FORM 4 OMB APPROVAL
 [ ] Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form 4 Expires: December 31, 2001
or Form 5 obligations may Estimated average burden
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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(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person*

Loftin Nancy C.

(Last) (First) (Middle)

400 North Fifth Street

(Street)

Phoenix Arizona 85004

(City (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol

Pinnacle West Capital Corporation (PNW)

3. IRS Or Social Security Number of Reporting Person (Voluntary)

4. Statement for Month/Year

April 2001

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

Form 4 (continued)

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                TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
==================================================================================================================
1.Title of Security    2.Trans-  3.Trans-     4.Securities Acquired (A) 5.Amount of      6.Owner-     7.Nature of
  (Instr. 3)             action    action       or Disposed of (D)        Securities       ship         Indirect
                         Date      Code         (Instr. 3, 4 and 5)       Beneficially     Form:        Beneficial
                         (Month/   (Instr. 8)                             Owned at         Direct       Owner-
                         Day/      ----------   ----------------------    End of Month     (D) or       ship
                         Year)                            (A) or         (Instr. 3 and 4)  Indirect I) (Instr. 4)
                                   Code    V    Amount    (D)    Price                     (Instr. 4)
------------------------------------------------------------------------------------------------------------------
Common Stock            4-17-01     M          1,944       A    $19.56
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Common Stock            4-17-01     F          3,056       D    $49.70
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Common Stock            4-17-01     S          1,944       D    $49.70
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Common Stock            4-17-01     M          2,200       A    $15.75
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Common Stock            4-17-01     F          2,800       D    $49.70
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Common Stock            4-17-01     S          2,200       D    $49.70       19,782            D
------------------------------------------------------------------------------------------------------------------
Common Stock                                                                  1,925            I        by 401(k)
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==================================================================================================================
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       Table II--DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
              (e.g., puts, calls, warrants, options, convertible securities)
===============================================================================================
1. Title of Derivative   2. Conver-   3. Trans-   4. Transac-   5. Number of Derivative
   Security (Instr. 3)      sion or      action      tion          Securities Acquired
                            Exercise     Date        Code          (A) or Disposed
                            Price of     (Month/     (Instr. 8)    of (D)(Instr. 3,4, and 5)
                            Derivative   Day/        -----------   -------------------------
                            Security     Year)       Code      V         (A)         (D)
-----------------------------------------------------------------------------------------------
Employee Stock
Option (Right to Buy)       $19.56       4-17-01      M                             5,000
-----------------------------------------------------------------------------------------------
Employee Stock
Option (Right to Buy)       $15.75       4-17-01      M                             5,000
-----------------------------------------------------------------------------------------------

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6.Date Exer-       7.Title and Amount of     8.Price    9.Number     10.Owner-   11. Nature
  cisable and        Underlying Securities     of         of Deriv-     ship         of
  Expiration         (Instr. 3 and 4)          Deriv-     ative         Form of      Indirect
  Date (Month/                                 ative      Securities    Deriv-       Benefi-
  Day/Year)                                    Security   Bene-         ative        cial
  ----------------    --------------------     (Instr.5)  ficially      Security:    Owner-
  Date     Expira-    Title      Amount or                Owned at      Direct (D)   ship
  Exer-    tion                  Number of                End of Month  or Indirect  (Instr.4)
  cisable  Date                  Shares                   (Instr. 4)    (I)(Instr.4)
-----------------------------------------------------------------------------------------------
                      Common
   (1)    12-07-02    Stock       5,000                         0          D
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                      Common
   (2)    12-03-01    Stock       5,000                         0          D
-----------------------------------------------------------------------------------------------

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===============================================================================================	

Explanation of Responses:
(1) The option became exercisable 1/3 of the grant per year commencing 12-07-93.
(2) The option became exercisable 1/3 of the grant per year commencing 12-03-92.

        Nancy C. Loftin                  5-10-01
-------------------------------     -----------------
**Signature of Reporting Person            Date
        Nancy C. Loftin	

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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