Pinnacle West Declares Quarterly Dividend, Announces Fourth-Quarter Conference Call

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 2, 2009, to shareholders of record on February 2, 2009.

In addition, Pinnacle West plans to release its 2008 fourth-quarter and year-end results on Friday, February 20, 2009. That same day at 12:00 noon (ET), the Company invites interested parties to listen to a live web cast of management’s conference call to discuss the results and recent developments.

The web cast can be accessed at www.pinnaclewest.com/presentations 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 Conference ID Number 81428217. A replay of the call also will be available until 11:55 p.m. (ET), Friday, February 27, 2009, by calling (800) 642-1687 in the U.S. and Canada or (706) 645-9291 internationally and entering the same Conference ID number as above.

Pinnacle West is a Phoenix-based company with consolidated assets of about $11.5 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:

Pinnacle West Capital Corp., Phoenix
Media Contact:
Alan Bunnell, 602-250-3376
Analyst Contacts:
Rebecca Hickman, 602-250-5668
Lisa Malagon, 602-250-5671
www.pinnaclewest.com

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