PHOENIX – The 2004 Pinnacle West Capital Corporation Corporate Responsibility Report, which provides information on the company’s performance across three areas of sustainability – economic, environmental and social issues –is now accessible online at http://www.pinnaclewest.com/cr

In years past, this report was titled the Pinnacle West Environmental Health and Safety Report. This year, in keeping with Global Reporting Initiatives (GRI) guidelines, and to demonstrate the company’s commitment to sustainability, Pinnacle West has transitioned to corporate responsibility reporting. Corporate responsibility is considered one of the most important indicators of a successful enterprise and shareholder value.

The report details how Pinnacle West, and its subsidiaries, manage their operations and work to protect the environment for the benefit of customers, employees and the communities they serve.

As part of the company’s continuous improvement efforts, and as an environmentally sound alternative to producing a printed document, the report is available for the first time in a fully electronic format available through the company’s corporate Web site.

“We are proud of our performance across these areas of sustainability and are pleased to offer a glimpse of what we feel makes our family of companies successful,” said APS Vice President, Communications, Environment & Safety, Edward Z. Fox. “We place great value on corporate citizenship or the ‘triple bottom line.’”

Report Highlights:

• J.D. Power ranked APS in the top 10 percent nationally in overall customer satisfaction.
• For the third time, the company earned the top rating – AAA – from Innovest Strategic Value Advisors, for our environmental performance.
• Innovest also ranked Pinnacle West as the top utility in investment value potential based on the company’s performance in corporate governance, community outreach and employee relations.
• Our employees had a banner safety year, setting a new standard.

The 2004 Corporate Responsibility Report was prepared in accordance with guidelines set by Ceres, a coalition of investors and public interest organizations, and to the extent possible, Global Reporting Initiative(GRI) guidelines. These guidelines were established to develop globally applicable standards for sustainability reporting.

Pinnacle West (NYSE:PNW) 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.

Contacts

Media:
Will Diaz, (602) 250-2265

Analyst:
Barbara Lockwood, (602) 250-3361