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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JtEFxHlstrLcf2LB1rWCuEBgJDqTcKeNwPxt8MeTeDdWw11W4Bf44V5dJ3o33zVj
 zPrQ3HGeZJC694bCuLS8Pg==

<SEC-DOCUMENT>0001209191-03-032275.txt : 20031125
<SEC-HEADER>0001209191-03-032275.hdr.sgml : 20031125
<ACCEPTANCE-DATETIME>20031125174047
ACCESSION NUMBER:		0001209191-03-032275
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031124
FILED AS OF DATE:		20031125

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STEWART WILLIAM
		CENTRAL INDEX KEY:			0001104060

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08962
		FILM NUMBER:		031024057

	BUSINESS ADDRESS:	
		STREET 1:		210 SOUTH FOURTH AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85003

	MAIL ADDRESS:	
		STREET 1:		210 SOUTH FOURTH AVENUE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85003

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bpx68497_bpx10wls4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-11-24</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000764622</issuerCik><issuerName>PINNACLE WEST CAPITAL CORP</issuerName>        <issuerTradingSymbol>PNW</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001104060</rptOwnerCik><rptOwnerName>STEWART WILLIAM</rptOwnerName></reportingOwnerId><reportingOwnerAddress><rptOwnerStreet1>400 N. 5TH ST.</rptOwnerStreet1><rptOwnerStreet2></rptOwnerStreet2><rptOwnerCity>PHOENIX</rptOwnerCity><rptOwnerState>AZ</rptOwnerState><rptOwnerZipCode>85004</rptOwnerZipCode><rptOwnerStateDescription></rptOwnerStateDescription></reportingOwnerAddress><reportingOwnerRelationship><isDirector>1</isDirector><isOfficer>0</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityT
itle><value>Common Stock</value></securityTitle><transactionDate><value>2003-11-24</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>3475</value></transactionShares><transactionPricePerShare><value>38.80</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>53913</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><ownerSignature><signatureName>William L. Stewart</signatureName><signatureDate>2003-11-25</signatureDate></ownerSignature></ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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