PHOENIX, Ariz.,- The Pinnacle West Capital Corporation (NYSE: PNW) board of directors today declared a quarterly dividend of 32.5 cents per share of common stock, which is unchanged from the prior quarter. Dividends on common stock are payable on September 1, 1999 to shareholders of record on August 2, 1999.

The dividend declaration was made a month earlier than normal due to the timing of the company's regularly scheduled July board meeting. Pinnacle West is a Phoenix-based company with consolidated assets of approximately $7 billion.

Pinnacle West's major subsidiary is Arizona Public Service Company, which generates, sells and delivers electricity and energy-related products and services to wholesale and retail customers in the western United States. SunCor Development Company, its real estate subsidiary, has residential, commercial and industrial real estate projects under development.

This press release contains forward-looking statements that involve risks and uncertainties, which include, but are not limited to, the ongoing restructuring of the electric industry; the outcome of the regulatory proceedings relating to the restructuring; regional economic and market conditions, which could affect customer growth and the cost of power supplies; the cost of debt and equity capital; weather variations affecting customer usage; and the strength of the real estate market. These factors and the other matters discussed above may cause future results to differ materially from historical results, or from results or outcomes currently expected or sought by the Company.