SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 1, 1998
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PINNACLE WEST CAPITAL CORPORATION
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(Exact name of registrant as specified in its charter)
Arizona 1-8962 86-0512431
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification Number)
400 East Van Buren St., P.O. Box 52132, Phoenix, Arizona 85072-2132
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(Address of principal executive offices) (Zip code)
(602) 379-2500
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(Registrant's telephone number, including area code)
NONE
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
As previously reported, on November 4, 1998, Arizona Public Service Company
(the "Company") and the Staff of the Arizona Corporation Commission (the "ACC")
entered into a proposed settlement agreement related to the implementation of
retail electric competition. See Note 5 of Notes to Condensed Consolidated
Financial Statements in the Pinnacle West Capital Corporation Quarterly Report
on Form 10-Q for the Fiscal Quarter ended September 30, 1998. Hearings for the
ACC's consideration or approval of the settlement agreement were scheduled to
begin on December 3, 1998. On December 1, 1998, the Arizona Supreme Court issued
an order staying the ACC hearings. The Arizona Supreme Court's stay is
preparatory to consideration by the full Court of whether the ACC provided
sufficient notice of the hearings to interested parties. The Court will hear
oral arguments on this matter on January 14, 1999. The Court's decision may
delay the introduction of competition scheduled for January 1, 1999. The
proposed settlement agreement has expired by its terms and whether it will be
extended is yet to be determined. The Company cannot currently predict the
outcome of this matter.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PINNACLE WEST CAPITAL CORPORATION
(Registrant)
Dated: December 2, 1998 By: Michael V. Palmeri
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Michael V. Palmeri
Treasurer
