<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001491163</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0000764622</issuerCik>
      <issuerName>PINNACLE WEST CAPITAL CORP</issuerName>
      <secFileNumber>001-08962</secFileNumber>
      <issuerAddress>
        <com:street1>400 NORTH FIFTH STREET</com:street1>
        <com:street2>MS 8695</com:street2>
        <com:city>PHOENIX</com:city>
        <com:stateOrCountry>AZ</com:stateOrCountry>
        <com:zipCode>85004</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>602 250 1000</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Wagener David</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Director</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Charles Schwab Corporation</name>
        <address>
          <com:street1>3000 Schwab Way</com:street1>
          <com:city>Westlake</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>76262</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>1500</noOfUnitsSold>
      <aggregateMarketValue>120045.00</aggregateMarketValue>
      <noOfUnitsOutstanding>113255998</noOfUnitsOutstanding>
      <approxSaleDate>05/08/2023</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>03/03/2020</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>103</amountOfSecuritiesAcquired>
      <paymentDate>03/03/2020</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>09/04/2019</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>96</amountOfSecuritiesAcquired>
      <paymentDate>09/04/2019</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/04/2019</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>86</amountOfSecuritiesAcquired>
      <paymentDate>06/04/2019</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>03/04/2019</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>87</amountOfSecuritiesAcquired>
      <paymentDate>03/04/2019</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>12/04/2018</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>88</amountOfSecuritiesAcquired>
      <paymentDate>12/04/2018</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>12/04/2017</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>69</amountOfSecuritiesAcquired>
      <paymentDate>12/04/2017</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/02/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>147</amountOfSecuritiesAcquired>
      <paymentDate>06/02/2021</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>12/02/2019</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>149</amountOfSecuritiesAcquired>
      <paymentDate>12/02/2019</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>12/03/2019</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>114</amountOfSecuritiesAcquired>
      <paymentDate>12/03/2019</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>09/05/2017</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>65</amountOfSecuritiesAcquired>
      <paymentDate>09/05/2017</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/02/2017</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>56</amountOfSecuritiesAcquired>
      <paymentDate>06/02/2017</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>03/02/2017</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>59</amountOfSecuritiesAcquired>
      <paymentDate>03/02/2017</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>09/02/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>178</amountOfSecuritiesAcquired>
      <paymentDate>09/02/2021</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/02/2020</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>127</amountOfSecuritiesAcquired>
      <paymentDate>06/02/2020</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>09/05/2018</acquiredDate>
      <natureOfAcquisitionTransaction>Vested Awards</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>95</amountOfSecuritiesAcquired>
      <paymentDate>09/05/2018</paymentDate>
      <natureOfPayment>Compensation</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>05/08/2023</noticeDate>
      <signature>David Wagemer</signature>
    </noticeSignature>
  </formData>
</edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 10101}]
144
0001491163
XXXXXXXX
LIVE
0000764622
PINNACLE WEST CAPITAL CORP
001-08962
400 NORTH FIFTH STREET
MS 8695
PHOENIX
AZ
85004
602 250 1000
Wagener David
Director
Common
Charles Schwab Corporation
3000 Schwab Way
Westlake
TX
76262
1500
120045.00
113255998
05/08/2023
NYSE
Common
03/03/2020
Vested Awards
Issuer
N
103
03/03/2020
Compensation
Common
09/04/2019
Vested Awards
Issuer
N
96
09/04/2019
Compensation
Common
06/04/2019
Vested Awards
Issuer
N
86
06/04/2019
Compensation
Common
03/04/2019
Vested Awards
Issuer
N
87
03/04/2019
Compensation
Common
12/04/2018
Vested Awards
Issuer
N
88
12/04/2018
Compensation
Common
12/04/2017
Vested Awards
Issuer
N
69
12/04/2017
Compensation
Common
06/02/2021
Vested Awards
Issuer
N
147
06/02/2021
Compensation
Common
12/02/2019
Vested Awards
Issuer
N
149
12/02/2019
Compensation
Common
12/03/2019
Vested Awards
Issuer
N
114
12/03/2019
Compensation
Common
09/05/2017
Vested Awards
Issuer
N
65
09/05/2017
Compensation
Common
06/02/2017
Vested Awards
Issuer
N
56
06/02/2017
Compensation
Common
03/02/2017
Vested Awards
Issuer
N
59
03/02/2017
Compensation
Common
09/02/2021
Vested Awards
Issuer
N
178
09/02/2021
Compensation
Common
06/02/2020
Vested Awards
Issuer
N
127
06/02/2020
Compensation
Common
09/05/2018
Vested Awards
Issuer
N
95
09/05/2018
Compensation
Y
05/08/2023
David Wagemer