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Business Description
Pinnacle West Capital Corp. owns Arizona Public Service Company (APS), an Arizona electric utility that provides retail and wholesale electric service to substantially all of the state, with the major exceptions of the Tucson metropolitan area and about one-half of the Phoenix metropolitan area. APS also generates and, through the Company's marketing and trading division, sells and delivers electricity to wholesale customers in the western United States. APS serves more than 874,000 customers. The Company's other major subsidiaries are: Pinnacle West Energy, through which it conducts its unregulated electricity generation operations; APSES, which provides commodity energy and energy-related products to key customers in competitive markets in the western United States; SunCor, a developer of residential, commercial and industrial real estate projects in Arizona, New Mexico and Utah; and El Dorado, an investment firm.

Financial Information
PNW owns four subsidiaries: APS, an Arizona electric utility concern; SunCor -a residential, commercial and industrial developer; Eldorado, a venture capital unit, and Pinnacle West Energy Corp. For the six months ended 6/30/02, revenues fell 40% to $1.34 billion. Net income before accounting change rose less than 1% to $129.1 million. Revenues reflect lower wholesale prices and retail electricity prices. Earnings benefited from lower operating expenses.