Pinnacle West Elects William L. Stewart To Board of Directors


PHOENIX - William L. Stewart, President of Pinnacle West Energy and APS Generation, has been elected to the Board of Directors of Pinnacle West Capital Corporation (NYSE: PNW), the Company announced following a board meeting earlier today.

Stewart, 58, arrived at APS in 1994 to direct the Company’s nuclear energy program at the Palo Verde Nuclear Generating Station. In 1996, he assumed the additional responsibilities of overseeing all of the Company’s generating facilities, including fossil-fueled units. He was elected President of APS Generation in October 1998 and took the reins at Pinnacle West Energy upon its formation in September 1999. In his current position, he has overall responsibility for nuclear and fossil generation, generation expansion and acquisitions, fuel procurement and related functions.

"Under the leadership of Bill Stewart, our company has firmly established itself as a leading producer of electricity throughout the West," said Bill Post, Chairman of Pinnacle West and APS. "He is respected throughout the industry and by the employees of our organization and will add important perspective to the Board of Directors."

Since Stewart’s arrival, APS generating plants have been among national and world leaders in terms of safety, efficiency and production, particularly at Palo Verde, which has established national records for total output each of the last five years. In 2000, Palo Verde produced more than 30 billion kilowatt-hours of electricity with an efficiency rating of more than 93 percent, easily ranking it among the nation’s leaders in that category.

Moreover, Stewart has directed an ongoing expansion of Pinnacle West’s generating assets that ultimately will double the company’s generating capability from 4,000 megawatts (MW) to more than 8,000 MW. The first of the new plants – a 125-MW gas-fired unit at the West Phoenix Power Station – began producing electricity for customers in May. Two gas-fired units totaling 1,080 MW are under construction at the Redhawk site near Palo Verde and will begin operation next summer. In addition, another 540-MW unit is scheduled to come on line at West Phoenix in 2002.

"Bill conceived of an ambitious and strategic program that ensures Pinnacle West’s leadership in the generation business far into this new century," said Post, "And, he has developed an organization with the creativity and business acumen that will allow us to compete with great effectiveness in the western wholesale generation markets."

Before joining APS, Stewart served as Senior Vice President of Nuclear for Virginia Power, where he was responsible for all areas of the company’s nuclear program. Other positions held by Stewart during his lengthy tenure with Virginia Power included Senior Vice President of Power and Vice President of Nuclear.

He served in the United States Navy Nuclear Program for 10 years and was assigned to the Nuclear Submarine Service at Norfolk, Virginia, and Charleston, South Carolina.

Stewart has served on the Nuclear Energy Institute’s (NEI) Steering Committee for Congressional Information and NEI’s Senior Nuclear Advisory Group and was instrumental in bringing about the passage of the nuclear provisions in the landmark federal Energy Policy Act of 1992. He is a past member of the National Accrediting Board for the Institute of Nuclear Power Operations and has served on various committees of the Atomic Industrial Forum, American Nuclear Energy Council, Nuclear Management and Resources Council, Electric Power Research Institute, and Edison Electric Institute.

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 electricity and 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.


Alan Bunnell, (602) 250-3376
Peggy Mulloy, (602) 250-3261

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.

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