Pinnacle West Hikes Common Stock Dividend; Announces Earnings Conference Call


PHOENIX- Pinnacle West Capital Corporation (NYSE:PNW) today announced a dividend increase of approximately 6.7 percent or ten cents per share annually. The board’s action will result in an indicated annual dividend of $1.60 per share or 40 cents per share quarterly and represents the eighth consecutive increase of this magnitude since the dividend was reinstated in 1993. The declared dividends are payable December 1, 2001, to shareholders of record on November 1, 2001.

Chief Executive Officer Bill Post said the Company’s dividend policy calls for annual increases by relatively consistent dollar amounts, which will continue dividend growth at a pace well above the industry average but at a payout ratio well below the industry average.

Pinnacle West will be hosting a telephone conference call at 1 p.m. Eastern Time (ET) on Friday, October 19, 2001, to discuss the company’s third quarter earnings. To participate in the conference call, please dial (212) 346-0132 at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. For those unable to participate in the live call, telephone replays will be available from 3 p.m. ET on October 19 through 9 p.m. ET on October 31. To access the replay, call 1-800-633-8284 or (858) 812-6440 and enter access code 19889932.

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 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.


Paul Reynolds, (602) 250-5656
Peggy Mulloy, (602) 250-3261

Rebecca Hickman, (602) 250-5668
Lisa Malagon, (602) 250-5671

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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