PINNACLE WEST DECLARES QUARTERLY DIVIDEND

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 September 1, 2010, to shareholders of record on August 2, 2010.

Pinnacle West is a Phoenix-based company with consolidated assets of about $12 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.

Media Contact:  Alan Bunnell (602-250-3376)

Analyst Contact: Rebecca Hickman (602-250-5668)

Website: www.pinnaclewest.com