It is our business' responsibility to increase profits and provide economic return to its shareholders. Some believe  sustainability efforts, including environmental stewardship, while perhaps necessary in today's business climate, are costs to the organization and are subsequently treated as such. At Pinnacle West, we believe effective sustainability governance is a competitive business strategy that will lead to increased profitability and business success. 

Benefits to our company from our sustainability programs include:

• enhanced enterprise risk identification and management
• operating efficiencies
• early identification of emerging opportunities and issues
• enhanced customer satisfaction
• waste and emissions reductions
• enhanced corporate reputation
• human capital - enhanced recruitment and retention
• enhanced interactions with our critical stakeholders, and
• compliance benefits

These allow our company to be more innovative and effective in our operations over time, which is a competitive advantage that results in improved shareholder value, not just over a quarter but long term.

Rather than repeat financial performance data in this report, we direct you to our 2008 Pinnacle West Annual Report and the Investors section of our Pinnacle West Web site.