Arizona Public Service 8-K Results of Operations and Financial Condition

Exhibit 99.2

Last updated 5/3/12

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2012 and 2011

		3 Months Ended March
Line		2012		2011		Incr (Decr)
	EARNINGS CONTRIBUTION BY SUBSIDIARY ($ Millions)
1	Arizona Public Service	$	4	$	(7)	$	11
2	APS Energy Services	-		-		-
3	SunCor	-		-		-
4	El Dorado	-		-		-
5	Parent Company	(4)		(3)		(1)
6	Income From Continuing Operations	-		(10)		10
	Income (Loss) From Discontinued Operations - Net of Tax
7	SunCor	(1)		(1)		-
8	Other	1		1		-
9	Total	-		-		-
10	Net Income	-		(10)		10
11	Less: Net Income (Loss) Attributable to Noncontrolling Interests	8		5		3
12	Net Income Attributable to Common Shareholders	$	(8)	$	(15)	$	7
	EARNINGS PER SHARE BY SUBSIDIARY - DILUTED
13	Arizona Public Service	$	0.03	$	(0.06)	$	0.09
14	APS Energy Services	-		-		-
15	SunCor	-		-		-
16	El Dorado	-		-		-
17	Parent Company	(0.03)		(0.04)		0.01
18	Income From Continuing Operations	-		(0.10)		0.10
	Income (Loss) From Discontinued Operations - Net of Tax
19	SunCor	(0.01)		-		(0.01)
20	Other	-		0.01		(0.01)
21	Total	(0.01)		0.01		(0.02)
22	Net Income	(0.01)		(0.09)		0.08
23	Less: Net Income (Loss) Attributable to Noncontrolling Interests	0.07		0.05		0.02
24	Net Income Attributable to Common Shareholders	$	(0.08)	$	(0.14)	$	0.06
25	BOOK VALUE PER SHARE	$	34.24	$	33.31	$	0.93
	COMMON SHARES OUTSTANDING (Thousands)
26	Average - Diluted	109,299		108,832		467
27	End of Period	109,372		109,011		361

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Last updated 5/3/12

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2012 and 2011

		3 Months Ended March
Line		2012		2011		Incr (Decr)
	ELECTRIC OPERATING REVENUES (Dollars in Millions)
	REGULATED ELECTRICITY SEGMENT
	Retail
28	Residential	$	273	$	273	$	(0)
29	Business	292		298		(6)
30	Total retail	565		571		(6)
	Wholesale revenue on delivered electricity
31	Traditional contracts	12		11		1
32	Off-system sales	20		18		3
33	Transmission for others	6		8		(2)
34	Other miscellaneous services	17		40		(23)
35	Total regulated operating electricity revenues	620		647		(27)
	MARKETING AND TRADING
36	Electricity and other commodity sales	-		-		-
37	Total operating electric revenues	$	620	$	647	$	(27)
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential	2,553		2,652		(99)
39	Business	3,189		3,274		(85)
40	Total retail	5,743		5,926		(184)
	Wholesale electricity delivered
41	Traditional contracts	163		143		20
42	Off-system sales	866		647		220
43	Retail load hedge management	31		31		(0)
44	Total regulated electricity	6,802		6,747		56
	MARKETING AND TRADING
45	Wholesale sales of electricity	-		-		-
46	Total electric sales	6,802		6,747		56
	POWER SUPPLY ADJUSTOR (“PSA”) - REGULATED ELECTRICITY SEGMENT (Dollars in Millions)
47	Deferred fuel and purchased power regulatory asset/(liability) - beginning balance	$	28	$	(58)	$	86
48	Deferred fuel and purchased power costs - current period	(47)		(50)		3
49	Interest on deferred fuel	-		-		-
50	Amounts refunded/(recovered) through revenues	24		31		(7)
51	Deferred fuel and purchased power regulatory asset/(liability) - ending balance	$	5	$	(77)	$	82

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Last updated 5/3/12

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2012 and 2011

		3 Months Ended March
Line		2012	2011	Incr (Decr)
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
52	Residential	1,007,582	999,692	7,890
53	Business	126,632	125,591	1,040
54	Total	1,134,213	1,125,283	8,930
55	Wholesale customers	47	47	-
56	Total customers	1,134,260	1,125,330	8,930
57	Customer growth (% over prior year)	0.8%	0.4%	0.4%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
58	Residential	2,638	2,640	(2)
59	Business	3,205	3,258	(53)
60	Total	5,843	5,898	(55)
	RETAIL USAGE (KWh/Average Customer)
61	Residential	2,534	2,653	(119)
62	Business	25,185	26,071	(886)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
63	Residential	2,618	2,641	(22)
64	Business	25,306	25,940	(633)
	ELECTRICITY DEMAND (MW)
65	Native load peak demand	4,113	4,814	(701)
	WEATHER INDICATORS - RESIDENTIAL
	Actual
66	Cooling degree-days	-	-	-
67	Heating degree-days	417	587	(170)
68	Average humidity	-	-	-
	10-Year Averages
69	Cooling degree-days	-	-	-
70	Heating degree-days	500	500	-
71	Average humidity	-	-	-

See Glossary of Terms. Page 3 of 4  

Last updated 5/3/12

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March 31, 2012 and 2011

		3 Months Ended March
Line		2012	2011	Incr (Decr)
	ENERGY SOURCES (GWH)
	Generation production
72	Nuclear	2,360	2,448	(88)
73	Coal	2,571	2,950	(379)
74	Gas, oil and other	1,244	839	405
75	Total generation production	6,175	6,237	(62)
	Purchased power
76	Firm load	1,169	617	552
77	Marketing and trading	71	227	(156)
78	Total purchased power	1,240	844	396
79	Total energy sources	7,415	7,081	334
	POWER PLANT PERFORMANCE
	Capacity Factors
80	Nuclear	94%	99%	(5)%
81	Coal	67%	78%	(11)%
82	Gas, oil and other	17%	12%	5%
83	System average	45%	47%	(2)%
	ECONOMIC INDICATORS
	Building Permits (a)
84	Metro Phoenix	2,446	1,663	783
	Arizona Job Growth (b)
85	Payroll job growth (% over prior year)	1.7%	0.7%	0.9%
86	Unemployment rate (%, seasonally adjusted)	8.7%	9.7%	(1.1)%

Sources:
(a)	Arizona Real Estate Center, Arizona State University W.P. Carey College of Business and Home Builders Marketing, Inc. /RLBrown Reports
(b)	Arizona Department of Economic Security

See Glossary of Terms. Page 4 of 4