Document:

Exhibit 4.1

                          AMENDMENT TO RIGHTS AGREEMENT

     This Amendment to Rights Agreement (this  "Amendment") is made effective as
of January 1, 2002, by and among Pinnacle West Capital  Corporation,  an Arizona
corporation   ("Pinnacle  West"),   Fleet  National  Bank,   formerly  known  as
BankBoston, N.A. ("Fleet"), and EquiServe Trust Company, N.A. ("EquiServe"),  as
the new Rights Agent.  All  capitalized  terms used herein and not defined shall
have their meanings set forth in the Agreement (as defined below).

1.   GENERAL  BACKGROUND.  In  accordance  with  Section 27 of the  Amended  and
     Restated Rights Agreement between Pinnacle West and BankBoston, N.A., dated
     as of March 26, 1999 (the "Agreement"),  the parties hereto desire to amend
     the Agreement as set forth below.

2.   APPOINTMENT  OF  SUCCESSOR  RIGHTS  AGENT.  Pinnacle  West hereby  appoints
     EquiServe as the  successor  Rights Agent under the Agreement and EquiServe
     hereby accepts such  appointment and assumes and agrees to perform each and
     all of the obligations,  covenants and agreements of the Rights Agent under
     the Agreement, as such Agreement may be modified herein.

3.   REVISION.  Section 21 of the Agreement entitled "Change of Rights Agent" is
     hereby deleted in its entirety and replaced with the following:

     CHANGE OF RIGHTS AGENT.  The Rights Agent or any successor Rights Agent may
     resign and be discharged from its duties under this Agreement upon 30 days'
     notice in writing  mailed to the Company and to each transfer  agent of the
     Common Stock or Preferred  Stock by  registered  or  certified  mail,  and,
     following the Distribution  Date, to the holders of the Right  Certificates
     by  first-class  mail.  The  Company  may remove  the  Rights  Agent or any
     successor  Rights  Agent  upon 30 days'  notice in  writing,  mailed to the
     Rights Agent or  successor  Rights  Agent,  as the case may be, and to each
     transfer  agent of the Common Stock or  Preferred  Stock by  registered  or
     certified mail, and, following the Distribution Date, to the holders of the
     Right Certificates by first-class mail. If the Rights Agent shall resign or
     be removed or shall otherwise become incapable of acting, the Company shall
     appoint a successor to the Rights Agent.  If the Company shall fail to make
     such  appointment  within a period of 30 days after  giving  notice of such
     removal or after it has been  notified  in writing of such  resignation  or
     incapacity by the resigning or incapacitated  Rights Agent or by the holder
     of a Right Certificate (who shall,  with such notice,  submit such holder's
     Right  Certificate  for  inspection  by the Company),  then the  registered
     holder  of any  Right  Certificate  may  apply to any  court  of  competent
     jurisdiction  for the  appointment  of a new Rights  Agent.  Any  successor
     Rights  Agent or its agent,  whether  appointed by the Company or by such a
     court,  shall be a corporation,  bank or trust company  organized and doing
<PAGE>
     business  under the laws of the United States,  in good standing,  which is
     authorized  under such laws to exercise  corporate  trust or stock transfer
     powers and is subject to  supervision  or  examination  by federal or state
     authority and which has  individually  or combined with an affiliate at the
     time of its  appointment as Rights Agent a combined  capital and surplus of
     at least $100 million  dollars.  After  appointment,  the successor  Rights
     Agent  shall  be  vested  with  the  same   powers,   rights,   duties  and
     responsibilities as if it had been originally named as Rights Agent without
     further act or deed;  but the  predecessor  Rights Agent shall  deliver and
     transfer to the successor  Rights Agent any property at the time held by it
     hereunder, and execute and deliver any further assurance,  conveyance,  act
     or deed necessary for the purpose. Not later than the effective date of any
     such  appointment the Company shall file notice thereof in writing with the
     predecessor  Rights  Agent and each  transfer  agent of the Common Stock or
     Preferred  Stock,  and,  following  the  Distribution  Date,  mail a notice
     thereof  in writing to the  registered  holders of the Right  Certificates.
     Failure to give any notice provided for in this Section 21, however, or any
     defect  therein,   shall  not  affect  the  legality  or  validity  of  the
     resignation  or  removal  of the  Rights  Agent or the  appointment  of the
     successor Rights Agent, as the case may be.

4.   Except as  explicitly  amended  hereby,  the Agreement and all schedules or
     exhibits thereto shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
in  their  names  and on their  behalf  by and  through  their  duly  authorized
officers, as of the date first set forth above.

PINNACLE WEST CAPITAL CORPORATION       FLEET NATIONAL BANK (FORMERLY KNOWN AS
                                        BANKBOSTON, N.A.)

Faye Widenmann                          Dennis V. Moccia
---------------------------------       ----------------------------------------
By: Faye Widenmann                      By: Dennis V. Moccia
Title: Vice President & Secretary       Title: Managing Director

                                        EQUISERVE TRUST COMPANY, N.A.

                                        Dennis V. Moccia
                                        ----------------------------------------
                                        By: Dennis V. Moccia
                                        Title: Managing DirectorExhibit 10.1

     This  Amendment  No.  5,  dated as of June 30,  2000,  to the  Amended  and
Restated Decommissioning Trust Agreement (PVNGS Unit 2), dated as of January 31,
1992,  as amended  by  Amendment  No. 1 thereto  dated as of  November  1, 1992,
Amendment  No. 2 thereto  dated as of November 1, 1994,  Amendment No. 3 thereto
dated as of June 20, 1996,  and Amendment No. 4 thereto dated as of December 16,
1996 (the  "Decommissioning  Trust  Agreement";  terms  used  herein as  therein
defined), is entered into between Arizona Public Service Company ("APS"),  State
Street  Bank and Trust  Company,  as  successor  to The First  National  Bank of
Boston,   as  Owner   Trustee  and  as  Lessor,   and  Mellon  Bank,   N.A.,  as
Decommissioning Trustee ("Decommissioning Trustee").

                                R E C I T A L S:

     WHEREAS, the parties hereto wish to amend the investment parameters for the
Decommissioning  Trust Fund and the Second  Fund  contained  in Exhibit B to the
Decommissioning Trust Agreement;

     NOW,  THEREFORE,  in  consideration  of the  premises and of other good and
valuable   consideration,   receipt   and   sufficiency   of  which  are  hereby
acknowledged, the parties hereto agree as follows:

                              A G R E E M E N T S:

     SECTION 1. Amendment.

     Paragraph (l) of Exhibit B to the Decommissioning Trust Agreement is hereby
deleted and is replaced in its entirety by the following:

     (l)  (x)  corporate  equity  securities,  including,  but not  limited  to,
          investment in units of common or collective  trust funds  investing in
          corporate  equity  securities;  including,  but not  limited  to,  the
          Decommissioning  Trustee's Nuclear  Decommissioning Trust Equity Index
          Fund (the "NDT Equity Index Fund") and (y) obligations not included in
          clauses (a) through (k) issued or guaranteed by a person controlled or
          supervised by and acting as an instrumentality of the United States of
          America  pursuant to  authority  granted by the Congress of the United
          States of America,  including Federal  Intermediate Credit Bank, Banks
          for Cooperatives, Federal Land Banks, Federal Home Loan Banks, Federal
          Home Loan  Mortgage  Corporation;  provided,  that no more than  fifty
          percent (50%) of the aggregate  assets of the Funds may be invested in
          securities  described in (x) and (y) of this  subparagraph  (l) during
          the period from June 27, 1996 through  December 31, 2003, no more than
          thirty  percent  (30%)  during the period from January 1, 2004 through
          December 31, 2006,  and no more than fifteen  percent (15%) during the
          period from  January 1, 2007 through  January 31,  2010;  and provided
          further that after January 31, 2010, no  investments  shall be made in
          such securities.
<PAGE>
     SECTION 2. Effectiveness.

     This Amendment No. 5 shall become  effective as of the date hereof upon the
execution and delivery of a counterpart  of this  Amendment No. 5 by each of the
parties hereto.

     SECTION 3. Miscellaneous

     (a)  Full Force and Effect.

     Except as expressly  provided herein, the  Decommissioning  Trust Agreement
shall  remain  unchanged  and in full force and effect.  Each  reference  in the
Decommissioning  Trust Agreement and in any exhibit or schedule thereto to "this
Agreement,"  "hereto,"  "hereof" and terms of similar  import shall be deemed to
refer to the Decommissioning Trust Agreement as amended hereby.

     (b)  Counterparts.

     This Amendment No. 5 may be executed in any number of counterparts,  all of
which taken together shall  constitute one and the same  instrument,  and any of
the  parties  hereto  may  execute  this  Amendment  No. 5 by  signing  any such
counterpart.

     (c)  Arizona Law.

     This Amendment No. 5 shall be construed in accordance  with and governed by
the law of the State of Arizona.

     IN WITNESS WHEREOF,  the parties hereto have caused this Amendment No. 5 to
the  Decommissioning  Trust Agreement to be duly executed as of the day and year
first above written.

                                        ARIZONA PUBLIC SERVICE COMPANY

                                        By Barbara M. Gomez
                                           -------------------------------------

                                        Title Treasurer
                                              ----------------------------------

                                      -2-
<PAGE>
                                        MELLON BANK N.A., as
                                        Decommissioning Trustee

                                        By Gerald T. McDermott
                                           -------------------------------------

                                        Title Vice President
                                              ----------------------------------

                                        STATE STREET BANK AND TRUST COMPANY,  as
                                        Owner  Trustee  under a Trust  Agreement
                                        with Security  Pacific  Capital  Leasing
                                        Corporation   and  as  Lessor   under  a
                                        Facility   Lease  with  Arizona   Public
                                        Service Company

                                        By John Correia
                                           -------------------------------------

                                        Title Assistant Vice President
                                              ----------------------------------

                                        STATE STREET BANK AND TRUST COMPANY,  as
                                        Owner  Trustee  under a Trust  Agreement
                                        with  Emerson  Finance Co. and as Lessor
                                        under  a  Facility  Lease  with  Arizona
                                        Public Service Company

                                        By John Correia
                                           -------------------------------------

                                        Title Assistant Vice President
                                              ----------------------------------

                                      -3-
<PAGE>
STATE OF ARIZONA         )
                         )  ss.
County of Maricopa       )

     The  foregoing  instrument  was  acknowledged  before  me  this  8th day of
December,  2000, by Barbara M. Gomez,  the Treasurer of ARIZONA  PUBLIC  SERVICE
COMPANY, an Arizona corporation, on behalf of said corporation.

                                        Suzanne W. Debes
                                        ----------------------------------------
                                        Notary Public

My commission expires:

June 20, 2003
----------------------

STATE OF PENNSYLVANIA               )
                                    ) ss.
County of Allegheny                 )

     The  foregoing  instrument  was  acknowledged  before  me this  14th day of
December,  2000, by Gerald T. McDermott, a Trust Officer of MELLON BANK, N.A., a
corporation having trust powers, as Decommissioning  Trustee,  on behalf of said
corporation.

                                        Leona Esken
                                        ----------------------------------------
                                        Notary Public

My commission expires:

11-18-02
----------------------

                                      -4-
<PAGE>
STATE OF MASSACHUSETTS              )
                                    )  ss.
County of Suffolk                   )

     The  foregoing  instrument  was  acknowledged  before  me  this  7th day of
December,  2000, by John Correia,  the Assistant  Vice President of STATE STREET
BANK AND TRUST COMPANY, a Massachusetts  trust company, in its capacity as Owner
Trustee  under  a  Trust   Agreement  with  Security   Pacific  Capital  Leasing
Corporation,  and as Lessor under a Facility  Lease with Arizona  Public Service
Company, on behalf of said association in such capacities.

                                        James M. Coolidge
                                        ----------------------------------------
                                        Notary Public

My commission expires:

June 19, 2003
----------------------

STATE OF MASSACHUSETTS              )
                                    )  ss.
County of Suffolk                   )

     The  foregoing  instrument  was  acknowledged  before  me  this  7th day of
December,  2000, by John Correia,  the Assistant  Vice President of STATE STREET
BANK AND TRUST COMPANY, a Massachusetts  trust company, in its capacity as Owner
Trustee under a Trust  Agreement with Emerson Finance Co., and as Lessor under a
Facility  Lease  with  Arizona  Public  Service  Company,   on  behalf  of  said
association in such capacities.

                                        James M. Coolidge
                                        ----------------------------------------
                                        Notary Public

My commission expires:

June 19, 2003
----------------------

                                      -5-

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