PHOENIX - Pinnacle West Capital Corporation (NYSE: PNW) announced today that it expects to release first quarter results prior to market open on Friday, May 7, 2004.

The Company also will host a conference call to discuss the Company’s 2004 first quarter results and recent developments. The live webcast will commence at 12 noon(ET), May 7, and can be accessed at: www.pinnaclewest.com/main/pnw/investors/presentations/default.html.

A replay will be available on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 6629019. A replay of the call also will be available until 12 midnight (ET), Friday, May 14, 2004, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering reservation number 6629019.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9.5 billion. Through its subsidiaries, the Company generates, sells and delivers electricity and sells energy-related products and services to retail and wholesale customers in the western United States.  It also develops residential, commercial, and industrial real estate projects.

Media:
Alan Bunnell, (602) 250-3376

Analyst:
Rebecca Hickman, (602) 250-5668