Ownership Submission

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 ^*

Heflin Adam C

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
_____ Officer (give title below)	_____ Other (specify below)
EVP & CNO, APS

(Last)

(First)

(Middle)

400 N. 5TH STREET

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2024

(Street)

PHOENIX, AZ 85004

4. If Amendment, Date Original Filed (Month/Day/Year)
02/22/2024

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)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/20/2024		M		1,251 ⁽¹⁾	A	⁽¹⁾	3,782	D
Common Stock	02/20/2024		D⁽²⁾		98	D	$ 69.1	3,684	D
Common Stock	02/20/2024		F⁽³⁾		495	D	$ 69.1	3,189	D
Common Stock	02/20/2024		M		3,471 ⁽¹⁾	A	⁽¹⁾	6,660	D
Common Stock	02/20/2024		D⁽²⁾		269	D	$ 69.1	6,391	D
Common Stock	02/20/2024		F⁽³⁾		1,409	D	$ 69.1	4,982	D
Common Stock	02/20/2024		M		1,378 ⁽¹⁾	A	⁽¹⁾	6,360	D
Common Stock	02/20/2024		D⁽²⁾		62	D	$ 69.1	6,298	D
Common Stock	02/20/2024		F⁽³⁾		564	D	$ 69.1	5,734	D
Common Stock								6	I	by Trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Restricted Stock Units

⁽¹⁾

02/20/2024

1,251 ⁽⁴⁾

⁽⁵⁾

Common Stock

1,251

⁽¹⁾

2,499 ⁽⁶⁾

Restricted Stock Units

⁽¹⁾

02/20/2024

3,471 ⁽⁷⁾

⁽⁵⁾

Common Stock

3,471

⁽¹⁾

6,942 ⁽⁸⁾

Restricted Stock Units

⁽¹⁾

02/20/2024

1,378 ⁽⁹⁾

⁽¹⁰⁾

Common Stock

1,378

⁽¹⁾

4,131 ⁽¹¹⁾

Restricted Stock Units

⁽¹⁾

02/20/2024

5,644

⁽¹²⁾

Common Stock

5,644

⁽¹⁾

5,644

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Heflin Adam C 400 N. 5TH STREET PHOENIX, AZ 85004				EVP & CNO, APS

Signatures

/s/ Diane Wood, Attorney-in-Fact		03/20/2024
^**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 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 divident equivalent rights.
(2)	Represents the cash settlement of Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
(3)	Shares retained by the Company for purpose of meeting tax withholding requirements. The receipient retained all other shares.
(4)	The number of derivative securities in Column 5 includes 98 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalentrights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
(5)	The Restricted Stock Units award was granted and was effective in June 2022, and vests in four equal, annual installments beginning on February 20, 2023.
(6)	Includes 193 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
(7)	The number of derivative securities in Column 5 includes 269 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalentrights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
(8)	Includes 538 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
(9)	The number of derivative securities in Column 5 includes 62 vested Restricted Stock Units received in connection with the settlement of dividend equivalent rights. Dividend equivalentrights accrue with respect to these Restricted Stock Units when and as cash dividends are paid on the Company's common stock.
(10)	The Restricted Stock Units award was granted and was effective in February 2023, and vests in four equal, annual installments beginning on February 20, 2024.
(11)	Includes 183 Restricted Stock Units received in connection with the settlement of dividend equivalent rights.
(12)	The Restricted Stock Units award was granted and was effective in February 2024, and vests in four equal, annual installments beginning on February 20, 2025.

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