##### 



Exhibit
99.5
  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 YTDEARNINGS CONTRIBUTION BYSUBSIDIARY ($ Millions)1
    
    Arizona Public Service
    
    $
    34
    
    
    $
    55
    
    
    $
    95
    
    
    $
    15
    
    
    $
    200
    
    
    $
    192
    
    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
    
    
    
    346
    
    Parent Company
    
    
    15
    
    
    
    (6
    )
    
    
    3
    
    
    
    16
    
    
    
    28
    
    
    
    377
    
    Income From Continuing Operations
    
    
    31
    
    
    
    74
    
    
    
    104
    
    
    
    38
    
    
    
    247
    
    
    
    228
    
    Income (Loss) From DiscontinuedOperations  Net of Tax
    
    
    
    
    
    
    (1
    )
    
    
    1
    
    
    
    (4
    )
    
    
    (4
    )
    
    
    (20
    )9
    
    Cumulative Effect of Change inAccounting  Net of Tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10
    
    Net Income
    
    $
    31
    
    
    $
    73
    
    
    $
    105
    
    
    $
    34
    
    
    $
    243
    
    
    $
    2EARNINGS PER SHAREBY SUBSIDIARY  DILUTED11
    
    Arizona Public Service
    
    $
    0.38
    
    
    $
    0.60
    
    
    $
    1.04
    
    
    $
    0.16
    
    
    $
    2.18
    
    
    $
    0.2012
    
    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
    
    
    
    0.3716
    
    Parent Company
    
    
    0.15
    
    
    
    (0.06
    )
    
    
    0.03
    
    
    
    0.17
    
    
    
    0.30
    
    
    
    0.4017
    
    Income From Continuing Operations
    
    
    0.33
    
    
    
    0.81
    
    
    
    1.14
    
    
    
    0.41
    
    
    
    2.69
    
    
    
    0.2218
    
    Income (Loss) From DiscontinuedOperations  Net of Tax
    
    
    0.01
    
    
    
    (0.02
    )
    
    
    0.01
    
    
    
    (0.04
    )
    
    
    (0.03
    )
    
    
    (0.19
    )19
    
    Cumulative Effect of Change inAccounting  Net of Tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20
    
    Net Income
    
    $
    0.34
    
    
    $
    0.79
    
    
    $
    1.15
    
    
    $
    0.37
    
    
    $
    2.66
    
    
    $
    0.0321
    
    BOOK VALUE PER SHARE
    
    $
    31.19
    
    
    $
    31.68
    
    
    $
    32.55
    
    
    $
    32.14
    
    
    $
    32.14
    
    
    $
    1.17COMMON SHARES OUTSTANDING(Thousands)22
    
    Average  Diluted
    
    
    91,376
    
    
    
    91,400
    
    
    
    91,491
    
    
    
    91,779
    
    
    
    91,532
    
    
    
    12723
    
    End of Period
    
    
    91,310
    
    
    
    91,309
    
    
    
    91,443
    
    
    
    91,793
    
    
    
    91,793
    
    
    
    505
 See Glossary of Terms.
    
    Page 20 of 31




---



##### 



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 YTDELECTRIC OPERATINGREVENUES (Dollars in Millions)REGULATED ELECTRICITYSEGMENTRetail24
    
    Residential
    
    $
    189
    
    
    $
    245
    
    
    $
    360
    
    
    $
    190
    
    
    $
    984
    
    
    $
    2725
    
    Business
    
    
    211
    
    
    
    257
    
    
    
    289
    
    
    
    221
    
    
    
    978
    
    
    
    2526
    
    Total retail
    
    
    400
    
    
    
    502
    
    
    
    649
    
    
    
    411
    
    
    
    1,962
    
    
    
    52Wholesale revenue
on deliveredelectricity27
    
    Traditional contracts
    
    
    3
    
    
    
    4
    
    
    
    6
    
    
    
    3
    
    
    
    16
    
    
    
    128
    
    Off-system sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    29
    
    Transmission for others
    
    
    8
    
    
    
    8
    
    
    
    8
    
    
    
    8
    
    
    
    32
    
    
    
    430
    
    Other miscellaneous services
    
    
    4
    
    
    
    6
    
    
    
    8
    
    
    
    7
    
    
    
    25
    
    
    
    31
    
    Total regulated operatingelectricity revenues
    
    
    415
    
    
    
    520
    
    
    
    671
    
    
    
    429
    
    
    
    2,035
    
    
    
    57MARKETING AND TRADINGSEGMENT32
    
    Electricity and othercommodity sales
    
    
    89
    
    
    
    110
    
    
    
    91
    
    
    
    111
    
    
    
    401
    
    
    
    933
    
    Total operating electric revenues
    
    $
    504
    
    
    $
    630
    
    
    $
    762
    
    
    $
    540
    
    
    $
    2,436
    
    
    $
    66ELECTRIC SALES (GWH)REGULATED ELECTRICITYSEGMENTRetail sales34
    
    Residential
    
    
    2,410
    
    
    
    2,722
    
    
    
    4,028
    
    
    
    2,367
    
    
    
    11,527
    
    
    
    38035
    
    Business
    
    
    3,051
    
    
    
    3,602
    
    
    
    3,937
    
    
    
    3,236
    
    
    
    13,826
    
    
    
    41136
    
    Total retail
    
    
    5,461
    
    
    
    6,324
    
    
    
    7,965
    
    
    
    5,603
    
    
    
    25,353
    
    
    
    791Wholesale electricity delivered37
    
    Traditional contracts
    
    
    138
    
    
    
    195
    
    
    
    210
    
    
    
    166
    
    
    
    709
    
    
    
    20938
    
    Off-system sales
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    39
    
    Retail load hedge management
    
    
    169
    
    
    
    731
    
    
    
    943
    
    
    
    889
    
    
    
    2,732
    
    
    
    1,63840
    
    Total regulated electricity
    
    
    5,768
    
    
    
    7,250
    
    
    
    9,118
    
    
    
    6,658
    
    
    
    28,794
    
    
    
    2,638MARKETING AND TRADINGSEGMENT41
    
    Wholesale sales of electricity
    
    
    5,696
    
    
    
    7,141
    
    
    
    8,994
    
    
    
    8,347
    
    
    
    30,178
    
    
    
    1,37542
    
    Total electric sales
    
    
    11,464
    
    
    
    14,391
    
    
    
    18,112
    
    
    
    15,005
    
    
    
    58,972
    
    
    
    4,013
 See Glossary of Terms.
    
    Page 21 of 31




---



##### 



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 YTDPOWER SUPPLY ADJUSTOR (PSA) REGULATED ELECTRICITYSEGMENT (Dollars in Millions)43
    
    Deferred fuel and purchased powerregulatory asset  beginning balance
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    44
    
    Deferred fuel and purchased powercosts  current period
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    45
    
    Interest on deferred fuel
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    46
    
    Amounts recovered through revenues
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    47
    
    Deferred fuel and purchased powerregulatory asset  ending balance
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    MARKETING AND TRADINGSEGMENT PRETAX GROSSMARGIN ANALYSIS(Dollars in Millions)Realized and Mark-To-MarketComponents48
    
    Electricity and other commoditysales, realized (a)
    
    $
    12
    
    
    $
    21
    
    
    $
    16
    
    
    $
    15
    
    
    $
    64
    
    
    $
    (1
    )49
    
    Mark-to-market reversals onrealized sales (b)
    
    
    1
    
    
    
    (4
    )
    
    
    (3
    )
    
    
    (1
    )
    
    
    (5
    )
    
    
    650
    
    Change in mark-to-market value offorward sales
    
    
    8
    
    
    
    4
    
    
    
    8
    
    
    
    3
    
    
    
    21
    
    
    
    2851
    
    Total gross margin
    
    $
    21
    
    
    $
    21
    
    
    $
    21
    
    
    $
    17
    
    
    $
    80
    
    
    $
    33By Pinnacle West Entity52
    
    Parent company marketing andtrading division
    
    $
    12
    
    
    $
    6
    
    
    $
    5
    
    
    $
    1
    
    
    $
    25
    
    
    $
    3053
    
    APS
    
    
    (5
    )
    
    
    
    
    
    
    2
    
    
    
    (2
    )
    
    
    (5
    )
    
    
    (13
    )54
    
    Pinnacle West Energy
    
    
    10
    
    
    
    11
    
    
    
    10
    
    
    
    16
    
    
    
    46
    
    
    
    3855
    
    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 $6 million was
transferred to realized for the total year 2004. A $6 million
realized gain is included in the $63 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




---



##### 



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 YTDAVERAGE ELECTRIC CUSTOMERSRetail customers57
    
    Residential
    
    
    855,754
    
    
    
    852,594
    
    
    
    856,353
    
    
    
    871,575
    
    
    
    859,069
    
    
    
    30,70358
    
    Business
    
    
    105,502
    
    
    
    106,517
    
    
    
    107,583
    
    
    
    108,860
    
    
    
    107,115
    
    
    
    4,01959
    
    Total
    
    
    961,256
    
    
    
    959,111
    
    
    
    963,936
    
    
    
    980,435
    
    
    
    966,184
    
    
    
    34,72260
    
    Wholesale customers
    
    
    81
    
    
    
    82
    
    
    
    85
    
    
    
    77
    
    
    
    81
    
    
    
    1561
    
    Total customers
    
    
    961,337
    
    
    
    959,193
    
    
    
    964,021
    
    
    
    980,512
    
    
    
    966,265
    
    
    
    34,73762
    
    Customer growth (% over prior year)
    
    
    3.4
    %
    
    
    3.8
    %
    
    
    3.9
    %
    
    
    3.9
    %
    
    
    3.7
    %
    
    
    0.4
    %RETAIL SALES (GWH)
WEATHER NORMALIZED63
    
    Residential
    
    
    2,366
    
    
    
    2,798
    
    
    
    4,209
    
    
    
    2,334
    
    
    
    11,708
    
    
    
    80464
    
    Business
    
    
    2,998
    
    
    
    3,616
    
    
    
    4,005
    
    
    
    3,252
    
    
    
    13,871
    
    
    
    46965
    
    Total
    
    
    5,364
    
    
    
    6,414
    
    
    
    8,214
    
    
    
    5,586
    
    
    
    25,579
    
    
    
    1,273RETAIL 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
    
    
    
    46569
    
    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




---



##### 



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 YTDENERGY SOURCES (GWH)Generation production71
    
    Nuclear
    
    
    2,148
    
    
    
    1,860
    
    
    
    2,364
    
    
    
    1,811
    
    
    
    8,183
    
    
    
    (132
    )72
    
    Coal
    
    
    2,887
    
    
    
    3,035
    
    
    
    3,417
    
    
    
    3,327
    
    
    
    12,666
    
    
    
    1,29973
    
    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
    
    
    
    404Purchased power75
    
    Firm load
    
    
    701
    
    
    
    1,532
    
    
    
    1,068
    
    
    
    1,024
    
    
    
    4,325
    
    
    
    1,21476
    
    Marketing and trading
    
    
    5,506
    
    
    
    7,167
    
    
    
    9,301
    
    
    
    8,218
    
    
    
    30,192
    
    
    
    2,44277
    
    Total purchased power
    
    
    6,207
    
    
    
    8,699
    
    
    
    10,369
    
    
    
    9,242
    
    
    
    34,517
    
    
    
    3,65678
    
    Total energy sources
    
    
    11,609
    
    
    
    14,933
    
    
    
    18,697
    
    
    
    15,455
    
    
    
    60,694
    
    
    
    4,060POWER PLANT PERFORMANCECapacity Factors79
    
    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 Serviceand Replaced for Native Load(average MW/day) (a)83
    
    Nuclear
    
    
    135
    
    
    
    233
    
    
    
    13
    
    
    
    261
    
    
    
    161
    
    
    
    2984
    
    Coal
    
    
    149
    
    
    
    153
    
    
    
    63
    
    
    
    61
    
    
    
    107
    
    
    
    (163
    )85
    
    Gas
    
    
    49
    
    
    
    47
    
    
    
    39
    
    
    
    34
    
    
    
    42
    
    
    
    (163
    )86
    
    Total
    
    
    333
    
    
    
    433
    
    
    
    115
    
    
    
    356
    
    
    
    310
    
    
    
    (296
    )
 
 (a)
    
    Includes planned and unplanned outages See Glossary of Terms.
    
    Page 24 of 31




---



##### 



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 YTDENERGY MARKET INDICATORS (a)Electricity Average DailySpot Prices($/MWh)On-Peak87
    
    Palo Verde
    
    $
    43.73
    
    
    $
    50.36
    
    
    $
    51.86
    
    
    $
    51.23
    
    
    $
    49.30
    
    
    $
    0.7088
    
    SP15
    
    $
    48.37
    
    
    $
    54.73
    
    
    $
    57.09
    
    
    $
    60.62
    
    
    $
    55.20
    
    
    $
    3.82Off-Peak89
    
    Palo Verde
    
    $
    33.66
    
    
    $
    33.74
    
    
    $
    33.37
    
    
    $
    38.21
    
    
    $
    34.75
    
    
    $
    2.7290
    
    SP15
    
    $
    36.90
    
    
    $
    37.32
    
    
    $
    37.18
    
    
    $
    43.07
    
    
    $
    38.62
    
    
    $
    3.96WEATHER INDICATORSActual91
    
    Cooling degree-days
    
    
    273
    
    
    
    1,598
    
    
    
    2,471
    
    
    
    352
    
    
    
    4,694
    
    
    
    (205
    )92
    
    Heating degree-days
    
    
    552
    
    
    
    11
    
    
    
    
    
    
    
    422
    
    
    
    985
    
    
    
    24993
    
    Average humidity
    
    
    39
    %
    
    
    19
    %
    
    
    26
    %
    
    
    45
    %
    
    
    32
    %
    
    
    1
    %10-Year Averages94
    
    Cooling degree-days
    
    
    99
    
    
    
    1,547
    
    
    
    2,541
    
    
    
    437
    
    
    
    4,623
    
    
    
    95
    
    Heating degree-days
    
    
    514
    
    
    
    31
    
    
    
    
    
    
    
    386
    
    
    
    930
    
    
    
    96
    
    Average humidity
    
    
    41
    %
    
    
    23
    %
    
    
    33
    %
    
    
    39
    %
    
    
    34
    %
    
    
    0
    %ECONOMIC INDICATORSBuilding Permits Metro Phoenix (b)97
    
    Single-family
    
    
    10,045
    
    
    
    13,636
    
    
    
    14,111
    
    
    
    10,325
    
    
    
    48,117
    
    
    
    8,46698
    
    Multi-family
    
    
    1,757
    
    
    
    1,324
    
    
    
    2,149
    
    
    
    2,356
    
    
    
    7,586
    
    
    
    85999
    
    Total
    
    
    11,802
    
    
    
    14,960
    
    
    
    16,260
    
    
    
    12,681
    
    
    
    55,703
    
    
    
    9,325Arizona 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.
    
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