PHOENIX- Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.475 per share of common stock, payable on March 1, 2005, to shareholders of record on February 1, 2005.

In addition, Pinnacle West plans to release its 2004 year-end results on Friday, January 28. That same day at 11 a.m.(ET), the Company invites interested parties to listen to the live webcast of management’s conference call to discuss earnings and recent events. The webcast can be accessed at www.pinnaclewest.com/investors/default.aspx 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 3179339. A replay of the call also will be available until 11:55 p.m. (ET), Friday, February 4, 2005, 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 $9.9 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