SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): SEPTEMBER 29, 1999
PINNACLE WEST CAPITAL CORPORATION
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(Exact name of registrant as specified in its charter)
Arizona 1-8962 86-0512431
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
400 East Van Buren, P.O. Box 52132, Phoenix, Arizona 85072-2132
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(Address of principal executive offices) (Zip Code)
(602) 379-2500
(Registrant's telephone number, including area code)
NONE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
As previously reported, Pinnacle West Capital Corporation (the "Company")
believes that there will be opportunities to expand its investment in generating
assets in the next five years. See "Liquidity and Capital Resources" in Item 2
of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended June
30, 1999. The Company has announced that it is currently planning to construct a
natural, gas-fired electric generating station of up to 2,120 megawatts
approximately 50 miles west of Phoenix, near the Palo Verde Nuclear Generating
Station. The plant will be operated by Pinnacle West Energy Corporation, a
subsidiary of the Company. The Company expects that the plant will consist of
four 530-megawatt units, which will come on line in phases beginning in 2003,
with the final unit anticipated to be operational around 2007. Construction on
the first unit is expected to begin in late 2000.
The plant is expected to cost approximately $1 billion, assuming all four
units are built. Projected capital expenditures for this plant and the
previously-announced potential expansion at the West Phoenix Power Plant are:
1999, $44 million; 2000, $125 million; and 2001, $238 million.
The above discussion contains forward-looking statements that involve risks
and uncertainties, which include, but are not limited to, the ongoing
restructuring of the electric industry; the outcome of the regulatory
proceedings relating to the restructuring; regional economic and market
conditions, which could affect customer growth and the cost of power supplies;
the cost of debt and equity capital; weather variations affecting customer
usage; the successful completion of large-scale construction projects; and the
strength of the real estate market. These factors and the other matters
discussed above may cause future results to differ materially from historical
results, or from results or outcomes currently expected or sought by the
Company.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PINNACLE WEST CAPITAL CORPORATION
(Registrant)
Dated: October 1, 1999 By: /s/ Nancy C. Loftin
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Nancy C. Loftin
Vice President and General Counsel
