-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000950147-03-000192.txt : 20030214
<SEC-HEADER>0000950147-03-000192.hdr.sgml : 20030214
<ACCEPTANCE-DATETIME>20030213184013
ACCESSION NUMBER:		0000950147-03-000192
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030214

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08962
		FILM NUMBER:		03561913

	BUSINESS ADDRESS:	
		STREET 1:		400 E VAN BUREN ST PO BOX 52132
		STREET 2:		P O BOX 52132
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85072-2132
		BUSINESS PHONE:		6022501000

	MAIL ADDRESS:	
		STREET 1:		400 E VAN BUREN ST
		STREET 2:		PO BOX 52132
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85072-2132

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

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCHULTZ MARTIN L
		CENTRAL INDEX KEY:			0001091919
		RELATIONSHIP:				OFFICER

	FILING VALUES:
		FORM TYPE:		5

	BUSINESS ADDRESS:	
		STREET 1:		C/O IMPERIAL FINANCIAL PRINTING
		STREET 2:		210 S 4TH AVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85003
		BUSINESS PHONE:		6024952101

	MAIL ADDRESS:	
		STREET 1:		IMPERIAL FINANCIAL PRINTING
		STREET 2:		210 S 4TH AVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85003
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>e-9556.txt
<DESCRIPTION>FORM 5 OF MARTIN SHULTZ
<TEXT>
                                                  ------------------------------
                                                           OMB APPROVAL
                                                  ------------------------------
- ------                                            OMB Number:          3235-0362
FORM 5                                            Expires:      January 31, 2005
- ------                                            Estimated average burden
                                                  hours per response ....... 1.0
                                                  ------------------------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

               ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(h) of the Investment Company Act of 1940
[ ] Check this box if no longer subject of Section 16. Form 4 or Form 5
    obligations may continue. See Instruction 1(b).
[ ] Form 3 Holdings Report
[ ] Form 4 Transactions Reported
================================================================================
1. Name and Address of Reporting Person*

   Shultz                            Martin                           L.
- --------------------------------------------------------------------------------
   (Last)                            (First)                       (Middle)

   400 N. Fifth Street
- --------------------------------------------------------------------------------
                                     (Street)

   Phoenix                             AZ                           85004
- --------------------------------------------------------------------------------
   (City)                            (State)                        (Zip)
================================================================================
2. Issuer Name AND Ticker or Trading Symbol

   Pinnacle West Capital Corporation (PNW)
================================================================================
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)


================================================================================
4. Statement for Month/Year

   12/02
================================================================================
5. If Amendment, Date of Original (Month/Year)


================================================================================
6. Relationship of Reporting Person(s) to Issuer
   (Check all applicable)
   [ ] Director                          [ ] 10% Owner
   [X] Officer (give title below)        [ ] Other (specify below)
   Vice President
   ------------------------------------
================================================================================
7. Individual or Joint/Group Filing (Check applicable line)
   [X] Form filed by One Reporting Person
   [ ] Form filed by More Than one Reporting Person
================================================================================

                                  Page 1 of 3
<PAGE>
Form 5 (continued)
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
<TABLE>
<CAPTION>
========================================================================================================================
                          |             |             |             |                  |          |          |
                          |             |             |             |                  | 5. Amount|          |
                          |             |             |             |                  | of Secur-|          |
                          |             |             |             |   4.             | ities    |          | 7.
                          |             |             |             |   Securities     | Bene-    |          | Nature
                          |             |             |             |   Acquired (A)   | ficially | 6. Owner-| of
                          |             |             |             |   or Disposed    | Owned at | ship     | Indirect
                          |             | 2A.         |             |   of (D) (Instr. | End of   | Form:    | Bene-
                          |             | Deemed      |             |   3, 4 and 5)    | Issuer's | Direct   | ficial
                          | 2. Trans-   | Execution   | 3.          | ---------------- | Fiscal   | (D) or   | Owner-
                          | action Date | Date, if any| Transaction |       |(A)|      | Year     | Indirect | ship
1. Title of Security      | (Month/Day/ | (Month/Day/ | Code        | Amount|or |Price | (Instr.  | (I)      | (Instr.
(Instr. 3)                | Year)       | Year)       | (Instr. 8)  |       |(D)|      | 3 and 4) | (Instr.4)|  4)
- ------------------------------------------------------------------------------------------------------------------------
<S>                       <C>           <C>           <C>           <C>     <C> <C>    <C>        <C>        <C>
Common Stock                6-19-02                         A         1,450   A          10,272        D
- ------------------------------------------------------------------------------------------------------------------------
Common Stock                                                                              6,535        I       by 401(k)
- ------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------

- ------------------------------------------------------------------------------------------------------------------------

========================================================================================================================
</TABLE>

* If the Form is filed by more than one Reporting Person, see Instruction
  4(b)(v).

                                  Page 2 of 3
<PAGE>
Form 5 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
===============================================================================================================================
                  |       |        |        |       |5.       |                 |             |       | 9.      |10.   |
                  |       |        |        |       |Number   |                 |             |       | Number  |Owner-|
                  |       |        |        |       |of       |                 |7.           |       | of      |ship  |
                  |2.     |        |        |       |Deriv-   |                 |Title and    |       | Deriv-  |of    |
                  |Conver-|        |        |       |ative    |                 |Amount of    |       | ative   |Deriv-|11.
                  |sion   |        |        |       |Secur-   |                 |Underlying   |       | Secur-  |ative |Nature
                  |of     |        |3A.     |       |ities    |6.               |Securities   |8.     | ities   |Secur-|of
                  |Exer-  |        |Deemed  |       |Acquired |Date             |(Instr. 3    |Price  | Bene-   |ity:  |In-
                  |cise   |3.      |Execu-  |       |(A) or   |Exercisable and  |and 4)       |of     | ficially|Direct|direct
                  |Price  |Trans-  |tion    |4.     |Disposed |Expiration Date  |-------------|Deriv- | Owned   |(D) or|Bene-
1.                |of     |action  |Date,   |Trans- |of(D)    |(Month/Day/Year) |      |Amount|ative  | at End  |In-   |ficial
Title of          |Deriv- |Date    |if any  |action |(Instr.3,|-----------------|      |or    |Secur- | of      |direct|Owner-
Derivative        |ative  |(Month/ |(Month/ |Code   |4 and 5) |Date    | Expira-|      |Number|ity    | Year    |(I)   |ship
Security          |Secur- |Day/    |Day/    |(Instr.|-------- |Exer-   | tion   |      |of    |(Instr.| (Instr. |(Instr|(Instr.
(Instr. 3)        |ity    |Year)   |Year)   |8)     |(A) | (D)|cisable | Date   |Title |Shares|5)     | 4)      |4)    |4)
- -------------------------------------------------------------------------------------------------------------------------------
<S>               <C>     <C>      <C>      <C>     <C>  <C>  <C>      <C>      <C>    <C>    <C>      <C>      <C>    <C>
Employee
Stock Option      $38.37   6-19-02             A    7,250        (1)    6-19-12  Common  7,250          7,250      D
(Right to Buy)                                                                    Stock
- -------------------------------------------------------------------------------------------------------------------------------

- -------------------------------------------------------------------------------------------------------------------------------

===============================================================================================================================
</TABLE>

Explanation of Responses:

(1)  The  option  becomes  exercisable  1/3 of the  grant  per  year  commencing
     6-19-03.  The standard  three year vesting  period can be accelerated up to
     one year if specified earnings targets are met.

Martin L. Shultz                              February 13, 2003
- -------------------------------               -----------------
**Signature of Reporting Person                     Date
Martin L. Shultz

**     Intentional misstatements or omissions of facts constitute Federal
       Criminal Violations.
       See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:  File three copies of this Form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedures.

                                   Page 3 of 3

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