news-release-details

Pinnacle West Declares Quarterly Dividend; Announces Earnings Webcast and Conference Call

01/21/2004

PHOENIX- Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.45 per share of common stock, payable on March 1, 2004, to shareholders of record on February 2, 2004.

Pinnacle West’s board in October 2003 increased the dividend by approximately 5.9 percent or $0.10 per share annually. The board’s action resulted in an indicated annual dividend of $1.80 per share, or $0.45 per share quarterly, and represented the 10th consecutive increase of this magnitude.

Earnings Release, Webcast and Conference Call

Pinnacle West plans to release its 2003 year-end earnings on Thursday, January 29, 2004. That same day at 11:30 a.m. (ET), the Company invites interested parties to listen to the live webcast of management’s conference call to discuss earnings and recent developments. The webcast can be accessed at http://www.pinnaclewest.com/investors/presentations/default.html. and will be available for replay on the web site for 30 days. To access the conference call by telephone, dial (877) 356-3961 and enter reservation number 4861194. A replay of the call also will be available until 12:00 midnight (ET), Thursday, February 5, 2004, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same reservation number.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9 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.

Contacts

Media:
Alan Bunnell, (602) 250-3376

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

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