Commission File Number 1-8962
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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

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                                   EXHIBITS TO

                                    FORM 10-K

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
                   For the fiscal year ended December 31, 2000

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                        Pinnacle West Capital Corporation
               (Exact name of registrant as specified in charter)










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                                INDEX TO EXHIBITS


Exhibit No.       Description
- -----------       -----------

10.1a     --      2000 Management Variable Incentive Plan (Pinnacle West)

10.2a     --      2000 Senior Management Variable Incentive Plan (Pinnacle West)

10.3a     --      2000 Officer Variable Incentive Plan (Pinnacle West)

10.4a     --      2000 Management Variable Incentive Plan (APS)

10.5a     --      2000 Senior Management Variable Incentive Plan (APS)

10.6a     --      2000 Officers Variable Incentive Plan (APS)

10.7      --      Four Corners Project Co-Tenancy Agreement Amendment No. 6

10.8a     --      Sixth Amendment to Arizona Public Service Company Deferred
                  Compensation Plan

12.1      --      Ratio of Earnings to Fixed Charges

21        --      Subsidiaries of the Company

23.1      --      Consent of Deloitte & Touche LLP

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(a) Management contract or compensatory plan or arrangement to be filed as an
exhibit pursuant to Item 14(c) of Form 10-K.

For a description of the Exhibits incorporated in this filing by reference, see
Part IV, Item 14.

                                                                   Exhibit 10.1a


Under the Company's 2001 Management Variable Incentive Plan, the Chief Executive
Officer of the Company,  with the approval of the Human  Resources  Committee of
the Board of Directors,  annually  designates  employees to  participate  in the
program,   establishes  their  participation   level,  and  establishes  certain
financial and operational goals for the Company which must be satisfied in order
for  variable  pay awards to be made.  The impact,  if any,  of each  employee's
performance  on  his or her  variable  pay  award  is  determined  by his or her
officer. Subject to final approval by the Human Resources Committee of the Board
of  Directors,  the Chief  Executive  Officer of the Company also  determines at
year-end the degree to which those goals have been  satisfied  and the amount of
variable pay to be awarded to participating employees, if any.