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 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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * HATFIELD JAMES R   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, PNW & APS (Last) (First) (Middle) 400 N. FIFTH STREET 3. Date of Earliest Transaction (Month/Day/Year) 02/18/2009 (Street) PHOENIX, AZ 85004 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction 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 02/20/2009   M   500 A (1) 13,150 D   Common Stock 02/20/2009   F(2)   216 D $ 28.71 12,934 D   Common Stock 02/20/2009   M   500 A (1) 13,434 D   Common Stock 02/20/2009   F(2)   216 D $ 28.71 13,218 D   Common Stock               96 I by 401(k)

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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 (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction 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 (Month/Day/Year)

7. Title and Amount of Underlying Securities (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)

02/18/2009

A

3,500

(3)

(3)

Common Stock

3,500

$ 0

3,500

D

Restricted Stock Units

(1)

02/20/2009

M

500

(4)

(4)

Common Stock

500

(1)

2,000

D

Restricted Stock Units

(1)

02/20/2009

M

500

(5)

(5)

Common Stock

500

(1)

3,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HATFIELD JAMES R 400 N. FIFTH STREET PHOENIX, AZ 85004			SVP & CFO, PNW & APS

Signatures

/s/ Diane Wood, Attorney-in-fact		02/20/2009
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	Each restricted stock unit represents a contingent right to receive one share of the Company's common stock or the cash equivalent.
(2)	The minimum number of shares were retained by the Company solely for the purpose of meeting tax withholding requirements. Mr. Hatfield retained all other shares.
(3)	The restricted stock units vest in four equal annual installments beginning on February 20, 2010.
(4)	This restricted stock units award was granted in October of 2008 and vests 500 restricted stock units on February 20, 2009, 1,000 restricted stock units on February 20, 2010 and 1,000 restricted stock units n February 20, 2011.
(5)	This restricted stock unit award was granted in October of 2008, and vests 500 restricted stock units on February 20, 2009, 1,000 restricted stock units on February 20, 2010, 1,000 restricted stock units on February 20, 2011 and 1,000 restricted stock units on February 20, 2012.

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