PHOENIX, Ariz., Oct. 24, 2002 — Pinnacle West Chairman Bill Post announced that Bill Stewart, who most recently headed up the company’s power generation arm as its president, has been named Chief Executive Officer of Pinnacle West Energy.
He will be responsible for the energy businesses at the parent that will exist outside the Arizona Public Service Company (APS) organization.
Businesses reporting to Stewart will include energy services, competitive generation and power marketing and trading.
Stewart will join Pinnacle West Chairman Bill Post and Jack Davis, APS CEO and Pinnacle West President, in a newly created Office of the President, which will oversee strategy in an operating structure that clearly separates regulated operations at APS from other Pinnacle West units.
“This new structure reflects our regulatory environment and anticipates tomorrow’s markets while tapping the leadership and expertise that has and will continue to provide strategic and operational guidance,” said Post.
Due to recent regulatory decisions, APS will remain a vertically integrated regulated utility company, which is expected to continue contributing about 90 percent of the company’s net income.
“This is not the structure that we pursued for the last few years, but it is the way that we’ll head into the future,” he said. “What does remain the same is our commitment to our customers and our focus on performance and results.”
Within the new structure, Jim Levine as Executive Vice President of APS generation will have overall responsibility for all APS power plants including the Palo Verde Nuclear Generating Station, the largest power producer in the United States.
Stewart, who joined the company in 1994 and oversaw nuclear operations that regularly set benchmarks in the industry, expressed confidence in Jim Levine.
“Jim is a proven leader in our industry,” he said. “I know that Palo Verde and all of APS’ generating assets will continue as outstanding performers under his guidance.”
Pinnacle West (NYSE: PNW – News) is a Phoenix-based company with consolidated assets of approximately $8 billion. Through its subsidiaries, the company generates, sells and delivers electricity and sells electricity and 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.