SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 31, 2002
PINNACLE WEST CAPITAL CORPORATION
(Exact name of registrant as specified in its charter)
Arizona 1-8962 86-0512431
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
400 North Fifth Street, P.O. Box 53999, Phoenix, Arizona 85072-3999
(Address of principal executive offices) (Zip Code)
(602) 250-1000
(Registrant's telephone number, including area code)
NONE
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS
TRACK B
As previously reported, on September 10, 2002, the Arizona Corporation
Commission (the "ACC") issued an order that, among other things, established a
requirement that Arizona Public Service Company ("APS") competitively procure,
at a minimum, any required power that it cannot produce from its existing assets
in accordance with the ultimate outcome of the pending "Track B" ACC
proceedings. See "Track A Order" in Note 5 of Notes to Condensed Consolidated
Financial Statements of the Pinnacle West Capital Corporation Quarterly Report
on Form 10-Q for the fiscal quarter ended September 30, 2002. On October 25,
2002, the ACC Staff issued its report in the Track B proceeding proposing a
process by which APS would procure power not supplied by its own resources. This
report was subsequently modified at the November hearing on Track B. Under the
ACC Staff's modified proposal, we believe APS would be required to competitively
bid for about 2,500 MW of capacity on peak during 2003, increasing to about
3,000 MW in 2006 based on projections of increasing customer loads. On January
30, 2003, an ACC administrative law judge ("ALJ") issued a recommended order on
Track B. The ALJ's recommendation generally adopts the ACC Staff's position. The
parties must file comments on the recommended order no later than February 10,
2003. APS expects to file comments. The ACC has scheduled a special open meeting
on February 21, 2003 to consider this matter.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS.
EXHIBIT
NO. DESCRIPTION
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99.1 Pinnacle West Capital Corporation quarterly consolidated statistical
summary (cover page and list of contents).
99.2 Pinnacle West Capital Corporation quarterly consolidated statistical
summary for the periods ended December 31, 2002 and 2001.
99.3 Pinnacle West Capital Corporation consolidated statistics by quarter
for 2002.
99.4 Pinnacle West Capital Corporation consolidated statistics by quarter
for 2001.
99.5 Pinnacle West Capital Corporation consolidated statistics by quarter
for 2000.
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99.6 Pinnacle West Capital Corporation consolidated statistics by quarter
for 1999.
99.7 Pinnacle West Capital Corporation earnings variance explanations for
the periods ended December 31, 2002 and 2001 and condensed
consolidated statements of income for the three months, nine months
and twelve months ended December 31, 2002 and 2001.
99.8 Glossary of Terms.
ITEM 9. REGULATION FD DISCLOSURE
The Company is providing quarterly consolidated statistical summaries,
earnings variance explanations, and a glossary of relevant terms (collectively,
"Information") to help interested parties better understand its business. This
Information is concurrently being posted to the Company's website at
www.pinnaclewest.com. The Information may not represent all of the factors that
could affect the Company's operating or financial results for various periods.
Some of the Information is preliminary in nature and could be subject to
significant adjustment. Some of the Information is based on information received
from third parties and may contain inaccuracies. The Company is not responsible
for any such inaccuracies. Although the Company may update or correct the
Information if it is aware that such Information has been revised or is
inaccurate, the Company assumes no obligation to update or correct the
Information and reserves the right to discontinue the provision of all or any
portion of the Information at any time or to change the type of Information
provided.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PINNACLE WEST CAPITAL CORPORATION
(Registrant)
Dated: February 3, 2003 By: Barbara M. Gomez
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Barbara M. Gomez
Treasurer
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