FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

Cooper Andrew D	2. Issuer Name and Ticker or Trading Symbol

PINNACLE WEST CAPITAL CORP [ PNW ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
SVP & CFO	
(Last)          (First)          (Middle)

400 NORTH FIFTH STREET, MAIL STATION 8602	3. Date of Earliest Transaction (MM/DD/YYYY)

2/17/2023		
(Street)

PHOENIX, AZ 85004
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Common Stock 	2/17/2023 	 	M	  	120 (1)	A	 (1)	354 	D 	 	
Common Stock 	2/17/2023 	 	D	  	120 	D	$75.10 	234 	D 	 	
Common Stock 	2/17/2023 	 	M	  	120 (1)	A	 (1)	354 	D 	 	
Common Stock 	2/17/2023 	 	F(2)	  	50 	D	$75.10 	304 	D 	 	
Common Stock 	2/17/2023 	 	M	  	165 (1)	A	 (1)	469 	D 	 	
Common Stock 	2/17/2023 	 	D	  	165 	D	$75.10 	304 	D 	 	
Common Stock 	2/17/2023 	 	M	  	164 (1)	A	 (1)	468 	D 	 	
Common Stock 	2/17/2023 	 	F(2)	  	68 	D	$75.10 	400 	D 	 	
Common Stock 	2/17/2023 	 	M	  	429 (3)	A	 (3)	829 	D 	 	
Common Stock 	2/17/2023 	 	D(4)	  	20 	D	$0.00 	809 	D 	 	
Common Stock 	2/17/2023 	 	F(2)	  	189 	D	$75.10 	620 	D 	 	
Common Stock 	2/17/2023 	 	M	  	879 (3)	A	 (3)	1499 	D 	 	
Common Stock 	2/17/2023 	 	D(4)	  	31 	D	$0.00 	1468 	D 	 	
Common Stock 	2/17/2023 	 	F(2)	  	400 	D	$75.10 	1068 	D 	 	
Common Stock 	2/17/2023 	 	A	  	31 (5)	A	 (5)	1099 	D 	 	
Common Stock 	2/17/2023 	 	F(2)	  	14 	D	$75.10 	1085 	D 	 	

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Restricted Stock Units 	 (1)	2/17/2023 	 	M 	  	  	240  	 (6)	 (6)	Common Stock 	240 	 (1)	240 	D 	 	
Restricted Stock Units 	 (1)	2/17/2023 	 	M 	  	  	329  	 (7)	 (7)	Common Stock 	329 	 (1)	658 	D 	 	
Restricted Stock Units 	 (3)	2/17/2023 	 	M 	  	  	429 (8) 	 (9)	 (9)	Common Stock 	429 	 (3)	1286 (10)	D 	 	
Restricted Stock Units 	 (3)	2/17/2023 	 	M 	  	  	879 (11) 	 (12)	 (12)	Common Stock 	879 	 (3)	2635 (13)	D 	 	

Explanation of Responses:	
(1) 	Each Restricted Stock Unit represents a contingent right to receive the economic equivalent of one share of the Company's common stock. The Restricted Stock Units will be settled, at the reporting person's election, in 100% shares of common stock, 50% in common stock and 50% in cash, or 100% in cash.	
(2) 	Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.	
(3) 	Each Restricted Stock Unit represents a contingent right to receive the economic equivalent of one share of the Company's common stock. The Restricted Stock Units will be settled either in 100% shares of common stock or 100% in cash with respect to Restricted Stock Units received in connection with the settlement of dividend equivalent rights.	
(4) 	Represents the cash settlement of Restricted Stock Units received in connection with the settlement of dividend equivalent rights.	
(5) 	Represents shares of common stock received by the individual in settlement of dividend rights granted in connection with the 2020 and 2021 Restricted Stock Unit grants.	
(6) 	The Restricted Stock Units award was granted and was effective in February 2020, and vests in four equal, annual installments beginning on February 20, 2021.	
(7) 	The Restricted Stock Units award was granted and was effective in February 2021, and vests in four equal, annual installments beginning on February 20, 2022.	
(8) 	The number of derivative securities in Column 5 includes 20 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.	
(9) 	The Restricted Stock Units award was granted and was effective in February 2022, and vests in four equal, annual installments beginning on February 20, 2023.	
(10) 	Includes 59 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.	
(11) 	The number of derivative securities in Column 5 includes 31 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalent rights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.	
(12) 	The Restricted Stock Units award was granted and was effective in May 2022, and vests in four equal, annual installments beginning on February 20, 2023.	
(13) 	Includes 91 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
Cooper Andrew D
400 NORTH FIFTH STREET
MAIL STATION 8602
PHOENIX, AZ 85004			SVP & CFO		

Signatures		
/s/ Diane Wood, Attorney-in-Fact		2/21/2023	
**Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	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 is insufficient, see Instruction 6 for procedure.	
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.