PHOENIX - Chief Executive Officer William J. Post has been elected Chairman of the Board for Pinnacle West Capital Corporation (NYSE: PNW), the Company announced following approval from its Board of Directors late yesterday. Post, 50, also will serve as Chairman of the company’s principal subsidiary, Arizona Public Service (APS), and will remain Chief Executive Officer of the parent company.

Post replaces Richard "Dick" Snell, 70, who, as previously reported, will retire from the board and as its chairman effective February 5, 2001.

"We are grateful for the personal and professional commitment Dick has made to our company and to the many communities we serve," said Post.

Jack E. Davis has been named President of Pinnacle West Capital Corporation and has been elected to the Pinnacle West board. Davis, 54, also will retain his position as President of Energy Delivery and Sales for APS.

"Jack Davis has the experience and the vision to enhance our Company’s future in the rapidly changing electric utility industry," Post said.

At the holding company level, Davis will report to Post along with Bill Stewart, president of Pinnacle West Energy.

"With Jack Davis’ leadership at the holding company and Bill Stewart heading up our competitive generation in Pinnacle West Energy, this Company is positioned for a dynamic future," Post added.

Davis, whose term on the Pinnacle West board begins February 5, is a graduate of New Mexico State University. He joined APS in 1973 as an engineer in the System Planning Department. Subsequently, he earned management positions overseeing Power Contracts, System Development and Power Operations, Fossil Generation, Transmission Systems, Customer Service, and Power Marketing and Trading at APS.

In addition to his duties at APS, Davis is immediate past Chairman of the Western Systems Coordinating Council (WSCC) and is a member of its Board of Trustees; past Chairman of the Western Systems Power Pool; past President of the Western Energy and Supply Transmission (WEST) Associates; and is a member of the National Electric Reliability Council Board of Trustees. He also is a registered professional engineer in the State of Arizona. His community work includes serving on the boards of the Arizona Chamber of Commerce, Banner Health Arizona, Downtown Phoenix Partnership and the Arizona Theater Company, and on the Electrical Engineering Industry Advisory Committee at Arizona State University.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $7 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

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.