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


PHOENIX- Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.40 per share of common stock, payable on June 1, 2002, to shareholders of record on May 1, 2002.

Pinnacle West’s board most recently increased the dividend in October 2001 by approximately 6.7 percent or 10 cents per share annually. The board’s action resulted in an indicated annual dividend of $1.60 per share or $0.40 per share quarterly and represented the eighth consecutive annual increase.

For the five-year period 1997-2001, Pinnacle West grew its dividend at an average annual rate of 7.8 percent, ranking second among U.S. electric utilities.

Conference Call
Pinnacle West invites interested parties to listen to the live webcast of management’s conference call to discuss the Company’s 2002 first quarter earnings at 8 a.m. (ET) on Tuesday, April 23, 2002. The conference call will be available online live on Pinnacle West’s website at and will remain available on the website through May 22, 2002. To access the live conference call by telephone, dial (212) 346-7472, reservation number 20476746. A replay of the call will also be available until 10 a.m. (ET), April 30, 2002, by calling (800) 633-8284 and entering reservation number 20476746.

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
Alan Bunnell, (602) 250-3376

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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