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 * BRANDT DONALD E   2. Issuer Name and Ticker or Trading Symbol PINNACLE WEST CAPITAL CORP [PNW] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman, President & CEO (Last) (First) (Middle) 400 N. FIFTH STREET 3. Date of Earliest Transaction (Month/Day/Year) 02/17/2012 (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 02/17/2012   M   3,313 A (1) 34,491 D   Common Stock 02/17/2012   D   3,313 D $ 47.86 31,178 D   Common Stock 02/17/2012   M   7,438 A (1) 38,616 D   Common Stock 02/17/2012   D   7,438 D $ 47.86 31,178 D   Common Stock 02/17/2012   M   3,913 A (2) 35,091 D   Common Stock 02/17/2012   D   3,913 D $ 47.86 31,178 D   Common Stock 02/17/2012   M   3,912 A (2) 35,090 D   Common Stock 02/17/2012   F(3)   1,626 D $ 47.86 33,464 D   Common Stock 02/17/2012   M   4,496 A (2) 37,960 D   Common Stock 02/17/2012   D   4,496 D $ 47.86 33,464 D   Common Stock 02/17/2012   M   4,495 A (2) 37,959 D   Common Stock 02/17/2012   F(3)   1,868 D $ 47.86 36,091 D   Common Stock 02/17/2012   A   607 A (4) 36,698 D   Common Stock 02/17/2012   F(3)   253 D $ 47.86 36,445 D   Common Stock               1,414 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)	02/17/2012		M			3,313	(5)	(5)	Common Stock	3,313	(1)	0	D
Restricted Stock Units	(1)	02/17/2012		M			7,438	(6)	(6)	Common Stock	7,438	(1)	7,438	D
Restricted Stock Units	(2)	02/17/2012		M			7,825	(7)	(7)	Common Stock	7,825	(2)	15,650	D
Restricted Stock Units	(2)	02/17/2012		M			8,991	(8)	(8)	Common Stock	8,991	(2)	26,973	D
Restricted Stock Units	(2)	02/21/2012		A		34,184		(9)	(9)	Common Stock	34,184	$ 0	34,184	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
BRANDT DONALD E 400 N. FIFTH STREET PHOENIX, AZ 85004	X		Chairman, President & CEO

Signatures

/s/ Diane Wood, Attorney-in-Fact		02/22/2012
**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, at the reporting person's election, in shares of comon stock or cash.
(2)	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, at the reporting person's election, in shares of comon stock or 50% in common stock and 50% in cash.
(3)	Shares retained by the Company for the purpose of meeting tax withholding requirements. The recipient retained all other shares.
(4)	Represents shares of common stock received by the individual in settlement of dividend rights granted in connection with the 2010 and 2011 Restricted Stock Unit grants.
(5)	The Restricted Stock Units award was granted and was effective in February 2008, and vests in four equal, annual installments beginning on February 20, 2009. Since February 20, 2012 was a holiday, the Restricted Stock Units vested and were released on Feburary 17, 2012.
(6)	The Restricted Stock Units award was granted and was effective in February 2009, and vests in four equal, annual installments beginning on February 20, 2010. Since February 20, 2012 was a holiday, the Restricted Stock Units vested and were released on Feburary 17, 2012.
(7)	The Restricted Stock Units award was granted and was effective in February 2010, and vests in four equal, annual installments beginning on February 20, 2011. Since February 20, 2012 was a holiday, the Restricted Stock Units vested and were released on Feburary 17, 2012.
(8)	The Restricted Stock Units award was granted and was effective in February 2011, and vests in four equal, annual installments beginning on February 20, 2012. Since February 20, 2012 was a holiday, the Restricted Stock Units vested and were released on Feburary 17, 2012.
(9)	The Restricted Stock Units vest and will be settled in four equal, annual installments beginning on February 20, 2013.

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