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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 oVc45y0VeQdnWm6qymRcKg==

<SEC-DOCUMENT>0000950147-03-000360.txt : 20030320
<SEC-HEADER>0000950147-03-000360.hdr.sgml : 20030320
<ACCEPTANCE-DATETIME>20030320171635
ACCESSION NUMBER:		0000950147-03-000360
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030318
FILED AS OF DATE:		20030320

REPORTING-OWNER:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROWN DENNIS L
		CENTRAL INDEX KEY:			0001144202
		RELATIONSHIP:				OFFICER

	FILING VALUES:
		FORM TYPE:		4

	BUSINESS ADDRESS:	
		STREET 1:		C/O IMPERIAL FINANCIAL PRINTING
		STREET 2:		7100 EAST LINCOLN DR #D-230
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85253

	MAIL ADDRESS:	
		STREET 1:		C/O IMPERIAL FINANCIAL PRINTING
		STREET 2:		7100 EAST LINCOLN DR #2-230
		CITY:			SCOTTSDALE
		STATE:			AZ
		ZIP:			85253

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:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08962
		FILM NUMBER:		03611028

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>e-9745.txt
<DESCRIPTION>FORM 4 FOR DENNIS BROWN
<TEXT>
                                                  ------------------------------
                                                           OMB APPROVAL
                                                  ------------------------------
- ------                                            OMB Number:          3235-0287
FORM 4                                            Expires:      January 31, 2005
- ------                                            Estimated average burden
                                                  hours per response ....... 0.5
                                                  ------------------------------

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

                  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).
================================================================================
1. Name and Address of Reporting Person*

   Brown                              Dennis                        L.
- --------------------------------------------------------------------------------
   (Last)                            (First)                       (Middle)

400 North 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/Day/Year

3-18-03
================================================================================
5. If Amendment, Date of Original (Month/Day/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 4 (continued)
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
<TABLE>
<CAPTION>
==========================================================================================================================
                             |             |            |             |                  | 5.       |          |
                             |             |            |             |                  | Amount   |          |
                             |             |            |             |                  | of       |          |
                             |             |            |             |                  | Secur-   |          |
                             |             |            |             |   4.             | ities    |          | 7.
                             |             |            |             |   Securities     | Bene-    | 6.       | Nature
                             |             |            |             |   Acquired (A)   | ficially | Owner-   | of
                             |             |            |             |   or Disposed    | Owned    | ship     | Indirect
                             |             | 2A.        | 3.          |   of (D) (Instr. | Following| Form:    | Bene-
                             |             | Deemed     | Transaction |   3, 4 and 5)    | Reported | Direct   | ficial
                             | 2.          | Execution  | Code        | ---------------- | Trans-   | (D) or   | Owner-
1.                           | Transaction | Date, if   | (Instr. 8)  |       |(A)|      | action(s)| Indirect | ship
Title of Security            | Date (Month/| any (Month/| ----------- | Amount|or |Price | (Instr.  | (I)      | (Instr.
(Instr. 3)                   | Day/Year)   | Day/Year)  | Code  |  V  |       |(D)|      | 3 and 4) | (Instr.4)|  4)
- --------------------------------------------------------------------------------------------------------------------------
<S>                          <C>           <C>          <C>     <C>   <C>     <C> <C>    <C>        <C>        <C>
Common Stock                    3-18-03                    A            2,375   A           7,517       D
- --------------------------------------------------------------------------------------------------------------------------
Common Stock                                                                                5,073       I  by 401(k)
- --------------------------------------------------------------------------------------------------------------------------

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

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

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

                                  Page 2 of 3
<PAGE>
Form 4 (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
             |or     |        |3A.     |       |ities    |6.               |Securities   |8.     |ities   |Secur-|of
             |Exer-  |        |Deemed  |4.     |Acquired |Date             |(Instr. 3    |Price  |Bene-   |ity:  |In-
             |cise   |3.      |Execu-  |Trans- |(A) or   |Exercisable and  |and 4)       |of     |ficially|Direct|direct
             |Price  |Trans-  |tion    |action |Disposed |Expiration Date  |-------------|Deriv- |Owned   |(D) or|Bene-
1.           |of     |action  |Date,   |Code   |of(D)    |(Month/Day/Year) |      |Amount|ative  |at End  |In-   |ficial
Title of     |Deriv- |Date    |if any  |(Instr.|(Instr.3,|-----------------|      |or    |Secur- |of      |direct|Owner-
Derivative   |ative  |(Month/ |(Month/ |8)     |4 and 5) |Date    | Expira-|      |Number|ity    |Month   |(I)   |ship
Security     |Secur- |Day/    |Day/    |------ |-------- |Exer-   | tion   |      |of    |(Instr.|(Instr. |(Instr|(Instr.
(Instr. 3)   |ity    |Year)   |Year)   |Code|V |(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>    <C>
Employee        $32.29   3-18-03         A       11,875     (1)      3-17-13   Common  11,875       1l,875    D
Stock Option                                                                   Stock
(Right to Buy)
- -------------------------------------------------------------------------------------------------------------------------

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

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

Explanation of Responses:
(1) The option becomes exercisable 1/3 of the grant per year commencing 3-18-04.

Dennis L. Brown                               March 20, 2003
- -------------------------------               ------------
**Signature of Reporting Person                   Date
   Dennis L. Brown
*      If the form is filed by more than one reporting person, see
       Instruction 4(b)(v).
**     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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