PHOENIX - Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.50 per share of common stock, payable on September 1, 2006, to shareholders of record on August 1, 2006.

In addition, as previously disclosed, Pinnacle West plans to release its 2006 second-quarter results on Friday, July 21. That same day at 1:00 p.m. (ET), the Company will host a simultaneous conference call and web cast to discuss its financial results and recent developments. The web cast can be accessed at www.pinnaclewest.com/presentations and will be available for replay on the web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter Conference ID Number 2026344. A replay of the call also will be available until 11:55 p.m. (ET), Friday, July 28, 2006, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same ID number as above.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11 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
Lisa Malagon, (602) 250-5671