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

Exhibit 99.8

FOR IMMEDIATE RELEASE		November 4, 2008
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 THIRD QUARTER RESULTS
APS Earnings Decrease 22 Percent; Palo Verde Performance Excels

PHOENIX — Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income for the quarter ended September 30, 2008, of $151.6 million, or $1.50 per diluted share of common stock. This result compares with $208.7 million, or $2.07 per diluted share, for the same period in 2007.

Rising costs incurred by Arizona Public Service (APS) to operate, maintain and expand its electric system and summertime temperatures that were closer to historical averages (versus last year’s record temperatures) drove the lower results. Higher fuel costs; the absence of tax credits recorded in 2007 and not repeated in the 2008 quarter; and decreased earnings from Pinnacle West’s real estate operations also contributed to the quarterly decline.

Pinnacle West Chairman Bill Post said the lower results were in line with expectations given the milder weather compared with last year’s third quarter; and the fact that APS’ current retail prices do not cover the utility’s true costs of doing business.

“Despite the current economic slowdown, we still are experiencing customer growth in our service territory,” he said. “To meet Arizona’s current and future electricity demand, we must continue working with our regulators to establish a comprehensive plan for Arizona’s energy future.”

Post said that plan should include significant additional investments in new infrastructure, new technology, energy efficiency and more sustainable resources. “To accomplish this plan, however, we need a financially strong utility that can finance needed infrastructure at the lowest possible cost while providing high customer service and reliability. This will require timely and supportive regulatory treatment.”

For the third quarter of 2008, APS reported lower net income of $159.8 million, compared with net income of $204.3 million for the same period a year ago. The Company and its customers benefited from strong performance at the Palo Verde Nuclear Generating Station, which operated at 97 percent capacity and generated its highest-ever summer production. Palo Verde’s three units also operated for 100 consecutive days this summer. Additionally, the plant’s solid operation helped minimize the need for

PINNACLE WEST 2008 THIRD QUARTER RESULTS	November 4, 2008
	Page 2 of 2

more expensive natural gas generation and purchased power.

SunCor Development Co, Pinnacle West’s real estate subsidiary, reported a net loss of $6.1 million for the current-year third quarter, compared with net income of $6.0 million in the 2007 quarter. The decrease reflects the distressed national real estate markets.

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 2008 third-quarter earnings and recent developments at noon (ET) today, November 4. 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 68083352. A replay of the call also will be available until 11:55 p.m. (ET), Tuesday, November 11, 2008, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same Conference ID number as above.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11.5 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						NINE MONTHS ENDED
	SEPTEMBER 30,						SEPTEMBER 30,
	2008			2007			2008			2007
Operating Revenues
Regulated electricity segment	$	1,040,348		$	1,043,723		$	2,492,627		$	2,291,067
Real estate segment		18,965			46,711			103,587			171,662
Marketing and trading		11,737			99,203			119,868			264,311
Other revenues		8,925			15,597			26,824			36,113
Total		1,079,975			1,205,234			2,742,906			2,763,153
Operating Expenses
Regulated electricity segment fuel and purchased power		419,979			407,242			1,016,918			880,932
Real estate segment operations		28,941			46,075			118,906			153,328
Marketing and trading fuel and purchased power		9,503			93,860			106,270			226,337
Operations and maintenance		212,327			178,419			601,360			527,307
Depreciation and amortization		98,568			94,730			291,959			276,584
Taxes other than income taxes		28,423			34,940			94,826			104,416
Other expenses		8,321			11,246			21,081			28,537
Total		806,062			866,512			2,251,320			2,197,441
Operating Income		273,913			338,722			491,586			565,712
Other
Allowance for equity funds used during construction		4,673			5,235			16,211			14,874
Other income		2,274			4,276			10,050			11,976
Other expense		(7,132	)		(6,744	)		(22,103	)		(13,685	)
Total		(185	)		2,767			4,158			13,165
Interest Expense
Interest charges		51,231			53,151			157,580			155,104
Capitalized interest		(3,976	)		(5,435	)		(14,593	)		(15,455	)
Total		47,255			47,716			142,987			139,649
Income From Continuing Operations Before Income Taxes		226,473			293,773			352,757			439,228
Income Taxes		75,970			92,055			92,489			141,809
Income From Continuing Operations		150,503			201,718			260,268			297,419
Income From Discontinued Operations
Net of Income Taxes		1,083			6,990			20,707			6,813
Net Income	$	151,586		$	208,708		$	280,975		$	304,232
Weighted-Average Common Shares Outstanding — Basic		100,750			100,324			100,642			100,200
Weighted-Average Common Shares Outstanding — Diluted		101,018			100,829			100,911			100,767
Earnings Per Weighted-Average Common Share Outstanding
Income from continuing operations — basic	$	1.49		$	2.01		$	2.59		$	2.97
Net income — basic	$	1.50		$	2.08		$	2.79		$	3.04
Income from continuing operations — diluted	$	1.49		$	2.00		$	2.58		$	2.95
Net income — diluted	$	1.50		$	2.07		$	2.78		$	3.02