-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 QOjL0NW6Ez/qXCWp/fTOAmmkl3tSYPt5I5qrNrjI7FFyAFQjjPS6Z4O8s2ZOi02C
 pCtU//6RjSpusWuOWyua5A==

<SEC-DOCUMENT>0000950147-03-000697.txt : 20030530
<SEC-HEADER>0000950147-03-000697.hdr.sgml : 20030530
<ACCEPTANCE-DATETIME>20030530142739
ACCESSION NUMBER:		0000950147-03-000697
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030528
FILED AS OF DATE:		20030530

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PINNACLE WEST CAPITAL CORP
		CENTRAL INDEX KEY:			0000764622
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				860512431
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		.
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		6023792500

	MAIL ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		.
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AZP GROUP INC
		DATE OF NAME CHANGE:	19870506

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HESSE MARTHA O
		CENTRAL INDEX KEY:			0001027965
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08962
		FILM NUMBER:		03725482

	BUSINESS ADDRESS:	
		STREET 1:		4171 AUTUMN HILLS DRIVE
		CITY:			WINNEMUCCA
		STATE:			NV
		ZIP:			89445-6100
		BUSINESS PHONE:		6023792500

	MAIL ADDRESS:	
		STREET 1:		4171 AUTUMN HILLS DRIVE
		STREET 2:		.
		CITY:			WINNEMUCCA
		STATE:			NV
		ZIP:			89445-6100
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>e-10070_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-05-28</periodOfReport>
    <issuer>
        <issuerCik>0000764622</issuerCik>
        <issuerName>PINNACLE WEST CAPITAL CORP</issuerName>
        <issuerTradingSymbol>PNW</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001027965</rptOwnerCik>
            <rptOwnerName>HESSE MARTHA O</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-05-28</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>2779</value>
         </transactionShares>
         <transactionValue>
           <value>23.25</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>19859</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-05-28</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>F</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>4221</value>
         </transactionShares>
         <transactionValue>
           <value>38.57</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>15638</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <derivativeSecurity>
      <securityTitle>
         <value>Director Stock Option</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>23.25</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-05-28</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>M</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>7000</value>
         </transactionShares>
         <transactionValue>
           <value>162750</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>1993-07-01</value>
      </exerciseDate>
      <expirationDate>
         <value>2003-07-01</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>7000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>0</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeSecurity>
   <ownerSignature>
      <signatureName>Martha O. Hesse</signatureName>
      <signatureDate>2003-05-30</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----