Pinnacle West Holds Annual Meeting; Growth and Progress of Arizona and Company Linked


PHOENIX – Arizona Public Service (APS) has recorded a remarkable record of performance for customers, investors and the state of Arizona amidst one of the rockiest times in the history of the energy industry, Pinnacle West Chairman Bill Post told shareholders at the Company’s Annual Meeting held today in Phoenix.

During the meeting, Post attributed this success to a disciplined Arizona focus, motivated employees and a fundamental belief in protecting the customer.

“For customers, we’ve delivered an unparalleled record of price performance,” he said. “While most western utilities raised their rates in recent years, we’ve lowered ours by 16 percent over the last 10 years. Our prices are less now than they were nearly 20 years ago, and even with a pending rate increase, our prices will still be lower than they were in 1988.”

Post said the Company also has delivered results for its shareholders – leading the way in dividend growth among all utilities over the past 10 years and raising its dividend for the 10th consecutive year.

Just as important, the Company’s investment of more than $2 billion in generating, transmission and distribution infrastructure over the last few years has helped ensure the reliable and safe delivery of electricity, and protected Arizona from the type of catastrophic power failures that plagued other parts of the country last summer.

“The last decade tested our industry and our company as never before,” Post said. “The report card on the industry as a whole – with its bankruptcies and scandals – is not very good, but our company met and mastered every challenge with integrity, establishing a high standard for today and tomorrow.”

A complete text of Post’s speech is available at

At the business portion of the annual meeting, Pinnacle West shareholders re-elected four directors to the Company’s Board of Directors: Roy A. Herberger, Jr., president of Thunderbird, The American Graduate School of International Management and a director since 1992; Humberto S. Lopez, president of HSL Properties, Inc. and a director since 1995; Kathryn L. Munro, principal of BridgeWest, LLC, and a director since 2000; and William L. Stewart, former president and CEO of Pinnacle West Energy Corp. and a director since 2001.

In other proposals, shareholders ratified the selection of Deloitte & Touche LLP as the Company’s independent auditors for the 2004 fiscal year, and defeated a proposal by the Arizona Safe Energy Coalition.

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $9.4 billion. Through its subsidiaries, including APS, 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.


Alan Bunnell, (602) 250-3376

Rebecca Hickman, (602) 250-5668

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