Pinnacle West Holds Shareholder Meeting


LITCHFIELD PARK, Ariz. ­ Chief Executive Officer Bill Post told shareholders at the Pinnacle West annual meeting that decreasing prices to customers, increasing customer satisfaction and growing core businesses such as power generation would drive shareholder value for the company.

Post directed many of his remarks at the transition to competition in the industry and in Arizona, and said that the quality of outcomes could vary, depending on decisions by policy makers and regulators.

He called the movement to competition not a single decision but, "a process of rapid evolution which will change the industry for many years." 

On the local scene, Post said he believed that there was considerable work to be done with regulators and called the recent proposed settlement agreement with the Arizona Corporation Commission "a good start that would allow the company to increase both customer and shareholder value... It's been a bumpy road, but I believe we will achieve a competitive transition settlement."

Post also said that a focus on cost management had allowed the company to reduce prices to customers 8.4 percent over the last fours years. And, he told shareholders the company intends to keep increasing common stock dividends at a rate well above the industry average.

Chairman Richard Snell officiated at the business portion of the meeting, during which three board members were elected and a shareholder proposal was defeated.

Reelected to the board was Bill Post (48), Pinnacle West and APS Chief Executive Officer and a board member since 1997. Newly elected to the board were Edward N. Basha (61), Chairman of the Board of Bashas' supermarket chain and Michael L. Gallagher (54), president of Gallagher & Kennedy, P.A. and an APS board member.

Retiring from the board were John Norton III, Chairman and Chief Executive Officer of J.R. Norton Company and Douglas J. Wall, counsel to the law firm of Mangum, Wall, Stoops & Warden.

Pinnacle West is a Phoenix-based company with consolidated assets of $7 billion. Its major subsidiary is APS, Arizona's largest electric utility. SunCor, its real estate subsidiary, has some 13,000 acres under development.


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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