Pinnacle West Reaches Agreement to Sell Interest in Silverhawk Power Station


PHOENIX – Pinnacle West Capital Corporation (NYSE: PNW) officials today announced that the company has reached agreement to sell its 75-percent interest in the Silverhawk Power Station to Nevada Power Company for approximately $208 million.

The 570-megawatt combined-cycle Silverhawk plant – Pinnacle West’s only merchant generating facility, located 20 miles north of Las Vegas – has been operating since May 2004. Southern Nevada Water Authority owns the remaining 25 percent of the station.

Closing of the sale is subject to regulatory approvals, including approval by the Nevada Public Utilities Commission and the Federal Energy Regulatory Commission, which are expected to occur by this fall.

Nevada Power Company is a subsidiary of Sierra Pacific Resources (NYSE:SRP).

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 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.


Jim McDonald, (602) 250-3704 or (602) 321-3378 (mo.)

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

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