content: <?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
  <submissionType>144</submissionType>
  <filerInfo>
  <filer>
  <filerCredentials>
  <cik>0001628362</cik>
  <ccc>XXXXXXXX</ccc>
  </filerCredentials>
  </filer>
  <liveTestFlag>LIVE</liveTestFlag>
  </filerInfo>
  </headerData>
  <formData>
  <issuerInfo>
  <issuerCik>0000764622</issuerCik>
  <issuerName>Pinnacle West Capital Corporation</issuerName>
  <secFileNumber>001-08962</secFileNumber>
  <issuerAddress>
  <street1 xmlns="http://www.sec.gov/edgar/common">400 North Fifth Street, P.O. Box 53999</street1>
  <city xmlns="http://www.sec.gov/edgar/common">Phoenix</city>
  <stateOrCountry xmlns="http://www.sec.gov/edgar/common">AZ</stateOrCountry>
  <zipCode xmlns="http://www.sec.gov/edgar/common">85072-3999</zipCode>
  </issuerAddress>
  <issuerContactPhone>(602)-250-1000</issuerContactPhone>
  <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Robert E. Smith</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
  <relationshipsToIssuer>
  <relationshipToIssuer>Officer</relationshipToIssuer>
  </relationshipsToIssuer>
  </issuerInfo>
  <securitiesInformation>
  <securitiesClassTitle>Common Stock</securitiesClassTitle>
  <brokerOrMarketmakerDetails>
  <name>E*TRADE from Morgan Stanley</name>
  <address>
  <street1 xmlns="http://www.sec.gov/edgar/common">PO Box 484</street1>
  <city xmlns="http://www.sec.gov/edgar/common">Jersey City</city>
  <stateOrCountry xmlns="http://www.sec.gov/edgar/common">NJ</stateOrCountry>
  <zipCode xmlns="http://www.sec.gov/edgar/common">07303-0484</zipCode>
  </address>
  </brokerOrMarketmakerDetails>
  <noOfUnitsSold>1610</noOfUnitsSold>
  <aggregateMarketValue>122698.10</aggregateMarketValue>
  <noOfUnitsOutstanding>113398346</noOfUnitsOutstanding>
  <approxSaleDate>12/08/2023</approxSaleDate>
  <securitiesExchangeName>NYSE</securitiesExchangeName>
  </securitiesInformation>
  <securitiesToBeSold>
  <securitiesClassTitle>Common Stock</securitiesClassTitle>
  <acquiredDate>02/20/2019</acquiredDate>
  <natureOfAcquisitionTransaction>Stock issued in connection with awards granted under the Company's Long Term Incentive Plan</natureOfAcquisitionTransaction>
  <nameOfPersonfromWhomAcquired>Pinnacle West Capital Corporation</nameOfPersonfromWhomAcquired>
  <isGiftTransaction>N</isGiftTransaction>
  <amountOfSecuritiesAcquired>338</amountOfSecuritiesAcquired>
  <paymentDate>02/20/2019</paymentDate>
  <natureOfPayment>N/A</natureOfPayment>
  </securitiesToBeSold>
  <securitiesToBeSold>
  <securitiesClassTitle>Common Stock</securitiesClassTitle>
  <acquiredDate>02/20/2020</acquiredDate>
  <natureOfAcquisitionTransaction>Stock issued in connection with awards granted under the Company's Long Term Incentive Plan</natureOfAcquisitionTransaction>
  <nameOfPersonfromWhomAcquired>Pinnacle West Capital Corporation</nameOfPersonfromWhomAcquired>
  <isGiftTransaction>N</isGiftTransaction>
  <amountOfSecuritiesAcquired>946</amountOfSecuritiesAcquired>
  <paymentDate>02/20/2020</paymentDate>
  <natureOfPayment>N/A</natureOfPayment>
  </securitiesToBeSold>
  <securitiesToBeSold>
  <securitiesClassTitle>Common Stock</securitiesClassTitle>
  <acquiredDate>11/09/2020</acquiredDate>
  <natureOfAcquisitionTransaction>Stock issued in connection with awards granted under the Company's Long Term Incentive Plan</natureOfAcquisitionTransaction>
  <nameOfPersonfromWhomAcquired>Pinnacle West Capital Corporation</nameOfPersonfromWhomAcquired>
  <isGiftTransaction>N</isGiftTransaction>
  <amountOfSecuritiesAcquired>326</amountOfSecuritiesAcquired>
  <paymentDate>11/09/2020</paymentDate>
  <natureOfPayment>N/A</natureOfPayment>
  </securitiesToBeSold>
  <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
  <remarks>Aggregate value based on 12/6/2023 stock price.  Number of shares outstanding as of 10/27/2023.  The filing of this Form 144 shall not be construed as an admission that the undersigned is an Affiliate of the Issuer.  </remarks>
  <noticeSignature>
  <noticeDate>12/08/2023</noticeDate>
  <signature>/s/ Robert E. Smith</signature>
  </noticeSignature>
  </formData>
  </edgarSubmission>
metadata_documents: [{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 4165}]
text: 144
  0001628362
  XXXXXXXX
  LIVE
  0000764622
  Pinnacle West Capital Corporation
  001-08962
  400 North Fifth Street, P.O. Box 53999
  Phoenix
  AZ
  85072-3999
  (602)-250-1000
  Robert E. Smith
  Officer
  Common Stock
  E*TRADE from Morgan Stanley
  PO Box 484
  Jersey City
  NJ
  07303-0484
  1610
  122698.10
  113398346
  12/08/2023
  NYSE
  Common Stock
  02/20/2019
  Stock issued in connection with awards granted under the Company's Long Term Incentive Plan
  Pinnacle West Capital Corporation
  N
  338
  02/20/2019
  N/A
  Common Stock
  02/20/2020
  Stock issued in connection with awards granted under the Company's Long Term Incentive Plan
  Pinnacle West Capital Corporation
  N
  946
  02/20/2020
  N/A
  Common Stock
  11/09/2020
  Stock issued in connection with awards granted under the Company's Long Term Incentive Plan
  Pinnacle West Capital Corporation
  N
  326
  11/09/2020
  N/A
  Y
  Aggregate value based on 12/6/2023 stock price.  Number of shares outstanding as of 10/27/2023.  The filing of this Form 144 shall not be construed as an admission that the undersigned is an Affiliate of the Issuer.
  12/08/2023
  /s/ Robert E. Smith