Last Updated 10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

See Glossary of Terms. Page 1 of 8

Last Updated 10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

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

See Glossary of Terms. Page 2 of 8

Last Updated         10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

See Glossary of Terms. Page 3 of 8

Last Updated                 10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

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

See Glossary of Terms. Page 4 of 8

Last Updated 10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

See Glossary of Terms. Page 5 of 8

Last Updated 10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

See Glossary of Terms. Page 6 of 8

Last Updated 10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

See Glossary of Terms. Page 7 of 8

Last Updated 10/24/2003

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
1999

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

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

See Glossary of Terms. Page 8 of 8