Pinnacle West Capital (PNW) 8-K Results of Operations and Financial Condition

Exhibit 99.5

Last Updated     1/30/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																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	$	34		$	55		$	95	$	15		$	200		$	19
2	Pinnacle West Energy		(22	)		(14	)		1		(23	)		(58	)		(50	)
3	APS Energy Services		2			1			1		(1	)		3			(13	)
4	SunCor		2			4			4		31			41			(5	)
5	El Dorado		—			34			—		—			33			34
6	Parent Company		15			(6	)		3		16			28			37
7	Income From Continuing Operations		31			74			104		38			247			22
8	Income (Loss) From Discontinued Operations — Net of Tax		—			(1	)		1		(4	)		(4	)		(20	)
9	Cumulative Effect of Change in Accounting — Net of Tax		—			—			—		—			—			—
10	Net Income	$	31		$	73		$	105	$	34		$	243		$	2
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
11	Arizona Public Service	$	0.38		$	0.60		$	1.04	$	0.16		$	2.18		$	0.20
12	Pinnacle West Energy		(0.24	)		(0.15	)		0.01		(0.25	)		(0.63	)		(0.55	)
13	APS Energy Services		0.02			0.01			0.01		(0.01	)		0.03			(0.15	)
14	SunCor		0.02			0.04			0.05		0.34			0.45			(0.05	)
15	El Dorado		—			0.37			—		—			0.36			0.37
16	Parent Company		0.15			(0.06	)		0.03		0.17			0.30			0.40
17	Income From Continuing Operations		0.33			0.81			1.14		0.41			2.69			0.22
18	Income (Loss) From Discontinued Operations — Net of Tax		0.01			(0.02	)		0.01		(0.04	)		(0.03	)		(0.19	)
19	Cumulative Effect of Change in Accounting — Net of Tax		—			—			—		—			—			—
20	Net Income	$	0.34		$	0.79		$	1.15	$	0.37		$	2.66		$	0.03
21	BOOK VALUE PER SHARE	$	31.19		$	31.68		$	32.55	$	32.14		$	32.14		$	1.17
	COMMON SHARES OUTSTANDING (Thousands)
22	Average — Diluted		91,376			91,400			91,491		91,779			91,532			127
23	End of Period		91,310			91,309			91,443		91,793			91,793			505

See Glossary of Terms.

Page 20 of 31

Last Updated     1/30/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

												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	$	189	$	245	$	360	$	190	$	984	$	27
25	Business		211		257		289		221		978		25
26	Total retail		400		502		649		411		1,962		52
	Wholesale revenue on delivered electricity
27	Traditional contracts		3		4		6		3		16		1
28	Off-system sales		—		—		—		—		—		—
29	Transmission for others		8		8		8		8		32		4
30	Other miscellaneous services		4		6		8		7		25		—
31	Total regulated operating electricity revenues		415		520		671		429		2,035		57
	MARKETING AND TRADING
32	Electricity and other commodity sales		89		110		91		111		401		9
33	Total operating electric revenues	$	504	$	630	$	762	$	540	$	2,436	$	66
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
34	Residential		2,410		2,722		4,028		2,367		11,527		380
35	Business		3,051		3,602		3,937		3,236		13,826		411
36	Total retail		5,461		6,324		7,965		5,603		25,353		791
	Wholesale electricity delivered
37	Traditional contracts		138		195		210		166		709		209
38	Off-system sales		—		—		—		—		—		—
39	Retail load hedge management		169		731		943		889		2,732		1,638
40	Total regulated electricity		5,768		7,250		9,118		6,658		28,794		2,638
	MARKETING AND TRADING
41	Wholesale sales of electricity		5,696		7,141		8,994		8,347		30,178		1,375
42	Total electric sales		11,464		14,391		18,112		15,005		58,972		4,013

See Glossary of Terms.

Page 21 of 31

Last Updated     1/30/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	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 PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
48	Electricity and other commodity sales, realized (a)	$	12		$	21		$	16		$	15		$	64		$	(1	)
49	Mark-to-market reversals on realized sales (a) (b)		1			(4	)		(3	)		(1	)		(5	)		6
50	Change in mark-to-market value of forward sales		8			4			8			3			21			28
51	Total gross margin	$	21		$	21		$	21		$	17		$	80		$	33
	By Pinnacle West Entity
52	Parent company marketing and trading division	$	12		$	6		$	5		$	1		$	25		$	30
53	APS		(5	)		—			2			(2	)		(5	)		(13	)
54	Pinnacle West Energy		10			11			10			16			46			38
55	APS Energy Services		4			4			4			2			14			(22	)
56	Total gross margin	$	21		$	21		$	21		$	17		$	80		$	33

(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 $5 million was transferred to “realized” for the total year 2004. A $5 million realized gain is included in the $64 million on line 48 for the total year 2004.

(b)

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

See Glossary of Terms.

Page 22 of 31

Last Updated     1/30/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
57	Residential		855,754			852,594			856,353			871,575			859,069			30,703
58	Business		105,502			106,517			107,583			108,860			107,115			4,019
59	Total		961,256			959,111			963,936			980,435			966,184			34,722
60	Wholesale customers		81			82			85			77			81			15
61	Total customers		961,337			959,193			964,021			980,512			966,265			34,737
62	Customer growth (% over prior year)		3.4	%		3.8	%		3.9	%		3.9	%		3.7	%		0.4	%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
63	Residential		2,366			2,798			4,209			2,334			11,708			804
64	Business		2,998			3,616			4,005			3,252			13,871			469
65	Total		5,364			6,414			8,214			5,586			25,579			1,273
	RETAIL USAGE (KWh/Average Customer)
66	Residential		2,816			3,193			4,704			2,717			13,418			(39	)
67	Business		28,919			33,816			36,595			29,726			129,392			(1,137	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
68	Residential		2,765			3,282			4,915			2,678			13,628			465
69	Business		28,421			33,944			37,224			29,874			129,494			(503	)
	ELECTRICITY DEMAND (MW)
70	System peak demand		3,979			5,632			6,402			4,432			6,402			70

See Glossary of Terms.

Page 23 of 31

Last Updated     1/30/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
71	Nuclear		2,148			1,860			2,364			1,811			8,183			(132	)
72	Coal		2,887			3,035			3,417			3,327			12,666			1,299
73	Gas, oil and other		367			1,339			2,547			1,075			5,328			(763	)
74	Total generation production		5,402			6,234			8,328			6,213			26,177			404
	Purchased power
75	Firm load		701			1,532			1,068			1,024			4,325			1,214
76	Marketing and trading		5,506			7,167			9,301			8,218			30,192			2,442
77	Total purchased power		6,207			8,699			10,369			9,242			34,517			3,656
78	Total energy sources		11,609			14,933			18,697			15,455			60,694			4,060
	POWER PLANT PERFORMANCE
	Capacity Factors
79	Nuclear		88	%		76	%		96	%		74	%		84	%		(3	)%
80	Coal		77	%		81	%		90	%		88	%		84	%		8	%
81	Gas, oil and other		5	%		20	%		38	%		17	%		20	%		(7	)%
82	System average		44	%		49	%		64	%		48	%		51	%		(3	)%
	Generation Capacity Out of Service and Replaced for Native Load (average MW/day) (a)
83	Nuclear		132			231			13			261			159			28
84	Coal		237			153			63			61			128			(140	)
85	Gas		71			46			39			34			48			(160	)
86	Total		440			430			115			356			334			(272	)

(a) Includes planned and unplanned outages

See Glossary of Terms.

Page 24 of 31

Last Updated     1/30/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2004

																	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	$	43.73		$	50.36		$	51.86		$	51.23		$	49.30		$	0.70
88	SP15	$	48.37		$	54.73		$	57.09		$	60.62		$	55.20		$	3.82
	Off-Peak
89	Palo Verde	$	33.66		$	33.74		$	33.37		$	38.21		$	34.75		$	2.72
90	SP15	$	36.90		$	37.32		$	37.18		$	43.07		$	38.62		$	3.96
	WEATHER INDICATORS
	Actual
91	Cooling degree-days		273			1,598			2,471			352			4,694			(205	)
92	Heating degree-days		552			11			—			422			985			249
93	Average humidity		39	%		19	%		26	%		45	%		32	%		1	%
	10-Year Averages
94	Cooling degree-days		99			1,547			2,541			437			4,624			—
95	Heating degree-days		514			31			—			386			931			—
96	Average humidity		41	%		23	%		33	%		39	%		34	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
97	Single-family		10,045			13,636			14,111			10,325			48,117			8,466
98	Multi-family		1,757			1,324			2,149			2,356			7,586			859
99	Total		11,802			14,960			16,260			12,681			55,703			9,325
	Arizona Job Growth (c)
100	Payroll job growth (% over prior year)		2.7	%		3.3	%		3.6	%		3.9	%		3.4	%		2.0	%
101	Unemployment rate (%, seasonally adjusted)		5.2	%		5.1	%		4.9	%		4.6	%		5.0	%		(0.7	)%

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 25 of 31