Arizona Public Service 8K Results of Operations and Financial Condition | SEC 9 May 06

Exhibit 99.6

Last Updated 5/9/2006

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003


																	Increase
																	(Decrease)
Line			1st Qtr			2nd Qtr		3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
		EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)

	1	Arizona Public Service	$	16		$	43	$	100		$	21		$	181		$	(18	)
	2	Pinnacle West Energy		4			1		2			(15	)		(8	)		11
	3	APS Energy Services		8			5		1			3			16			(12	)
	4	SunCor		1			2		6			36			46			36
	5	El Dorado		—			—		—			—			(1	)		4
	6	Parent Company		(11	)		3		—			—			(9	)		(32	)


	7	Income From Continuing Operations		18			54		109			45			225			(11	)

	8	Income From Discontinued Operations — Net of Tax		7			2		1			4			16			37
	9	Cumulative Effect of Change in Accounting — Net of Tax		—			—		—			—			—			66

	10	Net Income	$	25		$	56	$	110		$	49		$	241		$	92


		EARNINGS PER SHARE BY SUBSIDIARY — DILUTED

	11	Arizona Public Service	$	0.17		$	0.47	$	1.10		$	0.24		$	1.98		$	(0.37	)
	12	Pinnacle West Energy		0.05			0.01		0.02			(0.16	)		(0.08	)		0.15
	13	APS Energy Services		0.08			0.06		0.01			0.03			0.18			(0.15	)
	14	SunCor		0.01			0.03		0.07			0.39			0.50			0.37
	15	El Dorado		—			—		—			—			(0.01	)		0.05
	16	Parent Company		(0.11	)		0.02		(0.01	)		(0.01	)		(0.10	)		(0.36	)


	17	Income From Continuing Operations		0.20			0.59		1.19			0.49			2.47			(0.31	)

	18	Income From Discontinued Operations — Net of Tax		0.08			0.02		0.01			0.05			0.16			0.41
	19	Cumulative Effect of Change in Accounting — Net of Tax		—			—		—			—			—			0.77

	20	Net Income	$	0.28		$	0.61	$	1.20		$	0.54		$	2.63		$	0.87


	21	BOOK VALUE PER SHARE	$	29.39		$	29.95	$	30.68		$	30.97		$	30.97		$	1.57

		COMMON SHARES OUTSTANDING (Thousands)
	22	Average — Diluted		91,359			91,450		91,467			91,403			91,405			6,441
	23	End of Period		91,257			91,262		91,271			91,288			91,288			33


See Glossary of Terms.		Page 26 of 31

Last Updated 5/9/2006

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2003


													Increase
													(Decrease)
Line			1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Year-To-Date		vs Prior YTD
		ELECTRIC OPERATING REVENUES (Dollars in Millions)

		REGULATED ELECTRICITY SEGMENT
		Retail
	24	Residential	$	168	$	233	$	363	$	193	$	957	$	51
	25	Business		196		251		284		222		953		25

	26	Total retail		364		484		647		415		1,910		76
		Wholesale revenue on delivered electricity
	27	Traditional contracts		3		4		5		3		15		7
	28	Off-system sales		—		—		—		—		—		—
	29	Transmission for others		6		5		9		8		28		(2	)
	30	Other miscellaneous services		7		6		6		6		25		7

	31	Total regulated operating electricity revenues		380		499		667		432		1,978		88

		MARKETING AND TRADING SEGMENT
	32	Electricity and other commodity sales		117		101		83		91		392		105

	33	Total operating electric revenues	$	497	$	600	$	750	$	523	$	2,370	$	193


		ELECTRIC SALES (GWH)

		REGULATED ELECTRICITY SEGMENT
		Retail sales
	34	Residential		2,104		2,543		4,126		2,374		11,147		703
	35	Business		2,849		3,450		3,891		3,225		13,415		497

	36	Total retail		4,953		5,993		8,017		5,599		24,562		1,200
		Wholesale electricity delivered
	37	Traditional contracts		130		131		127		112		500		27
	38	Off-system sales		—		—		—		—		—		—
	39	Retail load hedge management		109		205		446		334		1,094		(1,548	)

	40	Total regulated electricity		5,192		6,329		8,590		6,045		26,156		(321	)

		MARKETING AND TRADING SEGMENT
	41	Wholesale sales of electricity		7,372		6,798		7,255		7,378		28,803		5,949

	42	Total electric sales		12,564		13,127		15,845		13,423		54,959		5,628


See Glossary of Terms.		Page 27 of 31

Last Updated 5/9/2006

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
		POWER SUPPLY ADJUSTOR (“PSA”) - REGULATED ELECTRICITY SEGMENT (Dollars in Millions)

	43	Deferred fuel and purchased power regulatory asset — beginning balance	$	—		$	—		$	—		$	—		$	—		$	—
	44	Deferred fuel and purchased power costs — current period		—			—			—			—			—			—
	45	Interest on deferred fuel		—			—			—			—			—			—
	46	Amounts recovered through revenues		—			—			—			—			—			—

	47	Deferred fuel and purchased power regulatory asset — ending balance	$	—		$	—		$	—		$	—		$	—		$	—


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

		Realized and Mark-To-Market Components
	48	Electricity and other commodity sales, realized (a)	$	25		$	20		$	4		$	16		$	65		$	(56	)
	49	Mark-to-market reversals on realized sales (b)		(3	)		1			(3	)		(1	)		(11	)		35
	50	Change in mark-to-market value of forward sales		(3	)		(1	)		(3	)		(5	)		(7	)		(64	)

	51	Total gross margin	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)


		By Pinnacle West Entity

	52	Parent company marketing and trading division	$	2		$	4		$	(2	)	$	(9	)	$	(5	)	$	(95	)
	53	APS		6			4			(6	)		4			8		$	6
	54	Pinnacle West Energy		(1	)		—			—			9			8		$	4
	55	APS Energy Services		12			12			6			6			36		$	—

	56	Total gross margin	$	19		$	20		$	(2	)	$	10		$	47		$	(85	)


(a)		Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 48 and in line 49 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The opposites of amounts included in line 48 are included in line 49. For example, line 49 shows that a prior-period mark-to-market gain of $6 million was transferred to “realized” for the total year 2003. A $6 million realized gain is included in the $65 million on line 48 for the total year 2003.

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



See Glossary of Terms.		Page 28 of 31

Last Updated 5/9/2006

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
	57	Residential		827,937			821,331			824,655			839,539			828,366			26,565
	58	Business		101,999			102,601			103,262			104,521			103,096			2,868

	59	Total		929,936			923,932			927,917			944,060			931,462			29,432
	60	Wholesale customers		65			66			66			66			66			(1	)

	61	Total customers		930,001			923,998			927,983			944,126			931,528			29,431


	62	Customer growth (% over prior year)		3.3	%		3.1	%		3.2	%		3.4	%		3.3	%		0.2	%

		RETAIL SALES (GWH) — WEATHER NORMALIZED

	63	Residential		2,218			2,477			3,939			2,269			10,904			443
	64	Business		2,885			3,485			3,857			3,174			13,402			496

	65	Total		5,103			5,962			7,796			5,443			24,306			939


		RETAIL USAGE (KWh/Average Customer)
	66	Residential		2,541			3,096			5,004			2,828			13,457			432
	67	Business		27,927			33,625			37,677			30,865			130,529			1,288

		RETAIL USAGE — WEATHER NORMALIZED (KWh/Average Customer)

	68	Residential		2,679			3,016			4,777			2,703			13,163			116
	69	Business		28,286			33,969			37,356			30,371			129,997			1,234

		ELECTRICITY DEMAND (MW)

	70	System peak demand		3,569			5,571			6,332			5,124			6,332			529
					��


See Glossary of Terms.		Page 29 of 31

Last Updated 5/9/2006

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
	71	Nuclear		2,306			2,047			2,230			1,732			8,315			(666	)
	72	Coal		2,770			2,824			2,972			2,801			11,367			(690	)
	73	Gas, oil and other		1,288			1,572			2,696			535			6,091			1,722

	74	Total generation production		6,364			6,443			7,898			5,068			25,773			366

		Purchased power
	75	Firm load		(12	)		606			1,099			1,418			3,111			1,492
	76	Marketing and trading		6,489			6,527			7,498			7,236			27,750			4,045

	77	Total purchased power		6,477			7,133			8,597			8,654			30,861			5,537

	78	Total energy sources		12,841			13,576			16,495			13,722			56,634			5,903


		POWER PLANT PERFORMANCE

		Capacity Factors
	79	Nuclear		98	%		86	%		93	%		72	%		87	%		(7	)%
	80	Coal		75	%		75	%		79	%		74	%		76	%		(4	)%
	81	Gas, oil and other		26	%		30	%		45	%		9	%		27	%		0	%
	82	System average		58	%		57	%		65	%		41	%		54	%		(9	)%

		Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
	83	Nuclear		31			136			61			297			131			64
	84	Coal		292			254			277			253			269			102
	85	Gas		189			148			154			338			205			157

	86	Total		512			538			492			888			605			323


(a)		Includes planned and unplanned outages



See Glossary of Terms.		Page 30 of 31

Last Updated 5/9/2006

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
	87	Palo Verde	$	49.66		$	48.88		$	52.88		$	42.98		$	48.60		$	16.32
	88	SP15	$	54.35		$	50.73		$	53.54		$	46.88		$	51.38		$	17.16
		Off-Peak
	89	Palo Verde	$	36.09		$	25.48		$	36.08		$	30.48		$	32.03		$	12.14
	90	SP15	$	39.70		$	28.27		$	37.81		$	32.85		$	34.66		$	12.97

		WEATHER INDICATORS

		Actual
	91	Cooling degree-days		76			1,550			2,701			572			4,899			24
	92	Heating degree-days		349			17			—			370			736			(64	)
	93	Average humidity		44	%		18	%		30	%		34	%		31	%		4	%
		10-Year Averages
	94	Cooling degree-days		99			1,547			2,541			437			4,623			—
	95	Heating degree-days		514			31			—			386			930			—
	96	Average humidity		41	%		23	%		33	%		39	%		34	%		0	%

		ECONOMIC INDICATORS

		Building Permits — Metro Phoenix (b)
	97	Single-family		8,030			10,613			11,191			9,817			39,651			5,339
	98	Multi-family		863			2,053			1,231			2,580			6,727			(347	)
	99	Total		8,893			12,666			12,422			12,397			46,378			4,992

		Arizona Job Growth (c)
	100	Payroll job growth (% over prior year)		1.1	%		0.9	%		1.5	%		2.0	%		1.4	%		1.4	%
	101	Unemployment rate (%, seasonally adjusted)		5.8	%		5.9	%		5.7	%		5.3	%		5.7	%		(0.5	)%


Sources:



(a)		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 31 of 31

Arizona Public Service 8-KResults of Operations and Financial Condition