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FORM 5 OMB APPROVAL
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[ ] Check this box if no longer OMB Number 3235-0362
subject to Section 16. Form 4 Expires: December 31, 2001
or Form 5 obligations may continue. Estimated average burden
See Instruction 1(b). hours per response.............. 1.0
[ ] Form 3 Holdings Reported -------------------------------------
[ ] Form 4 Transactions Reported
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(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person*

Stewart William 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/Year

12-31-99

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)
President, Arizona Public Service Company Generation

7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person

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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) or  5. Amount of       6. Owner-   7. Nature of
   (Instr. 3)            action     action      Disposed of (D)                Securities Ben-    ship        Indirect
                         Date       Code        (Instr. 3, 4 and 5)            eficially Owned    Form: Di-   Beneficial
                         (Month/    (Instr.8)                                  at end of          rect (D)    Ownership
                         Day/                   ----------------------------   Issuer's Fiscal    or Indi-    (Instr. 4)
                         Year)                             (A) or              Year               rect (I)
                                                Amount     (D)      Price      (Instr. 3 and 4)   (Instr. 4)
------------------------------------------------------------------------------------------------------------------------
Common Stock             11-17-99    A           5,500       (A)                                    D
------------------------------------------------------------------------------------------------------------------------
Common Stock             11-29-99    F           3,133       (D)    $33.41      39,544              D
========================================================================================================================
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).  Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently valid OMB Number.
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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 Security  2. Conver-  3. Trans-  4. Transac-  5. Number of Deriva-
   (Instr. 3)                       sion or     action     tion         tive Securities Ac-
                                    Exer-       Date       Code         quired (A) or Dis-
                                    cise        (Month/    (Instr.8)   posed of (D)
                                    Price of    Day/                    (Instr. 3,4, and 5)
                                    Deriva-     Year)
                                    tive Se-                            -------------------
                                    curity                                (A)         (D)
-------------------------------------------------------------------------------------------------
Employee Stock Option
(Right to Buy)                      $34.66      11-17-99    A            17,500
-------------------------------------------------------------------------------------------------
6. Date Exercis-    7. Title and Amount of   8. Price     9. Number    10. Owner-    11. Nature
   able and Expi-      Underlying Securities    of           of De-        ship of       of Indi-
   ration Date         (Instr. 3 and 4)         De-          rivative      Deriva-       rect Ben-
   (Month/Day/                                  riva-        Securi-       tive Se-      eficial
    Year)                                       tive         ies Ben-      curity:       Owner-
------------------  -------------------------   Secu-        eficially     Direct        ship
 Date      Expira-                  Amount or   ity          Owned at      (D) or        (Instr.4)
 Exer-     tion                     Number of   (Instr. 5)   End of Year   Indirect
 cisable   Date        Title        Shares                   Year(Instr.4) (I)(Instr.4)
---------------------------------------------------------------------------------------------------
 (1)      11-17-09   Common Stock   17,500                   17,500         D
===================================================================================================	

Explanation of Responses:
(1) The option becomes exercisable 1/3 of the grant per year commencing 11-17-00.

William L. Stewart                  February 14, 2000
-------------------------------     -----------------
William L. Stewart                         Date
**Signature of Reporting Person	

**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.
Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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