         37%        (10)%
104      System average                                          60%          62%         (2)%          63%         70%         (7)%

     Generation Capacity Out of Service and Replaced for
     Native Load (average MW/day)
105      Nuclear                                                129          246        (117)           67         127         (60)
106      Coal                                                   116           90          26           167         167          --
107      Gas                                                     54           16          38            48          32          16
108          Total                                              299          352         (53)          282         326         (44)

109  Generation Fuel Cost ($/MWh)                          $  13.05     $  12.51    $   0.54      $  13.01    $  16.22    $  (3.21)
</TABLE>

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        PINNACLE WEST CAPITAL CORPORATION

                   QUARTERLY CONSOLIDATED STATISTICAL SUMMARY
                    PERIODS ENDED DECEMBER 31, 2002 AND 2001

<TABLE>
<CAPTION>
                                                             3 MO. ENDED DECEMBER 31                12 MO. ENDED DECEMBER 31
                                                      ------------------------------------    -----------------------------------
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
110          Palo Verde                               $  36.18     $  26.89     $   9.29      $  32.28     $ 118.41    $ (86.13)
111          SP15                                     $  41.35     $  28.38     $  12.97      $  34.22     $ 119.99    $ (85.77)
         Off-Peak
112          Palo Verde                               $  25.09     $  18.33     $   6.76      $  19.89     $  61.57    $ (41.68)
113          SP15                                     $  28.52     $  20.41     $   8.11      $  21.69     $  73.48    $ (51.79)


     WEATHER INDICATORS

     Actual
114      Cooling degree-days                               398          620         (222)        4,875        5,122        (247)
115      Heating degree-days                               328          460         (132)          800        1,160        (360)
116      Average humidity                                   38%          39%          (1) %         27%          36%         (9)%
     10-Year Averages
117      Cooling degree-days                               398          398           --         4,381        4,381          --
118      Heating degree-days                               435          435           --         1,026        1,026          --
119      Average humidity                                   40%          40%           0%           36%          36%          0%


     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b)
120      Single-family                                   8,250        6,240        2,010        33,955       32,455       1,500
121      Multi-family                                    1,327          717          610         6,577        8,969      (2,392)
                                                      --------     --------     --------      --------     --------    --------
122          Total                                       9,577        6,957        2,620        40,532       41,424        (892)
                                                      ========     ========     ========      ========     ========    ========
     Arizona Job Growth  (c)
123      Payroll job growth (% over prior year)            0.0%        (0.9)%        0.9%         (0.8)%        0.9%       (1.7)%
124      Unemployment rate (%, seasonally adjusted)        5.7%         5.4%         0.3%          5.8%         4.5%        1.3%
</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.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>ex99-3.txt
<DESCRIPTION>CONSOLIDATED STATS BY QTR FOR 2002
<TEXT>
                                                                    Exhibit 99.3

                                                           Last Updated 2/3/2003

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

7            Income Before Accounting Change                 54         75         101         (15)          215            (112)

8        Cumulative Effect of Change in Accounting -
            Net of Tax                                       --         --          --         (66)          (66)            (51)
                                                       --------   --------    --------    --------      --------        --------

9            Net Income                                $     54   $     75    $    101    $    (81)     $    149        $   (163)
                                                       ========   ========    ========    ========      ========        ========
     EARNINGS PER SHARE
       BY SUBSIDIARY - DILUTED

10       Arizona Public Service                        $   0.37   $   0.76    $   1.02    $   0.19      $   2.35        $  (0.95)
11       Pinnacle West Energy                              0.01       0.01        0.12       (0.37)        (0.23)          (0.44)
12       APS Energy Services                               0.03       0.13        0.08        0.09          0.33            0.45
13       SunCor                                            0.02       0.10       (0.01)       0.11          0.22            0.18
14       El Dorado                                           --      (0.04)      (0.18)      (0.43)        (0.65)          (0.65)
15       Parent Company                                    0.20      (0.07)       0.16        0.24          0.51            0.09
                                                       --------   --------    --------    --------      --------        --------

16           Income Before Accounting Change               0.63       0.89        1.19       (0.17)         2.53           (1.32)

17       Cumulative Effect of Change in Accounting -
            Net of Tax                                       --         --          --       (0.78)        (0.77)          (0.60)
                                                       --------   --------    --------    --------      --------        --------

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

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

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

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        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   $    172      $    906       $     (9)
23       Business                                               195        251        270        212           928            (24)
                                                           --------   --------   --------   --------      --------       --------
24           Total retail                                       366        477        607        384         1,834            (33)
                                                           --------   --------   --------   --------      --------       --------
     Wholesale revenue on delivered electricity
25       Traditional contracts                                    2          1          3          3             9            (64)
26       Retail load hedge management                             2         11         99         11           123           (455)
         Marketing and trading -- delivered
27           Generation sales other than native load              8          2          8         32            50            (98)
28           Realized margins on electricity trading             27         14          5          3            49            (13)
29           Other delivered electricity (a)                     34         39         53         81           207           (122)
                                                           --------   --------   --------   --------      --------       --------
30           Total delivered marketing and trading               69         55         65        116           306           (233)
                                                           --------   --------   --------   --------      --------       --------
31       Total delivered wholesale electricity                   73         67        167        130           438           (752)
                                                           --------   --------   --------   --------      --------       --------
     Other marketing and trading
32       Realized margins on delivered commodities
            other than electricity (a)                            4          1         (3)         6             8             22
33       Prior period mark-to-market (gains) losses on
            contracts delivered during current period (a)       (22)        (8)         3         (8)          (40)           (39)
34       Change in mark-to-market for future-period
            deliveries                                           25          1         22         (1)           52            (75)
                                                           --------   --------   --------   --------      --------       --------
35       Total other marketing and trading                        7         (6)        22         (3)           20            (92)
                                                           --------   --------   --------   --------      --------       --------
36   Transmission for others                                      6          6          6         12            30              4
37   Other miscellaneous services                                 4          2          4          7            17             (1)
                                                           --------   --------   --------   --------      --------       --------
38           Total electric operating revenues             $    456   $    546   $    806   $    530      $  2,339       $   (874)
                                                           ========   ========   ========   ========      ========       ========
     ELECTRIC SALES (GWH)

     Retail sales
39       Residential                                          2,141      2,441      3,806      2,056        10,444            109
40       Business                                             2,771      3,429      3,681      3,036        12,917           (147)
                                                           --------   --------   --------   --------      --------       --------
41           Total retail                                     4,912      5,870      7,487      5,092        23,361            (38)
                                                           --------   --------   --------   --------      --------       --------
     Wholesale electricity delivered
42       Traditional contracts                                   71        121        142        140           474           (739)
43       Retail load hedge management                           158        230      1,958        296         2,642           (398)
         Marketing and trading -- delivered
44           Generation sales other than native load            376         73        291      1,051         1,791            403
45           Electricity trading                              3,109      3,596      5,908      4,312        16,925          4,894
46           Other delivered electricity                        727        774        905      1,733         4,139          1,557
                                                           --------   --------   --------   --------      --------       --------
47           Total delivered marketing and trading            4,212      4,443      7,104      7,096        22,855          6,854
                                                           --------   --------   --------   --------      --------       --------
48       Total delivered wholesale electricity                4,441      4,794      9,204      7,532        25,971          5,717
                                                           --------   --------   --------   --------      --------       --------
49           Total electric sales                             9,353     10,664     16,691     12,624        49,332          5,679
                                                           ========   ========   ========   ========      ========       ========
</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 gain of $8 million was transferred
          to "realized" for the fourth quarter of 2002. Lines 28 and 32 include
          amounts totaling $9 million of realized revenues for the fourth
          quarter of 2002.

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
         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   $     9       $    14       $   (66)
51                Other electricity marketing and trading (a)        33        24        19        23            99           (18)
                                                                -------   -------   -------   -------       -------       -------
52                Total electricity                                  35        24        22        32           113           (84)
53           Other commodities (a)                                    4         1        (3)        6             8            22
                                                                -------   -------   -------   -------       -------       -------
54           Total realized margin                                   39        25        19        38           121           (62)
                                                                -------   -------   -------   -------       -------       -------
         Prior-period mark-to-market (gains) losses on
            contracts delivered during current period
55           Electricity (a)                                        (26)       (9)       (4)       (4)          (30)          (19)
56           Other commodities (a)                                   (6)       --         6        (4)          (11)          (36)
57           Charge related to trading activities with
                Enron and its affiliates                             --        --        --        --            --             8
                                                                -------   -------   -------   -------       -------       -------
58           Subtotal                                               (32)       (9)        2        (8)          (41)          (47)
                                                                -------   -------   -------   -------       -------       -------
59       Total current period effects (b)                             7        16        21        30            80          (109)
                                                                -------   -------   -------   -------       -------       -------
     Change in mark-to-market gains (losses) for
        future period deliveries (b)
61       Electricity                                                 34        10        25         6            63           (83)
62       Other commodities                                           (2)       (7)       (2)       (7)          (11)            7
                                                                -------   -------   -------   -------       -------       -------
63       Total future period effects                                 32         3        23        (1)           52           (76)
                                                                -------   -------   -------   -------       -------       -------
64   Total gross margin                                         $    40   $    19   $    44   $    29       $   132       $  (185)
                                                                =======   =======   =======   =======       =======       =======
</TABLE>

     FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

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

     ----------
     (a)  The net effect on pretax gross margin from realization of prior-period
          mark-to-market included in line 59 and in line 64 is zero. Realization
          of prior-period mark-to-market relates to cash flow recognition, not
          earnings recognition. The arithmetic opposites of amounts included in
          line 55 are included in line 51. The opposites of amounts included in
          line 56 are included in line 53. For example, line 55 shows that a
          prior-period mark-to-market gain of $4 million was transferred to
          "realized" for the fourth quarter of 2002. A $4 million realized gain
          is included in the $23 million on line 51 for the fourth quarter of
          2002.
     (b)  Quarterly amounts do not total to the annual amounts because of
          intra-year mark-to-market eliminations.

See Glosssary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
         PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
         (DOLLARS IN MILLIONS)

     BY COMMODITY SOLD OR TRADED

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

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

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

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

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

     RETAIL SALES (GWH) -
        WEATHER NORMALIZED

85   Residential                             2,164        2,387        3,602        2,123        10,276             599
86   Business                                2,774        3,392        3,675        3,015        12,856              79
                                          --------     --------     --------     --------      --------        --------
87           Total                           4,938        5,779        7,277        5,138        23,132             678
                                          ========     ========     ========     ========      ========        ========
     RETAIL USAGE
         (KWH/AVERAGE CUSTOMER)

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

     RETAIL USAGE -
          WEATHER NORMALIZED
         (KWH/AVERAGE CUSTOMER)

90   Residential                             2,702        3,000        4,510        2,615        12,817             352
91   Business                               27,926       33,886       36,638       29,797       128,269          (1,846)

     ELECTRICITY DEMAND (MW)

92   System peak demand                      3,921        5,425        5,803        3,828         5,803             116
</TABLE>

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        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
93       Nuclear                                             2,257       2,242       2,387       2,094        8,980           596
94       Coal                                                2,890       2,703       3,280       3,183       12,056          (516)
95       Gas, oil and other                                    337         564       1,647       1,455        4,003            --
                                                           -------     -------     -------     -------      -------       -------
96           Total                                           5,484       5,509       7,314       6,732       25,039            80
                                                           -------     -------     -------     -------      -------       -------
     Purchased power
97       Firm load                                             429         846         859        (157)       1,619        (1,342)
98       Marketing and trading                               3,993       4,599       8,771       6,340       23,704         6,051
                                                           -------     -------     -------     -------      -------       -------
99           Total                                           4,422       5,445       9,630       6,183       25,323         4,709
                                                           -------     -------     -------     -------      -------       -------
100          Total energy sources                            9,906      10,954      16,944      12,915       50,362         4,789
                                                           =======     =======     =======     =======      =======       =======
     POWER PLANT PERFORMANCE

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

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

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

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

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

     WEATHER INDICATORS

     Actual
114      Cooling degree-days                                89       1,741       2,647         398        4,875           (247)
115      Heating degree-days                               472          --          --         328          800           (360)
116      Average humidity                                   28%         16%         27%         38%          27%            (9)%
     10-Year Averages
117      Cooling degree-days                                71       1,458       2,454         398        4,381             --
118      Heating degree-days                               556          35          --         435        1,026             --
119      Average humidity                                   45%         25%         34%         40%          36%             0%


     ECONOMIC INDICATORS

     Building Permits -- Metro Phoenix (b)
120      Single-family                                   7,514       6,456       6,062       8,250       33,955          1,500
121      Multi-family                                      985         662       1,045       1,327        6,577         (2,392)
                                                      --------    --------    --------    --------     --------       --------
122          Total                                       8,499       7,118       7,107       9,577       40,532           (892)
                                                      ========    ========    ========    ========     ========       ========

     Arizona Job Growth (c)
123      Payroll job growth (% over prior year)           (1.7)%      (1.1)%      (1.0)%       0.0%        (0.8)%         (1.7)%
124      Unemployment rate (%, seasonally adjusted)        5.9%        5.7%        5.9%        5.7%         5.8%           1.3%
</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.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>6
<FILENAME>ex99-4.txt
<DESCRIPTION>CONSOLIDATED STATS BY QTR FOR 2001
<TEXT>
                                                                    Exhibit 99.4

                                                           Last Updated 2/3/2003

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

7            Income Before Accounting Change                 62          67         162          36           327             25

8        Cumulative Effect of Change in Accounting -
            Net of Tax                                       (3)         --         (12)         --           (15)           (15)
                                                       --------    --------    --------    --------      --------       --------

9            Net Income                                $     59    $     67    $    150    $     36      $    312       $     10
                                                       ========    ========    ========    ========      ========       ========
     EARNINGS PER SHARE
       BY SUBSIDIARY - DILUTED

10       Arizona Public Service                        $   0.76    $   0.82    $   1.27    $   0.46      $   3.30       $  (0.31)
11       Pinnacle West Energy                                --        0.02        0.16        0.04          0.21           0.24
12       APS Energy Services                              (0.10)         --       (0.03)         --         (0.12)          0.04
13       SunCor                                            0.01          --        0.03        0.01          0.04          (0.10)
14       El Dorado                                         0.01          --          --          --            --          (0.02)
15       Parent Company                                    0.05       (0.05)       0.49       (0.09)         0.42           0.44
                                                       --------    --------    --------    --------      --------       --------

16           Income Before Accounting Change               0.73        0.79        1.92        0.42          3.85           0.29

17       Cumulative Effect of Change in Accounting -
            Net of Tax                                    (0.03)         --       (0.15)         --         (0.17)         (0.17)
                                                       --------    --------    --------    --------      --------       --------

18           Net Income                                $   0.70    $   0.79    $   1.77    $   0.42      $   3.68       $   0.12
                                                       ========    ========    ========    ========      ========       ========

19   BOOK VALUE PER SHARE                              $  28.83    $  28.17    $  29.37    $  29.46      $  29.46       $   1.37

     COMMON SHARES OUTSTANDING -
       DILUTED (THOUSANDS)
20       Average                                         84,966      85,042      84,909      84,824        84,930             (5)
21       End of Period                                   84,718      84,713      84,663      84,724        84,724              9
</TABLE>

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        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
                                                           --------   --------   --------   --------    --------       --------
35       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      10,335            554
40       Business                                             2,824      3,445      3,724      3,071      13,064            310
                                                           --------   --------   --------   --------    --------       --------
41           Total retail                                     4,945      5,912      7,321      5,220      23,399            864
                                                           --------   --------   --------   --------    --------       --------
     Wholesale electricity delivered
42       Traditional contracts                                  569        598        (37)        83       1,213           (397)
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       2,582           (378)
                                                           --------   --------   --------   --------    --------       --------
47           Total delivered marketing and trading            3,673      3,605      3,893      4,830      16,001          2,288
                                                           --------   --------   --------   --------    --------       --------
48       Total delivered wholesale electricity                4,318      4,939      5,703      5,295      20,254         (1,743)
                                                           --------   --------   --------   --------    --------       --------
49           Total electric sales                             9,263     10,851     13,024     10,515      43,653           (879)
                                                           ========   ========   ========   ========    ========       ========
</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>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
         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
62       Other commodities                                           2        (6)        3        (7)        (18)          (25)
                                                               -------   -------   -------   -------     -------       -------
63       Total future period effects                                47        36       129        (9)        128           114
                                                               -------   -------   -------   -------     -------       -------
64   Total gross margin                                        $   107   $    98   $   108   $     4     $   317       $   191
                                                               =======   =======   =======   =======     =======       =======
</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>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
         PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
         (DOLLARS IN MILLIONS)

     BY COMMODITY SOLD OR TRADED

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

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

See Glossary of Terms.                                             Page 19 of 36
<PAGE>
                                                           Last Updated 2/3/2003

                        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>
     AVERAGE ELECTRIC CUSTOMERS

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

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

     RETAIL SALES (GWH) -
        WEATHER NORMALIZED

85   Residential                             2,037       2,204       3,307       2,129         9,677            207
86   Business                                2,825       3,321       3,618       3,013        12,777            134
                                          --------    --------    --------    --------      --------       --------
87           Total                           4,862       5,525       6,925       5,142        22,454            341
                                          ========    ========    ========    ========      ========       ========
     RETAIL USAGE
         (KWH/AVERAGE CUSTOMER)

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

     RETAIL USAGE -
          WEATHER NORMALIZED
         (KWH/AVERAGE CUSTOMER)

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

     ELECTRICITY DEMAND (MW)

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

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        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>
     ENERGY SOURCES (GWH)

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

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

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

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

See Glossary of Terms.
<PAGE>
                                                           Last Updated 2/3/2003

                        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>
     ENERGY MARKET INDICATORS (a)

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


     WEATHER INDICATORS

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


     ECONOMIC INDICATORS

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

     Arizona Job Growth (c)
123      Payroll job growth (% over prior year)          2.9%        1.4%        0.2%       (0.9)%          0.9%          (3.0)%
124      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.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>7
<FILENAME>ex99-5.txt
<DESCRIPTION>CONSOLIDATED STATS BY QTR FOR 2000
<TEXT>
                                                                    Exhibit 99.5

                                                           Last Updated 2/3/2003

                        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>
                                                           Last Updated 2/3/2003

                        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 margins 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
                                                                  --------      --------     --------      --------      --------
35       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         2,960
                                                                  --------      --------     --------      --------      --------
47            Total delivered marketing and trading                  2,425         2,619        4,901         3,769        13,713
                                                                  --------      --------     --------      --------      --------
48       Total delivered wholesale electricity                       2,988         3,595       10,593         4,822        21,997
                                                                  --------      --------     --------      --------      --------
49            Total electric sales                                   7,601         9,344       17,773         9,815        44,532
                                                                  ========      ========     ========      ========      ========
</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>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
       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         --         --
              Charge related to trading activities with Enron
57               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
62       Other commodities                                               5         (2)         4         (1)         7
                                                                     -----      -----      -----      -----      -----
63       Total future period effects                                     7         25         10        (11)        14
                                                                     -----      -----      -----      -----      -----
64   Total gross margin                                              $   7      $  60      $  29      $  30      $ 126
                                                                     =====      =====      =====      =====      =====
</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>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
       PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
       (DOLLARS IN MILLIONS)

     BY COMMODITY SOLD OR TRADED

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

     BY PINNACLE WEST ENTITY

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

See Glossary of Terms
<PAGE>
                                                           Last Updated 2/3/2003

                        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>
     AVERAGE ELECTRIC CUSTOMERS

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

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

     RETAIL SALES (GWH) -
       WEATHER NORMALIZED

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

     RETAIL USAGE
       (KWH/AVERAGE CUSTOMER)

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

     RETAIL USAGE -
       WEATHER NORMALIZED
       (KWH/AVERAGE CUSTOMER)

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

     ELECTRICITY DEMAND (MW)

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

See Glossary of Terms
<PAGE>
                                                           Last Updated 2/3/2003

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

     POWER PLANT PERFORMANCE

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

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

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

See Glossary of Terms
<PAGE>
                                                           Last Updated 2/3/2003

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


     WEATHER INDICATORS

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


     ECONOMIC INDICATORS

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

     Arizona Job Growth (c)
123      Payroll job growth (% over prior year)            4.4%        4.0%        3.9%        3.4%        3.9%
124      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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>8
<FILENAME>ex99-6.txt
<DESCRIPTION>CONSOLIDATED STATS BY QTR FOR 1999
<TEXT>
                                                                    Exhibit 99.6

                                                           Last Updated 2/3/2003

                        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>
                                                           Last Updated 2/3/2003

                        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 margins 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
                                                                   --------      --------      --------      --------      --------
35       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                                                     2,665         3,239         3,464         2,932        12,300
                                                                   --------      --------      --------      --------      --------
41           Total retail                                             4,461         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           254           171           494         1,267
45           Electricity trading                                      1,286         1,198         2,165         1,029         5,678
46           Other delivered electricity                                902         1,192         2,937         1,664         6,695
                                                                   --------      --------      --------      --------      --------
47           Total delivered marketing and trading                    2,536         2,644         5,273         3,187        13,640
                                                                   --------      --------      --------      --------      --------
48       Total delivered wholesale electricity                        2,845         2,995         6,345         3,508        15,693
                                                                   --------      --------      --------      --------      --------
49           Total electric sales                                     7,306         8,173        12,969         8,320        36,768
                                                                   ========      ========      ========      ========      ========
</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>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
       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
62       Other commodities                                                1           2          --          (4)         (1)
                                                                       ----        ----        ----        ----        ----
63       Total future period effects                                     --           6          (1)         (4)          1
                                                                       ----        ----        ----        ----        ----
64   Total gross margin                                                $  7        $  5        $  2        $  4        $ 18
                                                                       ====        ====        ====        ====        ====
</TABLE>

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

See Glossary of Terms
<PAGE>
                                                           Last Updated 2/3/2003

                        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 SEGMENT
       PRETAX GROSS MARGIN ANALYSIS (CONTINUED)
       (DOLLARS IN MILLIONS)

     BY COMMODITY SOLD OR TRADED

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

     BY PINNACLE WEST ENTITY

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

See Glossary of Terms
<PAGE>
                                                           Last Updated 2/3/2003

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

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

     RETAIL SALES (GWH) -
       WEATHER NORMALIZED

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

     RETAIL USAGE
       (KWH/AVERAGE CUSTOMER)

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

     RETAIL USAGE -
       WEATHER NORMALIZED
       (KWH/AVERAGE CUSTOMER)

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

     ELECTRICITY DEMAND (MW)

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

See Glossary of Terms

<PAGE>
                                                           Last Updated 2/3/2003

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

     POWER PLANT PERFORMANCE

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

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

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

See Glossary of Terms
<PAGE>
                                                           Last Updated 2/3/2003

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


     WEATHER INDICATORS

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

     ECONOMIC INDICATORS

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

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

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

                                                           Last updated 02/03/03

                        PINNACLE WEST CAPITAL CORPORATION
                         EARNINGS VARIANCE EXPLANATIONS
                  FOR PERIODS ENDED DECEMBER 31, 2002 AND 2001

     This discussion explains the changes in our earnings for the three and
twelve month periods ended December 31, 2002 and 2001. Consolidated income
statements for the three and twelve months ended December 31, 2002 and 2001
follow this discussion. We will file our 2002 Annual Report on Form 10-K on or
before March 31, 2003. We suggest this section be read in connection with the
Pinnacle West Capital Corporation Annual Report on Form 10-K for the fiscal year
ended December 31, 2001, Form 8-K dated November 21, 2002 (which includes
certain restated prior year numbers), and the Pinnacle West Capital Corporation
Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2002,
June 30, 2002 and September 30, 2002. We have reclassified certain prior period
amounts to conform to our current period presentation. Additional operating and
financial statistics and a glossary of terms are available on our website
(www.pinnaclewest.com).

EARNINGS CONTRIBUTIONS BY SUBSIDIARY AND BUSINESS SEGMENT

     We have two principal business segments (determined by products, services
and the regulatory environment):

     *    Our regulated electricity segment, which consists of regulated
          traditional retail and wholesale electricity businesses and related
          activities, and includes electricity transmission, distribution, and
          generation; and

     *    Our marketing and trading segment, which consists of our competitive
          business activities, including wholesale marketing and trading and APS
          Energy Services' commodity-related energy services.

     The following tables summarize net income and segment details for the three
and twelve months ended December 31, 2002 and the comparable prior year periods
for Pinnacle West and each of our subsidiaries (dollars in millions):

<TABLE>
<CAPTION>
                                                    REGULATED         MARKETING AND
                                  TOTAL            ELECTRICITY           TRADING             OTHER (d)
THREE MONTHS ENDED           ----------------    ----------------    ----------------    ----------------
DECEMBER 31,                  2002      2001      2002      2001      2002      2001      2002      2001
------------                 ------    ------    ------    ------    ------    ------    ------    ------
<S>                          <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
Arizona Public Service (a)   $   16    $   39    $   16    $   37    $   --    $    2    $   --    $   --
Pinnacle West Energy (a)        (31)        4       (33)        4         2        --        --        --
APS Energy Services (e)           8        --        --        --         5        --         3        --
SunCor                           10        --        --        --        --        --        10        --
El Dorado (e)                   (37)       --        --        --        --        --       (37)       --
Parent company                   19        (7)        2        --         2        (7)       15        --
                             ------    ------    ------    ------    ------    ------    ------    ------
Income/(Loss) before
  accounting change             (15)       36       (15)       41         9        (5)       (9)       --
Cumulative effect of a
  change in accounting -
  net of income taxes (c)       (66)       --        --        --       (66)       --        --        --
                             ------    ------    ------    ------    ------    ------    ------    ------
Net Income/(Loss)            $  (81)   $   36    $  (15)   $   41    $  (57)   $   (5)   $   (9)   $   --
                             ======    ======    ======    ======    ======    ======    ======    ======
</TABLE>
<PAGE>
                                                           Last updated 02/03/03

<TABLE>
<CAPTION>
                                                    REGULATED         MARKETING AND
                                  TOTAL            ELECTRICITY           TRADING             OTHER (d)
TWELVE MONTHS ENDED          ----------------    ----------------    ----------------    ----------------
DECEMBER 31,                  2002      2001      2002      2001      2002      2001      2002      2001
------------                 ------    ------    ------    ------    ------    ------    ------    ------
<S>                          <C>       <C>       <C>       <C>       <C>       <C>       <C>       <C>
Arizona Public Service (a)   $  199    $  281    $  198    $  139    $    1    $  142    $   --    $   --
Pinnacle West Energy (a)        (19)       18       (21)       18         2        --        --        --
APS Energy Services (e)          28       (10)       --        --        23       (11)        5         1
SunCor                           19         3        --        --        --        --        19         3
El Dorado (e)                   (55)       --        --        --        --        --       (55)       --
Parent company                   43        35        (7)       (5)       32        40        18        --
                             ------    ------    ------    ------    ------    ------    ------    ------
Income/(Loss) before
  accounting change             215       327       170       152        58       171       (13)        4
Cumulative effect of a
  change in accounting -
  net of income taxes
  (b)(c)                        (66)      (15)       --       (15)      (66)       --        --        --
                             ------    ------    ------    ------    ------    ------    ------    ------
Net Income/(Loss)            $  149    $  312    $  170    $  137    $   (8)   $  171    $  (13)   $    4
                             ======    ======    ======    ======    ======    ======    ======    ======
</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 a $15 million after-tax loss in 2001 for the cumulative
          effect of a change in accounting for derivatives related to the
          adoption of Statement of Financial Accounting Standards (SFAS) No.
          133, "Accounting for Derivative Instruments and Hedging Activities."

     (c)  We recorded a $66 million after-tax loss in 2002 for the cumulative
          effect of a change in accounting for trading activities, for the early
          adoption of Emerging Issues Task Force (EITF) Issue No. 02-3
          "Accounting for Contracts Involved in Energy Trading and Risk
          Management Activities" as of October 1, 2002.

     (d)  Primarily includes activities related to SunCor and El Dorado.

     (e)  APS Energy Services and El Dorado's net income are primarily reported
          before income taxes, in accordance with generally accepted accounting
          principles. The income tax expense or benefit for these subsidiaries
          is recorded at the parent company.

                                        2
<PAGE>
                                                           Last updated 02/03/03

EARNINGS VARIANCE EXPLANATIONS

     Throughout these explanations, we refer to "gross margin." With respect to
our regulated electricity segment and marketing and trading segment, gross
margin refers to electric operating revenues less purchased power and fuel
costs. Real estate gross margin refers to real estate revenues less real estate
operations costs of SunCor. 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 in our financial
statements in July 2002 (see further discussions in "NAC International Inc.
Losses" below). Other gross margin also includes amounts related to APS Energy
Services' energy consulting services.

     OPERATING RESULTS - THREE-MONTH PERIOD ENDED DECEMBER 31, 2002 COMPARED
     WITH THREE-MONTH PERIOD ENDED DECEMBER 31, 2001

     Our consolidated net loss for the three months ended December 31, 2002 was
$81 million compared with net income of $36 million for the same period in the
prior year. We recognized a $66 million after-tax loss in the three months ended
December 31, 2002 for the cumulative effect of a change in accounting for
trading activities as a result of our adoption of EITF 02-3 as of October 1,
2002.

     Our consolidated loss before accounting change for the three months ended
December 31, 2002 was $15 million compared with income before accounting change
of $36 million for the same period in the prior year. The period-to-period
decrease was primarily the result of a $49 million pretax write-off related to
the cancellation of Pinnacle West Energy's Redhawk Units 3 and 4, of which $47
million was recorded in operations and maintenance expense and $2 million was
recorded in capitalized interest, pretax losses of $38 million at El Dorado
primarily related to its subsidiary, NAC, in the fourth quarter of 2002 (see
further discussion in "NAC International Inc. Losses" below) and pretax
severance costs of $11 million recorded in the fourth quarter of 2002 related to
a voluntary workforce reduction. The regulated electricity comparison was
negatively impacted by higher costs for purchased power and gas, weather impacts
and a 1.5% electric retail price reduction that took effect July 1, 2002. These
factors were offset by lower replacement power costs for power plant outages,
higher earnings contributions from our marketing and trading activities and
customer growth of 3.2% for the fourth quarter of 2002.

                                        3
<PAGE>
                                                           Last updated 02/03/03

     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 generation sales other than native load due to higher
       sales volumes                                                             $      6
     Lower realized wholesale margins net of related mark-to-market
       reversals due to lower prices and volumes                                      (12)
     Higher competitive retail sales in California by APS Energy Services               7
     2001 write-off of prior period mark-to-market value related to trading
       with Enron and its affiliates                                                    8
     Lower mark-to-market reversals due to the adoption of EITF 02-3                    8
     Higher electricity mark-to-market gains for future delivery primarily as
       a result of increased activity                                                   8
                                                                                 --------
          Net increase in marketing and trading segment gross margin                   25
                                                                                 --------
Regulated electricity segment gross margin:
     Increased purchased power and fuel costs due to higher hedged gas
       and power prices partially offset by improved hedge management,
       net of mark-to-market reversals                                                (16)
     Effects of weather on retail sales                                                (6)
     Retail price reduction effective July 1, 2002                                     (6)
     2001 charges related to purchased power contracts with Enron
       and its affiliates                                                              13
     Lower replacement power costs from plant outages due to lower
       market prices and fewer unplanned outages                                        4
     Higher retail sales volumes due to customer growth, partially
       offset by lower average usage, excluding weather effects                         1
     Miscellaneous factors, net                                                        11
                                                                                 --------
          Net increase in regulated electricity segment gross margin                    1
                                                                                 --------
Net increase in regulated electricity and marketing and trading segments'
  gross margins                                                                        26
Higher real estate gross margin primary due to increased sales activities               5
Lower other gross margin primarily related to losses recorded on El Dorado's
  investment in NAC                                                                   (32)
Higher operations and maintenance expense related to a $47 million
  write-off of Redhawk Units 3 and 4, 2002 severance costs of $11
  million and other costs                                                             (72)
Higher depreciation and amortization primarily due to higher depreciation on
  higher plant balances, partially offset by lower regulatory asset
  amortization                                                                         (5)
Higher taxes other than income taxes                                                   (6)
Lower other expenses                                                                    7
Higher net interest expense primarily due to lower capitalized interest                (8)
Miscellaneous items, net                                                               (3)
                                                                                 --------
     Decrease in income before income taxes                                           (88)
Lower income taxes primarily due to lower pretax income                                37
                                                                                 --------
     Decrease in income before accounting change                                 $    (51)
                                                                                 ========
</TABLE>

                                        4
<PAGE>
                                                           Last updated 02/03/03

MARKETING AND TRADING SEGMENT GROSS MARGIN

     Marketing and trading segment revenues were $96 million higher in the
three-month period ended December 31, 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 ($26 million);
     *    higher realized wholesale revenues net of related mark-to-market
          reversals due to higher volumes ($20 million);
     *    increased revenues from higher competitive retail sales in California
          by APS Energy Services ($26 million);
     *    2001 write-off of prior period mark-to-market value related to trading
          with Enron and its affiliates ($8 million increase);
     *    higher revenues related to the adoption of EITF 02-3 ($8 million); and
     *    higher electricity mark-to-market gains for future delivery primarily
          as a result of increased activity ($8 million).

     Marketing and trading segment purchased power and fuel costs were $71
million higher in the three-month period ended December 31, 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 natural gas prices and higher sales
          volumes ($20 million);
     *    increased purchased power costs related to other realized marketing
          activities in the current period primarily due to higher purchased
          power prices and higher sales volumes, net of mark-to-market reversals
          ($32 million);
     *    increased purchased power costs related to higher competitive retail
          sales in California by APS Energy Services ($19 million).

REGULATED ELECTRICITY SEGMENT GROSS MARGIN

     Revenues related to our regulated retail and wholesale electricity
businesses were $20 million lower in the three-month period ended December 31,
2002, compared with the same period in the prior year as a result of:

     *    decreased revenues related to wholesale sales for retail native load
          hedge management, as a result of lower prices ($16 million);
     *    decreased retail revenues related to milder weather ($9 million);
     *    decreased retail revenues related to a reduction in retail electricity
          prices ($6 million);
     *    increased retail revenues related to customer growth partially offset
          by lower average usage, excluding weather effects ($1 million); and
     *    other miscellaneous factors ($10 million net increase).

     Regulated electricity segment purchased power and fuel costs were $21
million lower in the three-month period ended December 31, 2002, compared with
the same period in the prior year as a result of:

     *    increased costs related to higher hedged natural gas and purchased
          power prices, net of mark-to-market reversals ($26 million);

                                        5
<PAGE>
                                                           Last updated 02/03/03

     *    decreased purchased power costs related to wholesale sales for retail
          load hedge management as a result of lower prices ($26 million);
     *    decreased costs related to the effects of milder weather on retail
          sales ($3 million);
     *    2001 charges related to purchased power contracts with Enron and its
          affiliates ($13 million decrease);
     *    decreased replacement power costs for power plant outages due to lower
          market prices and fewer unplanned nuclear and coal plant outages ($4
          million); and
     *    other miscellaneous factors ($1 million net decrease).

     The increase in real estate gross margin of $5 million was primarily due to
increased sales activities.

     The decrease in other gross margin of $32 million was primarily due to
losses on El Dorado's investment in NAC (see further discussion in NAC
International Inc. Losses below).

     The increase in operations and maintenance expense of $72 million was due
to a $47 million write-off related to the cancellation of Redhawk Units 3 and 4,
severance costs of $11 million related to a 2002 voluntary workforce reduction
and other costs of $14 million.

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

     The increase in taxes other than income taxes of $6 million is primarily
due to increased property taxes on higher property balances.

     Other expense decreased $7 million primarily due to lower miscellaneous
non-operating costs.

     Interest expense, net of amounts capitalized, increased $8 million
primarily due to decreased capitalized interest related to our generation
expansion program.

                                        6
<PAGE>
                                                           Last updated 02/03/03

     OPERATING RESULTS - TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2002 COMPARED
     WITH TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2001

     Our consolidated net income for the twelve months ended December 31, 2002
was $149 million compared with $312 million for the same period in the prior
year. We recognized a $66 million after-tax loss in the twelve months ended
December 31, 2002 for the cumulative effect of a change in accounting for
trading activities for the early adoption of EITF 02-3 as of October 1, 2002. We
recognized a $15 million after-tax loss in the twelve months ended December 31,
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 December
31, 2002 was $215 million compared with $327 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, pretax losses of $59
million related to El Dorado's investment in NAC, a $49 million pretax write-off
related to the cancellation of Redhawk Units 3 and 4, of which $47 million was
recorded in operations and maintenance expense and $2 million was recorded in
capitalized interest, and severance costs of approximately $36 million pretax
recorded in the second half of 2002 relating to a voluntary workforce reduction,
partially offset by increased earnings contributions from our regulated
electricity and real estate operations. The regulated electricity comparison was
favorably impacted by lower replacement power costs for power plant outages and
customer growth and higher average usage per customer, partially offset by the
effects of milder weather, retail electricity price decreases and higher costs
for purchased power and gas due to higher hedged gas and power prices. The real
estate results benefited primarily from more sales activities. The comparison
for marketing and trading activities reflects lower liquidity and lower price
volatility in the wholesale power markets in the western United States.

                                        7
<PAGE>
                                                           Last updated 02/03/03

     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 partially offset by higher sales volumes                    $    (66)
     Lower realized wholesale margins net of related mark-to-market
       reversals due to lower prices and volumes                                      (91)
     Higher competitive retail sales in California by APS Energy Services              32
     2001 write-off of prior period mark-to-market value related to trading
       with Enron and its affiliates                                                    8
     Lower mark-to-market reversals due to the adoption of EITF 02-3                    8
     Lower mark-to-market gains for future delivery due to lower market
       liquidity and lower price volatility                                           (76)
                                                                                 --------
          Net decrease in marketing and trading segment gross margin                 (185)
                                                                                 --------
Regulated electricity segment gross margin:
     Lower replacement power costs for plant outages due to lower
       market prices and fewer unplanned outages                                      127
     Increased purchased power and fuel costs due to higher hedged gas
       and power prices, partially offset by improved hedge management,
       net of mark-to-market reversals                                                 (9)
     Higher retail sales volumes due to customer growth and higher
       average usage, excluding weather effects                                        38
     2001 charges related to purchased power contracts with Enron
       and its affiliates                                                              13
     Retail price reductions effective July 1, 2001 and July 1, 2002                  (28)
     Effects of milder weather on retail sales                                        (27)
     Miscellaneous factors, net                                                        (2)
                                                                                 --------
          Net increase in regulated electricity segment gross margin                  112
                                                                                 --------
Net decrease in regulated electricity and marketing and trading segments'
  gross margins                                                                       (73)
Higher real estate gross margin primarily due to increased sales activities            16
Lower other gross margin primarily related to losses recorded on El Dorado's
  investment in NAC                                                                   (44)
Higher operations and maintenance expense related to a $47 million
  write-off of Redhawk Units 3 and 4, 2002 severance costs of
  approximately $36 million, partially offset by lower generation
  reliability costs                                                                   (54)
Higher taxes other than income taxes                                                   (7)
Lower other income primarily due to a 2001 insurance recovery of
  environmental remediation costs                                                     (11)
Higher net interest expense primarily due to higher debt balances and lower
  capitalized interest                                                                (16)
Miscellaneous factors, net                                                              2
                                                                                 --------
     Decrease in income before income taxes                                          (187)
Lower income taxes primarily due to lower income                                       75
                                                                                 --------
     Decrease in income before accounting change                                 $   (112)
                                                                                 ========
</TABLE>

                                        8
<PAGE>
                                                           Last updated 02/03/03

MARKETING AND TRADING SEGMENT GROSS MARGIN

     Marketing and trading segment revenues were $325 million lower in the
twelve-month period ended December 31, 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 partially offset by higher sales volumes ($98
          million);
     *    lower realized wholesale revenues net of related mark-to-market
          reversals due to lower prices partially offset by higher volumes ($273
          million);
     *    increased revenues from higher competitive retail sales in California
          by APS Energy Services ($105 million);
     *    2001 write-off of prior period mark-to-market value related to trading
          with Enron and its affiliates ($8 million increase);
     *    higher revenues related to the adoption of EITF 02-3 ($8 million); and
     *    lower mark-to-market gains for future delivery primarily as a result
          of lower market liquidity and lower price volatility, resulting in
          lower volumes ($75 million).

     Marketing and trading segment purchased power and fuel costs were $140
million lower in the twelve-month period ended December 31, 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 natural gas prices partially offset by
          higher sales volumes ($32 million);
     *    decreased purchased power costs related to other realized marketing
          activities in the current period primarily due to lower prices
          partially offset by higher volumes ($182 million);
     *    increased purchased power costs related to higher competitive retail
          sales in California by APS Energy Services ($73 million); and
     *    change in mark-to-market fuel costs for future delivery ($1 million
          increase).

REGULATED ELECTRICITY SEGMENT GROSS MARGIN

     Revenues related to our regulated retail and wholesale electricity
businesses were $549 million lower in the twelve-month period ended December 31,
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 ($64 million);
     *    decreased revenues related to retail load hedge management wholesale
          sales, as a result of lower prices and lower sales volumes ($455
          million);
     *    decreased retail revenues related to milder weather ($60 million);
     *    increased retail revenues related to customer growth and higher
          average usage, excluding weather effects ($69 million);
     *    decreased retail revenues related to reductions in retail electricity
          prices ($28 million); and
     *    other miscellaneous factors ($11 million net decrease).

                                        9
<PAGE>
                                                           Last updated 02/03/03

     Regulated electricity segment purchased power and fuel costs were $661
million lower in the twelve-month period ended December 31, 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 ($64 million);
     *    decreased costs related to retail load hedge management wholesale
          sales, as a result of lower prices and lower sales volumes ($460
          million);
     *    increased costs related to higher prices for hedged natural gas and
          purchased power, net of mark-to-market reversals ($14 million);
     *    decreased costs related to the effects of milder weather on retail
          sales ($33 million);
     *    increased costs related to retail sales growth, excluding weather
          effects ($31 million);
     *    charges in 2001 related to purchased power contracts with Enron and
          its affiliates ($13 million net decrease);
     *    decreased replacement power costs for power plant outages due to lower
          market prices and fewer unplanned outages ($127 million); and
     *    miscellaneous factors ($9 million net decrease).

     The increase in real estate gross margin of $16 million was primarily due
to increased sales activities.

     The decrease in other gross margin of $44 million was primarily due to
losses on El Dorado's investment in NAC (see further discussion in "NAC
International Inc. Losses" below).

     The increase in operations and maintenance expense of $54 million was due
to a $47 million write-off related to the cancellation of Redhawk Units 3 and 4,
severance costs of $36 million related to a 2002 voluntary workforce reduction
and other costs of $9 million, partially offset by lower costs related to
generation reliability, plant outages and maintenance costs of $38 million.

     The increase in taxes other than income taxes of $7 million is primarily
due to increased property taxes on higher property balances.

     Other income decreased $11 million primarily due to an insurance recovery
recorded in 2001 related to environmental remediation costs and other costs.

     Other expense remained constant compared to the prior year primarily due to
losses recorded related to El Dorado's investment in NAC of approximately $8
million (see further discussion in "NAC International Inc. Losses" below) offset
by $8 million of lower miscellaneous non-operating costs.

     Net interest expense increased $16 million primarily because of higher debt
balances related to our generation expansion program and lower capitalized
interest on our generation expansion program.

                                       10
<PAGE>
                                                           Last updated 02/03/03

NAC INTERNATIONAL INC. LOSSES

     We, through an unregulated wholly-owned subsidiary (El Dorado), own a
majority interest in NAC, a company that develops, markets and contracts for the
manufacture of cask designs for spent nuclear fuel storage and transportation.
Prior to the third quarter of 2002, the Company's investment in NAC was
accounted for under the equity method and the Company's share of NAC's earnings
and losses were recorded in other income or expense in the consolidated income
statement. Beginning in the third quarter of 2002, the Company fully
consolidated NAC's financial statements after acquiring a controlling interest
in NAC as a result of increased voting representation on NAC's board of
directors. During the second and third quarters of 2002, the Company recorded
cumulative losses of approximately $21 million before income taxes related to
NAC, primarily as a result of expected losses under contracts with two
customers, including a contract between NAC and Maine Yankee Atomic Power
Company ("Maine Yankee"). See Note 14 of Notes to Condensed Consolidated
Financial Statements and Management's Discussion and Analysis of Financial
Condition and Results of Operations in our Quarterly Reports on Form 10-Q for
the fiscal quarters ended June 30, 2002 and September 30, 2002 for additional
information about NAC.

     On January 15, 2003, Maine Yankee notified NAC of its intention to
terminate its contract with NAC. The Company recorded additional NAC losses of
$38 million before income taxes in the fourth quarter of 2002, the substantial
majority of which relates to the termination of the Maine Yankee contract.

                                       11
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION
                        CONSOLIDATED STATEMENTS OF INCOME
                (Dollars in Thousands, Except Per Share Amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                              THREE MONTHS ENDED
                                                                 December 31,             Increase (Decrease)
                                                           ------------------------    ------------------------
                                                              2002          2001         Amount       Percent
                                                           ----------    ----------    ----------    ----------
<S>                                                        <C>           <C>           <C>           <C>
OPERATING REVENUES
  Regulated electricity segment                            $  416,583    $  436,567    $  (19,984)      4.6% W
  Marketing and trading segment                               113,355        17,419        95,936     550.8% B
  Real estate                                                  80,943        61,095        19,848      32.5% B
  Other revenues                                               33,555         5,893        27,662     469.4% B
                                                           ----------    ----------    ----------
    Total                                                     644,436       520,974       123,462      23.7% B
                                                           ----------    ----------    ----------

OPERATING EXPENSES
  Regulated electricity segment purchased power and fuel       75,932        96,625       (20,693)     21.4% B
  Marketing and trading segment purchased power and fuel       84,413        13,354        71,059     532.1% W
  Operations and maintenance                                  193,674       121,790        71,884      59.0% W
  Real estate operations                                       66,816        52,214        14,602      28.0% W
  Depreciation and amortization                               114,074       109,061         5,013       4.6% W
  Taxes other than income taxes                                26,805        20,967         5,838      27.8% W
  Other expenses                                               65,844         6,348        59,496     937.2% W
                                                           ----------    ----------    ----------
    Total                                                     627,558       420,359       207,199      49.3% W
                                                           ----------    ----------    ----------
OPERATING INCOME                                               16,878       100,615       (83,737)     83.2% W
                                                           ----------    ----------    ----------
OTHER
  Other income                                                  4,791         7,590        (2,799)     36.9% W
  Other expenses                                               (6,873)      (13,469)        6,596      49.0% B
                                                           ----------    ----------    ----------
    Total                                                      (2,082)       (5,879)        3,797      64.6% B
                                                           ----------    ----------    ----------
INTEREST EXPENSE
  Interest charges                                             47,204        46,719           485       1.0% W
  Capitalized interest                                         (4,967)      (12,458)        7,491      60.1% W
                                                           ----------    ----------    ----------
    Total                                                      42,237        34,261         7,976      23.3% W
                                                           ----------    ----------    ----------
INCOME/(LOSS) BEFORE INCOME TAXES                             (27,441)       60,475       (87,916)    145.4% W

INCOME TAXES                                                  (12,556)       24,669       (37,225)    150.9% B
                                                           ----------    ----------    ----------

INCOME/(LOSS) BEFORE ACCOUNTING CHANGE                        (14,885)       35,806       (50,691)    141.6% W

CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING
  FOR TRADING ACTIVITIES - NET OF INCOME TAX                  (65,745)           --       (65,745)    100.0% W
                                                           ----------    ----------    ----------

NET INCOME/(LOSS)                                          $  (80,630)   $   35,806    $ (116,436)    325.2% W
                                                           ==========    ==========    ==========

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC             85,302        84,679           623       0.7%

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED           85,302        84,824           478       0.6%

EARNINGS PER WEIGHTED AVERAGE COMMON SHARE OUTSTANDING
  Income Before Accounting Change - Basic                  $    (0.17)   $     0.42    $    (0.59)    140.5% W
  Net Income - Basic                                       $    (0.95)   $     0.42    $    (1.37)    326.2% W
  Income Before Accounting Change - Diluted                $    (0.17)   $     0.42    $    (0.59)    140.5% W
  Net Income - Diluted                                     $    (0.95)   $     0.42    $    (1.37)    326.2% W

Certain prior year amounts have been restated to conform to the 2002 presentation.
     B -- Better
     W -- Worse
</TABLE>

                                       12
<PAGE>
                        PINNACLE WEST CAPITAL CORPORATION
                        CONSOLIDATED STATEMENTS OF INCOME
                (Dollars in Thousands, Except Per Share Amounts)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                              TWELVE MONTHS ENDED
                                                                  December 31,               Increase (Decrease)
                                                           --------------------------    --------------------------
                                                               2002           2001          Amount        Percent
                                                           -----------    -----------    -----------    -----------
<S>                                                        <C>            <C>            <C>            <C>
OPERATING REVENUES
  Regulated electricity segment                            $ 2,013,023    $ 2,562,089    $  (549,066)       21.4% W
  Marketing and trading segment                                325,931        651,230       (325,299)       50.0% W
  Real estate                                                  236,388        168,908         67,480        40.0% B
  Other revenues                                                61,937         11,771         50,166       426.2% B
                                                           -----------    -----------    -----------
    Total                                                    2,637,279      3,393,998       (756,719)       22.3% W
                                                           -----------    -----------    -----------
OPERATING EXPENSES
  Regulated electricity segment purchased power and fuel       499,543      1,160,863       (661,320)       57.0% B
  Marketing and trading segment purchased power and fuel       194,039        334,209       (140,170)       41.9% B
  Operations and maintenance                                   584,538        530,095         54,443        10.3% W
  Real estate operations                                       205,315        153,462         51,853        33.8% W
  Depreciation and amortization                                424,886        427,903         (3,017)        0.7% B
  Taxes other than income taxes                                107,952        101,068          6,884         6.8% W
  Other expenses                                               104,959         10,375         94,584       911.7% W
                                                           -----------    -----------    -----------
    Total                                                    2,121,232      2,717,975       (596,743)       22.0% B
                                                           -----------    -----------    -----------
OPERATING INCOME                                               516,047        676,023       (159,976)       23.7% W
                                                           -----------    -----------    -----------
OTHER
  Other income                                                  15,104         26,416        (11,312)       42.8% W
  Other expenses                                               (33,655)       (33,577)           (78)        0.2% W
                                                           -----------    -----------    -----------
    Total                                                      (18,551)        (7,161)       (11,390)      159.1% W
                                                           -----------    -----------    -----------
INTEREST EXPENSE
  Interest charges                                             188,353        175,822         12,531         7.1% W
  Capitalized interest                                         (44,110)       (47,862)         3,752         7.8% W
                                                           -----------    -----------    -----------
    Total                                                      144,243        127,960         16,283        12.7% W
                                                           -----------    -----------    -----------
INCOME BEFORE INCOME TAXES                                     353,253        540,902       (187,649)       34.7% W

INCOME TAXES                                                   138,100        213,535        (75,435)       35.3% B
                                                           -----------    -----------    -----------

INCOME BEFORE ACCOUNTING CHANGE                                215,153        327,367       (112,214)       34.3% W

CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING
  FOR DERIVATIVES - NET OF INCOME TAX                               --        (15,201)        15,201       100.0% B

CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING
  FOR TRADING ACTIVITIES - NET OF INCOME TAX                   (65,745)            --        (65,745)      100.0% W
                                                           -----------    -----------    -----------
NET INCOME                                                 $   149,408    $   312,166    $  (162,758)       52.1% W
                                                           ===========    ===========    ===========

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - BASIC              84,903         84,718            185         0.2%

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING - DILUTED            84,964         84,930             34         0.0%

EARNINGS PER WEIGHTED AVERAGE COMMON SHARE OUTSTANDING
      Income Before Accounting Change - Basic              $      2.53    $      3.86    $     (1.33)       34.5% W
      Net Income - Basic                                   $      1.76    $      3.68    $     (1.92)       52.2% W
      Income Before Accounting Change - Diluted            $      2.53    $      3.85    $     (1.32)       34.3% W
      Net Income - Diluted                                 $      1.76    $      3.68    $     (1.92)       52.2% W

Certain prior year amounts have been restated to conform to the 2002 presentation.
     B -- Better
     W -- Worse
</TABLE>

                                       13

</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>
