Arizona Supreme Court Stays Arizona Corporate Commission Hearings


PHOENIX, Ariz. - Pinnacle West Capital Corporation and Arizona Public Service Company have announced that the Arizona Supreme Court has issued an order staying the Arizona Corporation Commission's (ACC) hearings on the proposed settlement agreements involving the ACC staff, APS and Tucson Electric Power Company. The hearings, which were scheduled to begin December 3, 1998, were established by the ACC in light of previously adopted ACC rules calling for the phase-in of retail electric competition starting on January 1, 1999.

The Arizona Supreme Court's stay is preparatory to consideration by the full Court of whether the ACC provided sufficient notice of the hearings to interested parties. The Court will hear oral arguments on this matter on January 14, 1999.

Although the Court's decision may delay the introduction of competition scheduled for January 1, 1999, APS intends to continue working with the ACC and other interested parties in preparation for the orderly phase-in of retail electric competition in Arizona. The proposed settlement agreements have expired by their terms and whether they will be extended is yet to be determined.

APS, Arizona's largest electric utility, provides wholesale or retail electric service to the entire state with the exception of Tucson and about one-half of the Phoenix area. APS, which is headquartered in Phoenix, is the principal subsidiary of Pinnacle West Capital Corporation (NYSE:PNW).


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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