                                                                    Exhibit 25.2

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                                    FORM T-1

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                            STATEMENT OF ELIGIBILITY
                   UNDER THE TRUST INDENTURE ACT OF 1939 OF A
                    CORPORATION DESIGNATED TO ACT AS TRUSTEE

                      CHECK IF AN APPLICATION TO DETERMINE
                      ELIGIBILITY OF A TRUSTEE PURSUANT TO
                              SECTION 305(b)(2) [ ]


                              THE BANK OF NEW YORK
               (Exact name of trustee as specified in its charter)


              New York                                           13-5160382
       (State of incorporation                                (I.R.S. employer
     if not a U.S. national bank)                            identification no.)


    One Wall Street, New York, N.Y.                                10286
(Address of principal executive offices)                         (Zip code)


                        PINNACLE WEST CAPITAL CORPORATION
               (Exact name of obligor as specified in its charter)


                Arizona                                          86-0011170
    (State or other jurisdiction of                           (I.R.S. employer
     incorporation or organization)                          identification no.)


         400 North Fifth Street
           Phoenix, Arizona                                         85004
(Address of principal executive offices)                          (Zip code)

                                   ----------

                          Subordinated Debt Securities
                       (Title of the indenture securities)

================================================================================
<PAGE>
1.   GENERAL INFORMATION. FURNISH THE FOLLOWING INFORMATION AS TO THE TRUSTEE:

     (a)  NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISING AUTHORITY TO WHICH
          IT IS SUBJECT.

                  Name                                   Address
                  ----                                   -------

     Superintendent of Banks of the           2 Rector Street, New York,
     State of New York                        N.Y. 10006, and Albany, N.Y. 12203

     Federal Reserve Bank of New York         33 Liberty Plaza, New York,
                                              N.Y. 10045

     Federal Deposit Insurance Corporation    Washington, D.C. 20429

     New York Clearing House Association      New York, New York 10005

     (b)  WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.

     Yes.

2.   AFFILIATIONS WITH OBLIGOR.

     IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
     AFFILIATION.

     None.

16.  LIST OF EXHIBITS.

     EXHIBITS IDENTIFIED IN PARENTHESES BELOW, ON FILE WITH THE COMMISSION,  ARE
     INCORPORATED  HEREIN BY  REFERENCE AS AN EXHIBIT  HERETO,  PURSUANT TO RULE
     7a-29  UNDER THE TRUST  INDENTURE  ACT OF 1939  (THE  "ACT")  AND 17 C.F.R.
     229.10(d).

     1.   A copy of the Organization Certificate of The Bank of New York
          (formerly Irving Trust Company) as now in effect, which contains the
          authority to commence business and a grant of powers to exercise
          corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1
          filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to
          Form T-1 filed with Registration Statement No. 33-21672 and Exhibit 1
          to Form T-1 filed with Registration Statement No. 33-29637.)

     4.   A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1
          filed with Registration Statement No. 33-31019.)

     6.   The consent of the Trustee required by Section 321(b) of the Act.
          (Exhibit 6 to Form T-1 filed with Registration Statement No.
          33-44051.)

     7.   A copy of the latest report of condition of the Trustee published
          pursuant to law or to the requirements of its supervising or examining
          authority.

                                      -2-
<PAGE>
                                    SIGNATURE

     Pursuant to the requirements of the Act, the Trustee, The Bank of New York,
a corporation organized and existing under the laws of the State of New York,
has duly caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in The City of New York, and State
of New York, on the 20th day of November, 2002.


                                        THE BANK OF NEW YORK


                                        By: MARY LAGUMINA
                                            ------------------------------------
                                            Name: MARY LAGUMINA
                                            Title: VICE PRESIDENT
<PAGE>
                                                                       Exhibit 7

                       Consolidated Report of Condition of

                              THE BANK OF NEW YORK

                    of One Wall Street, New York, N.Y. 10286
                     And Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System,  at the close of business June 30, 2002,
published  in  accordance  with a call made by the Federal  Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.

                                                                  Dollar Amounts
ASSETS                                                             In Thousands
                                                                  --------------
Cash and balances due from depository institutions:
   Noninterest-bearing balances and currency and coin ........     $  2,850,111
   Interest-bearing balances .................................        6,917,898
Securities:
   Held-to-maturity securities ...............................        1,201,319
   Available-for-sale securities .............................       13,227,788
Federal funds sold in domestic offices .......................        1,748,562
Securities purchased under agreements to
   resell ....................................................          808,241
Loans and lease financing receivables:
   Loans and leases held for sale ............................          974,505
   Loans and leases, net of unearned
     income ..................................................       36,544,957
   LESS: Allowance for loan and
     lease losses ............................................          578,710
   Loans and leases, net of unearned
     income and allowance ....................................       35,966,247
Trading Assets ...............................................        6,292,280
Premises and fixed assets (including capitalized
   leases) ...................................................          860,071
Other real estate owned ......................................              660
Investments in unconsolidated subsidiaries and
   associated companies ......................................          272,214
Customers' liability to this bank on acceptances
   outstanding ...............................................          467,259
Intangible assets
   Goodwill ..................................................        1,804,922
   Other intangible assets ...................................           70,679
Other assets .................................................        4,639,158
                                                                   ------------
Total assets .................................................     $ 78,101,914
                                                                   ============
<PAGE>
LIABILITIES
Deposits:
   In domestic offices .......................................     $ 29,456,619
   Noninterest-bearing .......................................       11,393,028
   Interest-bearing ..........................................       18,063,591
   In foreign offices, Edge and Agreement
     subsidiaries, and IBFs ..................................       26,667,608
   Noninterest-bearing .......................................          297,347
   Interest-bearing ..........................................       26,370,261
Federal funds purchased in domestic
  offices ....................................................        1,422,522
Securities sold under agreements to repurchase ...............          466,965
Trading liabilities ..........................................        2,946,403
Other borrowed money:
   (includes mortgage indebtedness and obligations
   under capitalized leases) .................................        1,844,526
Bank's liability on acceptances executed and
   outstanding ...............................................          469,319
Subordinated notes and debentures ............................        1,840,000
Other liabilities ............................................        5,998,479
                                                                   ------------
Total liabilities ............................................     $ 71,112,441
                                                                   ============
Minority interest in consolidated
   subsidiaries ..............................................          500,154

EQUITY CAPITAL
Perpetual preferred stock and related
   surplus ...................................................                0
Common stock .................................................        1,135,284
Surplus ......................................................        1,055,509
Retained earnings ............................................        4,244,963
Accumulated other comprehensive income .......................          (53,563)
Other equity capital components ..............................                0
                                                                   ------------
Total equity capital .........................................        6,489,319
                                                                   ------------
Total liabilities minority interest and equity capital .......     $ 78,101,914
                                                                   ============
<PAGE>
     I,  Thomas  J.  Mastro,  Senior  Vice  President  and  Comptroller  of  the
above-named  bank do hereby  declare  that this Report of  Condition is true and
correct to the best of my knowledge and belief.


                                        Thomas J. Mastro,
                                        Senior Vice President and Comptroller


     We, the undersigned directors,  attest to the correctness of this statement
of resources and liabilities. We declare that it has been examined by us, and to
the best of our knowledge and belief has been prepared in  conformance  with the
instructions and is true and correct.

Thomas A. Renyi               -|
Gerald L. Hassell              |              Directors
Alan R. Griffith              -|

