<SUBMISSION>
<ACCESSION-NUMBER>0001209191-03-031269
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20031117
<FILING-DATE>20031119
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>PINNACLE WEST CAPITAL CORP
<CIK>0000764622
<ASSIGNED-SIC>4911
<IRS-NUMBER>860512431
<STATE-OF-INCORPORATION>AZ
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>400 NORTH FIFTH STREET
<STREET2>.
<CITY>PHOENIX
<STATE>AZ
<ZIP>85004
<PHONE>6023792500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>400 NORTH FIFTH STREET
<STREET2>.
<CITY>PHOENIX
<STATE>AZ
<ZIP>85004
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>AZP GROUP INC
<DATE-CHANGED>19870506
</FORMER-COMPANY>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>POST WILLIAM J
<CIK>0001027958
<ASSIGNED-SIC>4911
<STATE-OF-INCORPORATION>AZ
<FISCAL-YEAR-END>1231
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-08962
<FILM-NUMBER>031013820
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>400 NORTH FIFTH STREET
<CITY>PHOENIX
<STATE>AZ
<ZIP>85004
<PHONE>6023792500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>400 NORTH FIFTH STREET
<STREET2>.
<CITY>PHOENIX
<STATE>AZ
<ZIP>85004
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bpx68497_bpx7wp4.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
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<?xml version="1.0"?><ownershipDocument><schemaVersion>X0201</schemaVersion>    <documentType>4</documentType><periodOfReport>2003-11-17</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0000764622</issuerCik><issuerName>PINNACLE WEST CAPITAL CORP</issuerName>        <issuerTradingSymbol>PNW</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001027958</rptOwnerCik><rptOwnerName>POST WILLIAM J</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>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>CEO, Chairman of the Board</officerTitle></reportingOwnerRelationship></reportingOwner><nonDerivativeTable><nonDerivativeTransaction><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-11-17</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>F</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>6209</value></transactionShares><transactionPricePerShare><value>37.90</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>95677</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeTransaction></nonDerivativeTable><ownerSignature><signatureName>/s/ William J. Post</signatureName><signatureDate>2003-11-19</signatureDate></ownerSignature></ownershipDocument>

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