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

Exhibit 99.9

FOR IMMEDIATE RELEASE		July 26, 2007
Media Contact:	Alan Bunnell, (602) 250-3376	Page 1 of 2
Analyst Contacts:	Rebecca Hickman, (602) 250-5668
	Lisa Malagon, (602) 250-5671
Web site:	www.pinnaclewest.com

PINNACLE WEST REPORTS LOWER SECOND QUARTER RESULTS

PHOENIX — Pinnacle West Capital Corporation (NYSE: PNW) today reported lower consolidated net income for the quarter ended June 30, 2007, of $79.0 million, or $0.78 per diluted share of common stock. This result compares with net income of $112.2 million, or $1.13 per diluted share, for the same quarter a year ago.

The lower quarterly results were principally driven by lower earnings at Arizona Public Service (APS) as a result of an $8 million after-tax regulatory disallowance, milder weather, and the absence of $7 million of income tax credits recorded in 2006.

“The exceptional population growth in our service territory drives an ever-increasing demand for electricity,” said Pinnacle West Chairman Bill Post. “Going forward, we need to continue making substantial investments in infrastructure and long-term resources, while working with regulators to achieve timely and constructive regulatory treatment.”

For the second quarter of 2007, APS reported lower net income of $75.1 million, compared with net income of $93.8 million for the same period a year ago. Operationally, the 2007 quarter reflected significantly improved performance at the Palo Verde Nuclear Generating Station, which increased its output by 54 percent compared with the same quarter a year ago.

SunCor Development Co., Pinnacle West’s real estate subsidiary, reported net income of $0.3 million, compared with $9.6 million in the 2006 second quarter, primarily due to decreased sales of residential property.

For more information on Pinnacle West’s operating statistics and earnings, please visitwww.pinnaclewest.com/financials.

Conference Call
Pinnacle West invites interested parties to listen to the live web cast of management’s conference call to discuss the Company’s 2007 second quarter earnings and recent developments at 12 noon (ET), today, Thursday, July 26, 2007. The web cast can be accessed atwww.pinnaclewest.com/presentations and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter Conference ID Number 7372981. A replay of the call also will be available

PINNACLE WEST SECOND QUARTER EARNINGS	July 26, 2007
	Page 2 of 2

until 11:55 p.m. (ET), Thursday, August 2, 2007, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same ID number as above.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States. It also develops residential, commercial, and industrial real estate projects.

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PINNACLE WEST CAPITAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
( in thousands, except per share amounts)

	THREE MONTHS ENDED						SIX MONTHS ENDED
	JUNE 30,						JUNE 30,
	2007			2006			2007			2006
Operating Revenues
Regulated electricity segment	$	711,293		$	712,718		$	1,247,344		$	1,178,844
Real estate segment		48,352			112,603			125,602			220,457
Marketing and trading		92,637			89,925			165,108			174,927
Other revenues		11,153			9,782			20,516			21,006
Total		863,435			925,028			1,558,570			1,595,234
Operating Expenses
Regulated electricity segment fuel and purchased power		270,337			263,944			473,690			421,339
Real estate segment operations		46,174			98,412			107,617			169,742
Marketing and trading fuel and purchased power		74,533			72,716			132,477			146,891
Operations and maintenance		177,310			168,332			348,888			346,759
Depreciation and amortization		92,835			89,297			182,456			176,918
Taxes other than income taxes		34,757			32,700			69,476			68,273
Other expenses		8,803			8,430			17,291			16,952
Total		704,749			733,831			1,331,895			1,346,874
Operating Income		158,686			191,197			226,675			248,360
Other
Allowance for equity funds used during construction		5,195			3,633			9,639			7,434
Other income		5,869			12,022			8,642			17,489
Other expense		(3,269	)		(5,815	)		(7,883	)		(10,356	)
Total		7,795			9,840			10,398			14,567
Interest Expense
Interest charges		52,967			45,882			103,959			93,408
Capitalized interest		(5,213	)		(4,959	)		(10,020	)		(8,983	)
Total		47,754			40,923			93,939			84,425
Income From Continuing Operations Before Income Taxes		118,727			160,114			143,134			178,502
Income Taxes		40,231			49,271			48,840			56,064
Income From Continuing Operations		78,496			110,843			94,294			122,438
Income From Discontinued Operations
Net of Income Taxes		498			1,311			1,230			2,171
Net Income	$	78,994		$	112,154		$	95,524		$	124,609
Weighted-Average Common Shares Outstanding — Basic		100,229			99,221			100,138			99,168
											.
Weighted-Average Common Shares Outstanding — Diluted		100,779			99,640			100,718			99,562
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	0.78		$	1.12		$	0.94		$	1.23
Net income — basic	$	0.79		$	1.13		$	0.95		$	1.26
Income from continuing operations — diluted	$	0.78		$	1.11		$	0.94		$	1.23
Net income — diluted	$	0.78		$	1.13		$	0.95		$	1.25