Item 7.01 Regulation FD Disclosure.



As described under Item 8.01 below, Arizona Public Service Company ("APS" or the
"Company") filed an application and related schedules for an annual increase in
retail base rates with the Arizona Corporation Commission (the "ACC") on October
28, 2022. These materials are posted on Pinnacle West Capital Corporation's
website at http://www.pinnaclewest.com/investors. The information on this
website is not incorporated by reference into this report. The ACC docket number
is E-01345A-22-0144. On October 28, 2022, APS also issued a press release
announcing its filing with the ACC described above. A copy of the press release
is attached hereto as Exhibit 99.1.


Item 8.01 Other Events.

2022 Retail Rate Case

APS filed an application with the ACC on October 28, 2022 (the "2022 Rate Case")
seeking an increase in annual retail base rates on the date rates become
effective ("Day 1") of a net $460 million. This Day 1 net impact represents a
total base revenue deficiency of $772 million offset by proposed adjustor
transfers of cost recovery to annual retail rates and adjustor mechanism
modifications. The average annual customer bill impact of APS's request on Day 1
is an increase of 13.6%.
The principal provisions of APS's application are:

•A test year comprised of twelve months ended June 30, 2022, adjusted as
described below;
•An original cost rate base of $10.5 billion, which approximates the
ACC-jurisdictional portion of the book value of utility assets, net of
accumulated depreciation and other credits;
•The following proposed capital structure and costs of capital:
                                            Capital Structure        Cost of Capital
Long-term debt                                    48.07         %         3.85        %
Common stock equity                               51.93         %        10.25        %
Weighted-average cost of capital

7.17 %





•A 1% return on the increment of fair value rate base above APS's original cost
rate base, as provided for by Arizona law;
•A rate of $0.038321 per kWh for the portion of APS's retail base rates
attributable to fuel and purchased power costs;
•Modification of its adjustment mechanisms including:
?eliminate the Environmental Improvement Surcharge and collect costs through
base rates,
?eliminate the Lost Fixed Cost Recovery mechanism and collect costs through base
rates and the Demand Side Management Adjustment Charge ("DSMAC"),
?maintain as inactive the Tax Expense Adjustor Mechanism,
?maintain the Transmission Cost Adjustment mechanism,
?modify the performance incentive in the DSMAC, and
?modify the Renewable Energy Adjustment Charge to include recovery of capital
carrying costs of APS owned renewable and storage resources;
•Changes to its limited-income program, including a second tier to provide an
additional discount for customers with greater need; and
•Twelve months of post-Test Year plant to reflect used and useful projects that
will be placed into service prior to July 1, 2023.

APS requested that the increase become effective December 1, 2023. APS cannot predict the outcome of its request.

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Forward-Looking Statements



This Report on Form 8-K and the application and related schedules for an annual
increase in retail base rates filed with the ACC on October 28, 2022 contain
forward-looking statements based on current expectations. These forward-looking
statements are often identified by words such as "estimate," "predict," "may,"
"believe," "plan," "expect," "require," "intend," "assume" and similar words.
Because actual results may differ materially from expectations, we caution you
not to place undue reliance on these statements. A number of factors could cause
future results to differ materially from historical results, or from outcomes
currently expected or sought by us. A discussion of some of these risks and
uncertainties is contained in our Annual Report on Form 10-K for the fiscal year
ended December 31, 2021 and our Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2022 and are available on our website at
http://www.pinnaclewest.com, which you should review carefully before placing
any reliance on our forward-looking statements or disclosures. We assume no
obligation to update any forward-looking statements, even if our internal
estimates change, except as may be required by applicable law.

Item 9.01 Financial Statements and Exhibits.



  (d)  Exhibits
   Exhibit No.           Registrant(s)                                 Description

       99.1              Pinnacle West          Press Release dated October

28, 2022 related to APS Rate


                         Arizona Public       Case Filing
                        Service Company

       104               Pinnacle West        104 Cover Page Interactive

Data File (embedded within the


                         Arizona Public       Inline XBRL document)
                        Service Company

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