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

Exhibit 99.5

Last Updated 7/26/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

																	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	$	27		$	64		$	61		$	18		$	170		$	(30	)
2	Pinnacle West Energy		(21	)		12			(71	)		(6	)		(85	)		(27	)
3	APS Energy Services		(3	)		1			—			(3	)		(6	)		(9	)
4	SunCor		9			10			7			13			39			(2	)
5	El Dorado		(1	)		—			—			—			(2	)		(35	)
6	Parent Company		19			(2	)		88			2			107			79
7	Income From Continuing Operations		30			85			85			24			223			(24	)
	Income (Loss) From Discontinued Operations — Net of Tax
8	Silverhawk		(7	)		(59	)		1			(3	)		(67	)		(55	)
9	SunCor		1			1			14			—			17			13
10	NAC		—			—			4			—			3			(1	)
11	Total		(6	)		(58	)		19			(3	)		(47	)		(43	)
12	Net Income	$	24		$	27		$	104		$	21		$	176		$	(67	)
	EARNINGS PER SHARE BY SUBSIDIARY — DILUTED
13	Arizona Public Service	$	0.30		$	0.66		$	0.62		$	0.19		$	1.77		$	(0.41	)
14	Pinnacle West Energy		(0.23	)		0.13			(0.72	)		(0.06	)		(0.89	)		(0.26	)
15	APS Energy Services		(0.04	)		0.01			—			(0.04	)		(0.06	)		(0.09	)
16	SunCor		0.09			0.11			0.07			0.13			0.40			(0.05	)
17	El Dorado		(0.01	)		—			(0.01	)		(0.01	)		(0.02	)		(0.38	)
18	Parent Company		0.21			(0.03	)		0.90			0.03			1.11			0.81
19	Income From Continuing Operations		0.32			0.88			0.86			0.24			2.31			(0.38	)
	Income (Loss) From Discontinued Operations — Net of Tax
20	Silverhawk		(0.06	)		(0.61	)		—			(0.03	)		(0.69	)		(0.57	)
21	SunCor		0.01			0.01			0.15			0.01			0.17			0.13
22	NAC		—			—			0.04			—			0.03			(0.02	)
23	Total		(0.05	)		(0.60	)		0.19			(0.02	)		(0.49	)		(0.46	)
24	Net Income	$	0.27		$	0.28		$	1.05		$	0.22		$	1.82		$	(0.84	)
25	BOOK VALUE PER SHARE	$	32.50		$	32.89		$	35.81		$	34.58		$	34.58		$	2.44
	COMMON SHARES OUTSTANDING (Thousands)
26	Average — Diluted		92,045			96,299			98,816			99,050			96,590			5,058
27	End of Period		92,103			98,442			98,881			99,057			99,057			7,264

See Glossary of Terms. Page 20 of 31

Last Updated 7/26/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

												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
28	Residential	$	190	$	268	$	414	$	207	$	1,079	$	95
29	Business		209		281		308		243		1,041		63
30	Total retail		399		549		722		450		2,120		158
	Wholesale revenue on delivered electricity
31	Traditional contracts		3		5		9		6		23		7
32	Off-system sales		—		12		8		20		40		40
33	Transmission for others		7		7		7		5		26		(6	)
34	Other miscellaneous services		7		7		7		7		28		3
35	Total regulated operating electricity revenues		416		580		753		488		2,237		202
	MARKETING AND TRADING
36	Electricity and other commodity sales		89		71		107		84		352		(49	)
37	Total operating electric revenues	$	505	$	651	$	860	$	572	$	2,589	$	153
	ELECTRIC SALES (GWH)
	REGULATED ELECTRICITY SEGMENT
	Retail sales
38	Residential		2,367		2,889		4,449		2,518		12,223		696
39	Business		3,042		3,684		4,100		3,427		14,254		428
40	Total retail		5,409		6,573		8,549		5,945		26,477		1,124
	Wholesale electricity delivered
41	Traditional contracts		155		200		269		227		850		141
42	Off-system sales		—		598		212		526		1,336		1,336
43	Retail load hedge management		750		702		1,026		532		3,010		278
44	Total regulated electricity		6,314		8,073		10,056		7,230		31,673		2,879
	MARKETING AND TRADING
45	Wholesale sales of electricity		6,060		5,009		7,263		5,240		23,572		(6,606	)
46	Total electric sales		12,374		13,082		17,319		12,470		55,245		(3,727	)

See Glossary of Terms. Page 21 of 31

Last Updated 7/26/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter

2005

																	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)
47	Deferred fuel and purchased power regulatory asset — beginning balance	$	—		$	—		$	38		$	143		$	—		$	—
48	Deferred fuel and purchased power costs — current period		—			38			104			29			171			171
49	Regulatory disallowance		—			—			—			—			—			—
50	Interest on deferred fuel		—			—			1			1			2			2
51	Amounts recovered through revenues		—			—			—			—			—			—
52	Deferred fuel and purchased power regulatory asset — ending balance	$	—		$	38		$	143		$	173		$	173		$	173
	MARKETING AND TRADING PRETAX GROSS MARGIN ANALYSIS (Dollars in Millions)
	Realized and Mark-To-Market Components
53	Electricity and other commodity sales, realized (a)	$	12		$	18		$	3		$	23		$	55		$	(9	)
54	Mark-to-market reversals on realized sales (a) (b)		(3	)		(8	)		3			(17	)		(16	)		(11	)
55	Change in mark-to-market value of forward sales		10			3			14			1			20			(1	)
56	Total gross margin	$	19		$	13		$	20		$	7		$	59		$	(21	)
	By Pinnacle West Entity
57	APS	$	(4	)	$	3		$	(8	)	$	3		$	(6	)	$	(1	)
58	Pinnacle West Marketing & Trading (c)		—			—			—			—			—			—
59	Parent Company (c)		21			6			26			6			59			34
60	APS Energy Services		(3	)		4			2			(2	)		1			(13	)
61	Pinnacle West Energy		5			—			—			—			5			(41	)
62	Total gross margin	$	19		$	13		$	20		$	7		$	59		$	(21	)

(a)	Net effect on pretax gross margin from realization of prior-period mark-to-market included in line 53 and in line 54 is zero. Realization of prior-period mark-to-market relates to cash flow recognition, not earnings recognition. The arithmetic opposites of amounts included in line 53 are included in line 54. For example, line 54 shows that a prior-period mark-to-market gain of $16 million was transferred to “realized” for the total year 2005. A $16 million realized gain is included in the $55 million on line 53 for the total year 2005.
(b)	Quarterly amounts do not total to annual amounts because of intra-year mark-to-market eliminations.
(c)	On February 1, 2007, the Parent Company transferred its market based rate tariff and wholesale power sales agreements to a newly-created subsidiary, Pinnacle West Marketing & Trading, which resulted in Pinnacle West no longer being a public utility under the Federal Power Act. As a result, Pinnacle West is no longer subject to FERC jurisdiction in connection with its issuance of securities or its incurrence of long-term debt.

See Glossary of Terms. Page 22 of 31

Last Updated 7/26/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	AVERAGE ELECTRIC CUSTOMERS
	Retail customers
63	Residential		889,967			888,509			895,789			911,623			896,472			37,403
64	Business		109,795			110,658			111,648			112,569			111,168			4,053
65	Total		999,762			999,167			1,007,437			1,024,192			1,007,640			41,456
66	Wholesale customers		81			76			78			77			78			(3	)
67	Total customers		999,843			999,243			1,007,515			1,024,269			1,007,718			41,453
68	Customer growth (% over prior year)		4.0	%		4.2	%		4.5	%		4.5	%		4.3	%		0.6	%
	RETAIL SALES (GWH) - WEATHER NORMALIZED
69	Residential		2,438			2,924			4,427			2,520			12,309			573
70	Business		3,062			3,705			4,106			3,412			14,285			412
71	Total		5,500			6,629			8,533			5,932			26,594			985
	RETAIL USAGE (KWh/Average Customer)
72	Residential		2,660			3,252			4,967			2,763			13,635			217
73	Business		27,706			33,292			36,723			30,444			128,514			(878	)
	RETAIL USAGE - WEATHER NORMALIZED (KWh/Average Customer)
74	Residential		2,739			3,291			4,942			2,764			13,730			69
75	Business		27,887			33,483			36,777			30,313			128,503			(1,014	)
	ELECTRICITY DEMAND (MW)
76	System peak demand		3,997			6,458			7,000			5,169			7,000			598

See Glossary of Terms. Page 23 of 31

Last Updated 7/26/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

																	Increase
																	(Decrease)
Line		1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year-To-Date			vs Prior YTD
	ENERGY SOURCES (GWH)
	Generation production
77	Nuclear		2,247			1,619			2,147			1,496			7,509			(674	)
78	Coal		2,940			3,088			3,574			3,458			13,060			394
79	Gas, oil and other		1,128			2,129			3,064			2,114			8,435			3,107
80	Total generation production		6,315			6,836			8,785			7,068			29,004			2,827
	Purchased power
81	Firm load		586			880			1,589			402			3,474			(851	)
82	Marketing and trading		5,832			5,984			7,795			6,102			25,713			(4,479	)
83	Total purchased power		6,418			6,864			9,384			6,504			29,187			(5,330	)
84	Total energy sources		12,733			13,700			18,169			13,572			58,191			(2,503	)
	POWER PLANT PERFORMANCE
	Capacity Factors
85	Nuclear		94	%		67	%		88	%		61	%		77	%		(7	)%
86	Coal		80	%		83	%		95	%		92	%		87	%		3	%
87	Gas, oil and other		17	%		29	%		39	%		27	%		28	%		9	%
88	System average		49	%		51	%		62	%		50	%		53	%		2	%
	Generation Capacity Out of Service
	and Replaced for Native Load
	(average MW/day) (a)
89	Nuclear		52			329			107			419			114			(45	)
90	Coal		195			244			47			103			73			(55	)
91	Gas		212			164			140			226			93			45
92	Total		459			737			294			748			280			(54	)

(a) Includes planned and unplanned outages

See Glossary of Terms. Page 24 of 31

Last Updated 7/26/2007

Pinnacle West Capital Corporation

Consolidated Statistics By Quarter
2005

																	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
93	Palo Verde	$	49.74		$	53.33		$	78.94		$	83.58		$	66.40		$	17.10
94	SP15	$	55.70		$	55.19		$	83.21		$	97.65		$	72.94		$	17.74
	Off-Peak
95	Palo Verde	$	37.04		$	33.03		$	52.35		$	67.79		$	47.55		$	12.81
96	SP15	$	40.96		$	34.73		$	56.08		$	76.45		$	52.06		$	13.44
	WEATHER INDICATORS
	Actual
97	Cooling degree-days		34			1,538			2,583			508			4,663			(31	)
98	Heating degree-days		457			1			—			308			766			(219	)
99	Average humidity		56	%		20	%		29	%		30	%		34	%		2	%
	10-Year Averages
100	Cooling degree-days		97			1,557			2,544			441			4,640			—
101	Heating degree-days		513			31			—			296			840			—
102	Average humidity		42	%		22	%		32	%		38	%		33	%		0	%
	ECONOMIC INDICATORS
	Building Permits — Metro Phoenix (b)
103	Single-family		10,356			12,013			11,577			9,312			43,258			(4,859	)
104	Multi-family		1,741			1,645			2,360			2,032			7,778			192
105	Total		12,097			13,658			13,937			11,344			51,036			(4,667	)
	Arizona Job Growth (c)
106	Payroll job growth (% over prior year)		4.8	%		5.5	%		6.0	%		5.2	%		5.4	%		1.7	%
107	Unemployment rate (%, seasonally adjusted)		4.6	%		4.7	%		4.7	%		4.6	%		4.6	%		(0.3	)%

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