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 June 1, 2004, to shareholders of record on May 3, 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.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9.5 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