e8vk - sec.gov | home west capital corporation (an arizona corporation) 400 north fifth street, p.o....

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0000950134-09-009384.txt : 200905050000950134-09-009384.hdr.sgml : 2009050520090505080047ACCESSION NUMBER:0000950134-09-009384CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:34CONFORMED PERIOD OF REPORT:20090331ITEM INFORMATION:Results of Operations and Financial ConditionITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20090505DATE AS OF CHANGE:20090505

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:ARIZONA PUBLIC SERVICE COCENTRAL INDEX KEY:0000007286STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC & OTHER SERVICES COMBINED [4931]IRS NUMBER:860011170STATE OF INCORPORATION:AZFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-04473FILM NUMBER:09795448

BUSINESS ADDRESS:STREET 1:400 N FIFTH STSTREET 2:P O BOX 53999CITY:PHOENIXSTATE:AZZIP:85004BUSINESS PHONE:6022501000

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:PINNACLE WEST CAPITAL CORPCENTRAL INDEX KEY:0000764622STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:860512431STATE OF INCORPORATION:AZFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-08962FILM NUMBER:09795447

BUSINESS ADDRESS:STREET 1:400 NORTH FIFTH STREETSTREET 2:.CITY:PHOENIXSTATE:AZZIP:85004BUSINESS PHONE:6023792500

MAIL ADDRESS:STREET 1:400 NORTH FIFTH STREETSTREET 2:.CITY:PHOENIXSTATE:AZZIP:85004

FORMER COMPANY:FORMER CONFORMED NAME:AZP GROUP INCDATE OF NAME CHANGE:19870506

8-K1p14848e8vk.htmFORM 8-K

e8vk

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March31, 2009

Exact Name of Registrant as Specified in

Charter; State of Incorporation; IRS Employer

Commission File Number Address and Telephone Number Identification Number

1-8962

Pinnacle West Capital Corporation
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602)250-1000

86-0512431

1-4473

Arizona Public Service Company
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602)250-1000

86-0011170

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

oPre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

This combined Form 8-K is separately filed by Pinnacle West Capital Corporation and ArizonaPublic Service Company. Each registrant is filing on its own behalf all of the informationcontained in this Form 8-K that relates to such registrant and, where required, its subsidiaries.Except as stated in the preceding sentence, neither registrant is filing any information that doesnot relate to such registrant, and therefore makes no representation as to any such information.

TABLE OF CONTENTS

Item2.02. Results of Operations and Financial ConditionItem7.01. RegulationFD DisclosureItem9.01. Financial Statements and ExhibitsSIGNATURESExhibitIndexEX-99.1EX-99.2EX-99.3EX-99.4EX-99.5

Table of Contents

Item2.02. Results of Operations and Financial Condition

On May5, 2009, Pinnacle West Capital Corporation (the Company or Pinnacle West) issued apress release regarding its financial results for its fiscal quarter ended March31, 2009. A copyof the press release is attached hereto as Exhibit99.2.

Certain of the information referenced in Item7.01 below relates to the Companys results ofoperations for its fiscal quarter ended March31, 2009. This information is attached hereto asExhibits 99.1, 99.2 and 99.3.

Item7.01. RegulationFD Disclosure

Financial and Business Information

The Company is providing a quarterly consolidated statistical summary and a copy of the slidepresentation made in connection with the quarterly earnings conference call on May5, 2009 to helpinterested parties better understand its business (see Exhibits 99.1 and 99.3). This informationis concurrently being posted to the Companys website at www.pinnaclewest.com, which alsocontains a glossary of relevant terms.

2009 Earnings Outlook

In this discussion, earnings per share amounts are after income taxes and are based on dilutedcommon shares outstanding. The earnings guidance in this Form 8-K supersedes all previous earningsguidance provided by Pinnacle West.

Our earnings forecasts are subject to numerous risks, including those described underForward-Looking Statements below and under Risk Factors in PartI, Item1A of our Annual Reporton Form 10-K for the fiscal year ended December31, 2008.

We estimate that our consolidated earnings for 2009 will be within a reasonable range around$2.30 per share, excluding the impact of SunCor Development Company (SunCor). This guidancetakes into account the effects of milder weather in the first quarter, as well as the 2009 portionof the annualized pretax cost savings identified in our March2009 report to the ArizonaCorporation Commission (the ACC), as required by the ACCs interim rate decision in December2008.

We estimate that Arizona Public Service Companys (APS) earnings contribution included insuch consolidated earnings will be within a reasonable range around $2.35 per share (equivalent toa return on APS average common equity of about 7%). This estimate assumes that the interim baserate surcharge will remain in effect throughout 2009. We currently estimate that holding companyexpenses and other items, net, will be a net loss within a reasonable range around $0.05 per share.For additional details regarding the major factors affecting our consolidated earnings outlook for2009, see Exhibit99.4 attached hereto.

2010 Earnings Outlook

Assuming APS proposed general retail rate settlement is approved as proposed and is effectivefor the entire year, we estimate that our consolidated earnings for 2010, with negligible impactfrom SunCor, if any, will be within a reasonable range around $3.00 per share. We estimate thatAPS earnings contribution included in such 2010 consolidated earnings will be within a reasonablerange around $3.00 per share (equivalent to a return on APS average common equity of about 9%).We currently estimate that holding company expenses and other items, net, will not have anymeaningful impact on our 2010 consolidated financial results. For additional details regardingmajor factors affecting our consolidated earnings outlook for 2010, see Exhibit99.5 attachedhereto.

Forward-Looking Statements

This Form 8-K contains forward-looking statements regarding our 2009 and 2010 earningsoutlook. Neither Pinnacle West nor APS assumes any obligation to update these statements or makeany further statements on any of these issues, except as required by applicable law. Theseforward-looking statements are often identified by words such as estimate, predict, hope,may, believe, anticipate, plan, expect, require, intend, assume and similar words.Because actual results may differ materially from expectations, we caution readers not to placeundue reliance on these statements. A number of factors could cause future results to differmaterially from historical results, or from results or outcomes currently expected or sought byPinnacle West or APS. In addition to the Risk Factors described in Item1A of the PinnacleWest/APS Annual Report on Form 10-K for the fiscal year ended December31, 2008, these factorsinclude, but are not limited to, state and federal regulatory and legislative decisions andactions, including the outcome or timing of the pending rate case of APS; increases in our capitalexpenditures and operating costs and our ability to achieve timely and adequate rate recovery ofthese increased costs; our ability to reduce capital expenditures and other costs while

2

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maintaining reliability and customer service levels, and unexpected developments that wouldlimit us from achieving all or some of our planned capital expenditure reductions; volatile fueland purchased power costs, including fluctuations in market prices for natural gas, coal, uraniumand other fuels used in our generating facilities, availability of supplies of such commodities,and our ability to recover the costs of such commodities; the outcome and resulting costs ofregulatory, legislative and judicial proceedings, both current and future, including those relatedto environmental matters and climate change; the availability of sufficient water supplies tooperate our generation facilities, including as the result of drought conditions; the potential foradditional restructuring of the electric industry, including decisions impacting wholesalecompetition and the introduction of retail electric competition in Arizona; regional, national andinternational economic and market conditions, including the strength of the real estate, credit andfinancial markets; the potential adverse impact of current economic conditions on our results ofoperations; the cost of debt and equity capital and access to capital markets; changes in themarket price of our common stock; restrictions on dividends or other burdensome provisions in newor existing credit agreements; our ability, or the ability of our subsidiaries, to meet debtservice obligations; current credit ratings remaining in effect for any given period of time; theperformance of the stock market and the changing interest rate environment, which affect the valueof our nuclear decommissioning trust, pension, and other postretirement benefit plan assets, theamount of required contributions to Pinnacle Wests pension plan and contributions to APS nucleardecommissioning trust funds, as well as the reported costs of providing pension and otherpostretirement benefits and our ability to recover such costs; volatile market liquidity, anydeteriorating counterparty credit and the use of derivative contracts in our business (includingthe interpretation of the subjective and complex accounting rules related to these contracts);changes in accounting principles generally accepted in the United States of America, theinterpretation of those principles and the impact of the adoption of new accounting standards;customer growth and energy usage; weather variations affecting local and regional customer energyusage; power plant performance and outages; transmission outages and constraints; the completion ofgeneration and transmission construction in the region, which could affect customer growth and thecost of power supplies; risks inherent in the operation of nuclear facilities, such asenvironmental, regulatory, health and financial risks, risk of terrorist attack, planned andunplanned outages, and unfunded decommissioning costs; the ability of our power plant participantsto meet contractual or other obligations; technological developments in the electric industry; theresults of litigation and other proceedings resulting from the California and Pacific Northwestenergy situations; the performance of Pinnacle Wests subsidiaries and any resulting effects on itscash flow; the strength of the real estate and credit markets and economic and other conditionsaffecting the real estate and credit markets in SunCors market areas, which include Arizona,Idaho, New Mexico and Utah; and other uncertainties, all of which are difficult to predict and manyof which are beyond the control of Pinnacle West and APS.

3

Table of Contents

Item9.01. Financial Statements and Exhibits

(d)Exhibits.

Exhibit

No. Registrant(s) Description

99.1

Pinnacle West
APS

Pinnacle West Capital Corporation quarterlyconsolidated statistical summary for thethree-month periods ended March31, 2009and 2008.

99.2

Pinnacle West
APS

Earnings News Release issued on May5, 2009.

99.3

Pinnacle West
APS

Pinnacle West Capital Corporation FirstQuarter 2009 slide presentationaccompanying May5, 2009 conference call.

99.4

Pinnacle West
APS

2009 Earnings Outlook Reconciliation

99.5

Pinnacle West
APS


4

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PINNACLE WEST CAPITAL CORPORATION
(Registrant)

Dated: May 5, 2009 By: /s/ James R. Hatfield

James R. Hatfield

Senior Vice President and
Chief Financial Officer

ARIZONA PUBLIC SERVICE COMPANY
(Registrant)

Dated: May 5, 2009 By: /s/ James R. Hatfield

James R. Hatfield

Senior Vice President and
Chief Financial Officer

5

Table of Contents

ExhibitIndex

Exhibit

No. Registrant(s) Description

99.1

Pinnacle West
APS

Pinnacle West Capital Corporation quarterlyconsolidated statistical summary for thethree-month periods ended March31, 2009and 2008.

99.2

Pinnacle West
APS

Earnings News Release issued on May5, 2009.

99.3

Pinnacle West
APS

Pinnacle West Capital Corporation FirstQuarter 2009 slide presentationaccompanying May5, 2009 conference call.

99.4

Pinnacle West
APS


99.5

Pinnacle West
APS


6

EX-99.12p14848exv99w1.htmEX-99.1

exv99w1

Exhibit99.1

Last Updated

5/5/2009

Pinnacle West Capital Corporation

Quarterly Consolidated Statistical Summary

Periods Ended March31, 2009 and 2008

3 Mo. Ended March

Line 2009 2008 Incr (Decr)

EARNINGS CONTRIBUTIONBY SUBSIDIARY ($ Millions)

1 Arizona Public Service $ (15 ) $ (6 ) $ (9 )

2 APS Energy Services (1 ) 1 (2 )

3 SunCor (224 ) (4 ) (220 )

4 El Dorado (6 ) (1 ) (5 )

5 Parent Company 78 4 74

6 Income(Loss) From Continuing Operations (168 ) (6 ) (162 )

Income (Loss) From DiscontinuedOperations Net of Tax

7 SunCor (5 ) 3 (8 )

8 Other 2 (1 ) 3

9 Total (3 ) 2 (5 )

10 Net Income (Loss) (171 ) (4 ) (167 )

11 Less: Net Income (Loss)Attributableto Noncontrolling Interests (14 ) (14 )

12 Net Income (Loss)Attributableto Common Shareholders $ (157 ) $ (4 ) $ (153 )

EARNINGS PER SHAREBY SUBSIDIARY DILUTED

13 Arizona Public Service $ (0.15 ) $ (0.06 ) $ (0.09 )

14 APS Energy Services (0.01 ) 0.01 (0.02 )

15 SunCor (2.22 ) (0.03 ) (2.19 )

16 El Dorado (0.06 ) (0.02 ) (0.04 )

17 Parent Company 0.78 0.04 0.74

18 Income(Loss) From Continuing Operations (1.66 ) (0.06 ) (1.60 )

Income (Loss) From DiscontinuedOperations Net of Tax

19 SunCor (0.05 ) 0.03 (0.08 )

20 Other 0.02 (0.01 ) 0.03

21 Total (0.03 ) 0.02 (0.05 )

22 Net Income (Loss) (1.69 ) (0.04 ) (1.65 )

23 Less: NetIncome (Loss)Attributable to Noncontrolling Interests (0.14 ) (0.14 )

24 Net Income(Loss)Attributable to Common Shareholders $ (1.55 ) $ (0.04 ) $ (1.51 )

25 BOOK VALUE PER SHARE $ 31.29 $ 35.22 $ (3.93 )

COMMON SHARES OUTSTANDING(Thousands)

26 Average Diluted 100,986 100,521 465

27 End of Period 101,074 100,625 449

SeeGlossary of Terms

Page 1 of 4

Last Updated

5/5/2009





Line 2009 2008 Incr (Decr)

ELECTRIC OPERATINGREVENUES (Dollars in Millions)

REGULATED ELECTRICITYSEGMENT

Retail

28 Residential $ 256 $ 271 $ (15 )

29 Business 298 300 (2 )

30 Total retail 554 571 (17 )

Wholesale revenue on deliveredelectricity

31 Traditional contracts 11 12 (1 )

32 Off-system sales 22 24 (2 )

33 Transmission for others 7 7

34 Other miscellaneous services 9 9

35 Total regulated operatingelectricity revenues 603 623 (20 )

MARKETING AND TRADING

36 Electricity and othercommodity sales 30 (30 )

37 Total operating electric revenues $ 603 $ 653 $ (50 )

ELECTRIC SALES (GWH)

REGULATED ELECTRICITYSEGMENT

Retail sales

38 Residential 2,499 2,774 (275 )

39 Business 3,260 3,338 (78 )

40 Total retail 5,759 6,112 (353 )

Wholesale electricity delivered

41 Traditional contracts 165 222 (57 )

42 Off-system sales 697 416 281

43 Retail load hedge management 152 162 (10 )

44 Total regulated electricity 6,773 6,912 (139 )

MARKETING AND TRADING

45 Wholesale sales of electricity 911 (911 )

46 Total electric sales 6,773 7,823 (1,050 )

POWER SUPPLY ADJUSTOR (PSA) REGULATED ELECTRICITYSEGMENT (Dollars in Millions)

47 Deferred fuel and purchased powerregulatory asset beginning balance $ 8 $ 111 $ (103 )

48 Deferred fuel and purchased powercosts current period (28 ) (11 ) (17 )

49 Interest on deferred fuel 1 (1 )

50 Amounts recovered through revenues (29 ) (51 ) 22

51 Deferred fuel and purchased powerregulatory asset ending balance $ (49 ) $ 50 $ (99 )


Page 2 of 4

Last Updated

5/5/2009





Line 2009 2008 Incr (Decr)

AVERAGE ELECTRIC CUSTOMERS

Retail customers

52 Residential 988,675 982,459 6,216

53 Business 125,111 122,833 2,278

54 Total 1,113,786 1,105,292 8,494

55 Wholesale customers 50 50

56 Total customers 1,113,836 1,105,342 8,494

57 Customer growth (% over prior year) 0.8 % 2.0 % (1.2 )%

RETAILSALES (GWH) WEATHER NORMALIZED

58 Residential 2,609 2,694 (85 )

59 Business 3,286 3,300 (14 )

60 Total 5,895 5,994 (99 )

RETAIL USAGE(KWh/Average Customer)

61 Residential 2,527 2,824 (297 )

62 Business 26,057 27,175 (1,118 )

RETAIL USAGE WEATHER NORMALIZED(KWh/Average Customer)

63 Residential 2,639 2,742 (103 )

64 Business 26,266 26,865 (599 )

ELECTRICITY DEMAND (MW)

65 Native load peak demand 4,023 4,404 (381 )

WEATHER INDICATORS

Actual

66 Cooling degree-days 104 105 (1 )

67 Heating degree-days 383 583 (200 )

68 Average humidity 35 % 40 % (5 )%

10-Year Averages

69 Cooling degree-days 71 96 (25 )

70 Heating degree-days 571 517 54

71 Average humidity 41 % 42 % (1 )%


Page 3 of 4

Last Updated

5/5/2009





Line 2009 2008 Incr (Decr)

ENERGY SOURCES (GWH)

Generation production

72 Nuclear 2,493 2,315 178

73 Coal 2,951 2,906 45

74 Gas, oil and other 1,025 1,148 (123 )

75 Total generation production 6,469 6,369 100

Purchased power

76 Firm load 508 740 (232 )

77 Marketing and trading 260 1,196 (936 )

78 Total purchased power 768 1,936 (1,168 )

79 Total energy sources 7,237 8,305 (1,068 )

POWER PLANT PERFORMANCE

Capacity Factors

80 Nuclear 101 % 92 % 9 %

81 Coal 78 % 76 % 2 %

82 Gas, oil and other 14 % 16 % (2 )%

83 System average 48 % 47 % 1 %

ECONOMIC INDICATORS

Building Permits Metro Phoenix (a) (c)

84 Single-family 505 1,967 (1,462 )

85 Multi-family 308 1,425 (1,117 )

86 Total 813 3,392 (2,579 )

Arizona Job Growth (b) (c)

87 Payroll job growth (% over prior year) (6.2 )% 0.1 % (6.3 )%

88 Unemployment rate(%, seasonally adjusted) 7.2 % 4.5 % 2.7 %

Sources:

(a) Arizona Real Estate Center, Arizona State University W.P. Carey College of Business

(b) Arizona Department of Economic Security

(c) Economic indicators reflect periods ended February28, 2009 (latest available data)and February28, 2008.


Page 4 of 4

EX-99.23p14848exv99w2.htmEX-99.2

exv99w2

Exhibit99.2

FOR IMMEDIATE RELEASE

May5, 2009

Media Contact:
Analyst Contacts:

Web site:

Alan Bunnell, (602)250-3376
Rebecca Hickman, (602)250-5668
Lisa Malagon, (602)250-5671
www.pinnaclewest.com

Page 1 of 2

PINNACLEWEST REPORTS 2009 FIRSTQUARTER LOSS
Real Estate Charges Drive Consolidated Results;
Milder Weather and Increased Costs Contribute to Lower APS Results

PHOENIX Pinnacle West Capital Corp. (NYSE: PNW) today reported a consolidated net lossattributable to common shareholders for the quarter ended March31, 2009, of $156.5million, or$1.55 per diluted share of common stock compared with a net loss attributable to commonshareholders of $4.5million, or $0.04 per diluted share, forthe same quarter in 2008. The lowerresults were driven largely by previously announced real estatecharges, as well asrising costs incurred by Arizona Public Service (APS)related to its electric system expansion,and the effects of milder weather.

Excluding the real estate charges, Pinnacle West recordedaconsolidated on-going loss of $29.1million or $0.29 per share in the 2009 first quarter compared witha consolidated on-going loss of $4.5million, or $0.04 per share, in the comparable 2008 quarter.

APS, the companys principal subsidiary, reported a quarterly net loss of $15.5million, comparedwith a net loss of $6.4million for the 2008 first quarter. In addition to the impact of milderweather, the utilitys results were negatively impacted by lower mark-to-market valuations of fueland power contracts, and higher costs related to continuing infrastructureadditions and improvements. These items more than offset an interim retail electricity priceincrease implemented at the beginning of this year and transmission rate increases implemented in2008.

Evenwith the current economy, Arizona is still growing. With todays growth and an eventual economicrebound, APS expects to add another 600,000 customers by 2025 a 55percent increase over currentlevels, said Chairman Don Brandt. We must continue preparing to meet this demand by investing innew infrastructure and technologies to ensure our customers energy future continues to be highlyreliable, as well as cleaner, more efficient and more responsive than ever before. To accomplishthese goals, we will maintain a keen focus on energy efficiency,renewable energy expansion,productivity, customer technologies and financial strength.

PINNACLE WEST 2009 FIRSTQUARTER RESULTS

May5, 2009
Page 2 of 2

As announced in early April, the Companys real estate subsidiary, SunCor, initiated a plan todispose of a majority of its real estate assets through a series of strategictransactions. As a result of that decision, Pinnacle Wests reported consolidated results for the2009 first quarter include real estate charges totaling$127.4million after-tax. Execution of the restructuring plan is currently underway and will allowSunCor to maximize the value of its assets, concentrate on the Phoenix market, and substantiallyeliminate SunCors outstanding debt. The company currently plans to complete the transactions in2009.

For more information on Pinnacle Wests operating statistics and earnings, please visitwww.pinnaclewest.com/investors.

Conference Call

Pinnacle West invites interested parties to listen to thelive web cast of managements conferencecall to discuss the Companys 2009 firstquarter results and recent developments at 12 noon (ET)today, May 5. The web cast can be accessed at www.pinnaclewest.com/presentations and willbe available for replay on the web site for 30days. To access the live conference call bytelephone, dial (877)356-3961 and enter Conference ID Number 94112207. A replay of the call alsowill be available until 11:55p.m. (ET), Tuesday, May12, 2009, by calling (800)642-1687 in theU.S. and Canada or (706)645-9291 internationally and entering the same Conference ID number asabove.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11.4billion. Throughits subsidiaries, the Company generates, sells and delivers electricity and sells energy-relatedproducts and services to retail and wholesale customers in the western United States. It alsodevelops residential, commercial, and industrial real estate projects.

-30-

NON-GAAP FINANCIAL MEASURE RECONCILIATION
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS
(GAAP MEASURE) TO ON-GOING LOSS (NON-GAAP FINANCIAL MEASURE)

Three Months Ended Three Months Ended

March 31, 2009 March 31, 2008

$ in Diluted $ in Diluted

Millions EPS Millions EPS

Net Loss Attributable to CommonShareholders $ (156.5 ) $ (1.55 ) $ (4.5 ) $ (0.04 )

Adjustment:

Real estate impairment and related charges 127.4 1.26

On-going Loss $ (29.1 ) $ (0.29 ) $ (4.5 ) $ (0.04 )

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(dollars and shares in thousands, except per share amounts)

THREE MONTHS ENDED

MARCH 31,

2009 2008

Operating Revenues

Regulated electricity segment $ 602,578 $ 622,801

Real estate segment 18,366 26,266

Marketing and trading 30,452

Other revenues 8,449 8,737

Total 629,393 688,256

Operating Expenses

Regulated electricity segment fuel and purchased power 247,388 269,378

Real estate segment operations 30,281 30,957

Real estate impairment charge 211,306

Marketing and trading fuel and purchased power 23,986

Operations and maintenance 207,531 193,023

Depreciation and amortization 99,921 95,594

Taxes other than income taxes 34,128 33,152

Other expenses 6,467 5,938

Total 837,022 652,028

Operating Income (Loss) (207,629 ) 36,228

Other

Allowance for equity funds used during construction 4,992 6,124

Other income 380 3,839

Other expense (9,741 ) (4,896 )

Total (4,369 ) 5,067

Interest Expense

Interest charges 55,806 54,702

Capitalized interest (3,834 ) (5,679 )

Total 51,972 49,023

Loss From Continuing Operations Before Income Taxes (263,970 ) (7,728 )

Income Taxes (96,174 ) (1,541 )

Loss From Continuing Operations (167,796 ) (6,187 )

Income (Loss) From Discontinued Operations

Net of Income Taxes (2,924 ) 1,714

Net Loss (170,720 ) (4,473 )

Less: Net loss attributable to noncontrolling interests (14,210 )

Net Loss Attributable To Common Shareholders $ (156,510 ) $ (4,473 )

Weighted-Average Common Shares Outstanding Basic 100,986 100,521

Weighted-Average Common Shares Outstanding Diluted 100,986 100,521

Earnings Per Weighted-Average Common Share Outstanding

Loss from continuing operations attributable to common shareholders basic $ (1.52 ) $ (0.06 )

Net loss attributable to common shareholders basic $ (1.55 ) $ (0.04 )

Loss from continuing operations attributable to common shareholders diluted $ (1.52 ) $ (0.06 )

Net loss attributable to common shareholders diluted $ (1.55 ) $ (0.04 )

Amounts Attributable To Common Shareholders

Loss from continuing operations, net of tax $ (153,586 ) $ (6,187 )

Discontinued operations, net of tax (2,924 ) 1,714

Net loss attributable to common shareholders $ (156,510 ) $ (4,473 )

EX-99.34p14848exv99w3.htmEX-99.3

exv99w3

Exhibit 99.3

1st Quarter 2009 Results

May 5, 2009

Forward-Looking Statements

This presentation contains forward-looking statements based on current expectations, and neither Pinnacle West nor APS assumes any obligation toupdate these statements or make any further statements on any of these issues, except as required by applicable law. These forward-lookingstatements are often identified by words such as "estimate," "predict," "hope," "may," "believe," "anticipate," "plan," "expect," "require," "intend,""assume" and similar words. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on thesestatements. A number of factors could cause future results to differ materially from historical results, or from results or outcomes currently expectedor sought by Pinnacle West or APS. In addition to the Risk Factors described in Item 1A of the 2008 Form 10-K, these factors include, but are notlimited to: state and federal regulatory and legislative decisions and actions, including the outcome or timing of the pending rate case of APS;increases in our capital expenditures and operating costs and our ability to achieve timely and adequate rate recovery of these increased costs; ourability to reduce capital expenditures and other costs while maintaining reliability and customer service levels, and unexpected developments thatwould limit us from achieving all or some of our planned capital expenditure reductions; volatile fuel and purchased power costs, including fluctuationsin market prices for natural gas, coal, uranium and other fuels used in our generating facilities, availability of supplies of such commodities, and ourability to recover the costs of such commodities; the outcome and resulting costs of regulatory, legislative and judicial proceedings, both current andfuture, including those related to environmental matters and climate change; the availability of sufficient water supplies to operate our generationfacilities, including as the result of drought conditions; the potential for additional restructuring of the electric industry, including decisions impactingwholesale competition and the introduction of retail electric competition in Arizona; regional, national and international economic and marketconditions, including the strength of the real estate, credit and financial markets; the potential adverse impact of current economic conditions on ourresults of operations; the cost of debt and equity capital and access to capital markets; changes in the market price of our common stock; restrictionson dividends or other burdensome provisions in new or existing credit agreements; our ability, or the ability of our subsidiaries, to meet debt serviceobligations; current credit ratings remaining in effect for any given period of time; the performance of the stock market and the changing interest rateenvironment, which affect the value of our nuclear decommissioning trust, pension, and other postretirement benefit plan assets, the amount ofrequired contributions to Pinnacle West's pension plan and contributions to APS' nuclear decommissioning trust funds, as well as the reported costsof providing pension and other postretirement benefits and our ability to recover such costs; volatile market liquidity, any deteriorating counterpartycredit and the use of derivative contracts in our business (including the interpretation of the subjective and complex accounting rules related to thesecontracts); changes in accounting principles generally accepted in the United States of America, the interpretation of those principles and the impactof the adoption of new accounting standards; customer growth and energy usage; weather variations affecting local and regional customer energyusage; power plant performance and outages; transmission outages and constraints; the completion of generation and transmission construction inthe region, which could affect customer growth and the cost of power supplies; risks inherent in the operation of nuclear facilities, such asenvironmental, regulatory, health and financial risks, risk of terrorist attack, planned and unplanned outages, and unfunded decommissioning costs;the ability of our power plant participants to meet contractual or other obligations; technological developments in the electric industry; the results oflitigation and other proceedings resulting from the California and Pacific Northwest energy situations; the performance of Pinnacle West's subsidiariesand any resulting effects on its cash flow; the strength of the real estate and credit markets and economic and other conditions affecting the realestate and credit markets in SunCor's market areas, which include Arizona, Idaho, New Mexico and Utah; and other uncertainties, all of which aredifficult to predict and many of which are beyond the control of Pinnacle West and APS.

CEO Agenda

APS Retail Rate Settlement

SunCor Restructuring Plan

Palo Verde Return to NRC Column 1

Summary Comments

Proposed APS Retail Rate Settlement

Rate and Financial Stability Plan

Primary Benefits

Strengthens APS' financial condition and supports common dividend

Provides greater level of cost recovery and return on investment

Provides rate stability for APS customers

Allows opportunity to help shape Arizona's energy future outside

continual rate cases

Continues strong APS commitment to cost control and efficiency

Provides for significant increase in energy efficiency programs

Expands renewable energy requirements and programs



Annualized base rate revenue increase ($ millions):

Non-fuel rate increase $ 196 $ 264

Net fuel-related rate increase 11 14

Net base rate increase $ 207 $ 278

Allowed ROE (%) 11 11.5

Base fuel rate ( per kWh) 3.76 3.88

Effective date 1/1/2010 10/1/2009

Proposed

Settlement

APS

Request

Key Financial Provisions - Base Rates



Key Financial Provisions - Other Than Base Rates

Line Extension Fees - 2010-2012 payments received to be recorded

as revenues instead of contributions in aid of construction

(pretax estimates):

2010 $23 million

2011 $25 million

2012 $49 million

Pension and OPEB Deferrals - 2011-2012 defer for future rate recoverydifferences between actual pension and OPEB costs and 2007 test year($24 million) as follows (pretax):

2011 deferral not to exceed lower of $13.5 million or

50% of cost above 2007 level

2012 deferral not to exceed $29 million

(continued)



Key Financial Provisions - Other Than Base Rates (continued)

Expense Reduction Commitment

Beginning in 2010, identify additional $10 million pretaxexpense reductions above $20 million identified March 2009

$30 million average annual expense reductions to continue

through 2014

Equity Infusions

APS to obtain at least $700 million of equity infusions

in 2010 through 2014

(continued)



APS may file general base rate cases on or after

June 1, 2011 and June 1, 2013

A base rate increase resulting from APS' next rate case

may not become effective before July 1, 2012

Settling parties intend to process future cases

within 12 months of sufficiency findings

Future General Base Rate Cases



Proposed Procedural Schedule

Definitive settlement agreement filing June 12, 2009

Supporting parties' testimony due July 1, 2009

Opposing parties' testimony due July 22, 2009

Supporting parties' reply testimony due August 6, 2009

Hearing begins August 17, 2009

Rate increase effective January 1, 2010

CEO Agenda

APS Retail Rate Settlement

SunCor Restructuring Plan

Palo Verde Return to NRC Column 1

CFO Agenda

1st Quarter Results

Impacts of SunCor Restructuring Plan

Earnings Guidance

Liquidity

Dividends

Consolidated EPS Summary

1st Quarter 2009 vs. 1st Quarter 2008

Per Share EPS 2009 2008 Reported -1.55 -0.04

Reported

Per Share

On-Going EPS 2009 2008 On-Going -0.29 -0.04

On-going loss of $(0.29) per share in 1st quarter 2009

compared with $(0.04) per share in 1st quarter 2008.

Non-GAAP EPS Reconciliation


EPS per diluted share as reported: $ (1.55) $ (0.04) $ (1.51)

Adjustments:

Real estate impairment charge 1.22 - 1.22

Real estate severance and

other costs 0.04 - 0.04

On-going earnings per share $ (0.29) $ (0.04) $ (0.25)

1st Qtr

2009

Change

1st Qtr

2008

Reg. Gross margin M&T O&M Infrastructure El Dorado Other

Expenses primarily related to

capital expenditures

$(0.25)

Summary of On-Going EPS Variances


Marketing and trading contributions

O&M expense

Miscellaneous items, net

Regulated electricity gross margin

Other expense, net of other income,

including investment losses

Regulated Electricity Gross Margin Drivers*

1st Quarter 2009 vs. 1st Quarter 2008 Interim rates Transmission Rates MTM weather customer usage Other items, net 0.08 0.04 -0.12 -0.08 -0.02 0.01

Transmission

rate increases

Lower

customer usage

Milder

weather

Lower hedge

mark-to-market

Regulated electricity gross margin variances decreased earnings $0.09 per share.

Interim retail

rate increase

Other

items, net

*Excluding effects of Renewable Energy Standard (RES) of $0.10 per share, which is offset by a comparable amount in O&M.

Milder Weather Impacts Quarterly Comparison

'74 791 571 '75 1066 571 '76 721 571 '77 776 571 '78 657 571 '79 1037 571 '80 695 571 '81 534 571 '82 756 571 '83 744 571 '84 535 571 '85 814 571 '86 468 571 '87 734 571 '88 620 571 '89 629 571 '90 761 571 '91 601 571 '92 553 571 '93 593 571 '94 617 571 '95 469 571 '96 468 571 '97 541 571 '98 710 571 '99 459 571 '00 459 571 '01 657 571 '02 484 571 '03 349 571 '04 552 571 '05 457 571 '06 464 571 '07 589 571 '08 583 571 '09 383 571

1st Qtr Heating

Degree Days

(HDDs)

1st quarter 2009 was second mildest on record with 383 HDDs

compared with a normal level of 571 HDDs.

10-Year

Weather

Normal HDDs

571

Regulated Electricity Gross Margin Drivers*

1st Quarter 2009 vs. 1st Quarter 2008 Interim rates Transmission Rates MTM weather customer usage Other items, net 0.08 0.04 -0.12 -0.08 -0.02 0.01

Transmission

rate increases

Lower

customer usage

Milder

weather

Lower hedge

mark-to-market

Regulated electricity gross margin variances decreased earnings $0.09 per share.

Interim retail

rate increase

Other

items, net

*Excluding effects of Renewable Energy Standard (RES) of $0.10 per share, which is offset by a comparable amount in O&M.

Financial Impacts of SunCor Restructuring

1st quarter 2009 real estate impairment, severance and

related costs $1.26 per share

Eliminate SunCor's debt

Produce $80 million of cash tax benefits

(estimated to be received late 2010)

Reduce pretax G&A burn from $44 million in 2008

to negligible amount after restructuring

Eliminate future real estate earnings volatility

Guidance Estimates*

2009 2010

APS $ 2.35 $ 3.00

Parent and all

other, net (0.05) -

Estimated EPS $ 2.30 $ 3.00

Key Assumptions

2009

Full-year interim base rates

No additional

base rate increases

Includes identified cost savings

and mild weather impacts

2010

Rate settlement effective

entire year

Includes identified cost savings

2009 - 2010 Earnings Guidance Affirmed

As of May 5, 2009

* Within a reasonable range around specified amount

Excluding any SunCor impact

Majority of SunCor's operations

will be reclassified to discontinuedoperations during 2009

Adequate Liquidity Resources

Capacity

Borrower ($ Millions) Matures

PNW $ 283 Dec. '10

APS 377 Dec. '10

APS 489 Sep. '11

$1,149

We have sufficient liquidity and access to credit.

Credit

Facilities

Cash

Short Term

Debt

Available

Liquidity

$760

Available Liquidity

March 31, 2009

$ Millions

Credit Facilities

Pinnacle West vs. Industry Dividend Yield PNW Electric Industry Average 4/29/2009 0.0765 0.0569 3/31/2009 0.0791 0.0575 2/28/2009 0.08 0.059 1/31/2009 0.0627 0.0507 12/31/2008 0.0654 0.0497 11/30/2008 0.0691 0.0487 10/31/2008 0.0664 0.0495 9/30/2008 0.061 0.0439 8/30/2008 0.0597 0.0409 7/30/2008 0.0626 0.042 6/30/2008 0.0682 0.0414 5/31/2008 0.0622 0.0393 4/30/2008 0.0619 0.0408 3/31/2008 0.0599 0.0426

Mar. 31,

2008

Jun. 30,

2008

Sep. 30,

2008

Dec. 31,

2008

7.7%

5.7%

Apr. 30,

2009

Pinnacle West's annual dividend is $2.10 per share.

Going Forward

Intense focus on operational excellence

and improving earnings and financial metrics

Positive movement in Arizona regulatory environmentdemonstrated by proposed settlement

SunCor restructuring plan optimizes assets andfinancial results

Current common dividend supported

Appendix

Comparison of Retail Rate Case Positions

Rate base ($ billions) $ 5.4 $ 5.3 $ 4.9 $ 5.4

Common equity 54%

Return on common equity 11.5% 11.0% 9.6% 11.5%

APS

Request

ACC

Staff

RUCO

Annual revenue increases ($ millions):

Non-fuel rate increase $ 264 $ 155 $ (14) $ 206

Net fuel-related rate increase 14 11 14 10

Net rate increase $ 278 $ 166 $ - $ 216

AECC

Costs Related to SunCor Restructuring

1st Quarter 2009

Real estate impairment charges:

Homebuilding and master-planned communities $ 141

Land parcels and commercial assets 53

Golf courses 17

Subtotal in continuing operations 211

Discontinued operations 5

Less non-controlling interests (14)

Total impairment charges 202 $ 1.22

Severance and other costs 8 0.04

Total costs related to restructuring $ 210 $ 1.26

$ Millions

Pretax

EPS

After Tax

Reconciliation of Regulated Electricity Segment Gross Margin

Operating income (loss) - closest GAAP measure $ (208) $ 36

Plus:

Operations and maintenance expense 208 193

Real estate segment operations expense 30 31

Real estate impairment charge 211 -

Depreciation and amortization 100 96

Taxes other than income taxes 34 33

Other expenses 6 6

Marketing and trading fuel and purchased power - 24

Less:

Real estate segment revenues 18 26

Other revenues 8 9

Marketing and trading revenues - 30

Regulated electricity segment gross margin - pretax $ 355 $ 354

Less:

Renewable energy surcharge (RES) - pretax 18 2

Regulated electricity segment gross margin excluding RES - pretax $ 337 $ 352

Three Months Ended

March 31,

Increase

(Decrease)

2009

2008

$ Millions, except per share amounts

Earnings per share - diluted (after-tax)

Regulated electricity segment gross margin $ 2.14 $ 2.13 $ 0.01

Less: RES 0.11 0.01 0.10

Regulated electricity segment gross margin excluding RES $ 2.03 $ 2.12 $ (0.09)

Non-GAAP Measure Reconciliation -

Operating Income (Loss) (GAAP Measure)

To Regulated Electricity Segment Gross Margin

(Non-GAAP Measure)

In this presentation, we present "regulated electricity gross margin" per diluted share of common stock.Regulated electricity gross margin refers to regulated electricity segment revenues less regulatedelectricity segment fuel and purchased power expenses. Regulated electricity segment gross margin is a"non-GAAP financial measure," as defined in accordance with SEC rules. Slide 26 reconciles this non-GAAP financial measure to operating income (loss), which is the most directly comparable financialmeasure calculated and presented in accordance with GAAP. We view regulated electricity segmentgross margin as an important performance measure of the core profitability of our operations. Thismeasure is a key component of our internal financial reporting and is used by our management inanalyzing the operations of our business. We believe that investors benefit from having access to thesame financial measures that management uses.

Non-GAAP Measure Reconciliation -

Operating Income (Loss) (GAAP Measure)

To Regulated Electricity Segment Gross Margin

(Non-GAAP Measure)

EX-99.45p14848exv99w4.htmEX-99.4

exv99w4

Exhibit 99.4


Major Factors Affecting Consolidated Earnings Outlook
for Year Ending December31, 2009
Compared with Year Ended December31, 2008
(Earnings Per Diluted Share Outstanding)

2008 net income $ 2.40

Adjustments:

SunCor real estate impairment charge 0.32

Income tax credits related to prior years (0.30 )

Severance costs related to workforce reductions 0.08

Income from discontinued operations for resolutionof a tax issue related to 2005 Silverhawk plant sale (0.08 )

2008 on-going earnings 2.42

Projected increases (decreases)in 2009:

Regulated electricity segment gross margin(revenues net of fuel and purchased power costs,excluding Renewable Energy Surcharge), including:retail interim rate increase for full year, transmissionrevenue increases, higher fuel and purchased powercosts (net of deferrals), lower usage due to firstquarter 2009 mild weather and customer conservationand minimal weather-normalized retail sales growth 0.20 - 0.30

Lower marketing and trading gross margin (revenuesnet of fuel and purchased power costs) (0.14 )

Increased operations and maintenance expense(excluding Renewable Energy Standard andseverance costs) related primarily to fossil plantmaintenance and outages, pension and other post-retirement benefits, partially offset by cost efficiencyefforts, including cost reductions reported to ACC (0.10) - (0.20 )

Costs related to utility capital expenditures(such as depreciation, property taxes andinterest expense, net of capitalized financing costs) (0.30) - (0.35 )

Miscellaneous other items net 0.10 - 0.15

Estimated 2009 earnings a reasonable range around(excluding potential real estate results) $ 2.30

EX-99.56p14848exv99w5.htmEX-99.5

exv99w5

Exhibit 99.5


Major Factors Affecting Consolidated Earnings Outlook
for Year Ending December31, 2010
Compared with Year Ending December31, 2009
(Earnings Per Diluted Share Outstanding)

Estimated2009 earnings a reasonable range around(excluding potential real estate results) $ 2.30

Projected increases (decreases)in 2010:

Retail revenue increase from general rate casesettlement in excess of interim revenues 1.10

Other regulated electricity segment gross margin(revenues net of fuel and purchased power costsexcluding Renewable Energy Surcharge), including:transmission revenue increases, higher fuel andpurchased power costs (net of deferrals) andminimal weather-normalized retail sales growth 0.15 - 0.25

Increased operations and maintenance expense(excluding Renewable Energy Standard costs)primarily due to inflation partially offset by costefficiency efforts, including cost reductionsreported to ACC (0.05) - (0.15 )

Costs related to utility capital expenditures(such as depreciation, property taxes andinterest expense, net of capitalized financing costs) (0.30) - (0.35 )

Miscellaneous other items net (0.10) - (0.15 )

Estimated 2010 earnings a reasonable range around(excluding potential real estate results) $ 3.00

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