exv99w3

Exhibit 99.3

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003


															Increase
															(Decrease)
Line					1st Qtr			2nd Qtr		3rd Qtr	4th Qtr	Year-To-Date			vs Prior YTD

		EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
	1		Arizona Public Service		$	16		$	43			$	59		$	(37	)
	2		Pinnacle West Energy			5			2				8			6
	3		APS Energy Services			8			5				13			—
	4		SunCor			1			2				4			1
	5		El Dorado			3			2				5			8
	6		Parent Company			(13	)		1				(14	)		(25	)

	7			Income From Continuing Operations		20			55				75			(47	)
	8		Income From Discontinued Operations - Net of Tax			5			1				6			(1	)

	9			Net Income	$	25		$	56			$	81		$	(48	)

		EARNINGS PER SHARE BY SUBSIDIARY - DILUTED
	10		Arizona Public Service		$	0.17		$	0.47			$	0.65		$	(0.48	)
	11		Pinnacle West Energy			0.06			0.02				0.08			0.06
	12		APS Energy Services			0.08			0.06				0.14			(0.02	)
	13		SunCor			0.01			0.02				0.04			—
	14		El Dorado			0.03			0.02				0.05			0.09
	15		Parent Company			(0.13	)		0.01				(0.14	)		(0.27	)

	16			Income From Continuing Operations		0.22			0.60				0.82			(0.62	)
	17		Income From Discontinued Operations - Net of Tax			0.06			0.01				0.07			(0.01	)

	18			Net Income	$	0.28		$	0.61			$	0.89		$	(0.63	)

	19	BOOK VALUE PER SHARE			$	29.39		$	29.95			$	29.95		$	(0.59	)
		COMMON SHARES OUTSTANDING -
		DILUTED (Thousands)
	20		Average			91,359			91,450				91,402			6,492
	21		End of Period			91,257			91,262				91,262			6,494

See Glossary of Terms.

Page 9 of 43

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

ELECTRIC OPERATING REVENUES
(Dollars in Millions)


																	Increase
																	(Decrease)
Line						1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	Year-To-Date			vs Prior YTD

		REGULATED ELECTRICITY SEGMENT
			Retail
	22			Residential		$	168		$	233				$	401			4
	23			Business			196			251					447			1

	24				Total retail		364			484					848			5
			Wholesale revenue on delivered electricity
	25			Traditional contracts			3			4					7			4
	26			Retail load hedge management			5			8					13			—
	27		Transmission for others				6			5					11			(1	)
	28		Other miscellaneous services				7			6					13			7

	29				Total regulated electricity		385			507					892			15

		MARKETING AND TRADING SEGMENT
			Delivered marketing and trading
	30			Generation sales other than native load			44			20					64			54
	31			Realized margins on electricity trading			5			2					7			(34	)
	32			Other delivered electricity (a)			122			147					269			196

	33			Total delivered marketing and trading			171			169					340			216

		OTHER MARKETING AND TRADING
	34		Realized margins on delivered commodities other than electricity (a)				(2	)		(2	)				(4	)		(9	)
	35		Prior period mark-to-market (gains) losses on contracts delivered during current period (a)				(3	)		1					(5	)		17
	36		Change in mark-to-market for future-period deliveries				(3	)		(1	)				(1	)		(19	)

	37		Total other marketing and trading				(8	)		(2	)				(10	)		(11	)

	38	Total marketing and trading					163			167					330			205

	39	Total electric operating revenues				$	548		$	674				$	1,222		$	220

		ELECTRIC SALES (GWH)
		REGULATED ELECTRICITY SEGMENT
			Retail sales
	40			Residential			2,104			2,543					4,647			65
	41			Business			2,849			3,450					6,299			99

	42				Total retail		4,953			5,993					10,946			164
			Wholesale electricity delivered
	43			Traditional contracts			130			131					261			69
	44			Retail load hedge management			109			205					314			(74	)

	45				Total regulated electricity		5,192			6,329					11,521			159

		MARKETING AND TRADING SEGMENT
			Delivered marketing and trading
	46			Generation sales other than native load			992			476					1,468			1,019
	47			Electricity trading			3,910			3,140					7,050			345
	48			Other delivered electricity			2,470			3,004					5,474			3,973

	49			Total delivered marketing and trading			7,372			6,620					13,992			5,337

	50	Total electric sales					12,564			12,949					25,513			5,496

(a)

The net effect on net electric operating revenues from realization of prior-period mark-to-market included in line 39 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not revenue recognition. The arithmetic opposites of amounts included in line 35 are included in lines 31 and 34. For example, line 35 shows that a prior-period mark-to-market loss of $1 million was transferred to “realized” for the second quarter of 2003. Lines 31 and 34 include amounts totaling $1 million of realized losses for the second quarter of 2003.

See Glossary of Terms.

Page 10 of 43

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

MARKETING AND TRADING SEGMENT
PRETAX GROSS MARGIN ANALYSIS
(Dollars in Millions)


																	Increase
																	(Decrease)
Line						1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	Year-To-Date			vs Prior YTD

		Realized and Mark-To-Market Components
		Current Period Effects
			Realized margin on delivered commodities
				Electricity
	51				Generation sales other than native load	$	3		$	1				$	4		$	2
	52				Other electricity marketing and trading (a)		24			21					45			(12	)

	53				Total electricity		27			22					49			(10	)
	54			Other commodities (a)			(2	)		(2	)				(4	)		(9	)

	55			Total realized margin			25			20					45			(19	)

			Prior-period mark-to-market (gains) losses on contracts delivered during current period
	56			Electricity (a)			(5	)		(2	)				(8	)		9
	57			Other commodities (a)			2			3					3			8
	58			Charge related to trading activities with Enron and its affiliates			—			—					—			—

	59			Subtotal			(3	)		1					(5	)		17

	60		Total current period effects (b)				22			21					40			(2	)

		Change in mark-to-market gains (losses) for future period deliveries (b)
	61		Electricity				(6	)		1					(4	)		(31	)
	62		Other commodities				3			(2	)				3			13

	63		Total future period effects				(3	)		(1	)				(1	)		(18	)

	64	Total gross margin				$	19		$	20				$	39		$	(20	)

FUTURE MARKETING AND TRADING MARK-TO-MARKET REALIZATION

As of June 30, 2003, Pinnacle West had accumulated mark-to-market net gains of $35 million related to our power marketing and trading activities. We estimate that these gains will be reclassified to realized gains as the underlying commodities are delivered, as follows: remainder of 2003, $6 million; 2004, $7 million; 2005, $8 million; 2006 and thereafter, $14 million.

(a)		The net effect on pretax gross margin from realization of prior-period mark-to-market included in line 60 and in line 64 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 56 are included in line 52. The opposites of amounts included in line 57 are included in line 54. For example, line 56 shows that a prior-period mark-to-market gain of $2 million was transferred to “realized” for the second quarter of 2003. A $2 million realized gain is included in the $21 million on line 52 for the second quarter of 2003.

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

See Glossary of Terms.

Page 11 of 43

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003

MARKETING AND TRADING SEGMENT
PRETAX GROSS MARGIN ANALYSIS (continued)
(Dollars in Millions)


															Increase
															(Decrease)
Line				1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	Year-To-Date			vs Prior YTD

		By Commodity Sold or Traded
	65	Electricity		$	17		$	21				$	38		$	(32	)
	66	Natural gas			2			3					5			9
	67	Coal			(1	)		(1	)				(2	)		1
	68	Emission allowances			—			(3	)				(3	)		1
	69	Other			1			—					1			1

	70		Total gross margin	$	19		$	20				$	39		$	(20	)

		By Pinnacle West Entity
		Parent company marketing and trading division
	71		Generation sales other than native load	$	(2	)	$	—				$	(2	)	$	(3	)
	72		Other marketing and trading		4			4					8			(35	)
		APS
	73		Generation sales other than native load		6			1					7			6
	74		Other marketing and trading		—			3					3			3
		Pinnacle West Energy
	75		Generation sales other than native load		(1	)		—					(1	)		(1	)
	76		Other marketing and trading		—			—					—			—
		APS ES
	77		Other marketing and trading		12			12					24			10

	78	Total gross margin before income taxes		$	19		$	20				$	39		$	(20	)

See Glossary of Terms.

Page 12 of 43

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003


																Increase
																(Decrease)
Line					1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	Year-To-Date			vs Prior YTD

		AVERAGE ELECTRIC CUSTOMERS
		Retail customers
	79		Residential			827,937			821,331					824,634			26,293
	80		Business			101,999			102,601					102,300			2,590

	81			Total		929,936			923,932					926,934			28,883
	82	Wholesale customers				65			66					66			(1	)

	83			Total customers		930,001			923,998					927,000			28,882

	84	Customer Growth (% over prior year)				3.3	%		3.1	%				3.2	%		0.0	%
		RETAIL SALES (GWH) - WEATHER NORMALIZED
	85	Residential				2,235			2,516					4,751			200
	86	Business				2,880			3,494					6,374			208

	87			Total		5,115			6,010					11,125			408

		RETAIL USAGE
		(KWh/Average Customer)
	88	Residential				2,541			3,096					5,635			(104	)
	89	Business				27,927			33,625					61,569			(270	)
		RETAIL USAGE - WEATHER NORMALIZED
		(KWh/Average Customer)
	90	Residential				2,700			3,063					5,761			60
	91	Business				28,236			34,058					62,311			472
		ELECTRICITY DEMAND (MW)
	92	System peak demand				3,569			5,571					5,571			146

See Glossary of Terms.

Page 13 of 43

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003


																Increase
																(Decrease)
Line					1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	Year-To-Date			vs Prior YTD

		ENERGY SOURCES (GWH)
		Generation production
	93		Nuclear			2,306			2,047					4,353			(146	)
	94		Coal			2,770			2,823					5,593			—
	95		Gas, oil and other			1,288			1,572					2,860			1,864

	96			Total		6,364			6,442					12,806			1,718

		Purchased power
	97		Firm load			(15	)		606					591			(325	)
	98		Marketing and trading			6,489			6,349					12,838			4,246

	99			Total		6,474			6,955					13,429			3,921

	100			Total energy sources		12,838			13,397					26,235			5,639

		POWER PLANT PERFORMANCE
		Capacity Factors
	101		Nuclear			98	%		86	%				92	%		(3	)%
	102		Coal			75	%		75	%				75	%		3	%
	103		Gas, oil and other			26	%		31	%				29	%		13	%
	104		System average			58	%		59	%				58	%		1	%
		Generation Capacity Out of Service and Replaced for Native Load (average MW/day)
	105		Nuclear			31			15					23			(41	)
	106		Coal			247			373					310			85
	107		Gas			189			159					174			161

	108			Total		467			547					507			204
	109	Generation Fuel Cost ($/MWh)			$	15.89		$	16.80				$	17.70		$	5.97

See Glossary of Terms.

Page 14 of 43

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003


																Increase
																(Decrease)
Line					1st Qtr			2nd Qtr			3rd Qtr	4th Qtr	Year-To-Date			vs Prior YTD

		ENERGY MARKET INDICATORS (a)
		Electricity Average Daily Spot Prices ($/MWh)
			On-Peak
	110			Palo Verde	$	49.66		$	48.88				$	49.27		$	20.52
	111			SP15	$	54.35		$	50.73				$	52.54		$	22.56
			Off-Peak
	112			Palo Verde	$	36.09		$	25.48				$	30.79		$	12.66
	113			SP15	$	39.70		$	28.27				$	33.99		$	14.64
		WEATHER INDICATORS
		Actual
	114		Cooling degree-days			76			1,550					1,626			(204	)
	115		Heating degree-days			349			17					366			(106	)
	116		Average humidity			44	%		18	%				31	%		9	%
		10-Year Averages
	117		Cooling degree-days			77			1,478					1,555			—
	118		Heating degree-days			546			34					580			—
	119		Average humidity			45	%		25	%				35	%		0	%
		ECONOMIC INDICATORS
		Building Permits – Metro Phoenix (b) (d)
	120		Single-family			8,030			6,992					15,022			816
	121		Multi-family			863			846					1,709			(203	)

	122			Total		8,893			7,838					16,731			613

		Arizona Job Growth (c) (d)
	123		Payroll job growth (% over prior year)			1.0	%		0.6	%				0.8	%		1.4	%
	124		Unemployment rate (%, seasonally adjusted)			5.7	%		6.0	%				5.8	%		(0.4	)%

Sources:

(a)		This price is an average of daily prices obtained and used with permission from Dow Jones & Company, Inc.

(b)		Arizona Real Estate Center, Arizona State University W.P. Carey College of Business

(c)		Arizona Department of Economic Security

(d)		The economic indicators reflect latest available data through periods ending May 2003.

See Glossary of Terms.

Page 15 of 43