PHOENIX- Pinnacle West Capital Corporation (NYSE: PNW) today announced the names of officers who have indicated they have chosen voluntary severance options as part of the company’s previously announced voluntary workforce reduction.

In the group are: John G. Bohon, Vice President, Corporate Services and Human Resources, who first joined the company in 1971; John R. Denman, Vice President, Fossil Generation, who joined the company in 1964; William E. Ide, Vice President, Nuclear Production, who joined the company in 1977; Michael Palmeri, Vice President of Finance, who joined the company in 1982; Faye Widenmann, Vice President and Corporate Secretary, who joined the company in 1978.

In a statement issued today, Chairman Bill Post said: "These are remarkable people with remarkable careers, who have helped navigate this company through significant decades of change and to great success over the years. Together they represent more than 130 years of commitment to the customer, the shareholder and operational excellence."

Since the Company announced its voluntary workforce reduction effort in July, more than 500 employees have indicated an interest in voluntary severance options.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $8 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:
Paul Reynolds, (602) 250-5656
Alan Bunnell, (602) 250-3376

Analyst:
Rebecca Hickman, (602) 250-5668