As a result of board action today (December 17, 1997), James L. Kunkel has been named a Vice President of Pinnacle West Capital Corporation, and will assume various planning and development responsibilities for the Phoenix-based holding company, reporting to Chairman and CEO Richard Snell.

Kunkel comes to Pinnacle West following 35 years at Coopers & Lybrand, where he held a number of positions, including managing partner of the Phoenix office for 12 years.

His professional and community activities include being president and member of the Arizona State Board of Accountancy, president of Association for Corporate Growth - Arizona Chapter and first president of Accounting Circle, a non-profit support group for the Arizona State University School of Accountancy. He also served on the boards of the Arizona Alliance of Business and Homeward Bound. Kunkel is a member of the Dean's Council of 100, Arizona State University and was elected to the Arizona State University College of Business Hall of Fame in 1984. He currently is an assistant professor at Western International University.

He received a bachelor's degree, Accounting and Finance from Arizona State University and a master's degree, Accounting from California State University, Los Angeles.

Pinnacle West (NYSE: PNW) is a Phoenix-based holding company with consolidated assets of approximately $7 billion. Its major subsidiary is APS, Arizona's largest electric utility.

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.