PWCC

Pinnacle West Capital Corporation, Letter to Shareholders
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FROM  WILLIAM J. POST, CHAIRMAN
To our shareholders:
2001...
Unprecedented electric price volatility...
Continued price decreases for our customers...
Bankruptcies of some of the industry’s largest companies.
Our response:
We had one of the best financial
years in our company’s history.
Our direction going forward: Stay on plan. Use what we have learned. Figure out answers to new questions – both known and unknown. Mix discipline with creativity. Stay agile.

As a company, we strive to remain flexible in the face of changing markets, yet unwavering in our commitments to increasing customer satisfaction and shareholder value. We stood like a rock on those commitments in 2001. Our customer satisfaction ratings have never been higher. Our financial results have never been stronger.

WILLIAM J. POST, CHAIRMAN
WILLIAM J. POST, CHAIRMAN

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