PHOENIX – Pinnacle West Capital Corporation’s (NYSE: PNW) Board of Directors today declared a quarterly dividend of $0.525 per share of common stock, payable on March 1, 2011, to shareholders of record on February 1, 2011.

In addition, Pinnacle West plans to release its 2010 fourth-quarter and year-end results on Friday, February 18, 2011. That same day at 11 a.m. (ET), the Company invites interested parties to listen to a live webcast of management’s conference call to discuss results and recent developments.

The webcast can be accessed at www.pinnaclewest.com/presentations and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (877) 407-8035 or (201) 689-8035 for international callers. A replay of the call also will be available until 11:55 p.m. (ET), Friday, February 25, 2011, by calling (877) 660-6853 in the U.S. and Canada or (201) 612-7415 internationally and entering Account number 286, followed by Conference ID number 364804.

Pinnacle West is a Phoenix-based company with consolidated assets of about $12.4 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.

Contacts

Media:
Alan Bunnell, (602) 250-3376

Analyst:
Rebecca Hickman, (602) 250-5668