Filed pursuant to Rule 424(b)(3)
Registration No. 33-15190
Prospectus Supplement
To Prospectus Dated March 31, 1995
[PINNACLE WEST LOGO] PINNACLE WEST CAPITAL CORPORATION
To All Investors Advantage Plan Participants:
In our continuing efforts to make the Pinnacle West Capital Corporation
Investors Advantage Plan (the "Plan") as convenient and efficient as possible,
we have made a few simple improvements to the Plan. Effective October 1, 1999,
the Plan will be modified as follows (references to the "Prospectus" are to the
Prospectus dated March 31, 1995):
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PLAN TERMS BEFORE OCTOBER 1, 1999 PLAN TERMS EFFECTIVE OCTOBER 1, 1999
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Cash Investments are invested in Cash Investments are invested in
Pinnacle West common stock in the Pinnacle West common stock in TWO
month following the month in which we separate investment periods each
receive the Cash Investment (one month. The first investment period of
investment period per month). See each month begins on the first
Question 18 of the Prospectus. business day of the month, except
during Dividend Record Date months. In
Dividend Record Date months (currently
February, May, August, and November),
the first investment period begins on
the first business day following the
Dividend Record Date. The second
investment period of each month begins
on the 15th day of each month or the
next business day if the 15th day
falls on a weekend or holiday.
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The maximum annual Cash Investment is The maximum annual Cash Investment is
$60,000. See Question 17 of the $150,000.
Prospectus.
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The Plan does not allow you to make an You may make an Initial Cash
Initial Cash Investment through an Investment through an electronic funds
electronic funds deduction from a deduction from a financial institution
financial institution account. account.
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Electronic funds deductions for Cash Electronic funds deductions for Cash
Investments (excluding Initial Cash Investments (including Initial Cash
Investments) occur on or about the Investments) will occur on or about
25th day of each month. the 10th day of each month and will be
invested in shares of stock during the
second investment period of each month
(see above).
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The Prospectus references a Plan You should disregard all references to
participant's ability to invest APS preferred stock because APS has
Arizona Public Service Company ("APS") redeemed all of its preferred stock.
preferred stock dividends under the
Plan.
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If you have any further questions regarding this Prospectus Supplement or the
Prospectus, or if you would like to obtain a copy of any additional Plan
materials please contact:
Pinnacle West Capital Corporation
Shareholder Department
P.O. Box 52133
Phoenix, Arizona 85072-2133
Telephone: (800) 457-2983 nationwide, or local Phoenix at (602) 379-2500
This document constitutes part of a prospectus covering securities that have
been registered under the Securities Act of 1933. This Prospectus Supplement
must be used in conjunction with the Prospectus dated March 31, 1995. You should
keep this Prospectus Supplement for future reference.
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INVESTORS ADVANTAGE PLAN
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Common Stock
(No Par Value)
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PROSPECTUS
SUPPLEMENT
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