Pinnacle West Announces Pricing Of Common Stock Offering


PHOENIX – Pinnacle West Capital Corporation (NYSE: PNW) announced today the pricing of its previously announced public offering of 5.3 million shares of common stock at $42 per share.

These securities will be issued under a shelf registration statement previously filed with the Securities and Exchange Commission. The transaction is expected to close on May 2, 2005, subject to customary closing conditions.

In connection with the offering, the Company has granted the underwriters an option for a period of 30 days to purchase up to an additional 795,000 shares of the Company’s common stock to cover over-allotments, if any.

The sole book-running manager for the transaction is Lehman Brothers Inc., while Citigroup Global Markets Inc. and Credit Suisse First Boston LLC are acting as co-managers.

Investors can obtain a copy of the final prospectus supplement relating to the offering from Lehman Brothers, Prospectus Department, c/o ADP Financial Services Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, N.Y., 11717 or by e-mailing; from Citigroup Smith Barney, Prospectus Department, 140 58th Street, 8th Floor, Brooklyn, NY, 11220; or from Credit Suisse First Boston, Prospectus Department, One Madison Avenue, New York, NY, 10010

Pinnacle West is a Phoenix-based company with consolidated assets of approximately $10 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.


Alan Bunnell, (602) 250-3376

Rebecca Hickman, (602) 250-5668
Lisa Malagon, (602) 250-5671

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