Pinnacle West Capital Corporation
P.O. Box 53999
Station 9076
Phoenix, AZ 85072-3999

May 23, 2002

Jonathan G. Katz, Secretary
Securities and Exchange Commission
450 Fifth Street
Washington, D.C. 20549

File No.: S7-08-02

Dear Mr. Katz:

This comment letter is submitted on behalf of Pinnacle West Capital Corporation and its wholly owned subsidiary, Arizona Public Service Company, after having reviewed the Securities and Exchange Commission proposed rule, "Acceleration of Periodic Report Filing Dates and Disclosure Concerning Website Access to Reports." Although we understand and agree with the SEC's concerns that investors need access to corporate information as soon as possible in order to make informed investment and voting decisions, we do not agree that these proposed rules work toward accomplishing this goal.

Acceleration of Quarterly and Annual Report Due Dates

It is true that over the years advances in communications and information technology have increased the speed at which it is possible for companies to process and distribute information. However, this time period has also produced a tremendous increase in accounting and other reporting requirements. Furthermore, these additional requirements are increasingly complex. The end result has been longer, more complex reports. Due in part to the complexity of the reporting requirements, it takes more time to prepare the reports. It necessarily follows that it also takes more time to review and finalize the reports, both by internal management as well as outside auditors and counsel. If the filing times are reduced, we are concerned about the quality and accuracy of the reports, as there will necessarily be reduced time for review. This not only increases the chance for errors, it constrains the most important part of the process-management and external review and the ability to articulate in plain English the financial results and prospects of the company through "the eyes of management." If we don't improve here, there is no benefit to investors.

We also believe it is important to provide more timely and useful information along with earnings releases or other communications. These non-required communications are also important and often include information other than what is required in periodic filings with the Commission. This information can also be posted on websites and should not be discouraged or overwhelmed by accelerated filing deadlines.

Website Access to Information

The SEC has also proposed that companies make their periodic reports available on the websites on the same day that the filings are made with the SEC. The SEC's Edgar system already provides the reports online on the same day as filing, so we do not see the benefit of duplicating efforts in this area. This is an added burden and expense for companies when the access is already provided.

We respectfully submit these comments and hope they are helpful in considering these proposed rule changes.

Sincerely,

Chris N. Froggatt
Vice President and Controller