FORM 4 OMB APPROVAL
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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*

Lopez Humberto S.

(Last) (First) (Middle)

400 East Van Buren Street

(Street)

Phoenix AZ 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

11/99

5. If Amendment, Date of Original
(Month/Year)

6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)

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)

==================================================================================================================
                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          7/1/99       A      V      500       A              7,886               I         by trust
------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------
==================================================================================================================
============================================================================================
       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)
--------------------------------------------------------------------------------------------
   call option
   (right to buy)            $30.00      9/14/99       P             100
--------------------------------------------------------------------------------------------
   call option
   (right to buy)            $30.00      11/19/99      P             100
--------------------------------------------------------------------------------------------
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-                  Amount or               Owned at     Direct (D)  ship
   Exer-    tion          Title      Number of               End of Month or Indirect (Instr.4)
   cisable  Date                     Shares                  (Instr. 4)   (I)(Instr.4)
-----------------------------------------------------------------------------------------------
   9/14/99  4/22/00    Common Stock  10,000       $750         100            I       by trust
-----------------------------------------------------------------------------------------------
   11/19/99 4/22/00    Common Stock  10,000       $537.50      100            I       by trust
===============================================================================================	

Explanation of Responses:

       Humberto S. Lopez                 12-10-99
-------------------------------     -----------------
       Humberto S. Lopez                   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.
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