Exhibit 99.10
Pinnacle West Capital Corporation
Major Factors Affecting Consolidated Earnings Outlook
for Year Ending December 31, 2010
Compared with Year Ending December 31, 2009
(Earnings Per Diluted Share Outstanding)
| | | | | |
| Estimated 2009 earnings — a reasonable range around | | $ | 2.30 | |
| (excluding potential real estate results) | | | | |
| | | | | |
| Projected increases (decreases) in 2010: | | | | |
| | | | | |
| Retail base rate revenue increase from general rate | | | 1.40 | |
| case in excess of interim revenues | | | | |
| | | | | |
| Other regulated electricity segment gross margin | | | 0.00 - 0.10 | |
| (revenues net of fuel and purchased power costs excluding Renewable Energy Surcharge), including: | | | | |
| transmission revenue increases, higher fuel and purchased power costs (net of deferrals) and minimal weather-normalized retail sales growth | | | | |
| | | | | |
| Increased operations and maintenance expense | | | (0.15) - (0.25 | ) |
| (excluding Renewable Energy Standard costs) primarily due to inflation | | | | |
| | | | | |
| Costs related to utility capital expenditures | | | (0.30) - (0.35 | ) |
| (such as depreciation, property taxes and interest expense, net of capitalized financing costs) | | | | |
| | | | | |
| Miscellaneous other items — net | | | (0.10) - (0.15 | ) |
| | | | | |
| Estimated 2010 earnings — a reasonable range around | | $ | 3.00 | |
| (excluding potential real estate results) | | | | |
