Phoenix, Arizona-based Pinnacle West Capital Corporation (NYSE:PNW) provides electricity services in Arizona through its wholly-owned subsidiary, Arizona Public Service Company (APS), which transmits and distributes electricity to over 1 million residential, commercial, and industrial customers throughout the state. Unregulated businesses include wholesale power generation, energy-related products and services, real estate development, and an investment company. Regulated Electricity, Marketing & Trading and Real Estate comprise the company's three operating business segments, accounting for 82%, 15%, and 8% respectively of 2nd quarter 2007 revenue, with the remaining 2% generated by Pinnacle s other non-regulated operations. The Regulated Electricity segment consists of the company s utility subsidiary, APS, which with 4,000 megawatts (MW) of generating assets, engages in the generation, transmission, and distribution of electricity. The Marketing & Trading segment contains the competitive energy business, including wholesale marketing and trading and the company's Pinnacle West Energy Company (PWEC) subsidiary which operates Pinnacle's competitive generation assets. The Real Estate segment includes the company's SunCor subsidiary, which engages in real estate development and investment activities.