PHOENIX- Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.475 per share of common stock, payable on September 1, 2005, to shareholders of record on August 1, 2005.

In addition, Pinnacle West plans to release its 2005 second-quarter results on Wednesday, July 27. That same day at 12 noon(ET), the Company invites interested parties to listen to a live web cast of management’s conference call to discuss earnings and recent events. The web cast can be accessed at www.pinnaclewest.com/main/pnw/investors/presentations/default.html and will be available for replay on the Web site for 30 days. To access the live conference call by telephone, dial (877) 356-3961 and enter reservation number 7452307. A replay of the call also will be available until 12 midnight (ET), Wednesday, August 3, 2005, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and the same reservation number.

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