SCHEDULE 13G
Amendment No. 3
Pinnacle West Capital Corporation
 common stock
Cusip # 723484101
Filing Fee: No
Cusip # 723484101
Item 1: Reporting Person - FMR Corp. - (Tax ID: 04-2507163)
Item 4: Commonwealth of Massachusetts
Item 5: 284,200
Item 6: None
Item 7: 2,984,300
Item 8: None
Item 9: 2,984,300
Item 11: 3.43%
Item 12: HC
Cusip # 723484101
Item 1: Reporting Person - Edward C. Johnson 3d - (Tax ID: 000-00-0000) Item 4: United States of America
Item 5: None
Item 6: None
Item 7: 2,984,300
Item 8: None
Item 9: 2,984,300
Item 11: 3.43%
Item 12: IN
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
Item 1(a). Name of Issuer:
Pinnacle West Capital Corporation
Item 1(b). Name of Issuer's Principal Executive Offices:
400 East Van Buren Street, Suite 700, P.O. Box 52132 Phoenix, AZ 85072-2132
Item 2(a). Name of Person Filing:
FMR Corp.
Item 2(b). Address or Principal Business Office or, if None, Residence:
82 Devonshire Street, Boston, Massachusetts 02109
Item 2(c). Citizenship:
Not applicable
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
723484101
Item 3. This statement is filed pursuant to Rule 13d-1(b) or 13d-2(b) and the
person filing, FMR Corp., is a parent holding company in accordance with Section 240.13d-1(b)(ii)(G). (Note: See Item 7).
Item 4. Ownership
(a) Amount Beneficially Owned:
2,984,300
(b) Percent of Class:
3.43%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
284,200
(ii) shared power to vote or to direct the vote:
None
(iii) sole power to dispose or to direct the disposition of:
2,984,300
(iv) shared power to dispose or to direct the disposition of:
None
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof, the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following (X).
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company.
See attached Exhibit(s) A and B.
Item 8. Identification and Classification of Members of the Group.
Not applicable, see attached Exhibit A.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Inasmuch as the reporting persons are no longer the beneficial owners of more than five percent of the number of shares outstanding, the reporting persons have no further reporting obligation under section 13(d) of the Securities and Exchange Commission thereunder, and the reporting persons have no obligation to amend this Statement if any material change occurs in the facts set forth herein.
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Schedule 13G in connection with FMR Corp's beneficial ownership of the common stock of Pinnacle West Capital Corporation at July 31, 1994 is true, complete and correct.
August 3, 1994
Date

        /s/Arthur S. Loring
Signature	

Arthur S. Loring, Vice
President
Name/Title
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
Pursuant to the instructions in Item 7 of Schedule 13G, Fidelity Management & Research Company ("Fidelity"), 82 Devonshire Street, Boston, Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, is the beneficial owner of 2,545,600 shares or 2.92% of the common stock outstanding of Pinnacle West Capital Corporation ("the Company") as a result of acting as investment adviser to several investment companies registered under Section 8 of the Investment Company Act of 1940.
Edward C. Johnson 3d, FMR Corp., through its control of Fidelity, and the Funds each has sole power to dispose of the 2,545,600 shares owned by the Funds.
Neither FMR Corp. nor Edward C. Johnson 3d, Chairman of FMR Corp., has the sole power to vote or direct the voting of the shares owned directly by the Fidelity Funds, which power resides with the Funds' Boards of Trustees. Fidelity carries out the voting of the shares under written guidelines established by the Funds' Boards of Trustees.
Fidelity Management Trust Company, 82 Devonshire Street, Boston, Massachusetts 02109, a wholly-owned subsidiary of FMR Corp. and a bank as defined in Section 3(a)(6) of the Securities Exchange Act of 1934, is the beneficial owner of 438,700 shares or 0.50% of the common stock outstanding of the company as a result of its serving as investment manager of the institutional account(s).
FMR Corp., through its control of Fidelity Management Trust Company, has sole dispositive power over 438,700 shares and sole power to vote or to direct the voting of 284,200 shares, and no power to vote or to direct the voting of 154,500 Shares of common stock owned by the institutional account(s) as reported above.
Edward C. Johnson 3d owns 24.9% of the outstanding voting common stock of FMR Corp. Mr. Johnson 3d is Chairman of FMR Corp. Various Johnson family members and trusts for the benefit of Johnson family members own FMR Corp. voting common stock. These Johnson family members, through their ownership of voting common stock, and the execution of a family shareholders' voting agreement, form a controlling group with respect to FMR Corp.
SCHEDULE 13G - TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(b) or 13d-2(b)
RULE 13d-1(e) AGREEMENT
The undersigned persons, on August 3, 1994, agree and consent to the joint filing on their behalf of this Schedule 13G in connection with their beneficial ownership of the common stock of Pinnacle West Capital Corporation at July 31, 1994.
FMR Corp.

        By      /s/Arthur S. Loring
Arthur S. Loring
Vice President - Legal
                Edward C. Johnson 3d
        By      /s/Arthur S. Loring
Arthur S. Loring
Under Power of Attorney dated
5/17/89
On File with Schedule 13G for
Airborne Freight Corp. 9/10/91
        Fidelity Management & Research Company
        By      /s/Arthur S. Loring
Arthur S. Loring
Sr. V.P. and General Counsel