PINNACLE WEST CAP CORP
			Symbol			PNW

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Pinnacle West Reports Improved Third-Quarter Results

2009-10-29 12:43 ET - News Release

• Quarterly on-going earnings improve
• Company remains focused on regulatory settlement for benefit of customers and other stakeholders

Company Website: http://www.pinnaclewest.com
PHOENIX -- (Business Wire)

Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $186.7 million, or $1.84 per diluted share of common stock, for the quarter ended September 30, 2009. This result compares with $151.6 million, or $1.50 per diluted share, for the same period in 2008.

The Company’s on-going consolidated earnings in the 2009 third quarter were $199.1 million, or $1.96 per share, compared with $161.1 million, or $1.59 per share, in the comparable 2008 quarter. On-going earnings for both quarters exclude results for the Company’s real estate segment, which is being restructured through the sale of a substantial majority of its properties. A reconciliation of our reported earnings to on-going earnings is provided at the end of this release.

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