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Pinnacle West Capital Corp., et al. – ‘10-K’ for 12/31/20 – ‘EX-101.LAB’

On:  Wednesday, 2/24/21, at 8:32am ET   ·   For:  12/31/20   ·   Accession #:  764622-21-13   ·   File #s:  1-04473, 1-08962

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  As Of               Filer                 Filing    For·On·As Docs:Size

 2/24/21  Pinnacle West Capital Corp.       10-K       12/31/20  144:26M
          Arizona Public Service Co.

Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   3.25M 
 2: EX-4.9      Instrument Defining the Rights of Security Holders  HTML     63K 
 3: EX-10.4.4   Material Contract                                   HTML     51K 
 4: EX-10.4.5A  Material Contract                                   HTML     47K 
 5: EX-10.4.5B  Material Contract                                   HTML     45K 
 6: EX-10.4.6   Material Contract                                   HTML     58K 
 7: EX-10.4.7   Material Contract                                   HTML     52K 
 8: EX-10.4.8   Material Contract                                   HTML     51K 
 9: EX-10.6.4   Material Contract                                   HTML     40K 
10: EX-10.6.5K  Material Contract                                   HTML     77K 
11: EX-10.6.5L  Material Contract                                   HTML     77K 
12: EX-21.1     Subsidiaries List                                   HTML     37K 
13: EX-23.1     Consent of Expert or Counsel                        HTML     37K 
14: EX-23.2     Consent of Expert or Counsel                        HTML     37K 
15: EX-31.1     Certification -- §302 - SOA'02                      HTML     43K 
16: EX-31.2     Certification -- §302 - SOA'02                      HTML     43K 
17: EX-31.3     Certification -- §302 - SOA'02                      HTML     43K 
18: EX-31.4     Certification -- §302 - SOA'02                      HTML     43K 
19: EX-32.1     Certification -- §906 - SOA'02                      HTML     41K 
20: EX-32.2     Certification -- §906 - SOA'02                      HTML     41K 
27: R1          Cover Page                                          HTML    115K 
28: R2          Consolidated Statements of Income                   HTML    136K 
29: R3          Consolidated Statements of Comprehensive Income     HTML     74K 
30: R4          Consolidated Statements of Comprehensive Income     HTML     46K 
                (Parenthetical)                                                  
31: R5          Consolidated Balance Sheets                         HTML    254K 
32: R6          Consolidated Balance Sheets (Parenthetical)         HTML     56K 
33: R7          Consolidated Statements of Cash Flows               HTML    165K 
34: R8          Consolidated Statements of Changes in Equity        HTML    129K 
35: R9          Consolidated Statements of Changes in Equity        HTML     39K 
                (Parenthetical)                                                  
36: R10         Summary of Significant Accounting Policies          HTML    123K 
37: R11         Revenue                                             HTML     71K 
38: R12         New Accounting Standards                            HTML     49K 
39: R13         Regulatory Matters                                  HTML    258K 
40: R14         Income Taxes                                        HTML    225K 
41: R15         Lines of Credit and Short-Term Borrowings           HTML     58K 
42: R16         Long-Term Debt and Liquidity Matters                HTML    105K 
43: R17         Retirement Plans and Other Postretirement Benefits  HTML    311K 
44: R18         Leases                                              HTML     87K 
45: R19         Jointly-Owned Facilities                            HTML     87K 
46: R20         Commitments and Contingencies                       HTML     99K 
47: R21         Asset Retirement Obligations                        HTML     50K 
48: R22         Fair Value Measurements                             HTML    159K 
49: R23         Earnings Per Share                                  HTML     54K 
50: R24         Stock-Based Compensation                            HTML     75K 
51: R25         Derivative Accounting                               HTML    121K 
52: R26         Other Income and Other Expense                      HTML     80K 
53: R27         Palo Verde Sale Leaseback Variable Interest         HTML     48K 
                Entities                                                         
54: R28         Investments in Nuclear Decommissioning Trusts and   HTML    108K 
                Other Special Use Funds                                          
55: R29         Changes in Accumulated Other Comprehensive Loss     HTML     77K 
56: R30         Schedule I - Condensed Financial Information of     HTML    148K 
                Registrant                                                       
57: R31         Summary of Significant Accounting Policies          HTML    141K 
                (Policies)                                                       
58: R32         Summary of Significant Accounting Policies          HTML     80K 
                (Tables)                                                         
59: R33         Revenue (Tables)                                    HTML     64K 
60: R34         Regulatory Matters (Tables)                         HTML    162K 
61: R35         Income Taxes (Tables)                               HTML    224K 
62: R36         Lines of Credit and Short-Term Borrowings (Tables)  HTML     54K 
63: R37         Long-Term Debt and Liquidity Matters (Tables)       HTML    103K 
64: R38         Retirement Plans and Other Postretirement Benefits  HTML    304K 
                (Tables)                                                         
65: R39         Leases (Tables)                                     HTML     85K 
66: R40         Jointly-Owned Facilities (Tables)                   HTML     88K 
67: R41         Commitments and Contingencies (Tables)              HTML     55K 
68: R42         Asset Retirement Obligations (Tables)               HTML     48K 
69: R43         Fair Value Measurements (Tables)                    HTML    139K 
70: R44         Earnings Per Share (Tables)                         HTML     54K 
71: R45         Stock-Based Compensation (Tables)                   HTML     92K 
72: R46         Derivative Accounting (Tables)                      HTML    168K 
73: R47         Other Income and Other Expense (Tables)             HTML     79K 
74: R48         Palo Verde Sale Leaseback Variable Interest         HTML     47K 
                Entities (Tables)                                                
75: R49         Investments in Nuclear Decommissioning Trusts and   HTML    107K 
                Other Special Use Funds (Tables)                                 
76: R50         Changes in Accumulated Other Comprehensive Loss     HTML     76K 
                (Tables)                                                         
77: R51         Summary of Significant Accounting Policies -        HTML    121K 
                Additional Information (Details)                                 
78: R52         Summary of Significant Accounting Policies -        HTML     66K 
                Summary of Property, Plant and Equipment (Details)               
79: R53         Summary of Significant Accounting Policies -        HTML     62K 
                Supplemental Cash Flow Information (Details)                     
80: R54         Revenue - Sources of Revenue (Details)              HTML     55K 
81: R55         Revenue - Additional Information (Details)          HTML     52K 
82: R56         Revenue - Allowance for Doubtful Accounts           HTML     45K 
                (Details)                                                        
83: R57         Regulatory Matters - Regulatory Matters - COVID-19  HTML     79K 
                (Details)                                                        
84: R58         Regulatory Matters - Retail Rate Case Filing        HTML    136K 
                (Details)                                                        
85: R59         Regulatory Matters - Capital Structure and Costs    HTML     52K 
                of Capital (Details)                                             
86: R60         Regulatory Matters - Additional Information         HTML    285K 
                (Details)                                                        
87: R61         Regulatory Matters - Deferred Fuel and Purchased    HTML     50K 
                Power Regulatory Asset (Details)                                 
88: R62         Regulatory Matters - Four Corners, Cholla and       HTML     51K 
                Navajo Plant (Details)                                           
89: R63         Regulatory Matters - Schedule of Regulatory Assets  HTML     96K 
                (Details)                                                        
90: R64         Regulatory Matters - Schedule of Regulatory         HTML     96K 
                Liabilities (Details)                                            
91: R65         Income Taxes - Additional Information (Details)     HTML     62K 
92: R66         Income Taxes - Reconciliation of Unrecognized Tax   HTML     59K 
                Benefits (Details)                                               
93: R67         Income Taxes - Summary of Unrecognized Tax          HTML     47K 
                Benefits (Details)                                               
94: R68         Income Taxes - Components of Income Tax Expense     HTML     64K 
                (Details)                                                        
95: R69         Income Taxes - Effective Tax Rate Reconciliation    HTML     71K 
                (Details)                                                        
96: R70         Income Taxes - Components of Deferred Income Tax    HTML    109K 
                Liability (Details)                                              
97: R71         Lines of Credit and Short-Term Borrowings -         HTML     57K 
                Schedule of Credit Facilities (Details)                          
98: R72         Lines of Credit and Short-Term Borrowings -         HTML    104K 
                Additional Information (Details)                                 
99: R73         Long-Term Debt and Liquidity Matters - Components   HTML    100K 
                of Long-Term Debt (Details)                                      
100: R74         Long-Term Debt and Liquidity Matters - Additional   HTML    116K  
                Information (Details)                                            
101: R75         Long-Term Debt and Liquidity Matters - Future       HTML     61K  
                Principal Payments (Details)                                     
102: R76         Long-Term Debt and Liquidity Matters - Fair Value   HTML     46K  
                of Long-Term Debt (Details)                                      
103: R77         Retirement Plans and Other Postretirement Benefits  HTML     84K  
                - Additional Information (Details)                               
104: R78         Retirement Plans and Other Postretirement Benefits  HTML     66K  
                - Net Periodic Benefit Costs and Portion including               
                Portion Charged to Expense (Details)                             
105: R79         Retirement Plans and Other Postretirement Benefits  HTML     78K  
                - Changes Benefit Obligations and Funded Status                  
                (Details)                                                        
106: R80         Retirement Plans and Other Postretirement Benefits  HTML     49K  
                - Projected Benefit Obligation for Pension Plans                 
                (Details)                                                        
107: R81         Retirement Plans and Other Postretirement Benefits  HTML     56K  
                - Amounts Recognized on the Consolidated Balance                 
                Sheets (Details)                                                 
108: R82         Retirement Plans and Other Postretirement Benefits  HTML     55K  
                - Impact to Accumulated Other Comprehensive Loss                 
                (Details)                                                        
109: R83         Retirement Plans and Other Postretirement Benefits  HTML     80K  
                - Weighted-Average Assumptions for Pensions and                  
                Other Benefits (Details)                                         
110: R84         Retirement Plans and Other Postretirement Benefits  HTML     61K  
                - Asset Allocation (Details)                                     
111: R85         Retirement Plans and Other Postretirement Benefits  HTML    118K  
                - Fair Value of Pinnacle West's Pension Plan                     
                (Details)                                                        
112: R86         Retirement Plans and Other Postretirement Benefits  HTML     55K  
                - Estimated Future Benefit Payments (Details)                    
113: R87         Leases - Additional information (Details)           HTML     61K  
114: R88         Leases - Lease costs (Details)                      HTML     53K  
115: R89         Leases - Maturity of our operating lease            HTML     66K  
                liabilities (Details)                                            
116: R90         Leases - Other additional information related to    HTML     47K  
                operating lease liabilities (Details)                            
117: R91         Jointly-Owned Facilities (Details)                  HTML    102K  
118: R92         Commitments and Contingencies - Palo Verde Nuclear  HTML    119K  
                Generating Station and Contractual Obligations                   
                (Details)                                                        
119: R93         Commitments and Contingencies - Superfund-Related   HTML     48K  
                Matters and Southwest Power Outage (Details)                     
120: R94         Commitments and Contingencies - Environmental       HTML    105K  
                Matters and Financial Assurances (Details)                       
121: R95         Asset Retirement Obligations (Details)              HTML     63K  
122: R96         Fair Value Measurements - Fair Value of Assets and  HTML    122K  
                Liabilities (Details)                                            
123: R97         Fair Value Measurements - Additional Information    HTML     48K  
                (Details)                                                        
124: R98         Earnings Per Share (Details)                        HTML     66K  
125: R99         Stock-Based Compensation - Additional Information   HTML    101K  
                (Details)                                                        
126: R100        Stock-Based Compensation - Summary of Restricted    HTML     49K  
                Stock, Stock Grants, Stock Units and Performance                 
                Shares (Details)                                                 
127: R101        Stock-Based Compensation - Status of Nonvested      HTML     78K  
                Restricted Stock, Stock Grants, Stock Units and                  
                Performance Shares (Details)                                     
128: R102        Derivative Accounting - Additional Information      HTML     56K  
                (Details)                                                        
129: R103        Derivative Accounting - Outstanding Gross Notional  HTML     42K  
                Amounts Outstanding (Details)                                    
130: R104        Derivative Accounting - Gains and Losses from       HTML     55K  
                Derivative Instruments (Details)                                 
131: R105        Derivative Accounting - Derivative Instruments in   HTML     97K  
                the Balance Sheet (Details)                                      
132: R106        Derivative Accounting - Credit Risk and Related     HTML     45K  
                Contingent Features (Details)                                    
133: R107        Other Income and Other Expense (Details)            HTML     79K  
134: R108        Palo Verde Sale Leaseback Variable Interest         HTML     70K  
                Entities (Details)                                               
135: R109        Palo Verde Sale Leaseback Variable Interest         HTML     51K  
                Entities - Schedule of VIEs (Details)                            
136: R110        Investments in Nuclear Decommissioning Trusts and   HTML    133K  
                Other Special Use Funds (Details)                                
137: R111        Changes in Accumulated Other Comprehensive Loss     HTML     73K  
                (Details)                                                        
138: R112        SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF     HTML     77K  
                REGISTRANT - Comprehensive Income (Details)                      
139: R113        SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF     HTML    154K  
                REGISTRANT - Balance Sheets (Details)                            
140: R114        SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF     HTML    117K  
                REGISTRANT - Cash Flows (Details)                                
142: XML         IDEA XML File -- Filing Summary                      XML    254K  
26: XML         XBRL Instance -- pnw-20201231_htm                    XML   7.07M 
141: EXCEL       IDEA Workbook of Financial Reports                  XLSX    234K  
22: EX-101.CAL  XBRL Calculations -- pnw-20201231_cal                XML    507K 
23: EX-101.DEF  XBRL Definitions -- pnw-20201231_def                 XML   2.30M 
24: EX-101.LAB  XBRL Labels -- pnw-20201231_lab                      XML   3.87M 
25: EX-101.PRE  XBRL Presentations -- pnw-20201231_pre               XML   2.51M 
21: EX-101.SCH  XBRL Schema -- pnw-20201231                          XSD    465K 
143: JSON        XBRL Instance as JSON Data -- MetaLinks              763±  1.19M  
144: ZIP         XBRL Zipped Folder -- 0000764622-21-000013-xbrl      Zip   1.24M

‘EX-101.LAB’   —   XBRL Labels — pnw-20201231_lab

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<link:label id="lab_pnw_AnnualRentalPaymentsSaleLeasebackTransaction_documentation_en-US" xlink:label="lab_pnw_AnnualRentalPaymentsSaleLeasebackTransaction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Rental Payments, Sale Leaseback Transaction </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AnnualRentalPaymentsSaleLeasebackTransaction" xlink:href="pnw-20201231.xsd#pnw_AnnualRentalPaymentsSaleLeasebackTransaction"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AnnualRentalPaymentsSaleLeasebackTransaction" xlink:to="lab_pnw_AnnualRentalPaymentsSaleLeasebackTransaction" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember_aac24e9a-0105-4038-a857-0a68dfd50f14_terseLabel_en-US" xlink:label="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Municipal bonds </link:label>
<link:label id="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember_label_en-US" xlink:label="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US States and Political Subdivisions Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USStatesAndPoliticalSubdivisionsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:to="lab_us-gaap_USStatesAndPoliticalSubdivisionsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_b4987576-13bb-4941-bb0e-9094eac08e0b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Benefit Obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_ea6add6a-a652-4406-81cd-9aebfd067265_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AZSunProgramPhase2Member_1d9c8882-6917-4e15-930d-eab79bf50fe6_terseLabel_en-US" xlink:label="lab_pnw_AZSunProgramPhase2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AZ Sun II Program </link:label>
<link:label id="lab_pnw_AZSunProgramPhase2Member_label_en-US" xlink:label="lab_pnw_AZSunProgramPhase2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AZ Sun Program Phase 2 [Member] </link:label>
<link:label id="lab_pnw_AZSunProgramPhase2Member_documentation_en-US" xlink:label="lab_pnw_AZSunProgramPhase2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AZ Sun Program Phase 2 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AZSunProgramPhase2Member" xlink:href="pnw-20201231.xsd#pnw_AZSunProgramPhase2Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AZSunProgramPhase2Member" xlink:to="lab_pnw_AZSunProgramPhase2Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_fb795986-fcd8-4408-afdd-f6f97d86b6f4_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Plan Assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:to="lab_us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoNationEconomicDevelopmentOrganizationMember_bac80108-f833-45b1-9644-56f606aac72c_terseLabel_en-US" xlink:label="lab_pnw_NavajoNationEconomicDevelopmentOrganizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Economic Development Organization </link:label>
<link:label id="lab_pnw_NavajoNationEconomicDevelopmentOrganizationMember_label_en-US" xlink:label="lab_pnw_NavajoNationEconomicDevelopmentOrganizationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Economic Development Organization [Member] </link:label>
<link:label id="lab_pnw_NavajoNationEconomicDevelopmentOrganizationMember_documentation_en-US" xlink:label="lab_pnw_NavajoNationEconomicDevelopmentOrganizationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Economic Development Organization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoNationEconomicDevelopmentOrganizationMember" xlink:href="pnw-20201231.xsd#pnw_NavajoNationEconomicDevelopmentOrganizationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoNationEconomicDevelopmentOrganizationMember" xlink:to="lab_pnw_NavajoNationEconomicDevelopmentOrganizationMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual_1c450063-c66a-4237-adf9-8043d445c56b_terseLabel_en-US" xlink:label="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual ratio of consolidated debt to total consolidated capitalization required to be maintained as per the debt covenant (as a percent) </link:label>
<link:label id="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual_label_en-US" xlink:label="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant Consolidated Debt to Total Consolidated Capitalization Ratio Actual </link:label>
<link:label id="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual_documentation_en-US" xlink:label="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The actual consolidated debt to total consolidated capitalization ratio, which the entity is required to maintain pursuant to a debt covenant. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual" xlink:href="pnw-20201231.xsd#pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual" xlink:to="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatioActual" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_18ff0105-c8ce-470d-9567-6388942e2498_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Nuclear Decommissioning Trusts and Other Special Use Funds </link:label>
<link:label id="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:to="lab_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalSupplyAgreementArbitrationMember_6b1bf003-c8b7-4ad7-81d2-7ecc32dfe7fa_terseLabel_en-US" xlink:label="lab_pnw_CoalSupplyAgreementArbitrationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Supply Agreement Arbitration </link:label>
<link:label id="lab_pnw_CoalSupplyAgreementArbitrationMember_label_en-US" xlink:label="lab_pnw_CoalSupplyAgreementArbitrationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Supply Agreement Arbitration [Member] </link:label>
<link:label id="lab_pnw_CoalSupplyAgreementArbitrationMember_documentation_en-US" xlink:label="lab_pnw_CoalSupplyAgreementArbitrationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Supply Agreement Arbitration [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalSupplyAgreementArbitrationMember" xlink:href="pnw-20201231.xsd#pnw_CoalSupplyAgreementArbitrationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalSupplyAgreementArbitrationMember" xlink:to="lab_pnw_CoalSupplyAgreementArbitrationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAssetsCurrent_d9a1896b-bd63-45a4-93bc-6e1d58b0528a_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other regulatory assets (Note 4) </link:label>
<link:label id="lab_us-gaap_RegulatoryAssetsCurrent_label_en-US" xlink:label="lab_us-gaap_RegulatoryAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Assets, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryAssetsCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAssetsCurrent" xlink:to="lab_us-gaap_RegulatoryAssetsCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff_39d7dcce-cf58-4770-9848-049dce9df294_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum annual renewable energy standard and tariff </link:label>
<link:label id="lab_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff_label_en-US" xlink:label="lab_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Minimum Annual Renewable Energy Standard and Tariff </link:label>
<link:label id="lab_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Minimum Annual Renewable Energy Standard and Tariff </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff" xlink:to="lab_pnw_PublicUtilitiesMinimumAnnualRenewableEnergyStandardandTariff" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations_b3d003e2-81ba-4d59-9553-a9e586388d8d_totalLabel_en-US" xlink:label="lab_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred </link:label>
<link:label id="lab_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations_label_en-US" xlink:label="lab_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit) Continuing and Discontinued Operations </link:label>
<link:label id="lab_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations_documentation_en-US" xlink:label="lab_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing and discontinued operations. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations" xlink:href="pnw-20201231.xsd#pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations" xlink:to="lab_pnw_DeferredIncomeTaxExpenseBenefitContinuingAndDiscontinuedOperations" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SundanceMaintenanceMember_f9d301af-6cfc-4508-9f79-efa24c101872_terseLabel_en-US" xlink:label="lab_pnw_SundanceMaintenanceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sundance maintenance </link:label>
<link:label id="lab_pnw_SundanceMaintenanceMember_label_en-US" xlink:label="lab_pnw_SundanceMaintenanceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sundance Maintenance [Member] </link:label>
<link:label id="lab_pnw_SundanceMaintenanceMember_documentation_en-US" xlink:label="lab_pnw_SundanceMaintenanceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sundance Maintenance [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SundanceMaintenanceMember" xlink:href="pnw-20201231.xsd#pnw_SundanceMaintenanceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SundanceMaintenanceMember" xlink:to="lab_pnw_SundanceMaintenanceMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RetailResidentialMember_5fdd4759-8d0a-4cf6-9b20-8a20c768dc1c_terseLabel_en-US" xlink:label="lab_pnw_RetailResidentialMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail residential </link:label>
<link:label id="lab_pnw_RetailResidentialMember_label_en-US" xlink:label="lab_pnw_RetailResidentialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail Residential [Member] </link:label>
<link:label id="lab_pnw_RetailResidentialMember_documentation_en-US" xlink:label="lab_pnw_RetailResidentialMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail Residential [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RetailResidentialMember" xlink:href="pnw-20201231.xsd#pnw_RetailResidentialMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RetailResidentialMember" xlink:to="lab_pnw_RetailResidentialMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest_301c6531-e21d-4a79-bd34-c54fa4370650_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> INCOME BEFORE INCOME TAXES </link:label>
<link:label id="lab_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_85dca6e7-e80a-4d1f-9205-e1a69ee42d22_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated amortization expense on existing intangible assets over the next five years </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsFutureAmortizationExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback_8b211f08-e4ed-412e-8a11-83b511e51623_totalLabel_en-US" xlink:label="lab_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total capitalization </link:label>
<link:label id="lab_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback_label_en-US" xlink:label="lab_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity and Long Term Debt Less Current Maturities and Leaseback </link:label>
<link:label id="lab_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback_documentation_en-US" xlink:label="lab_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The sum of total shareholder equity and long-term debt, excluding current maturities of long-term debt and leaseback. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback" xlink:href="pnw-20201231.xsd#pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback" xlink:to="lab_pnw_EquityAndLongTermDebtLessCurrentMaturitiesAndLeaseback" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RangeMember_e1e2a578-9aa2-44e6-855d-b737fc68c835_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>
<link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_4207de38-f692-4a36-a169-1845eeb4e25f_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LIABILITIES AND EQUITY </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_8e1cc62e-3f69-4d56-8724-b3a4afb6b064_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_570e7360-02fd-4959-8023-5371d6973e48_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-Based Compensation </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_c0c59e8b-0919-4454-9461-1772f51e4bc2_negatedLabel_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital activities by noncontrolling interests </link:label>
<link:label id="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_label_en-US" xlink:label="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="lab_us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract_38d83d81-1ce0-4c95-b8f2-10fbd621c36d_terseLabel_en-US" xlink:label="lab_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fuel and Purchased Power Commitments and Purchase Obligations [Abstract] </link:label>
<link:label id="lab_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract_label_en-US" xlink:label="lab_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fuel and Purchased Power Commitments and Purchase Obligations [Abstract] </link:label>
<link:label id="lab_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract_documentation_en-US" xlink:label="lab_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fuel and Purchased Power Commitments and Purchase Obligations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract" xlink:href="pnw-20201231.xsd#pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract" xlink:to="lab_pnw_FuelandPurchasedPowerCommitmentsandPurchaseObligationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ConstructionWorkInProgressGross_0e1525ef-2727-4e97-86e2-c8ca1741470a_terseLabel_en-US" xlink:label="lab_pnw_ConstructionWorkInProgressGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Construction work in progress </link:label>
<link:label id="lab_pnw_ConstructionWorkInProgressGross_label_en-US" xlink:label="lab_pnw_ConstructionWorkInProgressGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Construction Work In Progress, Gross </link:label>
<link:label id="lab_pnw_ConstructionWorkInProgressGross_documentation_en-US" xlink:label="lab_pnw_ConstructionWorkInProgressGross" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Construction Work In Progress, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ConstructionWorkInProgressGross" xlink:href="pnw-20201231.xsd#pnw_ConstructionWorkInProgressGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ConstructionWorkInProgressGross" xlink:to="lab_pnw_ConstructionWorkInProgressGross" xlink:type="arc" order="1"/>
<link:label id="lab_dei_SecurityExchangeName_80e640de-c3aa-416f-9b8d-7407eb8da860_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:label id="lab_dei_SecurityExchangeName_label_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Security Exchange Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_SecurityExchangeName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_SecurityExchangeName" xlink:to="lab_dei_SecurityExchangeName" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_f6737d62-1b80-4e17-93d6-e56f8d380342_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at the beginning of the period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_2bbff6bb-e2a5-4319-a683-cd6025d405b1_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at the end of the period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_64c60dac-060f-4bd8-aa26-ac48423cb97a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanFairValueOfPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ProceedsFromRepaymentsOfShortTermDebtNet_18a472d4-604b-475f-a4b1-a5e812d5d8dd_terseLabel_en-US" xlink:label="lab_pnw_ProceedsFromRepaymentsOfShortTermDebtNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings and (repayments) — net </link:label>
<link:label id="lab_pnw_ProceedsFromRepaymentsOfShortTermDebtNet_label_en-US" xlink:label="lab_pnw_ProceedsFromRepaymentsOfShortTermDebtNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Short-term Debt, Net </link:label>
<link:label id="lab_pnw_ProceedsFromRepaymentsOfShortTermDebtNet_documentation_en-US" xlink:label="lab_pnw_ProceedsFromRepaymentsOfShortTermDebtNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Short-term Debt, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ProceedsFromRepaymentsOfShortTermDebtNet" xlink:href="pnw-20201231.xsd#pnw_ProceedsFromRepaymentsOfShortTermDebtNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ProceedsFromRepaymentsOfShortTermDebtNet" xlink:to="lab_pnw_ProceedsFromRepaymentsOfShortTermDebtNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_b6c19d64-8d9f-4bb2-86ee-81e1f4b0ae2e_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of long-term debt </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Long-term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne_3c8db370-1a0b-431c-a76b-3933af22a679_terseLabel_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of fully transferable shares of stock that the participant may elect as a deferral for the first option available under the plan </link:label>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne_label_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Fully Transferable Shares of Stock in which Election to Receive Payment May be Made by Participants for Deferrals Option One </link:label>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne_documentation_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the percentage of fully transferable shares of stock that the participant may elect as a deferred grant for the first option available under the plan. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:href="pnw-20201231.xsd#pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:to="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesCurrent_b6408b69-7d8b-4741-9309-e331354732e6_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesCurrent_label_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrent" xlink:to="lab_us-gaap_LiabilitiesCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits_8eed0a27-cfde-4859-8632-a2139963984c_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unamortized investment tax credits </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets Regulatory Liabilities Unamortized Investment Tax Credits </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The tax effect as of the balance sheet date of the amount of the estimated future tax deductions attributable to regulatory liabilities related to unamortized investment tax credits, which can only be realized, if sufficient taxable income is generated in future periods to enable the deduction to be taken. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits" xlink:to="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesUnamortizedInvestmentTaxCredits" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_BaseFuelRate_60389e9b-4f7e-4727-8c71-15800af21ad7_terseLabel_en-US" xlink:label="lab_pnw_BaseFuelRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base fuel rate (in dollars per kWh) </link:label>
<link:label id="lab_pnw_BaseFuelRate_label_en-US" xlink:label="lab_pnw_BaseFuelRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base Fuel Rate </link:label>
<link:label id="lab_pnw_BaseFuelRate_documentation_en-US" xlink:label="lab_pnw_BaseFuelRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base Fuel Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_BaseFuelRate" xlink:href="pnw-20201231.xsd#pnw_BaseFuelRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_BaseFuelRate" xlink:to="lab_pnw_BaseFuelRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PerformanceSharesMember_8acacbd5-5f12-4f98-8c55-4b29b2fd7007_terseLabel_en-US" xlink:label="lab_us-gaap_PerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Shares </link:label>
<link:label id="lab_us-gaap_PerformanceSharesMember_label_en-US" xlink:label="lab_us-gaap_PerformanceSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Shares [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PerformanceSharesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PerformanceSharesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PerformanceSharesMember" xlink:to="lab_us-gaap_PerformanceSharesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_621172aa-0f68-4e48-8434-c6dec65ac386_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at the beginning of the period (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_35924272-d030-4970-9a20-6b33e16f2865_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at the end of the period (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableRateDomain_dfb5ca07-f09e-44fb-984e-5da8d2d55353_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>
<link:label id="lab_us-gaap_VariableRateDomain_label_en-US" xlink:label="lab_us-gaap_VariableRateDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateDomain" xlink:to="lab_us-gaap_VariableRateDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_cedf4b24-4f9d-4569-932b-f6988c5722c5_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset_4064b2ae-a8a8-4541-bbba-aacf7d98d8eb_negatedTerseLabel_en-US" xlink:label="lab_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in regulatory asset </link:label>
<link:label id="lab_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset_label_en-US" xlink:label="lab_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Increase (Decrease) in Regulatory Asset </link:label>
<link:label id="lab_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset_documentation_en-US" xlink:label="lab_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Increase (Decrease) in Regulatory Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset" xlink:href="pnw-20201231.xsd#pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset" xlink:to="lab_pnw_AssetRetirementObligationIncreaseDecreaseInRegulatoryAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsAbstract_de88b96b-575d-490b-a429-276f3b7af4cc_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ASSETS </link:label>
<link:label id="lab_us-gaap_AssetsAbstract_bf5dd731-b296-4144-9ee5-a26d5879d36b_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_AssetsAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsAbstract" xlink:to="lab_us-gaap_AssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_3e9cec47-4584-41bc-a3fa-03ad7586f3c7_terseLabel_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:label id="lab_us-gaap_AccountingPoliciesAbstract_label_en-US" xlink:label="lab_us-gaap_AccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Policies [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountingPoliciesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_us-gaap_AccountingPoliciesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasePayments_f2a2bec7-f40e-46ca-a8fc-c67fbdc15f87_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash paid for amounts included in the measurement of lease liabilities - operating cash flows </link:label>
<link:label id="lab_us-gaap_OperatingLeasePayments_label_en-US" xlink:label="lab_us-gaap_OperatingLeasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Payments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasePayments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasePayments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasePayments" xlink:to="lab_us-gaap_OperatingLeasePayments" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CostRecoveryNumberOfAgreements_73b20c5d-1d53-45b2-849e-8ba207fcf652_terseLabel_en-US" xlink:label="lab_pnw_CostRecoveryNumberOfAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of agreements </link:label>
<link:label id="lab_pnw_CostRecoveryNumberOfAgreements_label_en-US" xlink:label="lab_pnw_CostRecoveryNumberOfAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost Recovery, Number Of Agreements </link:label>
<link:label id="lab_pnw_CostRecoveryNumberOfAgreements_documentation_en-US" xlink:label="lab_pnw_CostRecoveryNumberOfAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost Recovery, Number Of Agreements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CostRecoveryNumberOfAgreements" xlink:href="pnw-20201231.xsd#pnw_CostRecoveryNumberOfAgreements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CostRecoveryNumberOfAgreements" xlink:to="lab_pnw_CostRecoveryNumberOfAgreements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_13870b2a-3f83-4d40-b48c-b91c5c4d8561_terseLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in Accumulated Other Comprehensive Loss </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNoteTextBlock_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss) Note [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNoteTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:to="lab_us-gaap_ComprehensiveIncomeNoteTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_b93815c0-a183-4b84-bd6c-35070fd01609_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet_9697c8de-cbae-401c-8638-e19a8110327a_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde sale leaseback, net of accumulated depreciation </link:label>
<link:label id="lab_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet_label_en-US" xlink:label="lab_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Sale Leaseback, Net </link:label>
<link:label id="lab_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Sale Leaseback, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet" xlink:to="lab_pnw_PublicUtilitiesPropertyPlantAndEquipmentSaleLeasebackNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FourCornersUnits4And5Member_bbe768da-d2c7-49fc-83d1-aa24cff30604_terseLabel_en-US" xlink:label="lab_pnw_FourCornersUnits4And5Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners Units 4 and 5 </link:label>
<link:label id="lab_pnw_FourCornersUnits4And5Member_5514e99e-8070-4704-b9b7-4207d60534eb_verboseLabel_en-US" xlink:label="lab_pnw_FourCornersUnits4And5Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners Generating Station </link:label>
<link:label id="lab_pnw_FourCornersUnits4And5Member_label_en-US" xlink:label="lab_pnw_FourCornersUnits4And5Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners Units 4 and 5 [Member] </link:label>
<link:label id="lab_pnw_FourCornersUnits4And5Member_documentation_en-US" xlink:label="lab_pnw_FourCornersUnits4And5Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Four Corners Units 4 and 5, a jointly-owned generating facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FourCornersUnits4And5Member" xlink:href="pnw-20201231.xsd#pnw_FourCornersUnits4And5Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FourCornersUnits4And5Member" xlink:to="lab_pnw_FourCornersUnits4And5Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_0e98d24f-29df-4427-abcf-923a3907dd86_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized loss, net of tax benefit (expense) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TaxExpenseAdjustorMechanismMember_a233ce7e-fe54-46e0-b52b-e479ae0baef6_terseLabel_en-US" xlink:label="lab_pnw_TaxExpenseAdjustorMechanismMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax expense adjustor mechanism </link:label>
<link:label id="lab_pnw_TaxExpenseAdjustorMechanismMember_label_en-US" xlink:label="lab_pnw_TaxExpenseAdjustorMechanismMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Expense Adjustor Mechanism [Member] </link:label>
<link:label id="lab_pnw_TaxExpenseAdjustorMechanismMember_documentation_en-US" xlink:label="lab_pnw_TaxExpenseAdjustorMechanismMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Expense Adjustor Mechanism [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TaxExpenseAdjustorMechanismMember" xlink:href="pnw-20201231.xsd#pnw_TaxExpenseAdjustorMechanismMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TaxExpenseAdjustorMechanismMember" xlink:to="lab_pnw_TaxExpenseAdjustorMechanismMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_bea3bcf1-278c-43ff-aa8f-9ed7a2ed913a_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockSharesAcquired_f6cd2177-b44a-4bd3-a87c-a6adebb09c86_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase of treasury stock (in shares) </link:label>
<link:label id="lab_us-gaap_TreasuryStockSharesAcquired_label_en-US" xlink:label="lab_us-gaap_TreasuryStockSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Shares, Acquired </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockSharesAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockSharesAcquired"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_us-gaap_TreasuryStockSharesAcquired" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases_57e5deaf-5bd8-4046-aaf9-f5c3accd4d1b_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total purchases </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationPurchases" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_82529e8e-9187-4450-aa39-7a011becc31d_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_8fb325dd-32f1-4d5f-a96d-a119758527f2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of assets and liabilities that are measured at fair value on a recurring basis </link:label>
<link:label id="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NaturalGasTollingLetterOfCreditMember_1f70f6b1-2607-4240-b970-e22b9bb323f8_terseLabel_en-US" xlink:label="lab_pnw_NaturalGasTollingLetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Natural Gas Tolling Letter of Credit </link:label>
<link:label id="lab_pnw_NaturalGasTollingLetterOfCreditMember_label_en-US" xlink:label="lab_pnw_NaturalGasTollingLetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Natural Gas Tolling Letter of Credit [Member] </link:label>
<link:label id="lab_pnw_NaturalGasTollingLetterOfCreditMember_documentation_en-US" xlink:label="lab_pnw_NaturalGasTollingLetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A document typically issued by a financial institution which acts as a guarantee of payment to a beneficiary, or as the source of payment for a specific transaction to natural gas tolling contract obligations as of the reporting date. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NaturalGasTollingLetterOfCreditMember" xlink:href="pnw-20201231.xsd#pnw_NaturalGasTollingLetterOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NaturalGasTollingLetterOfCreditMember" xlink:to="lab_pnw_NaturalGasTollingLetterOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_7a51726c-75b4-44fb-a1ec-f3b99c6c8537_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_b4611e40-6544-4a83-9e32-fcc97dad28d0_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State </link:label>
<link:label id="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current State and Local Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ChollaandFourCornersMember_e61976cd-2155-44b9-a424-174c2715878b_terseLabel_en-US" xlink:label="lab_pnw_ChollaandFourCornersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla and Four Corners </link:label>
<link:label id="lab_pnw_ChollaandFourCornersMember_label_en-US" xlink:label="lab_pnw_ChollaandFourCornersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla and Four Corners [Member] </link:label>
<link:label id="lab_pnw_ChollaandFourCornersMember_documentation_en-US" xlink:label="lab_pnw_ChollaandFourCornersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla and Four Corners [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ChollaandFourCornersMember" xlink:href="pnw-20201231.xsd#pnw_ChollaandFourCornersMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ChollaandFourCornersMember" xlink:to="lab_pnw_ChollaandFourCornersMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryLiabilityNoncurrent_cf7bc578-ab3f-4ef9-af27-f0720f8fd49c_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory liabilities (Notes 1, 4, 5 and 8) </link:label>
<link:label id="lab_us-gaap_RegulatoryLiabilityNoncurrent_bc1c0ec0-04ca-466d-bce4-ff08ac1272cd_verboseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory liabilities, non-current </link:label>
<link:label id="lab_us-gaap_RegulatoryLiabilityNoncurrent_label_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilityNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryLiabilityNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilityNoncurrent" xlink:to="lab_us-gaap_RegulatoryLiabilityNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses_c9648f30-71c1-4ad9-ac5f-35e7806bf1ef_negatedTerseLabel_en-US" xlink:label="lab_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in amount of adjustment representing prorated sales losses </link:label>
<link:label id="lab_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses_label_en-US" xlink:label="lab_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Amount of Adjustment Representing Prorated Sales Losses </link:label>
<link:label id="lab_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses_documentation_en-US" xlink:label="lab_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Amount of Adjustment Representing Prorated Sales Losses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses" xlink:href="pnw-20201231.xsd#pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses" xlink:to="lab_pnw_IncreaseDecreaseinAmountofAdjustmentRepresentingProratedSalesLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_07a1c578-eb30-450d-bb24-ec3835b3acac_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems_32ebf504-1aae-408b-a3a6-b1a65530d7e2_terseLabel_en-US" xlink:label="lab_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Component of Other Income and Other Expense Nonoperating [Line Items] </link:label>
<link:label id="lab_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems_label_en-US" xlink:label="lab_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Component of Other Income and Other Expense Nonoperating [Line Items] </link:label>
<link:label id="lab_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems_documentation_en-US" xlink:label="lab_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Component of Other Income and Other Expense Nonoperating [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems" xlink:href="pnw-20201231.xsd#pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems" xlink:to="lab_pnw_ComponentofOtherIncomeandOtherExpenseNonoperatingLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract_0ba2a9b8-1ac5-4ef4-88d3-1ed84370b969_terseLabel_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stocks granted and the weighted average fair value </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract_label_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract" xlink:href="pnw-20201231.xsd#pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract" xlink:to="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxAssetsNet_0223494e-7f4e-40bf-9914-337096bd2392_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Assets, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxAssetsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxAssetsNet" xlink:to="lab_us-gaap_DeferredIncomeTaxAssetsNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_adb57c76-0067-44ce-8439-333c4242d276_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherLiabilitiesNoncurrent_cd669563-1ec4-442f-b9c1-7029edc28332_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesNoncurrent" xlink:to="lab_us-gaap_OtherLiabilitiesNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract_1e5bff96-29da-4856-aef3-1804fc938dc0_terseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in accumulated other comprehensive income (loss) by component </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTaxAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgesAbstract_d52714b4-96f7-41ff-9e8e-6facc573dfc2_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative instruments: </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgesAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedges, Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgesAbstract" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember_41a35946-67f8-4385-9668-8e0b16c87754_terseLabel_en-US" xlink:label="lab_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail Rate Case Filing with Arizona Corporation Commission </link:label>
<link:label id="lab_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember_label_en-US" xlink:label="lab_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail Rate Case Filing with Arizona Corporation Commission [Member] </link:label>
<link:label id="lab_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember_documentation_en-US" xlink:label="lab_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents a Retail Rate case filing with the Arizona Corporation Commission </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember" xlink:href="pnw-20201231.xsd#pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember" xlink:to="lab_pnw_RetailRateCaseFilingwithArizonaCorporationCommissionMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsRenewableEnergyIncentives_e623d7ed-99ac-4c53-ad6e-a77f66de5e4c_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRenewableEnergyIncentives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable energy incentives </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRenewableEnergyIncentives_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRenewableEnergyIncentives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Renewable Energy Incentives </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRenewableEnergyIncentives_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRenewableEnergyIncentives" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The tax effect as of the balance sheet date of the amount of the estimated future tax reductions attributable to renewable energy incentives which can only be realized if sufficient taxable income is generated in future periods to enable the deduction to be taken. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsRenewableEnergyIncentives" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsRenewableEnergyIncentives"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsRenewableEnergyIncentives" xlink:to="lab_pnw_DeferredTaxAssetsRenewableEnergyIncentives" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeUnit2Member_60aba226-8cb1-4e85-8cd3-af48b9451b57_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeUnit2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Unit 2 </link:label>
<link:label id="lab_pnw_PaloVerdeUnit2Member_label_en-US" xlink:label="lab_pnw_PaloVerdeUnit2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Unit 2 [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeUnit2Member_documentation_en-US" xlink:label="lab_pnw_PaloVerdeUnit2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Palo Verde Unit 2, a jointly-owned generating facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeUnit2Member" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeUnit2Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeUnit2Member" xlink:to="lab_pnw_PaloVerdeUnit2Member" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FiniteLivedIntangibleAssetAbstract_96586683-c6aa-4890-bf35-509087e723af_terseLabel_en-US" xlink:label="lab_pnw_FiniteLivedIntangibleAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets </link:label>
<link:label id="lab_pnw_FiniteLivedIntangibleAssetAbstract_label_en-US" xlink:label="lab_pnw_FiniteLivedIntangibleAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite Lived Intangible Asset [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FiniteLivedIntangibleAssetAbstract" xlink:href="pnw-20201231.xsd#pnw_FiniteLivedIntangibleAssetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FiniteLivedIntangibleAssetAbstract" xlink:to="lab_pnw_FiniteLivedIntangibleAssetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities_0036a558-25b0-4e26-89ea-2b9b4163d4b3_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from the sale of securities </link:label>
<link:label id="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Sale of Available-for-sale Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:to="lab_us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember_11fc0979-23d8-44c8-8e36-7af9a5dc6bba_terseLabel_en-US" xlink:label="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric Service </link:label>
<link:label id="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember_label_en-US" xlink:label="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electricity Generation Plant, Non-Nuclear [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ElectricityGenerationPlantNonNuclearMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:to="lab_us-gaap_ElectricityGenerationPlantNonNuclearMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_07daee6f-568e-4b45-969f-2fa26c45331b_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration risk, percentage </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskPercentage1_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskPercentage1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskPercentage1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskPercentage1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskPercentage1" xlink:to="lab_us-gaap_ConcentrationRiskPercentage1" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock_7e76d6b6-e6ae-4e75-9301-1f20a80f942d_terseLabel_en-US" xlink:label="lab_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Capital Structure and Cost Of Capital </link:label>
<link:label id="lab_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock_label_en-US" xlink:label="lab_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Capital Structure and Cost Of Capital, Regulatory Matter [Table Text Block] </link:label>
<link:label id="lab_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock_documentation_en-US" xlink:label="lab_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule Of Capital Structure and Cost Of Capital, Regulatory Matter [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock" xlink:href="pnw-20201231.xsd#pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock" xlink:to="lab_pnw_ScheduleOfCapitalStructureandCostOfCapitalRegulatoryMatterTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherLongTermDebtCurrent_cb757521-e603-4df6-9c73-6bdd1744f743_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLongTermDebtCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current maturities of long-term debt (Note 7) </link:label>
<link:label id="lab_us-gaap_OtherLongTermDebtCurrent_ff1f85d4-242a-4f4b-8815-31b338a4c64c_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherLongTermDebtCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current maturities of long-term debt </link:label>
<link:label id="lab_us-gaap_OtherLongTermDebtCurrent_label_en-US" xlink:label="lab_us-gaap_OtherLongTermDebtCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Long-term Debt, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLongTermDebtCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLongTermDebtCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLongTermDebtCurrent" xlink:to="lab_us-gaap_OtherLongTermDebtCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_fd15bcef-a4ac-4115-b11c-c23c8761dc90_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 5 years - 10 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_9b124b16-dcae-4713-8664-182260578785_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementLineItems_4be3e9c5-796e-4492-87f2-42e5a3cf6ec8_terseLabel_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement </link:label>
<link:label id="lab_us-gaap_StatementLineItems_label_en-US" xlink:label="lab_us-gaap_StatementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementLineItems" xlink:to="lab_us-gaap_StatementLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments_ea3b6268-2a80-42a6-aa4e-797a7df7a5a1_terseLabel_en-US" xlink:label="lab_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease not yet commenced </link:label>
<link:label id="lab_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments_label_en-US" xlink:label="lab_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Not yet Commenced, Liability, Lease and Nonlease Payments </link:label>
<link:label id="lab_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments_documentation_en-US" xlink:label="lab_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease Not yet Commenced, Liability, Lease and Nonlease Payments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments" xlink:href="pnw-20201231.xsd#pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments" xlink:to="lab_pnw_LeaseNotyetCommencedLiabilityLeaseandNonleasePayments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_fb298a53-1882-4767-abe8-e29331910f3b_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average interest rate (as a percent) </link:label>
<link:label id="lab_us-gaap_LongtermDebtWeightedAverageInterestRate_label_en-US" xlink:label="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Weighted Average Interest Rate, at Point in Time </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:to="lab_us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TotalLongTermDebtLessCurrentMaturities_8ff66740-28e1-439a-839a-6ff0b47dca6b_terseLabel_en-US" xlink:label="lab_pnw_TotalLongTermDebtLessCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total long-term debt less current maturities </link:label>
<link:label id="lab_pnw_TotalLongTermDebtLessCurrentMaturities_label_en-US" xlink:label="lab_pnw_TotalLongTermDebtLessCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Long Term Debt Less Current Maturities </link:label>
<link:label id="lab_pnw_TotalLongTermDebtLessCurrentMaturities_documentation_en-US" xlink:label="lab_pnw_TotalLongTermDebtLessCurrentMaturities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sum of the carrying values as of the balance sheet date of total long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year or the normal operating cycle, if longer plus capital lease obligations due to be paid more than one year after the balance sheet date. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TotalLongTermDebtLessCurrentMaturities" xlink:href="pnw-20201231.xsd#pnw_TotalLongTermDebtLessCurrentMaturities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TotalLongTermDebtLessCurrentMaturities" xlink:to="lab_pnw_TotalLongTermDebtLessCurrentMaturities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent_997e150c-1c7a-432c-8079-28a435a12195_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory assets, current </link:label>
<link:label id="lab_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent_label_en-US" xlink:label="lab_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Asset Including Deferred Fuel and Purchased Power Regulatory Asset Current </link:label>
<link:label id="lab_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent_documentation_en-US" xlink:label="lab_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount for the individual regulatory current asset including deferred fuel and purchased power as itemized in a table of regulatory current assets as of the end of the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:href="pnw-20201231.xsd#pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:to="lab_pnw_RegulatoryAssetIncludingDeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment_b0d3c681-5218-4b27-9aa6-1064a99b5b88_terseLabel_en-US" xlink:label="lab_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual limit per incident with respect to maximum assessment </link:label>
<link:label id="lab_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment_label_en-US" xlink:label="lab_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Limit Per Incident with Respect to Maximum Assessment </link:label>
<link:label id="lab_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment_documentation_en-US" xlink:label="lab_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the annual limit per incident with respect to the maximum assessment per reactor under the program for each nuclear incident, to be periodically adjusted for inflation. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment" xlink:href="pnw-20201231.xsd#pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment" xlink:to="lab_pnw_AnnualLimitPerIncidentWithRespectToMaximumAssessment" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract_ddfa132d-7f0b-4860-9f29-526062845ac6_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum contributions under MAP-21 </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Estimated Future Minimum Employer Contributions under Act [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract" xlink:to="lab_pnw_DefinedBenefitPlanEstimatedFutureMinimumEmployerContributionsUnderActAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementTable_636d89fb-2373-4ffe-befd-2ad037d17ad0_terseLabel_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
<link:label id="lab_us-gaap_StatementTable_label_en-US" xlink:label="lab_us-gaap_StatementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementTable" xlink:to="lab_us-gaap_StatementTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_8b8f4923-071d-40cf-a876-6f80fb2d56f2_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension liabilities </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_3043a9fa-11f7-47ec-9902-1d0f1195100b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual write-offs </link:label>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs_label_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Allowance for Credit Loss, Writeoff </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableWriteOffs" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_6951fc35-aa9d-4ab4-bae2-93a281a753f0_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost on benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_acad4288-e5bc-436e-92fb-6aca0dae769e_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanInterestCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Interest Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanInterestCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanInterestCost" xlink:to="lab_us-gaap_DefinedBenefitPlanInterestCost" xlink:type="arc" order="1"/>
<link:label id="lab_srt_RangeAxis_91636218-f0f4-499b-87da-98d11da2ee4a_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>
<link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statistical Measurement [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeAxis" xlink:to="lab_srt_RangeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeSaleLeasebackMember_a05498cd-f0e3-479a-89bb-40c93729da48_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeSaleLeasebackMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Sale Leaseback </link:label>
<link:label id="lab_pnw_PaloVerdeSaleLeasebackMember_label_en-US" xlink:label="lab_pnw_PaloVerdeSaleLeasebackMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Sale Leaseback [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeSaleLeasebackMember_documentation_en-US" xlink:label="lab_pnw_PaloVerdeSaleLeasebackMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Palo Verde Sale Leaseback, a jointly-owned generating facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeSaleLeasebackMember" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeSaleLeasebackMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeSaleLeasebackMember" xlink:to="lab_pnw_PaloVerdeSaleLeasebackMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CapitalStructureAbstract_d2e7405f-d486-43e3-8838-3f33b11048f8_terseLabel_en-US" xlink:label="lab_pnw_CapitalStructureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Structure </link:label>
<link:label id="lab_pnw_CapitalStructureAbstract_label_en-US" xlink:label="lab_pnw_CapitalStructureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Structure [Abstract] </link:label>
<link:label id="lab_pnw_CapitalStructureAbstract_documentation_en-US" xlink:label="lab_pnw_CapitalStructureAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Structure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CapitalStructureAbstract" xlink:href="pnw-20201231.xsd#pnw_CapitalStructureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CapitalStructureAbstract" xlink:to="lab_pnw_CapitalStructureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_dei_Security12gTitle_c8a49f8a-db14-4152-8a4d-a9c59160bd33_terseLabel_en-US" xlink:label="lab_dei_Security12gTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(g) Security </link:label>
<link:label id="lab_dei_Security12gTitle_label_en-US" xlink:label="lab_dei_Security12gTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(g) Security </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_Security12gTitle" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12gTitle"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12gTitle" xlink:to="lab_dei_Security12gTitle" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable_fa2451de-28c9-44e9-9606-b2ccd689ed2e_terseLabel_en-US" xlink:label="lab_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Component of Other Income and Other Expense Nonoperating [Table] </link:label>
<link:label id="lab_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable_label_en-US" xlink:label="lab_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Component of Other Income and Other Expense Nonoperating [Table] </link:label>
<link:label id="lab_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable_documentation_en-US" xlink:label="lab_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Provides a description and amount of each detailed component of other nonoperating income and expenses. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable" xlink:href="pnw-20201231.xsd#pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable" xlink:to="lab_pnw_ComponentOfOtherIncomeAndOtherExpenseNonoperatingTable" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntitySmallBusiness_a805548e-44ec-4d58-9e01-af9c04cd5010_terseLabel_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:label id="lab_dei_EntitySmallBusiness_label_en-US" xlink:label="lab_dei_EntitySmallBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Small Business </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntitySmallBusiness" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitySmallBusiness"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitySmallBusiness" xlink:to="lab_dei_EntitySmallBusiness" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ProductionTaxCreditGuarantees_f82bcb5f-0b45-4775-a2ad-b503e6f7bba1_terseLabel_en-US" xlink:label="lab_pnw_ProductionTaxCreditGuarantees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Production tax credit guarantees </link:label>
<link:label id="lab_pnw_ProductionTaxCreditGuarantees_label_en-US" xlink:label="lab_pnw_ProductionTaxCreditGuarantees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Production Tax Credit Guarantees </link:label>
<link:label id="lab_pnw_ProductionTaxCreditGuarantees_documentation_en-US" xlink:label="lab_pnw_ProductionTaxCreditGuarantees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Production Tax Credit Guarantees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ProductionTaxCreditGuarantees" xlink:href="pnw-20201231.xsd#pnw_ProductionTaxCreditGuarantees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ProductionTaxCreditGuarantees" xlink:to="lab_pnw_ProductionTaxCreditGuarantees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement_7bfcf896-8141-456b-8cbd-a74a402939f7_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeLiabilityNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_5621858c-86db-4f32-b380-6bdee5005b5b_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal mine reclamation </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_1db6c07b-0cf4-4819-8797-cf29a0b65be6_verboseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total take-or-pay commitments </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecovery_c6c004a6-3645-4c36-87ea-5251e66eed3a_terseLabel_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate matters, increase (decrease) in cost recovery </link:label>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecovery_label_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Increase (Decrease) in Cost Recovery </link:label>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecovery_documentation_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecovery" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Increase (Decrease) in Cost Recovery </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMattersIncreaseDecreaseinCostRecovery" xlink:href="pnw-20201231.xsd#pnw_RateMattersIncreaseDecreaseinCostRecovery"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMattersIncreaseDecreaseinCostRecovery" xlink:to="lab_pnw_RateMattersIncreaseDecreaseinCostRecovery" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_cb4c9039-a343-4ada-91bb-ad0b0aac0196_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:label id="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_label_en-US" xlink:label="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationCurrent_fe3379b6-5d1a-4b86-8eb1-8806e2ae4901_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities for asset retirements (Note 12) </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationCurrent_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationCurrent" xlink:to="lab_us-gaap_AssetRetirementObligationCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts_837a2de8-dff5-430a-8f56-59fa8a8a719d_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Initial pre-65 health care cost trend rate (as a percent) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year, Used in Calculating Benefit Costs </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:to="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:type="arc" order="1"/>
<link:label id="lab_dei_AmendmentFlag_6bd1ccec-6e19-478b-8e77-34357baa7278_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amendment Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredFuelandPurchasedPowerMember_f0984bc0-e701-43e4-ae33-ec8c5b588693_terseLabel_en-US" xlink:label="lab_pnw_DeferredFuelandPurchasedPowerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred fuel and purchased power </link:label>
<link:label id="lab_pnw_DeferredFuelandPurchasedPowerMember_label_en-US" xlink:label="lab_pnw_DeferredFuelandPurchasedPowerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Fuel and Purchased Power [Member] </link:label>
<link:label id="lab_pnw_DeferredFuelandPurchasedPowerMember_documentation_en-US" xlink:label="lab_pnw_DeferredFuelandPurchasedPowerMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Fuel and Purchased Power [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredFuelandPurchasedPowerMember" xlink:href="pnw-20201231.xsd#pnw_DeferredFuelandPurchasedPowerMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredFuelandPurchasedPowerMember" xlink:to="lab_pnw_DeferredFuelandPurchasedPowerMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_2ad62bd2-b176-4283-a550-6da6e5435253_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net effect of dilutive securities: </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset_9d54d519-2573-47dc-861a-326fb6dbf5b3_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:to="lab_us-gaap_DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_7a5ae9c3-0f62-404e-8a6d-a5ebdd22abcd_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares available for issuance (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PercentageOfShareOfCostOfControl_e99a21e0-03d2-43b0-951c-65a041f0ee38_terseLabel_en-US" xlink:label="lab_pnw_PercentageOfShareOfCostOfControl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage share cost of control </link:label>
<link:label id="lab_pnw_PercentageOfShareOfCostOfControl_label_en-US" xlink:label="lab_pnw_PercentageOfShareOfCostOfControl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Share of Cost of Control </link:label>
<link:label id="lab_pnw_PercentageOfShareOfCostOfControl_documentation_en-US" xlink:label="lab_pnw_PercentageOfShareOfCostOfControl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the percentage of share of the cost of control acquired by the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PercentageOfShareOfCostOfControl" xlink:href="pnw-20201231.xsd#pnw_PercentageOfShareOfCostOfControl"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PercentageOfShareOfCostOfControl" xlink:to="lab_pnw_PercentageOfShareOfCostOfControl" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_152121a7-4fd7-4c03-8e27-cd87bd250d2c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common shares available for grant (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PowerSupplyAdjustorMember_e46edec4-5e6b-42f8-a88b-19dbaa98831c_terseLabel_en-US" xlink:label="lab_pnw_PowerSupplyAdjustorMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Power Supply Adjustor (PSA) </link:label>
<link:label id="lab_pnw_PowerSupplyAdjustorMember_label_en-US" xlink:label="lab_pnw_PowerSupplyAdjustorMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Power Supply Adjustor [Member] </link:label>
<link:label id="lab_pnw_PowerSupplyAdjustorMember_documentation_en-US" xlink:label="lab_pnw_PowerSupplyAdjustorMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the Power Supply Adjustment Plan which permits a surcharge for variations in retail fuel and purchased power costs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PowerSupplyAdjustorMember" xlink:href="pnw-20201231.xsd#pnw_PowerSupplyAdjustorMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PowerSupplyAdjustorMember" xlink:to="lab_pnw_PowerSupplyAdjustorMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LinesofCreditandShortTermBorrowingsAbstract_6b25a919-8940-4dd7-9fdf-5ce1850d4406_terseLabel_en-US" xlink:label="lab_pnw_LinesofCreditandShortTermBorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lines of Credit and Short-Term Borrowings [Abstract] </link:label>
<link:label id="lab_pnw_LinesofCreditandShortTermBorrowingsAbstract_label_en-US" xlink:label="lab_pnw_LinesofCreditandShortTermBorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lines of Credit and Short-Term Borrowings [Abstract] </link:label>
<link:label id="lab_pnw_LinesofCreditandShortTermBorrowingsAbstract_documentation_en-US" xlink:label="lab_pnw_LinesofCreditandShortTermBorrowingsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lines of Credit and Short-Term Borrowings [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LinesofCreditandShortTermBorrowingsAbstract" xlink:href="pnw-20201231.xsd#pnw_LinesofCreditandShortTermBorrowingsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LinesofCreditandShortTermBorrowingsAbstract" xlink:to="lab_pnw_LinesofCreditandShortTermBorrowingsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_d70cfb2b-0878-4703-84f7-48f4b50212f1_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification of net realized gain, net of tax expense </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_KyreneKnoxSystemMember_0a8e45ae-8af5-452c-93ee-517dfa09ae8b_terseLabel_en-US" xlink:label="lab_pnw_KyreneKnoxSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Kyrene — Knox System </link:label>
<link:label id="lab_pnw_KyreneKnoxSystemMember_label_en-US" xlink:label="lab_pnw_KyreneKnoxSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Kyrene - Knox System [Member] </link:label>
<link:label id="lab_pnw_KyreneKnoxSystemMember_documentation_en-US" xlink:label="lab_pnw_KyreneKnoxSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Kyrene - Knox System [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_KyreneKnoxSystemMember" xlink:href="pnw-20201231.xsd#pnw_KyreneKnoxSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_KyreneKnoxSystemMember" xlink:to="lab_pnw_KyreneKnoxSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ActiveUnionMedicalTrustMember_fddc7fe3-82e8-4654-a71c-7a125b587b47_terseLabel_en-US" xlink:label="lab_pnw_ActiveUnionMedicalTrustMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Active union medical trust </link:label>
<link:label id="lab_pnw_ActiveUnionMedicalTrustMember_label_en-US" xlink:label="lab_pnw_ActiveUnionMedicalTrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Active Union Medical Trust [Member] </link:label>
<link:label id="lab_pnw_ActiveUnionMedicalTrustMember_documentation_en-US" xlink:label="lab_pnw_ActiveUnionMedicalTrustMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Active Union Medical Trust [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ActiveUnionMedicalTrustMember" xlink:href="pnw-20201231.xsd#pnw_ActiveUnionMedicalTrustMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ActiveUnionMedicalTrustMember" xlink:to="lab_pnw_ActiveUnionMedicalTrustMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems_eecc9081-537d-4f23-a91e-f074aa508948_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems" xlink:to="lab_us-gaap_FairValueDisclosureAssetAndLiabilityNotMeasuredAtFairValueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_06f1c40a-0578-4487-8914-2359b5add20b_terseLabel_en-US" xlink:label="lab_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Doubtful Accounts </link:label>
<link:label id="lab_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy_label_en-US" xlink:label="lab_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:to="lab_us-gaap_ReceivablesTradeAndOtherAccountsReceivableAllowanceForDoubtfulAccountsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_ede3a17f-6bec-4a48-a964-e132b53ba039_terseLabel_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:label id="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain_label_en-US" xlink:label="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instruments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:to="lab_us-gaap_TransfersAndServicingOfFinancialInstrumentsTypesOfFinancialInstrumentsDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_abbf82bd-562a-4e52-b4ac-03907ea9f548_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Return (Loss) on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_31f94497-9d60-4566-9e0b-7ea963051c65_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of estimated fair value of long-term debt, including current maturities </link:label>
<link:label id="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, by Balance Sheet Grouping [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="lab_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingAssetsTableTextBlock_f054a4b5-4b4f-4f86-aaad-1f283f2b74aa_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of the entity's fair value of risk management activities reported on a gross basis and the impacts on offsetting assets </link:label>
<link:label id="lab_us-gaap_OffsettingAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingAssetsTableTextBlock" xlink:to="lab_us-gaap_OffsettingAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid_e83224aa-d671-47eb-b182-af87d5dc31a8_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued capital expenditures </link:label>
<link:label id="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid_label_en-US" xlink:label="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital Expenditures Incurred but Not yet Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:to="lab_us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_21bf618b-4653-4167-a814-665135deba09_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Accounting </link:label>
<link:label id="lab_us-gaap_DerivativesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesPolicyTextBlock" xlink:to="lab_us-gaap_DerivativesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_3fbe7acc-758f-406a-91b4-c7eb1c4faa8b_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Axis] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherDeferredCostsNet_a945ebdd-a7f3-443c-9b59-59abb0626645_terseLabel_en-US" xlink:label="lab_us-gaap_OtherDeferredCostsNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherDeferredCostsNet_5576c9b7-3d04-443c-834e-fe9e358747ab_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherDeferredCostsNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prepaid lease costs reclassified as other deferred debits </link:label>
<link:label id="lab_us-gaap_OtherDeferredCostsNet_label_en-US" xlink:label="lab_us-gaap_OtherDeferredCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Deferred Costs, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherDeferredCostsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherDeferredCostsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDeferredCostsNet" xlink:to="lab_us-gaap_OtherDeferredCostsNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers_4901eedc-20d7-49ed-b8fa-f57c4ef46447_terseLabel_en-US" xlink:label="lab_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period to provide collateral assurance based on rating triggers </link:label>
<link:label id="lab_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers_label_en-US" xlink:label="lab_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period to Provide Collateral Assurance Based on Rating Triggers </link:label>
<link:label id="lab_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers_documentation_en-US" xlink:label="lab_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the period to provide collateral assurance based on rating triggers such as a rating downgrade to non-investment grade under NEIL policies (in days). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers" xlink:href="pnw-20201231.xsd#pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers" xlink:to="lab_pnw_PeriodToProvideCollateralAssuranceBasedOnRatingTriggers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_5c5c1060-ee21-41d9-9518-2691c66c99f8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Nonvested Restricted Stock, Stock Grants and Stock Units </link:label>
<link:label id="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TermLoanMember_9825ffce-e90b-4efc-91f3-072101adf250_terseLabel_en-US" xlink:label="lab_pnw_TermLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term loan </link:label>
<link:label id="lab_pnw_TermLoanMember_label_en-US" xlink:label="lab_pnw_TermLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan [Member] </link:label>
<link:label id="lab_pnw_TermLoanMember_documentation_en-US" xlink:label="lab_pnw_TermLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TermLoanMember" xlink:href="pnw-20201231.xsd#pnw_TermLoanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TermLoanMember" xlink:to="lab_pnw_TermLoanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_4db164c0-18f9-49db-8662-83958523877d_negatedLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for doubtful accounts </link:label>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_label_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Allowance for Credit Loss, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount_ea63ef59-d7c9-4380-9023-b66c4f3ef9f9_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Partnership funding commitments, contribution amount (up to) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan - Partnership Funding Commitments, Maximum Contribution Amount </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan - Partnership Funding Commitments, Maximum Contribution Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount" xlink:to="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsMaximumContributionAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementLocationDomain_ae608211-2d79-4251-99ca-b480ff70f3bd_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Domain] </link:label>
<link:label id="lab_us-gaap_IncomeStatementLocationDomain_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_us-gaap_IncomeStatementLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_07cf86e0-0f0f-4562-89c8-4216f986bf65_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StateAndLocalJurisdictionMember_7ce31663-fe30-4b28-82b3-658ec8e0f6aa_terseLabel_en-US" xlink:label="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State </link:label>
<link:label id="lab_us-gaap_StateAndLocalJurisdictionMember_label_en-US" xlink:label="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State and Local Jurisdiction [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StateAndLocalJurisdictionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StateAndLocalJurisdictionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StateAndLocalJurisdictionMember" xlink:to="lab_us-gaap_StateAndLocalJurisdictionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_8300532a-2dca-43c8-8214-bdd47faaf1e6_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CASH FLOWS FROM FINANCING ACTIVITIES </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_ce0bc7df-002a-4b66-94c6-c8f01d7a9f16_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flows from financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherDebtSecuritiesMember_b7023204-b835-4c45-8be7-ae5390359f24_terseLabel_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other fixed income </link:label>
<link:label id="lab_us-gaap_OtherDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_OtherDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Debt Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherDebtSecuritiesMember" xlink:to="lab_us-gaap_OtherDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_7901c0d1-2a3b-483d-bb16-0ab0f0f3345e_terseLabel_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of lease costs </link:label>
<link:label id="lab_us-gaap_LeaseCostTableTextBlock_label_en-US" xlink:label="lab_us-gaap_LeaseCostTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCostTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeaseCostTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCostTableTextBlock" xlink:to="lab_us-gaap_LeaseCostTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsOperatingLeaseLiability_eb53e4c3-4685-4868-b0ad-5241376a20d5_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsOperatingLeaseLiability_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Lease, Liability </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsOperatingLeaseLiability_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Operating Lease, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsOperatingLeaseLiability" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsOperatingLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsOperatingLeaseLiability" xlink:to="lab_pnw_DeferredTaxAssetsOperatingLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EquityContributionGuarantees_8377d95f-85b2-49d8-b82f-8b2a3c70105c_terseLabel_en-US" xlink:label="lab_pnw_EquityContributionGuarantees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity contribution guarantees </link:label>
<link:label id="lab_pnw_EquityContributionGuarantees_label_en-US" xlink:label="lab_pnw_EquityContributionGuarantees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Contribution Guarantees </link:label>
<link:label id="lab_pnw_EquityContributionGuarantees_documentation_en-US" xlink:label="lab_pnw_EquityContributionGuarantees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Contribution Guarantees </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EquityContributionGuarantees" xlink:href="pnw-20201231.xsd#pnw_EquityContributionGuarantees"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EquityContributionGuarantees" xlink:to="lab_pnw_EquityContributionGuarantees" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_fb8429d7-0b50-4067-bc19-d9f17eafd8f1_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssetsNoncurrent_e2ee31c0-f266-40ac-a4c0-a96a7b6cadc4_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other assets </link:label>
<link:label id="lab_us-gaap_OtherAssetsNoncurrent_label_en-US" xlink:label="lab_us-gaap_OtherAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsNoncurrent" xlink:to="lab_us-gaap_OtherAssetsNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PlanNameAxis_78fd4e3a-4c04-49e4-ac6f-6987f74b5f88_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>
<link:label id="lab_us-gaap_PlanNameAxis_label_en-US" xlink:label="lab_us-gaap_PlanNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PlanNameAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameAxis" xlink:to="lab_us-gaap_PlanNameAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Assets_c4cb726e-8429-4637-8a5e-6743c3a5d5fd_totalLabel_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Assets </link:label>
<link:label id="lab_us-gaap_Assets_label_en-US" xlink:label="lab_us-gaap_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Assets" xlink:to="lab_us-gaap_Assets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock_1bbb8b64-e482-4311-a00c-79e31b7f2de8_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of changes in the benefit obligations and funded status </link:label>
<link:label id="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Funded Status [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNetFundedStatusTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetFundedStatusTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PartnershipsMember_29235552-dd6c-482f-9102-6853668868c9_terseLabel_en-US" xlink:label="lab_pnw_PartnershipsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Partnerships </link:label>
<link:label id="lab_pnw_PartnershipsMember_label_en-US" xlink:label="lab_pnw_PartnershipsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Partnerships [Member] </link:label>
<link:label id="lab_pnw_PartnershipsMember_documentation_en-US" xlink:label="lab_pnw_PartnershipsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Partnerships [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PartnershipsMember" xlink:href="pnw-20201231.xsd#pnw_PartnershipsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PartnershipsMember" xlink:to="lab_pnw_PartnershipsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount_9c2b756c-b63d-498c-bd3b-14eed48129cb_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Partnership funding commitments, funded amount </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan - Partnership Funding Commitments, Funded Amount </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan - Partnership Funding Commitments, Funded Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount" xlink:to="lab_pnw_DefinedBenefitPlanPartnershipFundingCommitmentsFundedAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_a8b463ae-735f-4547-88e0-3890ad89c1a9_periodStartLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at the beginning of the period (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_bbc4f5da-eed6-41ee-b25a-787015312313_periodEndLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance at the end of the period (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesRegulatoryProceedingAxis_2a32bd2f-0ba0-41e1-ab6e-66e47e34d892_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRegulatoryProceedingAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Regulatory Proceeding [Axis] </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesRegulatoryProceedingAxis_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRegulatoryProceedingAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Regulatory Proceeding [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesRegulatoryProceedingAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesRegulatoryProceedingAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesRegulatoryProceedingAxis" xlink:to="lab_us-gaap_PublicUtilitiesRegulatoryProceedingAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_827a9ed0-0306-4e8c-aeae-495e99a8fbe8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior service credit </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization of Prior Service Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:to="lab_us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract_85601c62-633c-48b8-b451-34ba3d42827a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated Future Benefit Payments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventTypeAxis_7b83c5ae-c99f-42e7-b97b-31a220921809_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>
<link:label id="lab_us-gaap_SubsequentEventTypeAxis_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_us-gaap_SubsequentEventTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_301f47e7-3430-4e2b-b70d-b5f75210151a_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Debt and Equity Securities [Abstract] </link:label>
<link:label id="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments, Debt and Equity Securities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:to="lab_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostOfSalesMember_77fb4bf7-a0d2-4009-9264-e7201941332f_terseLabel_en-US" xlink:label="lab_us-gaap_CostOfSalesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fuel and purchased power </link:label>
<link:label id="lab_us-gaap_CostOfSalesMember_label_en-US" xlink:label="lab_us-gaap_CostOfSalesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of Sales [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfSalesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostOfSalesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfSalesMember" xlink:to="lab_us-gaap_CostOfSalesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy_a0a8c159-a140-44a1-bc6c-f46cf190b125_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Finite-Lived, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntangibleAssetsFiniteLivedPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:to="lab_us-gaap_IntangibleAssetsFiniteLivedPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FinancialAssurancesAbstract_b30b774a-7c1b-4d18-a171-0ca9d2c5c683_terseLabel_en-US" xlink:label="lab_pnw_FinancialAssurancesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Assurances </link:label>
<link:label id="lab_pnw_FinancialAssurancesAbstract_label_en-US" xlink:label="lab_pnw_FinancialAssurancesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Assurances [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FinancialAssurancesAbstract" xlink:href="pnw-20201231.xsd#pnw_FinancialAssurancesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FinancialAssurancesAbstract" xlink:to="lab_pnw_FinancialAssurancesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TaxExpenseOfMedicareSubsidyMember_0662118d-5055-4014-a02c-064221ac11a9_terseLabel_en-US" xlink:label="lab_pnw_TaxExpenseOfMedicareSubsidyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax expense of Medicare subsidy </link:label>
<link:label id="lab_pnw_TaxExpenseOfMedicareSubsidyMember_label_en-US" xlink:label="lab_pnw_TaxExpenseOfMedicareSubsidyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Expense of Medicare Subsidy [Member] </link:label>
<link:label id="lab_pnw_TaxExpenseOfMedicareSubsidyMember_documentation_en-US" xlink:label="lab_pnw_TaxExpenseOfMedicareSubsidyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the tax expense of Medicare subsidy. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TaxExpenseOfMedicareSubsidyMember" xlink:href="pnw-20201231.xsd#pnw_TaxExpenseOfMedicareSubsidyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TaxExpenseOfMedicareSubsidyMember" xlink:to="lab_pnw_TaxExpenseOfMedicareSubsidyMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EnvironmentalRemediationSiteDomain_22d9bf41-cebb-494d-981c-291285b4f40b_terseLabel_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationSiteDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Site [Domain] </link:label>
<link:label id="lab_us-gaap_EnvironmentalRemediationSiteDomain_label_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationSiteDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Site [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EnvironmentalRemediationSiteDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EnvironmentalRemediationSiteDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EnvironmentalRemediationSiteDomain" xlink:to="lab_us-gaap_EnvironmentalRemediationSiteDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_d999895d-578a-433f-add9-06479c64065d_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock compensation </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:to="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_48c8bc0a-a59e-4ddf-8053-11e5f41b3e87_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Nonvested Performance Shares </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock" xlink:to="lab_us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage_5ec347a0-b8fc-48e7-b52f-9055c154697e_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of common equity in capital structure </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Approved Equity Capital Structure, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage" xlink:to="lab_us-gaap_PublicUtilitiesApprovedEquityCapitalStructurePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriod2017Through2023Member_70736831-7f04-4e4b-a8ed-0fa3106a8f57_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriod2017Through2023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period 2021 through 2023 </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriod2017Through2023Member_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriod2017Through2023Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period 2017 Through 2023 [Member] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriod2017Through2023Member_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriod2017Through2023Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period 2017 Through 2023 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionPeriod2017Through2023Member" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionPeriod2017Through2023Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionPeriod2017Through2023Member" xlink:to="lab_pnw_SaleLeasebackTransactionPeriod2017Through2023Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate_dbb09181-36a1-4ce7-aea9-e26ee650920e_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest crediting rate – cash balance pension plans </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationWeightedAverageInterestCreditingRate" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsCoalReclamationLiabilities_00b818bf-2fae-45ce-a3a4-516603b749aa_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsCoalReclamationLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal reclamation liabilities </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsCoalReclamationLiabilities_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsCoalReclamationLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Coal Reclamation Liabilities </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsCoalReclamationLiabilities_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsCoalReclamationLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Coal Reclamation Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsCoalReclamationLiabilities" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsCoalReclamationLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsCoalReclamationLiabilities" xlink:to="lab_pnw_DeferredTaxAssetsCoalReclamationLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxContingencyLineItems_06dfa5e1-95f8-48f6-9e8c-8a591cc3ffd6_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxContingencyLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxContingencyLineItems_label_en-US" xlink:label="lab_us-gaap_IncomeTaxContingencyLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Contingency [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxContingencyLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxContingencyLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxContingencyLineItems" xlink:to="lab_us-gaap_IncomeTaxContingencyLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_1eb5d583-c069-47fc-a16e-aceadf4e3840_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized tax benefits (Note 5) </link:label>
<link:label id="lab_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent_label_en-US" xlink:label="lab_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability for Uncertainty in Income Taxes, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilityForUncertainTaxPositionsNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:to="lab_us-gaap_LiabilityForUncertainTaxPositionsNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds_a38376a9-56fe-4663-b73c-7d19c02315d6_negatedTerseLabel_en-US" xlink:label="lab_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in nuclear decommissioning trust and other special use funds </link:label>
<link:label id="lab_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds_label_en-US" xlink:label="lab_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Investments to be Held in Decommissioning Trust Fund And Other Special Use Funds </link:label>
<link:label id="lab_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds_documentation_en-US" xlink:label="lab_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Investments to be Held in Decommissioning Trust Fund And Other Special Use Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds" xlink:href="pnw-20201231.xsd#pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds" xlink:to="lab_pnw_PaymentstoAcquireInvestmentstobeHeldinDecommissioningTrustFundAndOtherSpecialUseFunds" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_GainContingencyNumberofSettlementAgreementTimePeriods_fe55014a-015c-4996-87db-598a9e90f16c_terseLabel_en-US" xlink:label="lab_pnw_GainContingencyNumberofSettlementAgreementTimePeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain contingency, number of separate time periods </link:label>
<link:label id="lab_pnw_GainContingencyNumberofSettlementAgreementTimePeriods_label_en-US" xlink:label="lab_pnw_GainContingencyNumberofSettlementAgreementTimePeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingency, Number of Settlement Agreement Time Periods </link:label>
<link:label id="lab_pnw_GainContingencyNumberofSettlementAgreementTimePeriods_documentation_en-US" xlink:label="lab_pnw_GainContingencyNumberofSettlementAgreementTimePeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingency, Number of Settlement Agreement Time Periods </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_GainContingencyNumberofSettlementAgreementTimePeriods" xlink:href="pnw-20201231.xsd#pnw_GainContingencyNumberofSettlementAgreementTimePeriods"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_GainContingencyNumberofSettlementAgreementTimePeriods" xlink:to="lab_pnw_GainContingencyNumberofSettlementAgreementTimePeriods" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SalesMember_4914cfb2-10c9-4b91-8be7-04d59ee1acdc_terseLabel_en-US" xlink:label="lab_us-gaap_SalesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue </link:label>
<link:label id="lab_us-gaap_SalesMember_label_en-US" xlink:label="lab_us-gaap_SalesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sales [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SalesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SalesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SalesMember" xlink:to="lab_us-gaap_SalesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationDeductionsOther_3a95867d-12fe-4c11-911b-333f384c3600_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationDeductionsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax benefit </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationDeductionsOther_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationDeductionsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Deduction, Other, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationDeductionsOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationDeductionsOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationDeductionsOther" xlink:to="lab_us-gaap_IncomeTaxReconciliationDeductionsOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTypeAxis_06aac00c-5b1f-4d08-9588-115b2e7036b9_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTypeAxis_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeAxis" xlink:to="lab_us-gaap_RetirementPlanTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_6f606853-152e-4ac5-9534-c9b0ca31da0d_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less imputed interest </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, Undiscounted Excess Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement_b1657f34-36cc-4fce-a31c-c7a1643801b6_terseLabel_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payment received for coal supply agreement </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement_label_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Proceeds from Operating an Maintenance Cost Reimbursement </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement_documentation_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Proceeds from Operating an Maintenance Cost Reimbursement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement" xlink:href="pnw-20201231.xsd#pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement" xlink:to="lab_pnw_AssetPurchaseAgreementProceedsfromOperatinganMaintenanceCostReimbursement" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod_bf0669b8-b190-4ce7-a977-992e7a3cdb60_terseLabel_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Units granted (in shares) </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod_label_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other than Options Unit Grants in Period </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod_documentation_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The number of units granted during the period on other than stock (or unit) option plans. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod" xlink:href="pnw-20201231.xsd#pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod" xlink:to="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsUnitGrantsInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SpecialUseFundInvestmentsOtherGrossFairValue_c5e49e89-34f7-4ecb-b8f2-b180bb851369_terseLabel_en-US" xlink:label="lab_pnw_SpecialUseFundInvestmentsOtherGrossFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other special use fund </link:label>
<link:label id="lab_pnw_SpecialUseFundInvestmentsOtherGrossFairValue_label_en-US" xlink:label="lab_pnw_SpecialUseFundInvestmentsOtherGrossFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Special Use Fund Investments, Other, Gross Fair Value </link:label>
<link:label id="lab_pnw_SpecialUseFundInvestmentsOtherGrossFairValue_documentation_en-US" xlink:label="lab_pnw_SpecialUseFundInvestmentsOtherGrossFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Special Use Fund Investments, Other, Gross Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SpecialUseFundInvestmentsOtherGrossFairValue" xlink:href="pnw-20201231.xsd#pnw_SpecialUseFundInvestmentsOtherGrossFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SpecialUseFundInvestmentsOtherGrossFairValue" xlink:to="lab_pnw_SpecialUseFundInvestmentsOtherGrossFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingJuly2023Member_b80fe481-15b4-4312-b775-fff81baf6dd8_terseLabel_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingJuly2023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving credit facility maturing July 2023 </link:label>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingJuly2023Member_label_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingJuly2023Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility Maturing July 2023 [Member] </link:label>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingJuly2023Member_documentation_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingJuly2023Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility Maturing July 2023 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RevolvingCreditFacilityMaturingJuly2023Member" xlink:href="pnw-20201231.xsd#pnw_RevolvingCreditFacilityMaturingJuly2023Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RevolvingCreditFacilityMaturingJuly2023Member" xlink:to="lab_pnw_RevolvingCreditFacilityMaturingJuly2023Member" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EquityInEarningsLossesOfSubsidiaries_0cd1f9f0-2496-4268-a4a3-57c1f34d95ab_terseLabel_en-US" xlink:label="lab_pnw_EquityInEarningsLossesOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in earnings of subsidiaries </link:label>
<link:label id="lab_pnw_EquityInEarningsLossesOfSubsidiaries_a3794302-9870-4b01-a165-069058496966_negatedLabel_en-US" xlink:label="lab_pnw_EquityInEarningsLossesOfSubsidiaries" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in earnings of subsidiaries - net </link:label>
<link:label id="lab_pnw_EquityInEarningsLossesOfSubsidiaries_label_en-US" xlink:label="lab_pnw_EquityInEarningsLossesOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity in Earnings (Losses) of Subsidiaries </link:label>
<link:label id="lab_pnw_EquityInEarningsLossesOfSubsidiaries_documentation_en-US" xlink:label="lab_pnw_EquityInEarningsLossesOfSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the equity in earnings or losses of subsidiaries for the reporting period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EquityInEarningsLossesOfSubsidiaries" xlink:href="pnw-20201231.xsd#pnw_EquityInEarningsLossesOfSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EquityInEarningsLossesOfSubsidiaries" xlink:to="lab_pnw_EquityInEarningsLossesOfSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherIncomeDisclosureNonoperatingAbstract_9368302d-bbf3-4850-87f8-fd833ddd8a87_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other income: </link:label>
<link:label id="lab_us-gaap_OtherIncomeDisclosureNonoperatingAbstract_label_en-US" xlink:label="lab_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Income, Nonoperating [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherIncomeDisclosureNonoperatingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:to="lab_us-gaap_OtherIncomeDisclosureNonoperatingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_ca33dfd0-fdb5-41fd-8d80-bb5185fda0d1_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_508b01f5-9717-46f4-9995-cd484747db4f_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Quoted Prices in Active Markets for Identical Assets (Level 1) </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_378a0e46-485e-4137-b69a-8d7d3f3c42fb_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 1 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel1Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 1 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel1Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel1Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_us-gaap_FairValueInputsLevel1Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears_e030270e-65e8-42fa-8b53-9a9241da6884_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, to be Paid, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatedOperationsAbstract_044371ea-3be8-4b5a-b865-6bd02e2ff971_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatedOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulated Operations [Abstract] </link:label>
<link:label id="lab_us-gaap_RegulatedOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_RegulatedOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulated Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatedOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatedOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatedOperationsAbstract" xlink:to="lab_us-gaap_RegulatedOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NuclearFuelAbstract_8d266d7b-e2c8-4a18-9686-6085dc7e2626_terseLabel_en-US" xlink:label="lab_pnw_NuclearFuelAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Fuel </link:label>
<link:label id="lab_pnw_NuclearFuelAbstract_label_en-US" xlink:label="lab_pnw_NuclearFuelAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Fuel [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NuclearFuelAbstract" xlink:href="pnw-20201231.xsd#pnw_NuclearFuelAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NuclearFuelAbstract" xlink:to="lab_pnw_NuclearFuelAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInInventories_57c488e5-bc72-44b0-a7fc-41b116dc6e40_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInventories" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Materials, supplies and fossil fuel </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInInventories_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Inventories </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInventories" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInInventories"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInInventories" xlink:to="lab_us-gaap_IncreaseDecreaseInInventories" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_7e2a5a95-2aaf-49dd-b942-7647ef0ac7b2_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, to be Paid, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_25e3cec6-9e1a-48df-bbd5-9dee3e8fa6b9_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross derivative liability, other </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilityFairValueGrossAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:to="lab_us-gaap_DerivativeLiabilityFairValueGrossAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NotionalAmountOfDerivativesAbstract_edf7a60b-c835-44b9-a004-a221b1003e3c_terseLabel_en-US" xlink:label="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding gross notional amount of derivatives </link:label>
<link:label id="lab_us-gaap_NotionalAmountOfDerivativesAbstract_label_en-US" xlink:label="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notional Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotionalAmountOfDerivativesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:to="lab_us-gaap_NotionalAmountOfDerivativesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_e75925bc-1464-433a-b567-1ff2beef2d46_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonvested shares </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ReturnGeneratingAssetsMember_f8a5122e-05bc-4b4a-ba25-25219a08a404_terseLabel_en-US" xlink:label="lab_pnw_ReturnGeneratingAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Return-generating assets </link:label>
<link:label id="lab_pnw_ReturnGeneratingAssetsMember_label_en-US" xlink:label="lab_pnw_ReturnGeneratingAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Return Generating Assets [Member] </link:label>
<link:label id="lab_pnw_ReturnGeneratingAssetsMember_documentation_en-US" xlink:label="lab_pnw_ReturnGeneratingAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Return-generating assets. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ReturnGeneratingAssetsMember" xlink:href="pnw-20201231.xsd#pnw_ReturnGeneratingAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ReturnGeneratingAssetsMember" xlink:to="lab_pnw_ReturnGeneratingAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAgencyAxis_5a083fda-ea71-43b7-aa8a-d2fe6277c7d8_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Axis] </link:label>
<link:label id="lab_us-gaap_RegulatoryAgencyAxis_label_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAgencyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryAgencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAgencyAxis" xlink:to="lab_us-gaap_RegulatoryAgencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RenewableEnergyProgramMember_b38dd313-cb1b-436c-9117-632d37605fb6_terseLabel_en-US" xlink:label="lab_us-gaap_RenewableEnergyProgramMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable energy program </link:label>
<link:label id="lab_us-gaap_RenewableEnergyProgramMember_label_en-US" xlink:label="lab_us-gaap_RenewableEnergyProgramMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable Energy Program [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RenewableEnergyProgramMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RenewableEnergyProgramMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RenewableEnergyProgramMember" xlink:to="lab_us-gaap_RenewableEnergyProgramMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OtherGenerationMember_6c4b983b-b1c3-4576-9e94-7f6fb8fa4979_terseLabel_en-US" xlink:label="lab_pnw_OtherGenerationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Generation </link:label>
<link:label id="lab_pnw_OtherGenerationMember_label_en-US" xlink:label="lab_pnw_OtherGenerationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other generation [Member] </link:label>
<link:label id="lab_pnw_OtherGenerationMember_documentation_en-US" xlink:label="lab_pnw_OtherGenerationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plant used in connection with other generation of energy. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OtherGenerationMember" xlink:href="pnw-20201231.xsd#pnw_OtherGenerationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OtherGenerationMember" xlink:to="lab_pnw_OtherGenerationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_db661a38-89ac-41d0-83a7-0345c7a224ca_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-In Capital </link:label>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalMember_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid-in Capital [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_us-gaap_AdditionalPaidInCapitalMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock_3f80ccd9-ebfa-4b7e-b0fb-504fed3c1305_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Detail of other income and other expense </link:label>
<link:label id="lab_us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Other Nonoperating Income (Expense) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfOtherNonoperatingIncomeExpenseTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedFinancialStatementsCaptionsLineItems_daecd655-8e3b-4620-a702-e11053661d73_terseLabel_en-US" xlink:label="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CONDENSED FINANCIAL STATEMENTS </link:label>
<link:label id="lab_srt_CondensedFinancialStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements, Captions [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedFinancialStatementsCaptionsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedFinancialStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement_fd4717ea-32a5-430d-8473-062ef3179b28_terseLabel_en-US" xlink:label="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement_label_en-US" xlink:label="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Operating Activities, Cash Flow Statement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherOperatingActivitiesCashFlowStatement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:to="lab_us-gaap_OtherOperatingActivitiesCashFlowStatement" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AverageAnnualCustomerBillIncreasePercent_491bd6e4-d470-4d60-9de2-e6716c0bb99e_negatedTerseLabel_en-US" xlink:label="lab_pnw_AverageAnnualCustomerBillIncreasePercent" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average percentage annual customer bill increase </link:label>
<link:label id="lab_pnw_AverageAnnualCustomerBillIncreasePercent_label_en-US" xlink:label="lab_pnw_AverageAnnualCustomerBillIncreasePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average Annual Customer Bill Increase, Percent </link:label>
<link:label id="lab_pnw_AverageAnnualCustomerBillIncreasePercent_documentation_en-US" xlink:label="lab_pnw_AverageAnnualCustomerBillIncreasePercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average Annual Customer Bill Increase, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AverageAnnualCustomerBillIncreasePercent" xlink:href="pnw-20201231.xsd#pnw_AverageAnnualCustomerBillIncreasePercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AverageAnnualCustomerBillIncreasePercent" xlink:to="lab_pnw_AverageAnnualCustomerBillIncreasePercent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FERCTransmissionTrueUpMember_af3cefac-9712-4208-a76a-d651f62e4bb6_terseLabel_en-US" xlink:label="lab_pnw_FERCTransmissionTrueUpMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FERC transmission true up </link:label>
<link:label id="lab_pnw_FERCTransmissionTrueUpMember_label_en-US" xlink:label="lab_pnw_FERCTransmissionTrueUpMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FERC Transmission True Up [Member] </link:label>
<link:label id="lab_pnw_FERCTransmissionTrueUpMember_documentation_en-US" xlink:label="lab_pnw_FERCTransmissionTrueUpMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FERC Transmission True Up [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FERCTransmissionTrueUpMember" xlink:href="pnw-20201231.xsd#pnw_FERCTransmissionTrueUpMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FERCTransmissionTrueUpMember" xlink:to="lab_pnw_FERCTransmissionTrueUpMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SettlementAgreementNetRetailBaseRateIncrease_d782f8e7-3c9a-46a6-9456-0ab389fb1ffa_terseLabel_en-US" xlink:label="lab_pnw_SettlementAgreementNetRetailBaseRateIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement agreement, net retail base rate increase </link:label>
<link:label id="lab_pnw_SettlementAgreementNetRetailBaseRateIncrease_label_en-US" xlink:label="lab_pnw_SettlementAgreementNetRetailBaseRateIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement Agreement, Net Retail Base Rate, Increase </link:label>
<link:label id="lab_pnw_SettlementAgreementNetRetailBaseRateIncrease_documentation_en-US" xlink:label="lab_pnw_SettlementAgreementNetRetailBaseRateIncrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement Agreement, Net Retail Base Rate, Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SettlementAgreementNetRetailBaseRateIncrease" xlink:href="pnw-20201231.xsd#pnw_SettlementAgreementNetRetailBaseRateIncrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SettlementAgreementNetRetailBaseRateIncrease" xlink:to="lab_pnw_SettlementAgreementNetRetailBaseRateIncrease" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RestrictedStockUnitsRSUAndStockGrantsMember_28791882-bb62-47c5-9d32-d154c5b2a2fe_terseLabel_en-US" xlink:label="lab_pnw_RestrictedStockUnitsRSUAndStockGrantsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units, Stock Grants, and Stock Units </link:label>
<link:label id="lab_pnw_RestrictedStockUnitsRSUAndStockGrantsMember_label_en-US" xlink:label="lab_pnw_RestrictedStockUnitsRSUAndStockGrantsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units RSU and Stock Grants [Member] </link:label>
<link:label id="lab_pnw_RestrictedStockUnitsRSUAndStockGrantsMember_documentation_en-US" xlink:label="lab_pnw_RestrictedStockUnitsRSUAndStockGrantsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to restricted stock unit awards and stock grants. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RestrictedStockUnitsRSUAndStockGrantsMember" xlink:href="pnw-20201231.xsd#pnw_RestrictedStockUnitsRSUAndStockGrantsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RestrictedStockUnitsRSUAndStockGrantsMember" xlink:to="lab_pnw_RestrictedStockUnitsRSUAndStockGrantsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsLineItems_216dd86a-8144-4c4f-87dd-ed1c84b08d9e_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents [Line Items] </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsLineItems_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsLineItems" xlink:to="lab_us-gaap_CashAndCashEquivalentsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_ccb8c0bb-8de1-4738-8954-db196b5bd5e4_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurements </link:label>
<link:label id="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy_label_en-US" xlink:label="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value of Financial Instruments, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_806f6575-1fd6-4fa2-a914-002991345446_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_us-gaap_IncomeTaxDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredPropertyTaxesMember_084f03e4-6a0a-408f-99de-3cedeba88fbc_terseLabel_en-US" xlink:label="lab_pnw_DeferredPropertyTaxesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred property taxes </link:label>
<link:label id="lab_pnw_DeferredPropertyTaxesMember_label_en-US" xlink:label="lab_pnw_DeferredPropertyTaxesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Property Taxes [Member] </link:label>
<link:label id="lab_pnw_DeferredPropertyTaxesMember_documentation_en-US" xlink:label="lab_pnw_DeferredPropertyTaxesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to deferred property taxes. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredPropertyTaxesMember" xlink:href="pnw-20201231.xsd#pnw_DeferredPropertyTaxesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredPropertyTaxesMember" xlink:to="lab_pnw_DeferredPropertyTaxesMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability_c591b713-c121-45de-83b4-0fe272a22a4d_terseLabel_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Recognized Derivatives </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability_label_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Fair Value, Gross Asset (Liability) </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability_documentation_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the fair value of derivative asset, net of liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability" xlink:href="pnw-20201231.xsd#pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability" xlink:to="lab_pnw_DerivativeAssetLiabilityFairValueGrossAssetLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_68869d03-158f-4cee-a7eb-f05338ef89f3_terseLabel_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving credit facility </link:label>
<link:label id="lab_us-gaap_RevolvingCreditFacilityMember_label_en-US" xlink:label="lab_us-gaap_RevolvingCreditFacilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevolvingCreditFacilityMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevolvingCreditFacilityMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevolvingCreditFacilityMember" xlink:to="lab_us-gaap_RevolvingCreditFacilityMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_HistoricalComponentofPSARate1_35f467e8-1804-41c2-9e8b-761263112146_terseLabel_en-US" xlink:label="lab_pnw_HistoricalComponentofPSARate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Historical component of PSA rate (in dollars per kWh) </link:label>
<link:label id="lab_pnw_HistoricalComponentofPSARate1_label_en-US" xlink:label="lab_pnw_HistoricalComponentofPSARate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Historical Component of PSA Rate1 </link:label>
<link:label id="lab_pnw_HistoricalComponentofPSARate1_documentation_en-US" xlink:label="lab_pnw_HistoricalComponentofPSARate1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Historical Component of PSA Rate1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_HistoricalComponentofPSARate1" xlink:href="pnw-20201231.xsd#pnw_HistoricalComponentofPSARate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_HistoricalComponentofPSARate1" xlink:to="lab_pnw_HistoricalComponentofPSARate1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission_23e92bd9-3e6b-4cc2-8fb2-316ea666ef9b_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Transmission </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentTransmission" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_9ac2bf47-94f8-48c3-a73a-ec06e7612e22_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Sale Leaseback Variable Interest Entities </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:to="lab_us-gaap_VariableInterestEntityDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_ff12377b-21ff-4c73-8683-cb883c31523c_negatedLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Negative impact on operating results </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_a6704825-5317-4a93-a657-b7485c463f12_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pre-tax income </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_b621b70e-a102-49ce-aa31-d5b356716098_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income before income taxes </link:label>
<link:label id="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtLineItems_7172a7cd-1e6e-40b9-bee3-d09322b76161_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lines of Credit and Short-Term Borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermDebtLineItems_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtLineItems" xlink:to="lab_us-gaap_ShortTermDebtLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_ba8093a5-fa2b-4490-a5ec-7541cedeb329_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock, authorized shares (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_us-gaap_CommonStockSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_390d4c6d-2c12-4e3a-bc7d-0112a78ffd41_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership interest acquired (as a percent) </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Percentage of Voting Interests Acquired </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:to="lab_us-gaap_BusinessAcquisitionPercentageOfVotingInterestsAcquired" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentGross_1e08fc59-b799-4179-9512-146c9f1f9be8_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plant in service and held for future use </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentGross_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentGross" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentGross" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentGross" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentGross" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_e949a807-a03e-4682-8a16-83c211ba7899_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal </link:label>
<link:label id="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Federal Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ChollaCommonFacilitiesMember_9e253321-f7df-48fa-aed4-94cfa538b765_terseLabel_en-US" xlink:label="lab_pnw_ChollaCommonFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla Common Facilities </link:label>
<link:label id="lab_pnw_ChollaCommonFacilitiesMember_label_en-US" xlink:label="lab_pnw_ChollaCommonFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla Common Facilities [Member] </link:label>
<link:label id="lab_pnw_ChollaCommonFacilitiesMember_documentation_en-US" xlink:label="lab_pnw_ChollaCommonFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Cholla common facilities, a jointly-owned generating facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ChollaCommonFacilitiesMember" xlink:href="pnw-20201231.xsd#pnw_ChollaCommonFacilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ChollaCommonFacilitiesMember" xlink:to="lab_pnw_ChollaCommonFacilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_6421105c-4087-49d7-9208-e08a982f7245_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_eda21d1f-8c77-4d66-ad24-dd1f3a1f9a2b_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded Status at the end of the period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Funded (Unfunded) Status of Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanFundedStatusOfPlan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:to="lab_us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit_a491f6e8-33b4-47cf-ac7d-3b94ef325e03_verboseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Requested rate increase for tax act </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit_547158b3-839b-4996-9541-907eb12b4d00_negatedTerseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Requested rate decrease for tax act </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Amount, Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Amount, Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit" xlink:to="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountTaxCutsandJobsActof2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember_2ab6047a-19ee-428a-9b3e-fd577cb0c96d_terseLabel_en-US" xlink:label="lab_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo plant, coal reclamation regulatory asset </link:label>
<link:label id="lab_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember_label_en-US" xlink:label="lab_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Plant, Coal Reclamation Regulatory Asset [Member] </link:label>
<link:label id="lab_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember_documentation_en-US" xlink:label="lab_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Plant, Coal Reclamation Regulatory Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember" xlink:href="pnw-20201231.xsd#pnw_NavajoPlantCoalReclamationRegulatoryAssetMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember" xlink:to="lab_pnw_NavajoPlantCoalReclamationRegulatoryAssetMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CommercialCustomersMarketPricingThreshold_61e3e522-260b-482d-a908-72c349fe5eb4_terseLabel_en-US" xlink:label="lab_pnw_CommercialCustomersMarketPricingThreshold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial customers, market pricing, threshold </link:label>
<link:label id="lab_pnw_CommercialCustomersMarketPricingThreshold_label_en-US" xlink:label="lab_pnw_CommercialCustomersMarketPricingThreshold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Customers, Market Pricing, Threshold </link:label>
<link:label id="lab_pnw_CommercialCustomersMarketPricingThreshold_documentation_en-US" xlink:label="lab_pnw_CommercialCustomersMarketPricingThreshold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Customers, Market Pricing, Threshold </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CommercialCustomersMarketPricingThreshold" xlink:href="pnw-20201231.xsd#pnw_CommercialCustomersMarketPricingThreshold"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CommercialCustomersMarketPricingThreshold" xlink:to="lab_pnw_CommercialCustomersMarketPricingThreshold" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementAbstract_767eade9-e951-4317-a532-c0a982db0e4e_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:label id="lab_us-gaap_IncomeStatementAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementAbstract" xlink:to="lab_us-gaap_IncomeStatementAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary_9fc4daa2-b29f-4595-8f76-6544b4dafed2_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, to be Paid, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_4feebb5b-05e9-414a-85b2-d4531b8b3866_verboseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AOCI Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward_7ba1d5b7-a62d-4621-990f-ff707989e9eb_terseLabel_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in regulatory asset </link:label>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward_label_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Fuel and Purchased Power Regulatory Asset (Liability) [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward" xlink:href="pnw-20201231.xsd#pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward" xlink:to="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock_092b4282-e030-411d-b8a8-b75f985e564d_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of fixed income securities, summarized by contractual maturities </link:label>
<link:label id="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments Classified by Contractual Maturity Date [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:to="lab_us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NonoperatingCosts_37b80a71-f497-4535-b019-6f361db33897_negatedLabel_en-US" xlink:label="lab_pnw_NonoperatingCosts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-operating costs </link:label>
<link:label id="lab_pnw_NonoperatingCosts_label_en-US" xlink:label="lab_pnw_NonoperatingCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonoperating Costs </link:label>
<link:label id="lab_pnw_NonoperatingCosts_documentation_en-US" xlink:label="lab_pnw_NonoperatingCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of nonoperating costs resulting from the ancillary business-related activities (that is, excluding major activities considered as a part of the normal operations of the business) recognized during the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NonoperatingCosts" xlink:href="pnw-20201231.xsd#pnw_NonoperatingCosts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NonoperatingCosts" xlink:to="lab_pnw_NonoperatingCosts" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_b1f1aefe-4c65-475f-84ff-56c128f1a249_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_a1dbcd62-1265-488a-af9f-00dad9759109_verboseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde VIE </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_04aee244-8e25-4f39-94b8-f54e9ca5774c_netLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde VIE </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Primary Beneficiary [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="lab_us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoTransitionalEnergyCompanyLLCMember_f529bb27-b8c5-4878-a78f-1801ee8e3fe7_terseLabel_en-US" xlink:label="lab_pnw_NavajoTransitionalEnergyCompanyLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> NTEC </link:label>
<link:label id="lab_pnw_NavajoTransitionalEnergyCompanyLLCMember_label_en-US" xlink:label="lab_pnw_NavajoTransitionalEnergyCompanyLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Transitional Energy Company, LLC [Member] </link:label>
<link:label id="lab_pnw_NavajoTransitionalEnergyCompanyLLCMember_documentation_en-US" xlink:label="lab_pnw_NavajoTransitionalEnergyCompanyLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Transitional Energy Company, LLC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoTransitionalEnergyCompanyLLCMember" xlink:href="pnw-20201231.xsd#pnw_NavajoTransitionalEnergyCompanyLLCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoTransitionalEnergyCompanyLLCMember" xlink:to="lab_pnw_NavajoTransitionalEnergyCompanyLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredCreditsMember_4495eea7-1358-48b9-8866-1127c13f2ed0_terseLabel_en-US" xlink:label="lab_pnw_DeferredCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Credits and Other </link:label>
<link:label id="lab_pnw_DeferredCreditsMember_label_en-US" xlink:label="lab_pnw_DeferredCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Credits [Member] </link:label>
<link:label id="lab_pnw_DeferredCreditsMember_documentation_en-US" xlink:label="lab_pnw_DeferredCreditsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line item in the statement of financial position in which the fair value amounts of the derivative instruments are included. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredCreditsMember" xlink:href="pnw-20201231.xsd#pnw_DeferredCreditsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredCreditsMember" xlink:to="lab_pnw_DeferredCreditsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UseOfEstimates_6512ca3b-2184-4729-be2b-3e3bc2059c88_terseLabel_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Records and Use of Estimates </link:label>
<link:label id="lab_us-gaap_UseOfEstimates_label_en-US" xlink:label="lab_us-gaap_UseOfEstimates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Use of Estimates, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UseOfEstimates" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UseOfEstimates"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UseOfEstimates" xlink:to="lab_us-gaap_UseOfEstimates" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTable_8845fa47-fd64-4e41-aa42-025f57960158_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Liabilities [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Liabilities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRegulatoryLiabilitiesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRegulatoryLiabilitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRegulatoryLiabilitiesTable" xlink:to="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxAuthorityDomain_ea94261b-fbff-448f-be4d-813b60c63f58_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Domain] </link:label>
<link:label id="lab_us-gaap_IncomeTaxAuthorityDomain_label_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxAuthorityDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxAuthorityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityDomain" xlink:to="lab_us-gaap_IncomeTaxAuthorityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_6f64e534-0816-43c3-b574-7a023c6e384f_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation by Category of Item Purchased [Axis] </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation by Category of Item Purchased [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeNonmonetaryNotionalAmountVolume_75585d19-bc98-4adf-a941-52608fba7ed4_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNonmonetaryNotionalAmountVolume" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gas (in bcf) </link:label>
<link:label id="lab_us-gaap_DerivativeNonmonetaryNotionalAmountVolume_label_en-US" xlink:label="lab_us-gaap_DerivativeNonmonetaryNotionalAmountVolume" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Nonmonetary Notional Amount, Volume </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNonmonetaryNotionalAmountVolume" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeNonmonetaryNotionalAmountVolume"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNonmonetaryNotionalAmountVolume" xlink:to="lab_us-gaap_DerivativeNonmonetaryNotionalAmountVolume" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersCustomerCOVIDAssistance_232778d6-128e-4f09-8593-5c3e0cf89f2c_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerCOVIDAssistance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer COVID assistance </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerCOVIDAssistance_label_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerCOVIDAssistance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer COVID Assistance </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerCOVIDAssistance_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerCOVIDAssistance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer COVID Assistance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersCustomerCOVIDAssistance" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersCustomerCOVIDAssistance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersCustomerCOVIDAssistance" xlink:to="lab_pnw_RegulatoryMattersCustomerCOVIDAssistance" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_76c7e8e5-d459-425f-8c81-a2a000deaaa4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of weighted-average assumptions used for both the pension and other benefits to determine benefit obligations and net periodic benefit costs </link:label>
<link:label id="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAssumptionsUsedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_923d1245-9a12-475c-867b-a6a7d834d260_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesAxis_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAssetLineItems_3437d2e6-ade3-42f9-8129-2e0e9e335557_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAssetLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Detail of regulatory assets </link:label>
<link:label id="lab_us-gaap_RegulatoryAssetLineItems_label_en-US" xlink:label="lab_us-gaap_RegulatoryAssetLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAssetLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryAssetLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAssetLineItems" xlink:to="lab_us-gaap_RegulatoryAssetLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage_c8f879b7-1fe0-495c-86bf-6610b01bd012_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Long-term Debt Cost Of Capital, Percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Long-term Debt Cost Of Capital, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage" xlink:to="lab_pnw_PublicUtilitiesRequestedLongtermDebtCostOfCapitalPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScenarioUnspecifiedDomain_88699fdd-3c30-447b-b053-27eea2df92d5_terseLabel_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Domain] </link:label>
<link:label id="lab_srt_ScenarioUnspecifiedDomain_label_en-US" xlink:label="lab_srt_ScenarioUnspecifiedDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioUnspecifiedDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScenarioUnspecifiedDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioUnspecifiedDomain" xlink:to="lab_srt_ScenarioUnspecifiedDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtTextBlock_a4c73fce-82a4-4d73-af3f-7ae0c99f6ba5_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt and Liquidity Matters </link:label>
<link:label id="lab_us-gaap_LongTermDebtTextBlock_label_en-US" xlink:label="lab_us-gaap_LongTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtTextBlock" xlink:to="lab_us-gaap_LongTermDebtTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTable_d646b782-363f-424d-91c9-533325834f53_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements [Table] </link:label>
<link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTable_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Statements [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScheduleOfCondensedFinancialStatementsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:to="lab_srt_ScheduleOfCondensedFinancialStatementsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_2716407c-aaeb-4a10-8184-8f82ac5d2c4b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual return on plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentTable_1774eb4c-6ad4-4cfa-805b-87a70e44b25b_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Property, Plant and Equipment [Table] </link:label>
<link:label id="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentTable_label_en-US" xlink:label="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Property, Plant and Equipment [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilityPropertyPlantAndEquipmentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilityPropertyPlantAndEquipmentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilityPropertyPlantAndEquipmentTable" xlink:to="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_cd14457d-12a2-475c-a16a-1af51c8b7321_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actual Allocation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract_437bfb48-c529-4e0a-96d6-bcb5d0978b72_terseLabel_en-US" xlink:label="lab_pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets and Liabilities </link:label>
<link:label id="lab_pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract_label_en-US" xlink:label="lab_pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Derivative Assets Liabilities, Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract" xlink:href="pnw-20201231.xsd#pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract" xlink:to="lab_pnw_OffsettingDerivativeAssetsLiabilitiesNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery_e3be965b-90a3-43d3-9ef4-d624da8ed455_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold percentage for deferral of potential recovery </link:label>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery_label_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Voluntary Funds, Percentage Threshold For Deferral Of Potential Recovery </link:label>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Voluntary Funds, Percentage Threshold For Deferral Of Potential Recovery </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery" xlink:to="lab_pnw_RegulatoryMattersVoluntaryFundsPercentageThresholdForDeferralOfPotentialRecovery" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther_c2f2a735-db2a-4309-9090-a66fd30dcf51_negatedLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Regulatory Assets, Other </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount as of the balance sheet date of the estimated future tax effects attributable to the difference between the tax basis and the basis in accordance with generally accepted accounting principles of other regulatory assets which will increase future taxable income when such basis difference reverses. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther" xlink:to="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingDesignationAxis_4a9599e3-e34e-488c-a296-f0c236210bd1_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationAxis_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationAxis" xlink:to="lab_us-gaap_HedgingDesignationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInPrepaidExpense_bfc8a30b-414f-4cfd-8032-57505731828d_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other current assets </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInPrepaidExpense_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Prepaid Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="lab_us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeNuclearGeneratingStationAbstract_9dd77ee7-d223-45c8-9018-c6fdcd05f2d6_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeNuclearGeneratingStationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Nuclear Generating Station [Abstract] </link:label>
<link:label id="lab_pnw_PaloVerdeNuclearGeneratingStationAbstract_label_en-US" xlink:label="lab_pnw_PaloVerdeNuclearGeneratingStationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Nuclear Generating Station [Abstract] </link:label>
<link:label id="lab_pnw_PaloVerdeNuclearGeneratingStationAbstract_documentation_en-US" xlink:label="lab_pnw_PaloVerdeNuclearGeneratingStationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Nuclear Generating Station [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeNuclearGeneratingStationAbstract" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeNuclearGeneratingStationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeNuclearGeneratingStationAbstract" xlink:to="lab_pnw_PaloVerdeNuclearGeneratingStationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_d42bc203-7624-4c70-9c0b-8baf41b99378_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTable_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueTable" xlink:to="lab_us-gaap_DisaggregationOfRevenueTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_7992a023-073e-4cb1-aed6-a2113ee3a851_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Years 2026-2030 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan_e323871b-e28a-4e6f-b6fa-02056aad31e7_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer to active union medical account </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan_908bf7de-2f84-4605-8978-813d561a2000_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transfer to active union medical account </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Increase (Decrease) for Assets Transferred to (from) Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan" xlink:to="lab_us-gaap_DefinedBenefitPlanAssetsTransferredToFromPlan" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermDebtTextBlock_e82696ea-51fb-4841-b496-bf494106f372_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lines of Credit and Short-Term Borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermDebtTextBlock_label_en-US" xlink:label="lab_us-gaap_ShortTermDebtTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermDebtTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermDebtTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermDebtTextBlock" xlink:to="lab_us-gaap_ShortTermDebtTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService_92c2c4af-b6a4-4a57-9308-34c2b73164bc_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation rates (as a percent) </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDisclosureOfCompositeDepreciationRateForPlantsInService" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByShareholders_2fa23987-b07a-4f36-ab8f-81a87d93241b_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByShareholders" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount funded by shareholders </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByShareholders_label_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amounts Funded By Shareholders </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByShareholders_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByShareholders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amounts Funded By Shareholders </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersAmountsFundedByShareholders" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersAmountsFundedByShareholders"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersAmountsFundedByShareholders" xlink:to="lab_pnw_RegulatoryMattersAmountsFundedByShareholders" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityDomain_7a168601-c62a-4a59-9caa-b2a543523cb4_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityDomain" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_2c768167-2187-4725-ac10-63b9a3c1ba7f_terseLabel_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as Hedging Instruments </link:label>
<link:label id="lab_us-gaap_DesignatedAsHedgingInstrumentMember_label_en-US" xlink:label="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DesignatedAsHedgingInstrumentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:to="lab_us-gaap_DesignatedAsHedgingInstrumentMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl_bf6a2072-3a23-4002-a0c5-514d5258e366_terseLabel_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional percentage share of cost of control </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl_label_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Additional Percentage Share of Cost of Control </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl_documentation_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Additional Percentage Share of Cost of Control </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl" xlink:href="pnw-20201231.xsd#pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl" xlink:to="lab_pnw_AssetPurchaseAgreementAdditionalPercentageShareofCostofControl" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MaximumAvailableNuclearLiabilityInsurance_bc4f813f-6167-4df6-ac51-d17371c6401c_terseLabel_en-US" xlink:label="lab_pnw_MaximumAvailableNuclearLiabilityInsurance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum available nuclear liability insurance </link:label>
<link:label id="lab_pnw_MaximumAvailableNuclearLiabilityInsurance_label_en-US" xlink:label="lab_pnw_MaximumAvailableNuclearLiabilityInsurance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Available Nuclear Liability Insurance </link:label>
<link:label id="lab_pnw_MaximumAvailableNuclearLiabilityInsurance_documentation_en-US" xlink:label="lab_pnw_MaximumAvailableNuclearLiabilityInsurance" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the maximum available nuclear liability insurance which is provided by commercial insurance carriers, maintained by Palo Verde as required by the Price Anderson Nuclear Industries Indemnity Act. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MaximumAvailableNuclearLiabilityInsurance" xlink:href="pnw-20201231.xsd#pnw_MaximumAvailableNuclearLiabilityInsurance"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MaximumAvailableNuclearLiabilityInsurance" xlink:to="lab_pnw_MaximumAvailableNuclearLiabilityInsurance" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LinesOfCreditAndShortTermBorrowingAbstract_8c860828-9515-428f-a5be-941fa4038b65_terseLabel_en-US" xlink:label="lab_pnw_LinesOfCreditAndShortTermBorrowingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lines of Credit and Short-Term Borrowings </link:label>
<link:label id="lab_pnw_LinesOfCreditAndShortTermBorrowingAbstract_label_en-US" xlink:label="lab_pnw_LinesOfCreditAndShortTermBorrowingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lines of Credit and Short-Term Borrowings </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LinesOfCreditAndShortTermBorrowingAbstract" xlink:href="pnw-20201231.xsd#pnw_LinesOfCreditAndShortTermBorrowingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LinesOfCreditAndShortTermBorrowingAbstract" xlink:to="lab_pnw_LinesOfCreditAndShortTermBorrowingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ElPasosInterestinFourCornersMember_90881e90-e8a9-4d96-900a-d67c8ce691f8_terseLabel_en-US" xlink:label="lab_pnw_ElPasosInterestinFourCornersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> El Paso's Interest in Four Corners </link:label>
<link:label id="lab_pnw_ElPasosInterestinFourCornersMember_label_en-US" xlink:label="lab_pnw_ElPasosInterestinFourCornersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> El Paso's Interest in Four Corners [Member] </link:label>
<link:label id="lab_pnw_ElPasosInterestinFourCornersMember_documentation_en-US" xlink:label="lab_pnw_ElPasosInterestinFourCornersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> El Paso's Interest in Four Corners [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ElPasosInterestinFourCornersMember" xlink:href="pnw-20201231.xsd#pnw_ElPasosInterestinFourCornersMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ElPasosInterestinFourCornersMember" xlink:to="lab_pnw_ElPasosInterestinFourCornersMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_86c20551-cfdc-418f-9674-405fa710fcb2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains and losses from derivative instruments not designated as accounting hedges instruments </link:label>
<link:label id="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives Not Designated as Hedging Instruments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_cdd96d04-3f47-491d-84df-a7fdd78d8f41_verboseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Average useful life </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Useful Life </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract_91018e12-d7bd-4977-85c7-c3ebbab27ac5_verboseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PROPERTY, PLANT AND EQUIPMENT (Notes 1, 7 and 10) </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract_c8aff552-eccd-44be-8b80-24c1594d374c_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PROPERTY, PLANT AND EQUIPMENT </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract_c3443f0f-e9ef-4e20-97ee-1afbcd29c3f7_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory assets: </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Regulatory Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract" xlink:to="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember_d5670ab8-6a48-44f7-83ce-d48e107e734a_terseLabel_en-US" xlink:label="lab_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Settlement Agreement and its Customer Education and Outreach Plan </link:label>
<link:label id="lab_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember_label_en-US" xlink:label="lab_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Settlement Agreement and its Customer Education and Outreach Plan [Member] </link:label>
<link:label id="lab_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember_documentation_en-US" xlink:label="lab_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2017 Settlement Agreement and its Customer Education and Outreach Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember" xlink:href="pnw-20201231.xsd#pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember" xlink:to="lab_pnw_A2017SettlementAgreementAndItsCustomerEducationAndOutreachPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember_241dd06a-54fa-4ac9-82e2-130048fac18f_terseLabel_en-US" xlink:label="lab_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo County Communities, Cholla Power Plant Closure </link:label>
<link:label id="lab_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember_label_en-US" xlink:label="lab_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo County Communities, Cholla Power Plant Closure [Member] </link:label>
<link:label id="lab_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember_documentation_en-US" xlink:label="lab_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo County Communities, Cholla Power Plant Closure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember" xlink:href="pnw-20201231.xsd#pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember" xlink:to="lab_pnw_NavajoCountyCommunitiesChollaPowerPlantClosureMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalCommunityTransitionPlanMember_9b7acc24-e462-447a-8140-c5c362fe944c_terseLabel_en-US" xlink:label="lab_pnw_CoalCommunityTransitionPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Community Transition Plan </link:label>
<link:label id="lab_pnw_CoalCommunityTransitionPlanMember_label_en-US" xlink:label="lab_pnw_CoalCommunityTransitionPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Community Transition Plan [Member] </link:label>
<link:label id="lab_pnw_CoalCommunityTransitionPlanMember_documentation_en-US" xlink:label="lab_pnw_CoalCommunityTransitionPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Community Transition Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalCommunityTransitionPlanMember" xlink:href="pnw-20201231.xsd#pnw_CoalCommunityTransitionPlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalCommunityTransitionPlanMember" xlink:to="lab_pnw_CoalCommunityTransitionPlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeLeaseDescriptionLineItems_6cfd8641-ba70-4920-abd1-358e4054f783_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Lease, Description [Line Items] </link:label>
<link:label id="lab_us-gaap_LesseeLeaseDescriptionLineItems_label_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Lease, Description [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeaseDescriptionLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeLeaseDescriptionLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeaseDescriptionLineItems" xlink:to="lab_us-gaap_LesseeLeaseDescriptionLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PostretirementBenefitCostsMember_a7f7561a-dc90-471e-a07a-594e9c59b735_terseLabel_en-US" xlink:label="lab_us-gaap_PostretirementBenefitCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other postretirement benefits </link:label>
<link:label id="lab_us-gaap_PostretirementBenefitCostsMember_label_en-US" xlink:label="lab_us-gaap_PostretirementBenefitCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Postretirement Benefit Costs [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PostretirementBenefitCostsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PostretirementBenefitCostsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PostretirementBenefitCostsMember" xlink:to="lab_us-gaap_PostretirementBenefitCostsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromContributionsFromParent_66e00940-33b1-412d-95d6-f2e9145d2422_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromContributionsFromParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity infusion from Pinnacle West </link:label>
<link:label id="lab_us-gaap_ProceedsFromContributionsFromParent_label_en-US" xlink:label="lab_us-gaap_ProceedsFromContributionsFromParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Contributions from Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromContributionsFromParent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromContributionsFromParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromContributionsFromParent" xlink:to="lab_us-gaap_ProceedsFromContributionsFromParent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage_97f2dcc8-8809-4807-b2ce-33cbb13ac097_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increment of fair value rate, percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage_label_en-US" xlink:label="lab_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Increment of Fair Value Rate, Percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Increment of Fair Value Rate, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesIncrementOfFairValueRatePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage" xlink:to="lab_pnw_PublicUtilitiesIncrementOfFairValueRatePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_1027aee7-0306-49e9-afac-b88444873672_terseLabel_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fuel and purchased power </link:label>
<link:label id="lab_us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_label_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_9c714818-bcda-4cfb-9cdb-27b7cc26b9ec_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_us-gaap_FairValueDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption_7a9e78f6-1135-4dc6-a380-b5abb5e84cac_negatedTerseLabel_en-US" xlink:label="lab_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (decrease) in deferred income taxes due to regulation adoption </link:label>
<link:label id="lab_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption_label_en-US" xlink:label="lab_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Deferred Income Taxes Due to Regulation Adoption </link:label>
<link:label id="lab_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption_documentation_en-US" xlink:label="lab_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa, due to the adoption of regulations. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption" xlink:href="pnw-20201231.xsd#pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption" xlink:to="lab_pnw_IncreaseDecreaseInDeferredIncomeTaxesDueToRegulationAdoption" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PollutionControlBondsVariableMember_c8bac88f-8157-45f0-ba14-2f81b84c3180_terseLabel_en-US" xlink:label="lab_pnw_PollutionControlBondsVariableMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pollution Control Bonds - Variable </link:label>
<link:label id="lab_pnw_PollutionControlBondsVariableMember_label_en-US" xlink:label="lab_pnw_PollutionControlBondsVariableMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pollution Control Bonds Variable [Member] </link:label>
<link:label id="lab_pnw_PollutionControlBondsVariableMember_documentation_en-US" xlink:label="lab_pnw_PollutionControlBondsVariableMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A debt security issued by a state, certain agencies or authorities, a local government, or development corporation to finance the construction of air- or water-pollution control facilities or sewage or solid waste disposal facilities pursuant to federal law and which is carrying a variable interest rate. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PollutionControlBondsVariableMember" xlink:href="pnw-20201231.xsd#pnw_PollutionControlBondsVariableMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PollutionControlBondsVariableMember" xlink:to="lab_pnw_PollutionControlBondsVariableMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtAndCapitalLeaseObligations_f394f9f1-9e47-4dc8-8e7d-e6839d5cf3dc_totalLabel_en-US" xlink:label="lab_us-gaap_DebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total long-term debt </link:label>
<link:label id="lab_us-gaap_DebtAndCapitalLeaseObligations_659125c6-f3d9-46de-80c7-9131cb4e8c24_terseLabel_en-US" xlink:label="lab_us-gaap_DebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying Amount </link:label>
<link:label id="lab_us-gaap_DebtAndCapitalLeaseObligations_label_en-US" xlink:label="lab_us-gaap_DebtAndCapitalLeaseObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt and Lease Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtAndCapitalLeaseObligations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtAndCapitalLeaseObligations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtAndCapitalLeaseObligations" xlink:to="lab_us-gaap_DebtAndCapitalLeaseObligations" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EnvironmentalImprovementSurchargeMember_b0769e72-c0ca-4596-998d-b7afb79029f3_terseLabel_en-US" xlink:label="lab_pnw_EnvironmentalImprovementSurchargeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Improvement Surcharge </link:label>
<link:label id="lab_pnw_EnvironmentalImprovementSurchargeMember_label_en-US" xlink:label="lab_pnw_EnvironmentalImprovementSurchargeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Improvement Surcharge [Member] </link:label>
<link:label id="lab_pnw_EnvironmentalImprovementSurchargeMember_documentation_en-US" xlink:label="lab_pnw_EnvironmentalImprovementSurchargeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Improvement Surcharge [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EnvironmentalImprovementSurchargeMember" xlink:href="pnw-20201231.xsd#pnw_EnvironmentalImprovementSurchargeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EnvironmentalImprovementSurchargeMember" xlink:to="lab_pnw_EnvironmentalImprovementSurchargeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_af51427b-9036-474e-9a22-74ab00d05be8_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SettledLitigationMember_b4b2847a-72c6-4ab3-87a4-ff0929b00d37_terseLabel_en-US" xlink:label="lab_us-gaap_SettledLitigationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settled Litigation </link:label>
<link:label id="lab_us-gaap_SettledLitigationMember_label_en-US" xlink:label="lab_us-gaap_SettledLitigationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settled Litigation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SettledLitigationMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SettledLitigationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SettledLitigationMember" xlink:to="lab_us-gaap_SettledLitigationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization_712f9ba2-cdfd-450f-9f6e-0b1ca2f1725d_terseLabel_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization </link:label>
<link:label id="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization_label_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost, Depreciation and Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization" xlink:to="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciationAndAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains_03a0612d-b54d-4813-a0a0-7899957aa03c_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized gains </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Gross Realized Gains </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedGains"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGains" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherRegulatoryAssetsLiabilitiesMember_41cb8d81-555a-4af5-bcf6-513d332f0732_terseLabel_en-US" xlink:label="lab_us-gaap_OtherRegulatoryAssetsLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSA interest </link:label>
<link:label id="lab_us-gaap_OtherRegulatoryAssetsLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_OtherRegulatoryAssetsLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Regulatory Assets (Liabilities) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherRegulatoryAssetsLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherRegulatoryAssetsLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherRegulatoryAssetsLiabilitiesMember" xlink:to="lab_us-gaap_OtherRegulatoryAssetsLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TransmissionServicesMember_3c223560-8f70-4fa1-a7ee-43a47848b325_terseLabel_en-US" xlink:label="lab_pnw_TransmissionServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission Services for Others </link:label>
<link:label id="lab_pnw_TransmissionServicesMember_label_en-US" xlink:label="lab_pnw_TransmissionServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission Services [Member] </link:label>
<link:label id="lab_pnw_TransmissionServicesMember_documentation_en-US" xlink:label="lab_pnw_TransmissionServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission Services [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TransmissionServicesMember" xlink:href="pnw-20201231.xsd#pnw_TransmissionServicesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TransmissionServicesMember" xlink:to="lab_pnw_TransmissionServicesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_fa5e8022-878c-40da-a1ee-3d1457666e41_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Abstract] </link:label>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ConsolidatedEntitiesDomain_a23dd619-08b5-4c2d-b324-adba03ea15a0_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Consolidated Entities [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrent_67cdbe88-0ed1-426a-8553-471f05540526_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities (Note 9) </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrent_008fa9cc-71be-4417-9db0-780951025314_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityCurrent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiabilityCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityCurrent" xlink:to="lab_us-gaap_OperatingLeaseLiabilityCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1_d85e9593-7e5f-4ce7-a7e0-da0e07047ac8_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Initial pre-65 ultimate healthcare cost trend rate (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Ultimate Health Care Cost Trend Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:to="lab_us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantInterestsTable_c5e1a43e-cbda-4976-96d5-e95a859e196c_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantInterestsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant Interests [Table] </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantInterestsTable_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantInterestsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant Interests [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantInterestsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantInterestsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantInterestsTable" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantInterestsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_087c7240-afc6-490c-bb0b-8d53cd8af80d_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gains and losses from derivative instruments in designated cash flow accounting hedges relationships </link:label>
<link:label id="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:to="lab_us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_38137a9d-f94b-4322-a170-14d1b7e9a1f0_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_fb94d300-39ed-4c28-a0b0-3e88d62c4357_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Line Items] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_56cb9f44-7e10-46f0-b1d7-50b8a0e9dc0e_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measurements </link:label>
<link:label id="lab_us-gaap_FairValueDisclosuresTextBlock_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosures [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_us-gaap_FairValueDisclosuresTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates_968e3225-2432-439c-b641-60ce3ea1e96f_terseLabel_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate matters, increase (decrease) in cost recovery, retail customer rates </link:label>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates_label_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Increase (Decrease) in Cost Recovery, Retail Customer Rates </link:label>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates_documentation_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Increase (Decrease) in Cost Recovery, Retail Customer Rates </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates" xlink:href="pnw-20201231.xsd#pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates" xlink:to="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryRetailCustomerRates" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AccumulatedAmortizationOnNuclearFuel_dcd20b0c-728a-4685-9d76-c52d8ab25b66_terseLabel_en-US" xlink:label="lab_pnw_AccumulatedAmortizationOnNuclearFuel" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated amortization on nuclear fuel </link:label>
<link:label id="lab_pnw_AccumulatedAmortizationOnNuclearFuel_label_en-US" xlink:label="lab_pnw_AccumulatedAmortizationOnNuclearFuel" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Amortization on Nuclear Fuel </link:label>
<link:label id="lab_pnw_AccumulatedAmortizationOnNuclearFuel_documentation_en-US" xlink:label="lab_pnw_AccumulatedAmortizationOnNuclearFuel" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the accumulated amortization on nuclear fuel. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AccumulatedAmortizationOnNuclearFuel" xlink:href="pnw-20201231.xsd#pnw_AccumulatedAmortizationOnNuclearFuel"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AccumulatedAmortizationOnNuclearFuel" xlink:to="lab_pnw_AccumulatedAmortizationOnNuclearFuel" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAssetsNoncurrent_7368ab73-202b-4a8b-897f-48d3013a798f_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory assets (Notes 1, 4 and 5) </link:label>
<link:label id="lab_us-gaap_RegulatoryAssetsNoncurrent_474c3416-29b7-49c4-bac8-3339ee7fa521_verboseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory assets, non-current </link:label>
<link:label id="lab_us-gaap_RegulatoryAssetsNoncurrent_label_en-US" xlink:label="lab_us-gaap_RegulatoryAssetsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Assets, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAssetsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryAssetsNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAssetsNoncurrent" xlink:to="lab_us-gaap_RegulatoryAssetsNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio_17b62d2e-d755-48dc-b922-657cc6ba3208_terseLabel_en-US" xlink:label="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ratio of consolidated debt to consolidated capitalization (as a percent) </link:label>
<link:label id="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio_label_en-US" xlink:label="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Covenant Consolidated Debt to Total Consolidated Capitalization Ratio </link:label>
<link:label id="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio_documentation_en-US" xlink:label="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The consolidated debt to total consolidated capitalization ratio, which the entity is required to maintain pursuant to a debt covenant. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio" xlink:href="pnw-20201231.xsd#pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio" xlink:to="lab_pnw_DebtInstrumentCovenantConsolidatedDebtToTotalConsolidatedCapitalizationRatio" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit_cbecf3da-928c-459b-a331-b15f37751c5a_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Requested rate increase (decrease), amount, one-time bill credit </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Amount, One-time Bill Credit </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Amount, One-time Bill Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit" xlink:to="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_b10e45b0-e327-439a-bb02-72f8bcbb90a4_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining amortization period for intangible assets </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Remaining Amortization Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativesFairValueLineItems_5898fd7c-bf69-4f16-a470-bfebabca2cdf_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of derivative instruments with credit risk and credit-related contingent features </link:label>
<link:label id="lab_us-gaap_DerivativesFairValueLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativesFairValueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivatives, Fair Value [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativesFairValueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesFairValueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativesFairValueLineItems" xlink:to="lab_us-gaap_DerivativesFairValueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncomeTaxTable_7e3bb18b-9c11-49ff-89a3-9ab40694ac28_terseLabel_en-US" xlink:label="lab_pnw_IncomeTaxTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax [Table] </link:label>
<link:label id="lab_pnw_IncomeTaxTable_label_en-US" xlink:label="lab_pnw_IncomeTaxTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax [Table] </link:label>
<link:label id="lab_pnw_IncomeTaxTable_documentation_en-US" xlink:label="lab_pnw_IncomeTaxTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncomeTaxTable" xlink:href="pnw-20201231.xsd#pnw_IncomeTaxTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncomeTaxTable" xlink:to="lab_pnw_IncomeTaxTable" xlink:type="arc" order="1"/>
<link:label id="lab_srt_NameOfMajorCustomerDomain_8a81918b-4969-4315-89f1-1d14c0f28009_terseLabel_en-US" xlink:label="lab_srt_NameOfMajorCustomerDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer [Domain] </link:label>
<link:label id="lab_srt_NameOfMajorCustomerDomain_label_en-US" xlink:label="lab_srt_NameOfMajorCustomerDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_NameOfMajorCustomerDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_NameOfMajorCustomerDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_NameOfMajorCustomerDomain" xlink:to="lab_srt_NameOfMajorCustomerDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract_631ab88b-28ee-4534-a4f7-e19d12f00fc7_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance Shares </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasedAssetsLineItems_65e38cd9-c217-4e58-b96a-cbe169bcbdb5_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leased Assets [Line Items] </link:label>
<link:label id="lab_us-gaap_OperatingLeasedAssetsLineItems_label_en-US" xlink:label="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leased Assets [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasedAssetsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasedAssetsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasedAssetsLineItems" xlink:to="lab_us-gaap_OperatingLeasedAssetsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage_8b500e33-0923-40e0-b977-e3380c8e7cad_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of debt in capital structure </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Approved Debt Capital Structure, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage" xlink:to="lab_us-gaap_PublicUtilitiesApprovedDebtCapitalStructurePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_e474adf9-a876-489b-bcc1-903ba47ddb6f_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional paid-in capital </link:label>
<link:label id="lab_us-gaap_AdditionalPaidInCapitalCommonStock_label_en-US" xlink:label="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Paid in Capital, Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityRegistrantName_4f9ee909-1a68-477c-a11b-dc4cf0cf37b0_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Registrant Name </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventTypeDomain_491a8bad-f969-4353-8bc0-7fc73a30ec73_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>
<link:label id="lab_us-gaap_SubsequentEventTypeDomain_label_en-US" xlink:label="lab_us-gaap_SubsequentEventTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_us-gaap_SubsequentEventTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionLineItems_ed838037-f0ca-44c1-9508-93146b7ead33_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Acquisition </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionLineItems_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionLineItems" xlink:to="lab_us-gaap_BusinessAcquisitionLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_6393bc46-1d3c-44b3-a290-0c6114981415_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_us-gaap_AssetsFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_50503661-92a8-4aee-a77b-96ae658d3edc_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average discount rate </link:label>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Discount Rate, Percent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OtherReceivablesfromBrokerDealersandClearingMember_49d35736-4ea0-4766-b092-ba2941b87f7d_terseLabel_en-US" xlink:label="lab_pnw_OtherReceivablesfromBrokerDealersandClearingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables from Broker-Dealers and Clearing </link:label>
<link:label id="lab_pnw_OtherReceivablesfromBrokerDealersandClearingMember_label_en-US" xlink:label="lab_pnw_OtherReceivablesfromBrokerDealersandClearingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables from Broker-Dealers and Clearing [Member] </link:label>
<link:label id="lab_pnw_OtherReceivablesfromBrokerDealersandClearingMember_documentation_en-US" xlink:label="lab_pnw_OtherReceivablesfromBrokerDealersandClearingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Receivables from Broker-Dealers and Clearing [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OtherReceivablesfromBrokerDealersandClearingMember" xlink:href="pnw-20201231.xsd#pnw_OtherReceivablesfromBrokerDealersandClearingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OtherReceivablesfromBrokerDealersandClearingMember" xlink:to="lab_pnw_OtherReceivablesfromBrokerDealersandClearingMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_67229336-87ce-4092-b350-7181d3256e8e_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in other long-term liabilities </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Operating Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SCRDeferralMember_7216e0a7-613a-4053-a80d-79338bb81b9c_terseLabel_en-US" xlink:label="lab_pnw_SCRDeferralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SCR deferral </link:label>
<link:label id="lab_pnw_SCRDeferralMember_da306e8e-a557-43b4-9a9d-36cee8af7d32_verboseLabel_en-US" xlink:label="lab_pnw_SCRDeferralMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SCR deferral </link:label>
<link:label id="lab_pnw_SCRDeferralMember_label_en-US" xlink:label="lab_pnw_SCRDeferralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SCR Deferral [Member] </link:label>
<link:label id="lab_pnw_SCRDeferralMember_documentation_en-US" xlink:label="lab_pnw_SCRDeferralMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SCR Deferral [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SCRDeferralMember" xlink:href="pnw-20201231.xsd#pnw_SCRDeferralMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SCRDeferralMember" xlink:to="lab_pnw_SCRDeferralMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued_82a73ef9-bb01-45cc-8172-80d306a43b6c_verboseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reissuance of treasury stock for stock-based compensation and other </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Value, Treasury Stock Reissued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueTreasuryStockReissued" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredFinanceCostsNet_48c57cd5-da66-4720-86a8-9290929d45bf_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unamortized debt issue costs </link:label>
<link:label id="lab_us-gaap_DeferredFinanceCostsNet_label_en-US" xlink:label="lab_us-gaap_DeferredFinanceCostsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Issuance Costs, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredFinanceCostsNet" xlink:to="lab_us-gaap_DeferredFinanceCostsNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterCapPercentageOfRetailRevenue_de6d5ffa-7d0e-41e3-86f7-6e580be9e9f8_terseLabel_en-US" xlink:label="lab_pnw_RateMatterCapPercentageOfRetailRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate matter cap percentage of retail revenue </link:label>
<link:label id="lab_pnw_RateMatterCapPercentageOfRetailRevenue_label_en-US" xlink:label="lab_pnw_RateMatterCapPercentageOfRetailRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter Cap Percentage of Retail Revenue </link:label>
<link:label id="lab_pnw_RateMatterCapPercentageOfRetailRevenue_documentation_en-US" xlink:label="lab_pnw_RateMatterCapPercentageOfRetailRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to cap percentage of retail revenues. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterCapPercentageOfRetailRevenue" xlink:href="pnw-20201231.xsd#pnw_RateMatterCapPercentageOfRetailRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterCapPercentageOfRetailRevenue" xlink:to="lab_pnw_RateMatterCapPercentageOfRetailRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryLiabilityCurrent_980d43c7-6dcc-473e-a9e9-81c53163865c_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory liabilities (Note 4) </link:label>
<link:label id="lab_us-gaap_RegulatoryLiabilityCurrent_label_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilityCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryLiabilityCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilityCurrent" xlink:to="lab_us-gaap_RegulatoryLiabilityCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract_b3b7d2c9-04d7-41d3-ad76-f01072125742_terseLabel_en-US" xlink:label="lab_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of income tax expense </link:label>
<link:label id="lab_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ArizonaRenewableEnergyStandardandTariff2018Member_cfbd9abd-8fed-4a5a-868d-a23b37eb1b55_terseLabel_en-US" xlink:label="lab_pnw_ArizonaRenewableEnergyStandardandTariff2018Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Renewable Energy Standard and Tariff 2018 </link:label>
<link:label id="lab_pnw_ArizonaRenewableEnergyStandardandTariff2018Member_label_en-US" xlink:label="lab_pnw_ArizonaRenewableEnergyStandardandTariff2018Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Renewable Energy Standard and Tariff 2018 [Member] </link:label>
<link:label id="lab_pnw_ArizonaRenewableEnergyStandardandTariff2018Member_documentation_en-US" xlink:label="lab_pnw_ArizonaRenewableEnergyStandardandTariff2018Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Renewable Energy Standard and Tariff 2018 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ArizonaRenewableEnergyStandardandTariff2018Member" xlink:href="pnw-20201231.xsd#pnw_ArizonaRenewableEnergyStandardandTariff2018Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ArizonaRenewableEnergyStandardandTariff2018Member" xlink:to="lab_pnw_ArizonaRenewableEnergyStandardandTariff2018Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_00b456dd-7a5a-45c2-802c-9267f3c1d9aa_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends paid on common stock </link:label>
<link:label id="lab_us-gaap_PaymentsOfDividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments of Ordinary Dividends, Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_us-gaap_PaymentsOfDividendsCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GainOnSaleOfInvestments_792412ae-5717-4e81-b46f-f3d16914873e_terseLabel_en-US" xlink:label="lab_us-gaap_GainOnSaleOfInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment gains (losses) — net </link:label>
<link:label id="lab_us-gaap_GainOnSaleOfInvestments_label_en-US" xlink:label="lab_us-gaap_GainOnSaleOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain on Sale of Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainOnSaleOfInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainOnSaleOfInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainOnSaleOfInvestments" xlink:to="lab_us-gaap_GainOnSaleOfInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction_0955e6f2-1665-4668-b62d-7ffcfd0ec720_negatedLabel_en-US" xlink:label="lab_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for equity funds used during construction (see Note 1) </link:label>
<link:label id="lab_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction_label_en-US" xlink:label="lab_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Reconciliation Allowance for Equity Funds Used During Construction </link:label>
<link:label id="lab_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction_documentation_en-US" xlink:label="lab_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The portion of the difference between total income tax expense or benefit as reported in the income statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to allowance for equity funds used during construction. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction" xlink:href="pnw-20201231.xsd#pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction" xlink:to="lab_pnw_IncomeTaxReconciliationAllowanceForEquityFundsUsedDuringConstruction" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization_aa126b0a-4b9c-4062-adc3-4ca779c60710_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of APS's capitalization used in calculation of short-term debt authorization </link:label>
<link:label id="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization_label_en-US" xlink:label="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility Order Short Term Debt Authorization as Percentage of Capitalization </link:label>
<link:label id="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization_documentation_en-US" xlink:label="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the percentage of capitalization which is used to calculate the short-term debt authorization pursuant to an order from a regulatory authority. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization" xlink:href="pnw-20201231.xsd#pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization" xlink:to="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationAsPercentageOfCapitalization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquitySecuritiesMember_41e1eb2d-591b-4fbb-a2e5-79320594d7bf_terseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity securities </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesMember_8c11ab3d-d94a-4dbb-af5e-26dad0c1e836_verboseLabel_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity securities </link:label>
<link:label id="lab_us-gaap_EquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_EquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquitySecuritiesMember" xlink:to="lab_us-gaap_EquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityIncorporationStateCountryCode_7ae82830-e05b-43aa-8d63-1dd7c65f7783_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Incorporation, State or Country Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationStateCountryCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityIncorporationStateCountryCode" xlink:to="lab_dei_EntityIncorporationStateCountryCode" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentsAbstract_a05960bf-36e5-4e60-8a26-36244a279d33_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:label id="lab_us-gaap_InvestmentsAbstract_label_en-US" xlink:label="lab_us-gaap_InvestmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentsAbstract" xlink:to="lab_us-gaap_InvestmentsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgesLiabilities_0296eacc-84fc-4025-af5e-7ff61be96217_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgesLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities from risk management activities (Note 16) </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgesLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgesLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedges, Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgesLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgesLiabilities" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgesLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_31c80d50-7d4e-44fa-b4f0-8383d8d62618_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Unrealized Losses </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DistributionMember_b91f3fac-ab46-45f6-b4c9-cdaf9c62599d_terseLabel_en-US" xlink:label="lab_pnw_DistributionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distribution </link:label>
<link:label id="lab_pnw_DistributionMember_label_en-US" xlink:label="lab_pnw_DistributionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distribution [Member] </link:label>
<link:label id="lab_pnw_DistributionMember_documentation_en-US" xlink:label="lab_pnw_DistributionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plant used in connection with distribution of energy. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DistributionMember" xlink:href="pnw-20201231.xsd#pnw_DistributionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DistributionMember" xlink:to="lab_pnw_DistributionMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressPostalZipCode_316236f4-a3c9-439f-bd20-3c4fe1f432a5_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Postal Zip Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressPostalZipCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressPostalZipCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressPostalZipCode" xlink:to="lab_dei_EntityAddressPostalZipCode" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets_bafc78ee-e706-4089-8fe7-b0f4c97976f4_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Alternative Investments, Fair Value of Plan Assets </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Alternative Investments, Fair Value of Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets" xlink:to="lab_pnw_DefinedBenefitPlanAlternativeInvestmentsFairValueofPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_f5c38649-6640-4e19-9d98-977fbbaf6bb1_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred tax assets </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsNet_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Net of Valuation Allowance </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsNet" xlink:to="lab_us-gaap_DeferredTaxAssetsNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalCombustionWasteMember_5324e58e-32b8-4251-a9ff-08c4e383f838_terseLabel_en-US" xlink:label="lab_pnw_CoalCombustionWasteMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Combustion Waste </link:label>
<link:label id="lab_pnw_CoalCombustionWasteMember_label_en-US" xlink:label="lab_pnw_CoalCombustionWasteMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Combustion Waste [Member] </link:label>
<link:label id="lab_pnw_CoalCombustionWasteMember_documentation_en-US" xlink:label="lab_pnw_CoalCombustionWasteMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Combustion Waste [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalCombustionWasteMember" xlink:href="pnw-20201231.xsd#pnw_CoalCombustionWasteMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalCombustionWasteMember" xlink:to="lab_pnw_CoalCombustionWasteMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits_d3a8d279-f0d4-4086-af6c-f04a1aa3270c_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other postretirement liabilities </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets Regulatory Liabilities Other Postretirement Benefits </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets Regulatory Liabilities Other Postretirement Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits" xlink:to="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOtherPostretirementBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SpentNuclearFuelMember_6a0e727f-3a57-43b8-be57-26d9084f687e_terseLabel_en-US" xlink:label="lab_pnw_SpentNuclearFuelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spent nuclear fuel </link:label>
<link:label id="lab_pnw_SpentNuclearFuelMember_label_en-US" xlink:label="lab_pnw_SpentNuclearFuelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Spent Nuclear Fuel [Member] </link:label>
<link:label id="lab_pnw_SpentNuclearFuelMember_documentation_en-US" xlink:label="lab_pnw_SpentNuclearFuelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability associated with spent nuclear fuel. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SpentNuclearFuelMember" xlink:href="pnw-20201231.xsd#pnw_SpentNuclearFuelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SpentNuclearFuelMember" xlink:to="lab_pnw_SpentNuclearFuelMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EmployeeMedicalClaimsAmount_96676e10-96a9-442e-900c-5679d035cf81_terseLabel_en-US" xlink:label="lab_pnw_EmployeeMedicalClaimsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee medical claims amount </link:label>
<link:label id="lab_pnw_EmployeeMedicalClaimsAmount_label_en-US" xlink:label="lab_pnw_EmployeeMedicalClaimsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Medical Claims Amount </link:label>
<link:label id="lab_pnw_EmployeeMedicalClaimsAmount_documentation_en-US" xlink:label="lab_pnw_EmployeeMedicalClaimsAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employee Medical Claims Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EmployeeMedicalClaimsAmount" xlink:href="pnw-20201231.xsd#pnw_EmployeeMedicalClaimsAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EmployeeMedicalClaimsAmount" xlink:to="lab_pnw_EmployeeMedicalClaimsAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_a2e7befc-badb-4cf3-bdb4-fd6be2a6f3a5_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear decommissioning trust fund assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:to="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract_638648e5-f201-405b-bd95-2d0030890cf4_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of Pinnacle West's pension plan and other postretirement benefit plan assets, by asset category </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Fair Value of Plan Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract" xlink:to="lab_pnw_DefinedBenefitPlanFairValueOfPlanAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TermLoanFacilityMaturing2020Member_7ed1598f-b7f7-4910-be8d-bb4cb51faeee_terseLabel_en-US" xlink:label="lab_pnw_TermLoanFacilityMaturing2020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan Facility Maturing 2020 </link:label>
<link:label id="lab_pnw_TermLoanFacilityMaturing2020Member_label_en-US" xlink:label="lab_pnw_TermLoanFacilityMaturing2020Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan Facility Maturing 2020 [Member] </link:label>
<link:label id="lab_pnw_TermLoanFacilityMaturing2020Member_documentation_en-US" xlink:label="lab_pnw_TermLoanFacilityMaturing2020Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan Facility Maturing 2020 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TermLoanFacilityMaturing2020Member" xlink:href="pnw-20201231.xsd#pnw_TermLoanFacilityMaturing2020Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TermLoanFacilityMaturing2020Member" xlink:to="lab_pnw_TermLoanFacilityMaturing2020Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromRepaymentsOfCommercialPaper_53fd8de2-f527-4b3e-8251-d3123ee495db_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfCommercialPaper" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial paper — net </link:label>
<link:label id="lab_us-gaap_ProceedsFromRepaymentsOfCommercialPaper_label_en-US" xlink:label="lab_us-gaap_ProceedsFromRepaymentsOfCommercialPaper" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Repayments of) Commercial Paper </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfCommercialPaper" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfCommercialPaper"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromRepaymentsOfCommercialPaper" xlink:to="lab_us-gaap_ProceedsFromRepaymentsOfCommercialPaper" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CostRecoveryMechanismsMember_8b2a4bb2-8552-4c04-b0c6-acec1dd79e8b_terseLabel_en-US" xlink:label="lab_pnw_CostRecoveryMechanismsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost Recovery Mechanisms </link:label>
<link:label id="lab_pnw_CostRecoveryMechanismsMember_label_en-US" xlink:label="lab_pnw_CostRecoveryMechanismsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost Recovery Mechanisms [Member] </link:label>
<link:label id="lab_pnw_CostRecoveryMechanismsMember_documentation_en-US" xlink:label="lab_pnw_CostRecoveryMechanismsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the cost recovery mechanisms. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CostRecoveryMechanismsMember" xlink:href="pnw-20201231.xsd#pnw_CostRecoveryMechanismsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CostRecoveryMechanismsMember" xlink:to="lab_pnw_CostRecoveryMechanismsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RiskManagementAssetsMember_ee9c24b8-7b19-4d2d-98cb-2196c072e956_terseLabel_en-US" xlink:label="lab_pnw_RiskManagementAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk Management Assets </link:label>
<link:label id="lab_pnw_RiskManagementAssetsMember_label_en-US" xlink:label="lab_pnw_RiskManagementAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk Management Assets [Member] </link:label>
<link:label id="lab_pnw_RiskManagementAssetsMember_documentation_en-US" xlink:label="lab_pnw_RiskManagementAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk Management Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RiskManagementAssetsMember" xlink:href="pnw-20201231.xsd#pnw_RiskManagementAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RiskManagementAssetsMember" xlink:to="lab_pnw_RiskManagementAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EnergyRelatedInventoryOtherFossilFuel_8fcf6b50-3ab2-4b4a-8732-bf0067daaf2a_terseLabel_en-US" xlink:label="lab_us-gaap_EnergyRelatedInventoryOtherFossilFuel" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fossil fuel (at average cost) </link:label>
<link:label id="lab_us-gaap_EnergyRelatedInventoryOtherFossilFuel_label_en-US" xlink:label="lab_us-gaap_EnergyRelatedInventoryOtherFossilFuel" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Energy Related Inventory, Other Fossil Fuel </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EnergyRelatedInventoryOtherFossilFuel" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EnergyRelatedInventoryOtherFossilFuel"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EnergyRelatedInventoryOtherFossilFuel" xlink:to="lab_us-gaap_EnergyRelatedInventoryOtherFossilFuel" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_3ad68dac-82a1-4045-8010-b38e587c5e07_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued taxes and income tax receivable - net </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Income Taxes Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_dff3b403-c70a-43a2-b2ab-37528a924361_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends declared per common share (in dollars per share) </link:label>
<link:label id="lab_us-gaap_CommonStockDividendsPerShareDeclared_label_en-US" xlink:label="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Dividends, Per Share, Declared </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_us-gaap_CommonStockDividendsPerShareDeclared" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_d929f62e-3c0b-41bb-838b-8a5a1c24da1a_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notes issued </link:label>
<link:label id="lab_us-gaap_DebtInstrumentFaceAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentFaceAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Face Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentFaceAmount" xlink:to="lab_us-gaap_DebtInstrumentFaceAmount" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock_5dfe7f8f-32b2-4f73-aaed-23c7678c71a2_terseLabel_en-US" xlink:label="lab_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies and Environmental Liabilities </link:label>
<link:label id="lab_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock_label_en-US" xlink:label="lab_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies and Environmental Liabilities [Policy Text Block] </link:label>
<link:label id="lab_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock_documentation_en-US" xlink:label="lab_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disclosure of accounting policy for loss contingencies and environmental liabilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock" xlink:href="pnw-20201231.xsd#pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock" xlink:to="lab_pnw_LossContingenciesAndEnvironmentalLiabilitiesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssetsCurrent_4382688b-5a1f-4841-bb2d-2ca33f69275b_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other current assets </link:label>
<link:label id="lab_us-gaap_OtherAssetsCurrent_label_en-US" xlink:label="lab_us-gaap_OtherAssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsCurrent" xlink:to="lab_us-gaap_OtherAssetsCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases_ca45a753-e244-4a60-8a4d-3a0e953f7f75_terseLabel_en-US" xlink:label="lab_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear decommissioning trust, other </link:label>
<link:label id="lab_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases_label_en-US" xlink:label="lab_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decommissioning Fund Investments, Fair Value Net Pending Securities Sales and Purchases </link:label>
<link:label id="lab_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases_documentation_en-US" xlink:label="lab_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decommissioning Fund Investments, Fair Value Net Pending Securities Sales and Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases" xlink:href="pnw-20201231.xsd#pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases" xlink:to="lab_pnw_DecommissioningFundInvestmentsFairValueNetPendingSecuritiesSalesandPurchases" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsFairValueDisclosure_8bd038d7-0350-431c-ab58-ed8412120feb_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets </link:label>
<link:label id="lab_us-gaap_AssetsFairValueDisclosure_label_en-US" xlink:label="lab_us-gaap_AssetsFairValueDisclosure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value Disclosure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsFairValueDisclosure" xlink:to="lab_us-gaap_AssetsFairValueDisclosure" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_680a8318-08ed-4d45-bec5-2809fb1b9dc2_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lab_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ElectricTransmissionMember_8fe26472-e078-4f79-be0f-30286b771684_terseLabel_en-US" xlink:label="lab_us-gaap_ElectricTransmissionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission </link:label>
<link:label id="lab_us-gaap_ElectricTransmissionMember_label_en-US" xlink:label="lab_us-gaap_ElectricTransmissionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric Transmission [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ElectricTransmissionMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ElectricTransmissionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ElectricTransmissionMember" xlink:to="lab_us-gaap_ElectricTransmissionMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractWithCustomerLiabilityCurrent_32c1abf4-2d4d-4d18-93eb-7bf397c68750_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer deposits </link:label>
<link:label id="lab_us-gaap_ContractWithCustomerLiabilityCurrent_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Liability, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiabilityCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerLiabilityCurrent" xlink:to="lab_us-gaap_ContractWithCustomerLiabilityCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure_9cf4e4b3-c90b-4c90-844d-e61b99d8c05a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Power (in MWh) </link:label>
<link:label id="lab_us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure_label_en-US" xlink:label="lab_us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Nonmonetary Notional Amount, Energy Measure </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure" xlink:to="lab_us-gaap_DerivativeNonmonetaryNotionalAmountEnergyMeasure" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntitiesTable_9ff092f2-d913-4a3f-ac56-1e7c33e9057f_terseLabel_en-US" xlink:label="lab_dei_EntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entities [Table] </link:label>
<link:label id="lab_dei_EntitiesTable_label_en-US" xlink:label="lab_dei_EntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntitiesTable" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntitiesTable" xlink:to="lab_dei_EntitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_bc2b3d99-5112-40f6-8dab-e5aae1e25985_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:label id="lab_us-gaap_DerivativeContractTypeDomain_label_en-US" xlink:label="lab_us-gaap_DerivativeContractTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Contract [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeContractTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeContractTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeContractTypeDomain" xlink:to="lab_us-gaap_DerivativeContractTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_c393517a-c968-4a0b-9beb-5418c2714c54_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average common shares outstanding — diluted (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_70d35190-8070-403f-8300-b0bea1cffc7c_totalLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average common shares outstanding — diluted (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LetterOfCreditMember_cb4e0548-97c8-4036-a62d-025a36277a1f_verboseLabel_en-US" xlink:label="lab_us-gaap_LetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letter of credit </link:label>
<link:label id="lab_us-gaap_LetterOfCreditMember_label_en-US" xlink:label="lab_us-gaap_LetterOfCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letter of Credit [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LetterOfCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LetterOfCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LetterOfCreditMember" xlink:to="lab_us-gaap_LetterOfCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount_01a99fdf-4606-4485-82c5-226050ba94ce_terseLabel_en-US" xlink:label="lab_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excess deferred income taxes — Tax Cuts and Jobs Act </link:label>
<link:label id="lab_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount_label_en-US" xlink:label="lab_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Excess Deferred Income Taxes, Amount </link:label>
<link:label id="lab_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount_documentation_en-US" xlink:label="lab_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Excess Deferred Income Taxes, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount" xlink:href="pnw-20201231.xsd#pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount" xlink:to="lab_pnw_EffectiveIncomeTaxRateReconciliationExcessDeferredIncomeTaxesAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesGeneralDisclosuresTable_60f969ca-51aa-4bd5-ac4a-97c979e8c821_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesGeneralDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities General Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesGeneralDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesGeneralDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities General Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesGeneralDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesGeneralDisclosuresTable"/>
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<link:label id="lab_us-gaap_OtherIncomeAndExpensesAbstract_41a05cdf-a842-4f98-a72e-42beb43f96fe_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIncomeAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Income and Expenses [Abstract] </link:label>
<link:label id="lab_us-gaap_OtherIncomeAndExpensesAbstract_label_en-US" xlink:label="lab_us-gaap_OtherIncomeAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Income and Expenses [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIncomeAndExpensesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherIncomeAndExpensesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncomeAndExpensesAbstract" xlink:to="lab_us-gaap_OtherIncomeAndExpensesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_4a4d0e84-2dad-4f91-9598-c39a7df320e5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forfeited (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod"/>
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<link:label id="lab_us-gaap_DebtDisclosureAbstract_2c80fcca-ef48-4aec-b666-7ecae50b22ac_terseLabel_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DebtDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DebtDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Disclosure [Abstract] </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtDisclosureAbstract" xlink:to="lab_us-gaap_DebtDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanCashAndCashEquivalentsMember_56640e3e-6e04-4d0d-b61e-efa92353d8f3_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanCashAndCashEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanCashAndCashEquivalentsMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanCashAndCashEquivalentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Cash and Cash Equivalents [Member] </link:label>
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<link:label id="lab_pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1_d7bca572-f276-45bd-b076-fbf2f141c68d_terseLabel_en-US" xlink:label="lab_pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement agreement, energy price for exported energy (in dollars per kWh) </link:label>
<link:label id="lab_pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1_label_en-US" xlink:label="lab_pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Settlement Agreement, Energy Price for Exported Energy1 </link:label>
<link:label id="lab_pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1_documentation_en-US" xlink:label="lab_pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Settlement Agreement, Energy Price for Exported Energy1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1" xlink:href="pnw-20201231.xsd#pnw_RateMatterSettlementAgreementEnergyPriceforExportedEnergy1"/>
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<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_5cc630cb-4c0a-4148-a8f3-a01ecae2db29_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash flow provided by (used for) financing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
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<link:label id="lab_us-gaap_RepaymentsOfLongTermDebt_1eebe76d-48ef-4328-8a0a-d36e12337e56_negatedLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayment of long-term debt </link:label>
<link:label id="lab_us-gaap_RepaymentsOfLongTermDebt_5c48b5ea-b7cd-4637-aa3d-af9c3152f42e_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayment of long-term debt </link:label>
<link:label id="lab_us-gaap_RepaymentsOfLongTermDebt_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Long-term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RepaymentsOfLongTermDebt" xlink:to="lab_us-gaap_RepaymentsOfLongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_d8130da3-651b-4247-81b1-3083272299f9_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements and Changes in Accounting Principles [Abstract] </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update and Change in Accounting Principle [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:to="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets_bebf9d8c-6ed6-4ab2-a280-57cb18c10018_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross fair value of plan assets </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Gross Fair Value of Plan Assets </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Gross Fair Value of Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanGrossFairValueofPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets" xlink:to="lab_pnw_DefinedBenefitPlanGrossFairValueofPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_5ba2c93b-1655-415c-8bbe-1c9dedbca1c1_periodStartLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total unrecognized tax benefits, beginning of the year </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_ff8fe307-2fce-4689-bd06-31cd70c2e9c9_periodEndLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total unrecognized tax benefits, end of the year </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefits_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefits" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefits" xlink:to="lab_us-gaap_UnrecognizedTaxBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBondMember_8b1cbaa7-9693-4076-84dd-879ba70eaa22_terseLabel_en-US" xlink:label="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBondMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City of Farmington, New Mexico Pollution Control Revenue Refunding Bond </link:label>
<link:label id="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBondMember_label_en-US" xlink:label="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBondMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City of Farmington, New Mexico Pollution Control Revenue Refunding Bond [Member] </link:label>
<link:label id="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBondMember_documentation_en-US" xlink:label="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBondMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City of Farmington, New Mexico Pollution Control Revenue Refunding Bond </link:label>
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<link:label id="lab_us-gaap_CommonStockValue_920f2427-489f-4130-80a3-fac498eb7389_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock, no par value; authorized 150,000,000 shares, 112,760,051 and 112,540,126 issued at respective dates </link:label>
<link:label id="lab_us-gaap_CommonStockValue_1ecffb5c-ad61-40c1-bea1-60e3f4515753_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock </link:label>
<link:label id="lab_us-gaap_CommonStockValue_label_en-US" xlink:label="lab_us-gaap_CommonStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Value, Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValue" xlink:to="lab_us-gaap_CommonStockValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_bd0f2763-c2b1-4c8e-98ad-75bdc1dc4c9f_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year Four </link:label>
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<link:label id="lab_dei_DocumentFiscalYearFocus_7d79135e-e9a2-4e65-b9f6-e33a73ec84c3_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
<link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Year Focus </link:label>
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<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalYearFocus" xlink:to="lab_dei_DocumentFiscalYearFocus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_c6b0b4a8-b966-4d98-9e48-34c8af430111_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Two </link:label>
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<link:label id="lab_pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod_b1f0516b-48dd-4bac-b878-06d40ea2c15d_terseLabel_en-US" xlink:label="lab_pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Guaranteed export price period </link:label>
<link:label id="lab_pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod_label_en-US" xlink:label="lab_pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Cost of Service for New Customers, Guaranteed Export Price Period </link:label>
<link:label id="lab_pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod_documentation_en-US" xlink:label="lab_pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Cost of Service for New Customers, Guaranteed Export Price Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod" xlink:href="pnw-20201231.xsd#pnw_RateMattersCostofServiceforNewCustomersGuaranteedExportPricePeriod"/>
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<link:label id="lab_us-gaap_AdditionalCollateralAggregateFairValue_60e72786-79af-42b6-b40f-12fb9165d757_terseLabel_en-US" xlink:label="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional cash collateral in the event credit-risk related contingent features were fully triggered </link:label>
<link:label id="lab_us-gaap_AdditionalCollateralAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_AdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional Collateral, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalCollateralAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalCollateralAggregateFairValue"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_9fab1877-06d3-47a1-99b1-7a36fc689e4c_periodStartLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefit obligation at the beginning of the period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_4cc60c5f-b815-4df7-a171-862c71b272bb_periodEndLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefit obligation at the end of the period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_ee5497dc-8f3d-44de-8189-9aca7e02aa10_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements with taxing authorities </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities"/>
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<link:label id="lab_dei_EntityCurrentReportingStatus_eaff73e1-1ef6-48b5-9d33-909478cd559b_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
<link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Current Reporting Status </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RemovalCostsMember_d6056e9e-5cec-4ccc-8bc4-fd1162b03318_terseLabel_en-US" xlink:label="lab_us-gaap_RemovalCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Removal costs </link:label>
<link:label id="lab_us-gaap_RemovalCostsMember_label_en-US" xlink:label="lab_us-gaap_RemovalCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Removal Costs [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RemovalCostsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RemovalCostsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RemovalCostsMember" xlink:to="lab_us-gaap_RemovalCostsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock_f2eb19ac-60b2-41d5-b1e7-50a5f36732a2_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of accumulated other comprehensive loss </link:label>
<link:label id="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock"/>
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<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts_ae88b3cd-3559-43a6-8708-b8efe5ddf59d_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligation and removal costs </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Regulatory Liabilities, Asset Retirement Obligation and Removal Costs </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The tax effect as of the balance sheet date of the amount of the estimated future tax deductions attributable to regulatory liabilities related to asset retirement obligation and removal costs which can only be realized if sufficient taxable income is generated in future periods to enable the deduction to be taken. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts" xlink:to="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAssetRetirementObligationAndRemovalCosts" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_0ea6e6d0-ddc5-490d-8a70-3f3ad1f03db9_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> COMPREHENSIVE INCOME </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable_90423c43-85a5-443b-8173-aa1675a86d19_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operating Leased Assets [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Operating Leased Assets [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfOperatingLeasedAssetsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:to="lab_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockSharesIssued_6b4fa617-d911-4708-91b6-fcf29ccd8748_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock, issued shares (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesIssued_325a08b3-72b0-430f-a5f0-8bcc007088f7_periodStartLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesIssued_ccf41e6b-5299-441d-9245-ab62ff593e80_periodEndLabel_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance (in shares) </link:label>
<link:label id="lab_us-gaap_CommonStockSharesIssued_label_en-US" xlink:label="lab_us-gaap_CommonStockSharesIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Shares, Issued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
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<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_2daed46b-c220-4914-a98f-799f535c5560_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and cash equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, at Carrying Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiability_c7a549c9-d901-4548-ad1b-d5fd1e65fba3_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease, liability </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiability_8e1bcda7-ae44-4093-8d52-92bd4f8bed71_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability"/>
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<link:label id="lab_us-gaap_DeferredTaxLiabilities_53cc0992-f90d-49de-9d87-df18d5ce0715_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes — net </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilities" xlink:to="lab_us-gaap_DeferredTaxLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtNoncurrent_3b0b6328-333d-472e-800c-b502f4330fb3_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LONG-TERM DEBT LESS CURRENT MATURITIES (Note 7) </link:label>
<link:label id="lab_us-gaap_LongTermDebtNoncurrent_350db322-76a6-4156-b373-9519c73b23eb_verboseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES </link:label>
<link:label id="lab_us-gaap_LongTermDebtNoncurrent_label_en-US" xlink:label="lab_us-gaap_LongTermDebtNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Excluding Current Maturities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtNoncurrent" xlink:to="lab_us-gaap_LongTermDebtNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_0a2a33f1-9d53-4a9d-a609-f8faf2eba4a1_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt and Liquidity Matters [Line Items] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentLineItems_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentLineItems" xlink:to="lab_us-gaap_DebtInstrumentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquity_e205b421-6de0-4dcf-866f-1c7d8e1c5fc6_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total shareholders’ equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquity_label_en-US" xlink:label="lab_us-gaap_StockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="lab_us-gaap_StockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset_ebf81b7e-9d22-4f32-8000-a12e40dd00f8_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract_e6cbe693-6edc-439a-b0bd-4a433a2f1c87_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory liabilities: </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Regulatory Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract" xlink:to="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoNationElectrificationProjectsMember_6dd8958b-f653-4db9-b984-380ea613765d_terseLabel_en-US" xlink:label="lab_pnw_NavajoNationElectrificationProjectsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Electrification Projects </link:label>
<link:label id="lab_pnw_NavajoNationElectrificationProjectsMember_label_en-US" xlink:label="lab_pnw_NavajoNationElectrificationProjectsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Electrification Projects [Member] </link:label>
<link:label id="lab_pnw_NavajoNationElectrificationProjectsMember_documentation_en-US" xlink:label="lab_pnw_NavajoNationElectrificationProjectsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Electrification Projects </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoNationElectrificationProjectsMember" xlink:href="pnw-20201231.xsd#pnw_NavajoNationElectrificationProjectsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoNationElectrificationProjectsMember" xlink:to="lab_pnw_NavajoNationElectrificationProjectsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite_e6285ac2-67c1-46c5-b8a9-ec71d84689cb_terseLabel_en-US" xlink:label="lab_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs related to investigation and study under Superfund site </link:label>
<link:label id="lab_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite_label_en-US" xlink:label="lab_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs Related to Investigation and Study under Superfund Site </link:label>
<link:label id="lab_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite_documentation_en-US" xlink:label="lab_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs related to site-wide groundwater remedial investigation and feasibility study work plan because subsidiary has been found to be potentially responsible parties ("PRPs") with liability for cleanup of hazardous substances that contaminates the soil, water or air, under the Comprehensive Environmental Response, Compensation and Liability Act ("Superfund"). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite" xlink:href="pnw-20201231.xsd#pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite" xlink:to="lab_pnw_CostsRelatedToInvestigationAndStudyUnderSuperfundSite" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary_8fb14977-bdb7-4d71-9a23-470b6b9c9c3f_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, to be Paid, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MiscellaneousOtherNonoperatingExpense_3cc366a1-6569-4008-85ce-edc3bed22d2e_negatedLabel_en-US" xlink:label="lab_pnw_MiscellaneousOtherNonoperatingExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous </link:label>
<link:label id="lab_pnw_MiscellaneousOtherNonoperatingExpense_label_en-US" xlink:label="lab_pnw_MiscellaneousOtherNonoperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous Other Nonoperating Expense </link:label>
<link:label id="lab_pnw_MiscellaneousOtherNonoperatingExpense_documentation_en-US" xlink:label="lab_pnw_MiscellaneousOtherNonoperatingExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of miscellaneous other nonoperating expenses resulting from ancillary business-related activities (that is, excluding major activities considered as a part of the normal operations of the business). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MiscellaneousOtherNonoperatingExpense" xlink:href="pnw-20201231.xsd#pnw_MiscellaneousOtherNonoperatingExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MiscellaneousOtherNonoperatingExpense" xlink:to="lab_pnw_MiscellaneousOtherNonoperatingExpense" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingin2022and2023Member_0af6dc9d-3b62-42d4-89d0-b93d2e504978_terseLabel_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingin2022and2023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility Maturing in 2022 and 2023 </link:label>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingin2022and2023Member_label_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingin2022and2023Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility Maturing in 2022 and 2023 [Member] </link:label>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingin2022and2023Member_documentation_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingin2022and2023Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility Maturing in 2022 and 2023 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RevolvingCreditFacilityMaturingin2022and2023Member" xlink:href="pnw-20201231.xsd#pnw_RevolvingCreditFacilityMaturingin2022and2023Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RevolvingCreditFacilityMaturingin2022and2023Member" xlink:to="lab_pnw_RevolvingCreditFacilityMaturingin2022and2023Member" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RatePlanComparisonToolNumberOfCustomers_ce5f36c7-95ba-4354-8156-450575963008_terseLabel_en-US" xlink:label="lab_pnw_RatePlanComparisonToolNumberOfCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of customers </link:label>
<link:label id="lab_pnw_RatePlanComparisonToolNumberOfCustomers_label_en-US" xlink:label="lab_pnw_RatePlanComparisonToolNumberOfCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Plan Comparison Tool, Number Of Customers </link:label>
<link:label id="lab_pnw_RatePlanComparisonToolNumberOfCustomers_documentation_en-US" xlink:label="lab_pnw_RatePlanComparisonToolNumberOfCustomers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Plan Comparison Tool, Number Of Customers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RatePlanComparisonToolNumberOfCustomers" xlink:href="pnw-20201231.xsd#pnw_RatePlanComparisonToolNumberOfCustomers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RatePlanComparisonToolNumberOfCustomers" xlink:to="lab_pnw_RatePlanComparisonToolNumberOfCustomers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet_e16ead1c-b10c-486f-94b6-b22e248e9ff5_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount Reported on Balance Sheet </link:label>
<link:label id="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Assets (Liabilities), at Fair Value, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:to="lab_us-gaap_DerivativeAssetsLiabilitiesAtFairValueNet" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressCityOrTown_15e17a88-caf9-4132-9532-3bacc74b6544_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, City or Town </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressCityOrTown"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_c6483433-4e0b-4f99-9b5a-37c91de4a5f7_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:label id="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis_label_en-US" xlink:label="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Hierarchy and NAV [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TotalDeferredDebits_a0c1a069-f8b3-4287-b342-3ec936da2557_totalLabel_en-US" xlink:label="lab_pnw_TotalDeferredDebits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred debits </link:label>
<link:label id="lab_pnw_TotalDeferredDebits_label_en-US" xlink:label="lab_pnw_TotalDeferredDebits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Deferred Debits </link:label>
<link:label id="lab_pnw_TotalDeferredDebits_documentation_en-US" xlink:label="lab_pnw_TotalDeferredDebits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sum of the carrying amounts as of the balance sheet date of all regulatory assets and other deferred debits that are expected to be recovered through revenue sources (or the normal operating cycle, if longer). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TotalDeferredDebits" xlink:href="pnw-20201231.xsd#pnw_TotalDeferredDebits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TotalDeferredDebits" xlink:to="lab_pnw_TotalDeferredDebits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_51a843de-478d-43c7-b693-e4817822a324_terseLabel_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted stock unit awards </link:label>
<link:label id="lab_us-gaap_RestrictedStockUnitsRSUMember_label_en-US" xlink:label="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units (RSUs) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedStockUnitsRSUMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RestrictedStockUnitsRSUMember" xlink:to="lab_us-gaap_RestrictedStockUnitsRSUMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_531e0246-41a4-4dd3-9ae9-34c8eea80dd2_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersAmountFundedByCustomers_5949885b-ccfd-4139-9cc0-f980053d5ce4_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountFundedByCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount funded by customers </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountFundedByCustomers_label_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountFundedByCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amount Funded By Customers </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountFundedByCustomers_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountFundedByCustomers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amount Funded By Customers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersAmountFundedByCustomers" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersAmountFundedByCustomers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersAmountFundedByCustomers" xlink:to="lab_pnw_RegulatoryMattersAmountFundedByCustomers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherAssetsMember_9f437666-b6a9-46fa-8ba1-84e99e60a9e2_terseLabel_en-US" xlink:label="lab_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Assets </link:label>
<link:label id="lab_us-gaap_OtherAssetsMember_label_en-US" xlink:label="lab_us-gaap_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Assets [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssetsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherAssetsMember" xlink:to="lab_us-gaap_OtherAssetsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RenewableEnergyCreditsMember_29c462bb-e895-4048-9c16-e140a994402b_terseLabel_en-US" xlink:label="lab_pnw_RenewableEnergyCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable energy credits </link:label>
<link:label id="lab_pnw_RenewableEnergyCreditsMember_label_en-US" xlink:label="lab_pnw_RenewableEnergyCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable Energy Credits [Member] </link:label>
<link:label id="lab_pnw_RenewableEnergyCreditsMember_documentation_en-US" xlink:label="lab_pnw_RenewableEnergyCreditsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Renewable Energy Credits or Renewable Energy Certificates ("RECs") are certificates received as proof that one megawatt-hour (MWh) of electricity was generated from a renewable energy resource. RECs can be sold on the open market as a commodity and provide an additional income stream to the energy provider, thus making it a bit more attractive to produce. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RenewableEnergyCreditsMember" xlink:href="pnw-20201231.xsd#pnw_RenewableEnergyCreditsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RenewableEnergyCreditsMember" xlink:to="lab_pnw_RenewableEnergyCreditsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_d43f276d-07ea-4587-8bca-cd63ad47b34f_terseLabel_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_FinancialInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_FinancialInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financial Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancialInstrumentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FinancialInstrumentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FinancialInstrumentAxis" xlink:to="lab_us-gaap_FinancialInstrumentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationTaxCreditsInvestment_1b231b71-f213-4ad5-8383-fa315e0f4234_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationTaxCreditsInvestment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment tax credit amortization </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationTaxCreditsInvestment_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationTaxCreditsInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationTaxCreditsInvestment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationTaxCreditsInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationTaxCreditsInvestment" xlink:to="lab_us-gaap_IncomeTaxReconciliationTaxCreditsInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther_fd72818f-0ad5-4a34-bb49-b8a8f4d1f8c5_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nondeductible expenditures associated with ballot initiative </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:to="lab_us-gaap_IncomeTaxReconciliationNondeductibleExpenseOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock_6106710a-bf4c-4c80-9bb8-132141400006_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of regulatory liabilities </link:label>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfRegulatoryLiabilitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DerivativeLiabilityFairValueGrossLiabilityOther_b0c52172-b32e-4e36-ac46-d11f306f578a_negatedTerseLabel_en-US" xlink:label="lab_pnw_DerivativeLiabilityFairValueGrossLiabilityOther" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross derivative liability, other </link:label>
<link:label id="lab_pnw_DerivativeLiabilityFairValueGrossLiabilityOther_label_en-US" xlink:label="lab_pnw_DerivativeLiabilityFairValueGrossLiabilityOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability, Other </link:label>
<link:label id="lab_pnw_DerivativeLiabilityFairValueGrossLiabilityOther_documentation_en-US" xlink:label="lab_pnw_DerivativeLiabilityFairValueGrossLiabilityOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DerivativeLiabilityFairValueGrossLiabilityOther" xlink:href="pnw-20201231.xsd#pnw_DerivativeLiabilityFairValueGrossLiabilityOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DerivativeLiabilityFairValueGrossLiabilityOther" xlink:to="lab_pnw_DerivativeLiabilityFairValueGrossLiabilityOther" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization_b2d3fa15-6045-4efb-a410-64b5294b5112_terseLabel_en-US" xlink:label="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred fuel and purchased power amortization </link:label>
<link:label id="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization_919384d5-19d5-4f52-a986-f8d185a999c1_negatedTerseLabel_en-US" xlink:label="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts refunded/(charged) to customers </link:label>
<link:label id="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization_label_en-US" xlink:label="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) Deferred Fuel and Purchased Power Amortization </link:label>
<link:label id="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization_documentation_en-US" xlink:label="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amortization of deferred fuel and purchased power costs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization" xlink:href="pnw-20201231.xsd#pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization" xlink:to="lab_pnw_IncreaseDecreaseDeferredFuelAndPurchasedPowerAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeMorganSystemMember_c1519f5d-32ac-4d52-baa4-864b7b9e3b27_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeMorganSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde — Morgan System </link:label>
<link:label id="lab_pnw_PaloVerdeMorganSystemMember_label_en-US" xlink:label="lab_pnw_PaloVerdeMorganSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Morgan System [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeMorganSystemMember_documentation_en-US" xlink:label="lab_pnw_PaloVerdeMorganSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Palo Verde - Morgan System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeMorganSystemMember" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeMorganSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeMorganSystemMember" xlink:to="lab_pnw_PaloVerdeMorganSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermLeaseCost_ce7757b1-5cc7-4a8e-bc41-24f79dff7003_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term lease cost </link:label>
<link:label id="lab_us-gaap_ShortTermLeaseCost_label_en-US" xlink:label="lab_us-gaap_ShortTermLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermLeaseCost" xlink:to="lab_us-gaap_ShortTermLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingJune2022Member_813c91f3-66d3-46dd-b562-47fbb2540897_terseLabel_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingJune2022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving credit facility maturing June 2022 </link:label>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingJune2022Member_label_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingJune2022Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility Maturing June 2022 [Member] </link:label>
<link:label id="lab_pnw_RevolvingCreditFacilityMaturingJune2022Member_documentation_en-US" xlink:label="lab_pnw_RevolvingCreditFacilityMaturingJune2022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revolving Credit Facility Maturing June 2022 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RevolvingCreditFacilityMaturingJune2022Member" xlink:href="pnw-20201231.xsd#pnw_RevolvingCreditFacilityMaturingJune2022Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RevolvingCreditFacilityMaturingJune2022Member" xlink:to="lab_pnw_RevolvingCreditFacilityMaturingJune2022Member" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock_5d6e26f8-e8fc-4623-956c-20b60576b162_terseLabel_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of estimated coal take-or-pay commitments </link:label>
<link:label id="lab_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock_label_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Estimated Purchase, Obligations Disclosure [Table Text Block] </link:label>
<link:label id="lab_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock_documentation_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of expected unconditional purchase obligations that are not recognized as a liability on the balance sheet, including the nature and significant terms of an unconditional purchase obligation; the amount of the fixed and determinable portion of the obligation as of the date of the latest balance sheet presented in the aggregate and, if determinable, for each of the five succeeding fiscal years; the nature of any variable components of the obligation; the amount purchased under the obligation (for example, the take-or-pay or throughput contract) for the reporting period; and may include the amount of imputed interest necessary to reduce the obligation to present value. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock" xlink:href="pnw-20201231.xsd#pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock" xlink:to="lab_pnw_UnrecordedUnconditionalEstimatedPurchaseObligationsDisclosureTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress_6c00c748-26ce-48c0-8518-1c20120cb637_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Construction work in progress </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant, Ownership Amount of Construction Work in Progress </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfConstructionWorkInProgress" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ForwardComponentofPSARate1_234b42fc-dda8-4a83-8769-469a2b1929a3_terseLabel_en-US" xlink:label="lab_pnw_ForwardComponentofPSARate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward component of PSA rate (in dollars per kWh) </link:label>
<link:label id="lab_pnw_ForwardComponentofPSARate1_label_en-US" xlink:label="lab_pnw_ForwardComponentofPSARate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Component of PSA Rate1 </link:label>
<link:label id="lab_pnw_ForwardComponentofPSARate1_documentation_en-US" xlink:label="lab_pnw_ForwardComponentofPSARate1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forward Component of PSA Rate1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ForwardComponentofPSARate1" xlink:href="pnw-20201231.xsd#pnw_ForwardComponentofPSARate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ForwardComponentofPSARate1" xlink:to="lab_pnw_ForwardComponentofPSARate1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_260a412a-0014-4d36-939b-cd4427074c18_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Available-for-sale Securities [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Available-for-sale Securities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:to="lab_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral_6db96fbb-aef6-400a-b8de-cd296e1dc701_totalLabel_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Recognized Derivatives </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral_label_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Fair Value, Amount Not Offset Against Collateral </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral_documentation_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Fair Value, Amount Not Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral" xlink:href="pnw-20201231.xsd#pnw_DerivativeAssetLiabilityFairValueAmountNotOffsetAgainstCollateral"/>
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<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_501315d7-fa4f-445d-a4b0-feb6da81fa92_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>
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<link:label id="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_b5b39485-5be5-49df-9fb9-08813c3e5ffc_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric Revenues </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_15d1f9d8-100f-4715-ab1f-d47b6ed2a46f_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding gross notional amount of derivatives, which represents both purchases and sales (does not reflect net position) </link:label>
<link:label id="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock"/>
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<link:label id="lab_us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage_7a837e52-fe9c-44a2-9f29-d1f2b8edad27_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term debt </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Debt Capital Structure, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage" xlink:to="lab_us-gaap_PublicUtilitiesRequestedDebtCapitalStructurePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1_4c55d3f0-7548-4038-8281-f393be5c6d77_terseLabel_en-US" xlink:label="lab_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Request second-year energy price for exported energy </link:label>
<link:label id="lab_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1_label_en-US" xlink:label="lab_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Request Second-Year Energy Price for Exported Energy1 </link:label>
<link:label id="lab_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1_documentation_en-US" xlink:label="lab_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Request Second-Year Energy Price for Exported Energy1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1" xlink:href="pnw-20201231.xsd#pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1" xlink:to="lab_pnw_RateMatterRequestSecondYearEnergyPriceforExportedEnergy1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesRentExpenseContingentRentals_61b199fc-0118-4f80-8d5b-3025ec45d69f_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseContingentRentals" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contingent rentals </link:label>
<link:label id="lab_us-gaap_OperatingLeasesRentExpenseContingentRentals_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseContingentRentals" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Rent Expense, Contingent Rentals </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseContingentRentals" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesRentExpenseContingentRentals"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesRentExpenseContingentRentals" xlink:to="lab_us-gaap_OperatingLeasesRentExpenseContingentRentals" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember_75950482-5881-4cdf-8c2d-cd02873eea41_terseLabel_en-US" xlink:label="lab_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excess deferred income taxes - ACC - Tax Cuts and Jobs Act </link:label>
<link:label id="lab_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember_label_en-US" xlink:label="lab_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Cuts and Jobs Act of 2017, Excess Deferred Income Taxes [Member] </link:label>
<link:label id="lab_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember_documentation_en-US" xlink:label="lab_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Cuts and Jobs Act of 2017, Excess Deferred Income Taxes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember" xlink:href="pnw-20201231.xsd#pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember" xlink:to="lab_pnw_TaxCutsandJobsActof2017ExcessDeferredIncomeTaxesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherLiabilitiesCurrent_f0b9ff38-a39a-496f-8638-432858be8894_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other current liabilities </link:label>
<link:label id="lab_us-gaap_OtherLiabilitiesCurrent_00430594-0280-441b-bf65-ed36e526b77e_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred lease costs </link:label>
<link:label id="lab_us-gaap_OtherLiabilitiesCurrent_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLiabilitiesCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesCurrent" xlink:to="lab_us-gaap_OtherLiabilitiesCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria_5809d25f-a6be-4a31-84d2-6bf795fdbf9c_terseLabel_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of performance element criteria </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria_label_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement by Share Based Payment Award Number of Performance Elements Criteria </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria_documentation_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of performance elements criteria that affect the number of shares received after the end of the specified performance period, if performance criteria conditions are met. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria" xlink:href="pnw-20201231.xsd#pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria" xlink:to="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfPerformanceElementsCriteria" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram_a7470cb3-3745-4aa0-adbf-0c51187b75d4_terseLabel_en-US" xlink:label="lab_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate matter, funding limited income crisis bill program </link:label>
<link:label id="lab_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram_label_en-US" xlink:label="lab_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Funding Limited Income Crisis Bill Program </link:label>
<link:label id="lab_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram_documentation_en-US" xlink:label="lab_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Funding Limited Income Crisis Bill Program </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram" xlink:href="pnw-20201231.xsd#pnw_RateMatterFundingLimitedIncomeCrisisBillProgram"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram" xlink:to="lab_pnw_RateMatterFundingLimitedIncomeCrisisBillProgram" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_899abcc9-80bc-42ff-8c15-7a0eb83027bd_totalLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_03eb3906-d8bb-4426-bdc2-efb2f3135d33_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_f5dc1938-0219-427e-9ce0-76ab113004e6_verboseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other comprehensive income (loss) — attributable to common shareholders </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAssetAxis_49100fbf-626e-4c4b-9922-24af855409cb_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAssetAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Asset [Axis] </link:label>
<link:label id="lab_us-gaap_RegulatoryAssetAxis_label_en-US" xlink:label="lab_us-gaap_RegulatoryAssetAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Asset [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAssetAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryAssetAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAssetAxis" xlink:to="lab_us-gaap_RegulatoryAssetAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeasesAbstract_859cd010-0928-4fcc-bdc3-cea63cf5f40a_terseLabel_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases [Abstract] </link:label>
<link:label id="lab_us-gaap_LeasesAbstract_label_en-US" xlink:label="lab_us-gaap_LeasesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeasesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeasesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeasesAbstract" xlink:to="lab_us-gaap_LeasesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ChollaMember_0f7e6c81-7706-4834-bcdb-8d3b95ecc903_terseLabel_en-US" xlink:label="lab_pnw_ChollaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla </link:label>
<link:label id="lab_pnw_ChollaMember_label_en-US" xlink:label="lab_pnw_ChollaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla [Member] </link:label>
<link:label id="lab_pnw_ChollaMember_documentation_en-US" xlink:label="lab_pnw_ChollaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represent information pertaining to Cholla. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ChollaMember" xlink:href="pnw-20201231.xsd#pnw_ChollaMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ChollaMember" xlink:to="lab_pnw_ChollaMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxesExcludingIncomeAndExciseTaxes_508b1d45-9e20-4a72-9260-94357fab8714_terseLabel_en-US" xlink:label="lab_us-gaap_TaxesExcludingIncomeAndExciseTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Taxes other than income taxes </link:label>
<link:label id="lab_us-gaap_TaxesExcludingIncomeAndExciseTaxes_label_en-US" xlink:label="lab_us-gaap_TaxesExcludingIncomeAndExciseTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Taxes, Miscellaneous </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxesExcludingIncomeAndExciseTaxes" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TaxesExcludingIncomeAndExciseTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxesExcludingIncomeAndExciseTaxes" xlink:to="lab_us-gaap_TaxesExcludingIncomeAndExciseTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtTypeAxis_f2ec965c-9ec0-4a8d-9965-b1b7cc7f3630_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeAxis_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_us-gaap_LongtermDebtTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsCurrent_c85bc1aa-5b4b-4c18-bb10-4821885ec137_totalLabel_en-US" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current assets </link:label>
<link:label id="lab_us-gaap_AssetsCurrent_label_en-US" xlink:label="lab_us-gaap_AssetsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrent" xlink:to="lab_us-gaap_AssetsCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_4016f0d8-3f81-45c2-89d6-70dc0c4fa27d_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING </link:label>
<link:label id="lab_us-gaap_EarningsPerShareAbstract_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareAbstract" xlink:to="lab_us-gaap_EarningsPerShareAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount_9f683ac1-666b-492d-ab27-aa581f465558_terseLabel_en-US" xlink:label="lab_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Initial loss exposure to the VIEs noncontrolling equity participants during lease extension period </link:label>
<link:label id="lab_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount_label_en-US" xlink:label="lab_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Entity Initial Loss Exposure to Noncontrolling Interests During Lease Extension Period, Amount </link:label>
<link:label id="lab_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount_documentation_en-US" xlink:label="lab_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Entity Initial Loss Exposure to Noncontrolling Interests During Lease Extension Period, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:href="pnw-20201231.xsd#pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:to="lab_pnw_VariableInterestEntityEntityInitialLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_09062123-381a-4293-b14f-a2b9c896c96d_terseLabel_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CONDENSED FINANCIAL INFORMATION OF REGISTRANT </link:label>
<link:label id="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information of Parent Company Only Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:to="lab_us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_5af9c4ef-f090-4239-9bda-edfc6c0d82c4_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of the net deferred income tax liability </link:label>
<link:label id="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Tax Assets and Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersTextBlock_70566c46-2a69-420b-a4b4-b10713635cef_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters </link:label>
<link:label id="lab_pnw_RegulatoryMattersTextBlock_label_en-US" xlink:label="lab_pnw_RegulatoryMattersTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters [Text Block] </link:label>
<link:label id="lab_pnw_RegulatoryMattersTextBlock_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> This element represents Regulatory Matters. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersTextBlock" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersTextBlock" xlink:to="lab_pnw_RegulatoryMattersTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredInvestmentTaxCreditExpense_a717102c-4a93-4c4a-8f7e-e0f4b2a29d08_terseLabel_en-US" xlink:label="lab_pnw_DeferredInvestmentTaxCreditExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred investment tax credit </link:label>
<link:label id="lab_pnw_DeferredInvestmentTaxCreditExpense_label_en-US" xlink:label="lab_pnw_DeferredInvestmentTaxCreditExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Investment Tax Credit (Expense) </link:label>
<link:label id="lab_pnw_DeferredInvestmentTaxCreditExpense_documentation_en-US" xlink:label="lab_pnw_DeferredInvestmentTaxCreditExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Investment Tax Credit (Expense) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredInvestmentTaxCreditExpense" xlink:href="pnw-20201231.xsd#pnw_DeferredInvestmentTaxCreditExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredInvestmentTaxCreditExpense" xlink:to="lab_pnw_DeferredInvestmentTaxCreditExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_d9262bb1-7193-4916-9b36-3bb92ded53ae_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share </link:label>
<link:label id="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember_label_en-US" xlink:label="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Measured at Net Asset Value Per Share [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:to="lab_us-gaap_FairValueMeasuredAtNetAssetValuePerShareMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax_6000906b-8fa5-4965-809e-d3d8abc78735_terseLabel_en-US" xlink:label="lab_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax expense (benefit) </link:label>
<link:label id="lab_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax_label_en-US" xlink:label="lab_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Defined Benefit Pension and Other Postretirement Plans Tax </link:label>
<link:label id="lab_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax_documentation_en-US" xlink:label="lab_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the tax component of accumulated other comprehensive income (loss) of defined benefit pension and other postretirement plans. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax" xlink:href="pnw-20201231.xsd#pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax" xlink:to="lab_pnw_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ProceedsFromDividendsReceivedFromSubsidiaries_1b611855-f20d-4db7-86de-a89c4e889e3e_terseLabel_en-US" xlink:label="lab_pnw_ProceedsFromDividendsReceivedFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends received from subsidiaries </link:label>
<link:label id="lab_pnw_ProceedsFromDividendsReceivedFromSubsidiaries_label_en-US" xlink:label="lab_pnw_ProceedsFromDividendsReceivedFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Dividends Received from Subsidiaries </link:label>
<link:label id="lab_pnw_ProceedsFromDividendsReceivedFromSubsidiaries_documentation_en-US" xlink:label="lab_pnw_ProceedsFromDividendsReceivedFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents dividends received from subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ProceedsFromDividendsReceivedFromSubsidiaries" xlink:href="pnw-20201231.xsd#pnw_ProceedsFromDividendsReceivedFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ProceedsFromDividendsReceivedFromSubsidiaries" xlink:to="lab_pnw_ProceedsFromDividendsReceivedFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundBillCredit_60b96caa-9990-4881-99f1-d8642c773ea9_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundBillCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer support fund, bill credit </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundBillCredit_label_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundBillCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Bill Credit </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundBillCredit_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundBillCredit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Bill Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersCustomerSupportFundBillCredit" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersCustomerSupportFundBillCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersCustomerSupportFundBillCredit" xlink:to="lab_pnw_RegulatoryMattersCustomerSupportFundBillCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_38dcd72d-3159-4f57-8a24-7f3b3c3bac34_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Benefits </link:label>
<link:label id="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:to="lab_us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations_4bf96fce-0232-473a-8b84-abbe30c3a49c_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Initial pre-65 ultimate health care cost trend rate (as a percent) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Ultimate Health Care Cost Trend Rate used in Calculating Benefit Obligations </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Ultimate Health Care Cost Trend Rate used in Calculating Benefit Obligations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations" xlink:to="lab_pnw_DefinedBenefitPlanUltimateHealthCareCostTrendRateusedinCalculatingBenefitObligations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_3cbd1b76-3de8-467e-be89-0015df7c0bde_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentFiscalPeriodFocus_aaf45e26-b4a0-4acc-9d7d-fce19fa9231e_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
<link:label id="lab_dei_DocumentFiscalPeriodFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Fiscal Period Focus </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent_7073977a-f63f-40d9-bfd6-8250fd211333_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities for pension benefits (Note 8) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Pension Plan, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xlink:to="lab_us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_00dae6f5-78f2-42f2-8a44-ab1bfb301737_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Employer contributions </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Contributions by Employer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:to="lab_us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ElectricServiceMember_da59692d-20ef-4caa-8c92-0fb2ee195951_terseLabel_en-US" xlink:label="lab_pnw_ElectricServiceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail Electric Service </link:label>
<link:label id="lab_pnw_ElectricServiceMember_label_en-US" xlink:label="lab_pnw_ElectricServiceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric Service [Member] </link:label>
<link:label id="lab_pnw_ElectricServiceMember_documentation_en-US" xlink:label="lab_pnw_ElectricServiceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric Service [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ElectricServiceMember" xlink:href="pnw-20201231.xsd#pnw_ElectricServiceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ElectricServiceMember" xlink:to="lab_pnw_ElectricServiceMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds_b18f49a2-fa38-4014-a98e-1a044568edf5_terseLabel_en-US" xlink:label="lab_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from nuclear decommissioning trust sales and other special use funds </link:label>
<link:label id="lab_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds_label_en-US" xlink:label="lab_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Decommissioning Trust Fund Assets And Other Special Use Funds </link:label>
<link:label id="lab_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds_documentation_en-US" xlink:label="lab_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Decommissioning Trust Fund Assets And Other Special Use Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds" xlink:href="pnw-20201231.xsd#pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds" xlink:to="lab_pnw_ProceedsfromDecommissioningTrustFundAssetsAndOtherSpecialUseFunds" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod_b75bf1be-62a3-4c35-a8e7-d45b382877d3_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of leases under which assets are retained </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Number of Leases under which Assets Retained Through Specified Period </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the number of leases under which assets are retained through a specified period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod" xlink:to="lab_pnw_SaleLeasebackTransactionNumberOfLeasesUnderWhichAssetsRetainedThroughSpecifiedPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherExpenseDisclosureNonoperatingAbstract_8d6f358d-728f-46de-bb86-135d442de29c_terseLabel_en-US" xlink:label="lab_us-gaap_OtherExpenseDisclosureNonoperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other expense: </link:label>
<link:label id="lab_us-gaap_OtherExpenseDisclosureNonoperatingAbstract_label_en-US" xlink:label="lab_us-gaap_OtherExpenseDisclosureNonoperatingAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Expense, Nonoperating [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherExpenseDisclosureNonoperatingAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherExpenseDisclosureNonoperatingAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherExpenseDisclosureNonoperatingAbstract" xlink:to="lab_us-gaap_OtherExpenseDisclosureNonoperatingAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PurchasedPowerLeaseContractsMember_f699f717-a9c5-4d91-b784-e4274ad91b25_terseLabel_en-US" xlink:label="lab_pnw_PurchasedPowerLeaseContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchased Power Lease Contracts </link:label>
<link:label id="lab_pnw_PurchasedPowerLeaseContractsMember_label_en-US" xlink:label="lab_pnw_PurchasedPowerLeaseContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchased Power Lease Contracts [Member] </link:label>
<link:label id="lab_pnw_PurchasedPowerLeaseContractsMember_documentation_en-US" xlink:label="lab_pnw_PurchasedPowerLeaseContractsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchased Power Lease Contracts [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PurchasedPowerLeaseContractsMember" xlink:href="pnw-20201231.xsd#pnw_PurchasedPowerLeaseContractsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PurchasedPowerLeaseContractsMember" xlink:to="lab_pnw_PurchasedPowerLeaseContractsMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityFilerCategory_621d44fd-291e-4bf4-b8f4-42126cec4baa_terseLabel_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:label id="lab_dei_EntityFilerCategory_label_en-US" xlink:label="lab_dei_EntityFilerCategory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Filer Category </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFilerCategory" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFilerCategory" xlink:to="lab_dei_EntityFilerCategory" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockMember_a1300130-6908-45db-a7c4-74dc9d157a4a_verboseLabel_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock </link:label>
<link:label id="lab_us-gaap_CommonStockMember_label_en-US" xlink:label="lab_us-gaap_CommonStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockMember" xlink:to="lab_us-gaap_CommonStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DemandSideManagementMember_05f4bf88-8b3f-4220-ac16-a3a9c68f923f_terseLabel_en-US" xlink:label="lab_pnw_DemandSideManagementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand side management </link:label>
<link:label id="lab_pnw_DemandSideManagementMember_label_en-US" xlink:label="lab_pnw_DemandSideManagementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management [Member] </link:label>
<link:label id="lab_pnw_DemandSideManagementMember_documentation_en-US" xlink:label="lab_pnw_DemandSideManagementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DemandSideManagementMember" xlink:href="pnw-20201231.xsd#pnw_DemandSideManagementMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DemandSideManagementMember" xlink:to="lab_pnw_DemandSideManagementMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductsAndServicesDomain_fa377fc5-1ebc-4e98-b8ce-38ddcd3dea02_terseLabel_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:label id="lab_srt_ProductsAndServicesDomain_label_en-US" xlink:label="lab_srt_ProductsAndServicesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductsAndServicesDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductsAndServicesDomain" xlink:to="lab_srt_ProductsAndServicesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock_5624baab-d21a-429f-bb43-003cf746bfc6_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of property, plant and equipment </link:label>
<link:label id="lab_us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility Property, Plant, and Equipment [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock" xlink:to="lab_us-gaap_ScheduleOfPublicUtilityPropertyPlantAndEquipmentTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_1835ce86-a497-47cd-8d18-57b45d924e07_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskBenchmarkDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="lab_us-gaap_ConcentrationRiskBenchmarkDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff_6c5e3165-13f8-4fa5-a84d-6aaff932a63c_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum annual renewable energy standard and tariff </link:label>
<link:label id="lab_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff_label_en-US" xlink:label="lab_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Maximum Annual Renewable Energy Standard and Tariff </link:label>
<link:label id="lab_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Maximum Annual Renewable Energy Standard and Tariff </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff" xlink:to="lab_pnw_PublicUtilitiesMaximumAnnualRenewableEnergyStandardandTariff" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryAssetsTextBlock_937415bb-1fbe-4031-a076-148ccb873f70_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of regulatory assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryAssetsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryAssetsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRegulatoryAssetsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRegulatoryAssetsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRegulatoryAssetsTextBlock" xlink:to="lab_us-gaap_ScheduleOfRegulatoryAssetsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NotesReceivableRelatedParties_d1a7a75b-5ddb-4daf-b39a-d6409e052656_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining balance of notes </link:label>
<link:label id="lab_us-gaap_NotesReceivableRelatedParties_label_en-US" xlink:label="lab_us-gaap_NotesReceivableRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Notes Receivable, Related Parties </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableRelatedParties"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableRelatedParties" xlink:to="lab_us-gaap_NotesReceivableRelatedParties" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OtherServicesMember_7c799f3e-6c8b-48cf-8f32-f7c42565680d_terseLabel_en-US" xlink:label="lab_pnw_OtherServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Sources </link:label>
<link:label id="lab_pnw_OtherServicesMember_label_en-US" xlink:label="lab_pnw_OtherServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Services [Member] </link:label>
<link:label id="lab_pnw_OtherServicesMember_documentation_en-US" xlink:label="lab_pnw_OtherServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Services [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OtherServicesMember" xlink:href="pnw-20201231.xsd#pnw_OtherServicesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OtherServicesMember" xlink:to="lab_pnw_OtherServicesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract_56559b19-a5a0-416c-84a1-42072cb61068_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Funds Used During Construction </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Allowance for Funds Used During Construction, Net Increase [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract" xlink:to="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionNetIncreaseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue_09e59488-24d3-47ea-b734-c0bb6eda0fe1_terseLabel_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested awards outstanding at end of year (in dollars per share) </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue_documentation_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue" xlink:href="pnw-20201231.xsd#pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue" xlink:to="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense_f2989c83-dadd-41c4-86a9-61a5cde58015_negatedLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde VIE noncontrolling interest (see Note 18) </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense" xlink:to="lab_us-gaap_IncomeTaxReconciliationMinorityInterestIncomeExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_b2896991-5566-40c6-b64f-3d94b18b1f43_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expenses recorded for the defined contribution savings plan </link:label>
<link:label id="lab_us-gaap_DefinedContributionPlanCostRecognized_label_en-US" xlink:label="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedContributionPlanCostRecognized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedContributionPlanCostRecognized" xlink:to="lab_us-gaap_DefinedContributionPlanCostRecognized" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement_5906ed0e-bc90-4e43-9210-d33aefd0551b_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retiree medical cost reimbursement </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Retiree Medical Cost Reimbursement </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Retiree Medical Cost Reimbursement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement" xlink:to="lab_pnw_DefinedBenefitPlanRetireeMedicalCostReimbursement" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds_7aa68a77-a58a-4f6c-9b83-a64f2d8f0647_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer credits, additional funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds_label_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Demand Side Management Funds, Customer Credits, Additional Funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Demand Side Management Funds, Customer Credits, Additional Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds" xlink:to="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCreditsAdditionalFunds" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_USCommingledFundsMember_598ed206-f1f8-475a-8813-eed38c895146_terseLabel_en-US" xlink:label="lab_pnw_USCommingledFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. commingled equity funds </link:label>
<link:label id="lab_pnw_USCommingledFundsMember_label_en-US" xlink:label="lab_pnw_USCommingledFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Commingled Funds [Member] </link:label>
<link:label id="lab_pnw_USCommingledFundsMember_documentation_en-US" xlink:label="lab_pnw_USCommingledFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A professionally managed investment fund of equity securities established by an investment company regulated by the Securities Exchange Commission or a bank regulated by the Office of the Comptroller of the Currency. The investment fund limits it's investments to equity securities located in the United States. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_USCommingledFundsMember" xlink:href="pnw-20201231.xsd#pnw_USCommingledFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_USCommingledFundsMember" xlink:to="lab_pnw_USCommingledFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_c097a9c7-97b7-42dd-8f51-fa5856bd1368_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, to be Paid, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable_b3c5cb78-38b4-4fed-b230-6bc501a84984_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table] </link:label>
<link:label id="lab_us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable_label_en-US" xlink:label="lab_us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value Disclosure of Asset and Liability Not Measured at Fair Value [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable" xlink:to="lab_us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_27d63c9c-889c-4ec0-b161-3c61a88090a0_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts recognized on the Consolidated Balance Sheets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LostFixedCostRecoveryMember_725d6ee7-6494-4a6a-b580-0f1bd40eb1c5_terseLabel_en-US" xlink:label="lab_pnw_LostFixedCostRecoveryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lost fixed cost recovery </link:label>
<link:label id="lab_pnw_LostFixedCostRecoveryMember_label_en-US" xlink:label="lab_pnw_LostFixedCostRecoveryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lost Fixed Cost Recovery [Member] </link:label>
<link:label id="lab_pnw_LostFixedCostRecoveryMember_documentation_en-US" xlink:label="lab_pnw_LostFixedCostRecoveryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the regulatory asset under lost fixed recovery mechanisms. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LostFixedCostRecoveryMember" xlink:href="pnw-20201231.xsd#pnw_LostFixedCostRecoveryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LostFixedCostRecoveryMember" xlink:to="lab_pnw_LostFixedCostRecoveryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation_8abe236a-35a5-487c-b81e-1fcfca0dc3be_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsProjectedBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract_7167453e-5c9b-4b31-874b-0048e61ef94b_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions used to determine benefit obligations </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used in Calculations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedInCalculationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SettlementAgreementFuelRelatedBaseRateDecrease_2d6964a5-063a-41e7-9ba1-f77625434c27_terseLabel_en-US" xlink:label="lab_pnw_SettlementAgreementFuelRelatedBaseRateDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fuel-related base rate decrease </link:label>
<link:label id="lab_pnw_SettlementAgreementFuelRelatedBaseRateDecrease_label_en-US" xlink:label="lab_pnw_SettlementAgreementFuelRelatedBaseRateDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement Agreement Fuel Related Base Rate Decrease </link:label>
<link:label id="lab_pnw_SettlementAgreementFuelRelatedBaseRateDecrease_documentation_en-US" xlink:label="lab_pnw_SettlementAgreementFuelRelatedBaseRateDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of decrease in fuel-related base rates as per the terms of the settlement agreement of a regulatory matter. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SettlementAgreementFuelRelatedBaseRateDecrease" xlink:href="pnw-20201231.xsd#pnw_SettlementAgreementFuelRelatedBaseRateDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SettlementAgreementFuelRelatedBaseRateDecrease" xlink:to="lab_pnw_SettlementAgreementFuelRelatedBaseRateDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_9f87adfd-91c9-4b2d-a58a-910928930489_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest rate (as a percent) </link:label>
<link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Interest Rate, Stated Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPayableCurrent_028c7a79-ec42-4249-b5cb-8896faa5c560_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common dividends payable </link:label>
<link:label id="lab_us-gaap_DividendsPayableCurrent_label_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Payable, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPayableCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrent" xlink:to="lab_us-gaap_DividendsPayableCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2018Member_04714b63-6e84-44ef-8f2d-ee04123e198b_terseLabel_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2018Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2018 </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2018Member_label_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2018Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2018 [Member] </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2018Member_documentation_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2018Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2018 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DemandSideManagementAdjustorCharge2018Member" xlink:href="pnw-20201231.xsd#pnw_DemandSideManagementAdjustorCharge2018Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DemandSideManagementAdjustorCharge2018Member" xlink:to="lab_pnw_DemandSideManagementAdjustorCharge2018Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FossilFuelPlantMember_f1cb279f-cd3c-4d77-a9e2-4b6c8c17f34b_terseLabel_en-US" xlink:label="lab_us-gaap_FossilFuelPlantMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fossil Plant </link:label>
<link:label id="lab_us-gaap_FossilFuelPlantMember_label_en-US" xlink:label="lab_us-gaap_FossilFuelPlantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fossil Fuel Plant [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FossilFuelPlantMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FossilFuelPlantMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FossilFuelPlantMember" xlink:to="lab_us-gaap_FossilFuelPlantMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_9e2e251b-7452-472c-97bf-f75cf3654287_terseLabel_en-US" xlink:label="lab_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale of 4CA 7% interest in Four Corners </link:label>
<link:label id="lab_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_label_en-US" xlink:label="lab_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncash or Part Noncash Divestiture, Amount of Consideration Received </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:to="lab_us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate_0a7b8dbc-6ac4-4897-9b1b-57289d6ddccf_terseLabel_en-US" xlink:label="lab_us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected environmental cost </link:label>
<link:label id="lab_us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate_label_en-US" xlink:label="lab_us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Site Contingency, Loss Exposure Not Accrued, Best Estimate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate" xlink:to="lab_us-gaap_SiteContingencyLossExposureNotAccruedBestEstimate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_ace2b47e-2f66-4a65-96f5-fb2cccb7f586_totalLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonoperatingIncomeExpense_593e29d2-5c10-474e-8d49-002cbb96db69_totalLabel_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_NonoperatingIncomeExpense_label_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonoperating Income (Expense) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingIncomeExpense" xlink:to="lab_us-gaap_NonoperatingIncomeExpense" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_HassayampaNorthGilaSystemMember_35493337-be84-4804-b611-ef5d5418e2ff_terseLabel_en-US" xlink:label="lab_pnw_HassayampaNorthGilaSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hassayampa — North Gila System </link:label>
<link:label id="lab_pnw_HassayampaNorthGilaSystemMember_label_en-US" xlink:label="lab_pnw_HassayampaNorthGilaSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hassayampa - North Gila System [Member] </link:label>
<link:label id="lab_pnw_HassayampaNorthGilaSystemMember_documentation_en-US" xlink:label="lab_pnw_HassayampaNorthGilaSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hassayampa - North Gila System [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_HassayampaNorthGilaSystemMember" xlink:href="pnw-20201231.xsd#pnw_HassayampaNorthGilaSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_HassayampaNorthGilaSystemMember" xlink:to="lab_pnw_HassayampaNorthGilaSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredCostsAbstract_a6da5109-27f4-4588-a0c7-02d5203b2316_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DEFERRED DEBITS </link:label>
<link:label id="lab_us-gaap_DeferredCostsAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredCostsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Costs [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCostsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCostsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCostsAbstract" xlink:to="lab_us-gaap_DeferredCostsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ArizonaRenewableEnergyStandardAndTariffMember_deb86de4-101d-4411-b1bb-672654ed4312_terseLabel_en-US" xlink:label="lab_pnw_ArizonaRenewableEnergyStandardAndTariffMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Renewable Energy Standard and Tariff </link:label>
<link:label id="lab_pnw_ArizonaRenewableEnergyStandardAndTariffMember_label_en-US" xlink:label="lab_pnw_ArizonaRenewableEnergyStandardAndTariffMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Renewable Energy Standard and Tariff [Member] </link:label>
<link:label id="lab_pnw_ArizonaRenewableEnergyStandardAndTariffMember_documentation_en-US" xlink:label="lab_pnw_ArizonaRenewableEnergyStandardAndTariffMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the RES program which permits a surcharge as part of customer bills to recover approved amounts for use in renewable energy projects. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ArizonaRenewableEnergyStandardAndTariffMember" xlink:href="pnw-20201231.xsd#pnw_ArizonaRenewableEnergyStandardAndTariffMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ArizonaRenewableEnergyStandardAndTariffMember" xlink:to="lab_pnw_ArizonaRenewableEnergyStandardAndTariffMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyNatureDomain_0f8ec862-2850-49d5-8ee0-1d0aa9dc00e8_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Nature [Domain] </link:label>
<link:label id="lab_us-gaap_LossContingencyNatureDomain_label_en-US" xlink:label="lab_us-gaap_LossContingencyNatureDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Nature [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyNatureDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingencyNatureDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyNatureDomain" xlink:to="lab_us-gaap_LossContingencyNatureDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities_0978e4fe-c2b0-4771-a28b-b1ce067c2361_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other current liabilities </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Accrued Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccruedLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage_880a0d5d-ed9e-4156-b301-798ac69947cd_terseLabel_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Option to purchase, ownership interest (as a percent) </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage_label_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Option to Purchase, Ownership Interest, Percentage </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage_documentation_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Option to Purchase, Ownership Interest, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage" xlink:href="pnw-20201231.xsd#pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage" xlink:to="lab_pnw_AssetPurchaseAgreementOptiontoPurchaseOwnershipInterestPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract_3164b9dd-638c-4bd5-b952-ae60ab6caf7f_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock </link:label>
<link:label id="lab_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract_label_en-US" xlink:label="lab_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:to="lab_us-gaap_PreferredStockNumberOfSharesParValueAndOtherDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SaleLeasebackTransactionAccumulatedDepreciation_7f7c210b-86ce-4797-b2a2-2ad043561cb5_terseLabel_en-US" xlink:label="lab_us-gaap_SaleLeasebackTransactionAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated depreciation of Palo Verde sale leaseback </link:label>
<link:label id="lab_us-gaap_SaleLeasebackTransactionAccumulatedDepreciation_label_en-US" xlink:label="lab_us-gaap_SaleLeasebackTransactionAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction, Accumulated Depreciation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SaleLeasebackTransactionAccumulatedDepreciation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleLeasebackTransactionAccumulatedDepreciation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SaleLeasebackTransactionAccumulatedDepreciation" xlink:to="lab_us-gaap_SaleLeasebackTransactionAccumulatedDepreciation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilityAxis_54d78d06-5572-4409-9b76-5f88b30ad61d_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility [Axis] </link:label>
<link:label id="lab_us-gaap_PublicUtilityAxis_label_en-US" xlink:label="lab_us-gaap_PublicUtilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilityAxis" xlink:to="lab_us-gaap_PublicUtilityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostsAndExpensesAbstract_0a3e8072-2979-47f0-b890-a4dbef7153d7_terseLabel_en-US" xlink:label="lab_us-gaap_CostsAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OPERATING EXPENSES </link:label>
<link:label id="lab_us-gaap_CostsAndExpensesAbstract_label_en-US" xlink:label="lab_us-gaap_CostsAndExpensesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs and Expenses [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpensesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpensesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostsAndExpensesAbstract" xlink:to="lab_us-gaap_CostsAndExpensesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_45a762dc-55de-4b10-be7e-46a9c9c26f3d_terseLabel_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:label id="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract_label_en-US" xlink:label="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Condensed Financial Information Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:to="lab_srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_2f604d92-01d4-49ca-86db-d043d86a5cd4_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flow effect, cash used to settle awards </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Cash Used to Settle Award </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationCashFlowEffectCashUsedToSettleAwards" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing_bae81a75-b538-4a9a-9528-4b8f35acd348_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Generation </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Generation or Processing </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentGenerationOrProcessing" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockShares_2a7c32f4-d23e-438c-9d54-2cee959703b5_terseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock at cost, shares (in shares) </link:label>
<link:label id="lab_us-gaap_TreasuryStockShares_label_en-US" xlink:label="lab_us-gaap_TreasuryStockShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Shares </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockShares" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockShares"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockShares" xlink:to="lab_us-gaap_TreasuryStockShares" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember_03c6bf1c-5576-4b7a-972c-31d1b55ea74f_terseLabel_en-US" xlink:label="lab_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Public Service Company and Palo Verde Owners vs. United States Department of Energy - Spent Nuclear Fuel and Waste Disposal </link:label>
<link:label id="lab_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember_label_en-US" xlink:label="lab_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Public Service Company and Palo Verde Owners vs. United States Department of Energy - Spent Nuclear Fuel and Waste Disposal [Member] </link:label>
<link:label id="lab_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember_documentation_en-US" xlink:label="lab_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Public Service Company and Palo Verde Owners vs. United States Department of Energy - Spent Nuclear Fuel and Waste Disposal [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember" xlink:href="pnw-20201231.xsd#pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember" xlink:to="lab_pnw_ArizonaPublicServiceCompanyandPaloVerdeOwnersvs.UnitedStatesDepartmentofEnergySpentNuclearFuelandWasteDisposalMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedDeferredInvestmentTaxCredit_60fb0bc4-66e7-49b0-a529-0373b83c942a_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDeferredInvestmentTaxCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred investment tax credit </link:label>
<link:label id="lab_us-gaap_AccumulatedDeferredInvestmentTaxCredit_label_en-US" xlink:label="lab_us-gaap_AccumulatedDeferredInvestmentTaxCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Deferred Investment Tax Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDeferredInvestmentTaxCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDeferredInvestmentTaxCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDeferredInvestmentTaxCredit" xlink:to="lab_us-gaap_AccumulatedDeferredInvestmentTaxCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_fc4b28ef-ed79-4b61-87cd-eb68190e8dab_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State </link:label>
<link:label id="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred State and Local Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_c7047468-27ec-4098-a844-128c251237db_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2025 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ElectricandTransmissionServiceMember_e719c5ed-4276-41d4-bc25-a1780a548144_terseLabel_en-US" xlink:label="lab_pnw_ElectricandTransmissionServiceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric and Transmission Service </link:label>
<link:label id="lab_pnw_ElectricandTransmissionServiceMember_label_en-US" xlink:label="lab_pnw_ElectricandTransmissionServiceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric and Transmission Service [Member] </link:label>
<link:label id="lab_pnw_ElectricandTransmissionServiceMember_documentation_en-US" xlink:label="lab_pnw_ElectricandTransmissionServiceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Electric and Transmission Service [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ElectricandTransmissionServiceMember" xlink:href="pnw-20201231.xsd#pnw_ElectricandTransmissionServiceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ElectricandTransmissionServiceMember" xlink:to="lab_pnw_ElectricandTransmissionServiceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_c1b1e552-ce32-4614-b8ab-17acb09afa6a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected long-term return on plan assets (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryAssetNetBookValue_eb10a1e2-e50a-41f7-b4db-d468fa8272f1_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryAssetNetBookValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory asset, net book value </link:label>
<link:label id="lab_pnw_RegulatoryAssetNetBookValue_label_en-US" xlink:label="lab_pnw_RegulatoryAssetNetBookValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Asset, Net Book Value </link:label>
<link:label id="lab_pnw_RegulatoryAssetNetBookValue_documentation_en-US" xlink:label="lab_pnw_RegulatoryAssetNetBookValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Asset, Net Book Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryAssetNetBookValue" xlink:href="pnw-20201231.xsd#pnw_RegulatoryAssetNetBookValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryAssetNetBookValue" xlink:to="lab_pnw_RegulatoryAssetNetBookValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersLineItems_719e38c7-c7a0-4910-a89d-0d26034f37c0_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters [Line Items] </link:label>
<link:label id="lab_pnw_RegulatoryMattersLineItems_label_en-US" xlink:label="lab_pnw_RegulatoryMattersLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersLineItems" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersLineItems" xlink:to="lab_pnw_RegulatoryMattersLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestPaidNet_0c28aab8-7d13-442b-b469-235732a871b4_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest, net of amounts capitalized </link:label>
<link:label id="lab_us-gaap_InterestPaidNet_label_en-US" xlink:label="lab_us-gaap_InterestPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Paid, Excluding Capitalized Interest, Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPaidNet" xlink:to="lab_us-gaap_InterestPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent_dc2a909e-9c9e-4a99-b744-87c8f7d3f88e_terseLabel_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred fuel and purchased power regulatory asset (Note 4) </link:label>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent_label_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Fuel and Purchased Power Regulatory Asset, Current </link:label>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent_documentation_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying amount as of the balance sheet date of deferred fuel and purchased power of regulated entities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:href="pnw-20201231.xsd#pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:to="lab_pnw_DeferredFuelAndPurchasedPowerRegulatoryAssetCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear_a87a034b-c7a3-415c-a943-dab21a9b8064_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected long-term return on plan assets for next fiscal year (as a percent) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return on Assets for Next Fiscal Year </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> An assumption as to the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation during next fiscal year. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear" xlink:to="lab_pnw_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssetsForNextFiscalYear" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation_5c932139-1afb-4031-a804-7b264aeb7484_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Initial post-65 healthcare cost trend rate (as a percent) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Post-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year, Used in Calculating Benefit Obligation </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Post-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year, Used in Calculating Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:to="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_3ce0510f-d236-4118-9191-a2ea251811ca_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal payments due on long-term debt </link:label>
<link:label id="lab_us-gaap_LongTermDebtByMaturityAbstract_label_en-US" xlink:label="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtByMaturityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtByMaturityAbstract" xlink:to="lab_us-gaap_LongTermDebtByMaturityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_ff1cd129-3785-463c-b6c2-53950f07e4dd_totalLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total equity </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_90a446b2-062c-491e-8d90-5e8acafb5a80_periodStartLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_66a036d9-fd29-4cd8-9832-6ec426119311_periodEndLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_aa74321d-dfd3-4b33-94cc-8b91c409a9a1_terseLabel_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Significant Accounting Policies </link:label>
<link:label id="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber_b5f6c4a4-fe64-43ca-8b00-54258d9af39f_terseLabel_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested awards outstanding at end of year (in shares) </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber_label_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Vested Awards, Number </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber_documentation_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding Vested Awards, Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber" xlink:href="pnw-20201231.xsd#pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber" xlink:to="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsOutstandingVestedAwardsNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_c4b750ca-23fb-411d-8540-310729e8f867_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_Revenues_5c89f393-6d3b-418d-b78e-29ebc4ac2f08_terseLabel_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OPERATING REVENUES (NOTE 2) </link:label>
<link:label id="lab_us-gaap_Revenues_label_en-US" xlink:label="lab_us-gaap_Revenues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Revenues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_Revenues" xlink:to="lab_us-gaap_Revenues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxesPaidNet_67c3aa88-457b-42e1-9938-4af427cfb9b6_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes, net of refunds </link:label>
<link:label id="lab_us-gaap_IncomeTaxesPaidNet_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesPaidNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes Paid, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesPaidNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxesPaidNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesPaidNet" xlink:to="lab_us-gaap_IncomeTaxesPaidNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_JointlyOwnedUtilityPlantsTextBlock_720327da-92a8-4b74-bbc6-d5287501f2cb_terseLabel_en-US" xlink:label="lab_pnw_JointlyOwnedUtilityPlantsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly-Owned Facilities </link:label>
<link:label id="lab_pnw_JointlyOwnedUtilityPlantsTextBlock_label_en-US" xlink:label="lab_pnw_JointlyOwnedUtilityPlantsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plants [Text Block] </link:label>
<link:label id="lab_pnw_JointlyOwnedUtilityPlantsTextBlock_documentation_en-US" xlink:label="lab_pnw_JointlyOwnedUtilityPlantsTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the disclosure for jointly-owned facilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_JointlyOwnedUtilityPlantsTextBlock" xlink:href="pnw-20201231.xsd#pnw_JointlyOwnedUtilityPlantsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_JointlyOwnedUtilityPlantsTextBlock" xlink:to="lab_pnw_JointlyOwnedUtilityPlantsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyNumberOfDefendants_e896a5ed-cb3a-444b-9e42-a4077ea8ec67_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyNumberOfDefendants" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of defendants against whom Roosevelt Irrigation District ("RID") filed lawsuit </link:label>
<link:label id="lab_us-gaap_LossContingencyNumberOfDefendants_label_en-US" xlink:label="lab_us-gaap_LossContingencyNumberOfDefendants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Number of Defendants </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyNumberOfDefendants" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingencyNumberOfDefendants"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyNumberOfDefendants" xlink:to="lab_us-gaap_LossContingencyNumberOfDefendants" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax_d657b70d-478e-45a4-9041-fd8b0bdc6f74_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net unrealized loss, tax benefit (expense) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax_4129f942-d27a-407d-af97-3e90bf3333cc_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Unrealized Gains </link:label>
<link:label id="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_9511d473-b1db-43fd-90ac-2428fef47ae7_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to common shareholders — diluted (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_9433d8a2-6786-4dcb-90ee-d1c318aaa7b9_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income attributable to common shareholders - diluted (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareDiluted_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareDiluted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Diluted </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareDiluted" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareDiluted"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareDiluted" xlink:to="lab_us-gaap_EarningsPerShareDiluted" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityLineItems_faa46193-ef2b-4d4d-ac93-6bff60eee84b_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Sale Leaseback Variable Interest Entities </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityLineItems_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityLineItems" xlink:to="lab_us-gaap_VariableInterestEntityLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodThrough2033Member_da57c6d7-ff93-4b19-8d42-023fb5148b2a_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodThrough2033Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period Through 2033 </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodThrough2033Member_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodThrough2033Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period Through 2033 [Member] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodThrough2033Member_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodThrough2033Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to sale and leaseback period through 2033. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionPeriodThrough2033Member" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionPeriodThrough2033Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionPeriodThrough2033Member" xlink:to="lab_pnw_SaleLeasebackTransactionPeriodThrough2033Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_003c6852-e19c-43be-9a21-bf2bb14aa102_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of unrecognized tax benefits roll forward </link:label>
<link:label id="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax_3357871e-6b31-456a-a059-4fce513821d2_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Unrealized Losses </link:label>
<link:label id="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleEquitySecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue_bc04852e-a2b5-4b0b-a04f-ee1e28999c06_terseLabel_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Present value of commitments </link:label>
<link:label id="lab_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue_label_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, Present Value </link:label>
<link:label id="lab_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue_documentation_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The net present value of an unrecorded unconditional purchase obligation as of the balance sheet date. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue" xlink:href="pnw-20201231.xsd#pnw_UnrecordedUnconditionalPurchaseObligationPresentValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue" xlink:to="lab_pnw_UnrecordedUnconditionalPurchaseObligationPresentValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CommonStockValueCommonAndTreasury_edd3b923-d16d-4301-b093-f7952b54c3fe_totalLabel_en-US" xlink:label="lab_pnw_CommonStockValueCommonAndTreasury" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total common stock </link:label>
<link:label id="lab_pnw_CommonStockValueCommonAndTreasury_label_en-US" xlink:label="lab_pnw_CommonStockValueCommonAndTreasury" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Value, Common And Treasury </link:label>
<link:label id="lab_pnw_CommonStockValueCommonAndTreasury_documentation_en-US" xlink:label="lab_pnw_CommonStockValueCommonAndTreasury" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Value, Common And Treasury </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CommonStockValueCommonAndTreasury" xlink:href="pnw-20201231.xsd#pnw_CommonStockValueCommonAndTreasury"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CommonStockValueCommonAndTreasury" xlink:to="lab_pnw_CommonStockValueCommonAndTreasury" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_c6dddf12-ae55-4f69-8219-405af5d035c5_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of long-term debt on the Consolidated Balance Sheets </link:label>
<link:label id="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="lab_us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressAddressLine1_d98fb854-7cc4-4e77-b3b9-575a4c9202ba_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, Address Line One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressAddressLine1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense_26c7c486-7807-41b8-be57-a7e523888fa9_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized tax benefit interest expense/(benefit) recognized </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Interest on Income Taxes Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityEmergingGrowthCompany_58608565-706c-4d12-9c3d-b5eeb6c2cee3_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Emerging Growth Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityEmergingGrowthCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncomeTaxesAbstract_7d6abefb-f4a1-4263-a076-3fa75b047c78_terseLabel_en-US" xlink:label="lab_pnw_IncomeTaxesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_pnw_IncomeTaxesAbstract_label_en-US" xlink:label="lab_pnw_IncomeTaxesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncomeTaxesAbstract" xlink:href="pnw-20201231.xsd#pnw_IncomeTaxesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncomeTaxesAbstract" xlink:to="lab_pnw_IncomeTaxesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_0481b415-6726-4bed-9d38-633b61e4d42f_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_1be530c4-26bd-4287-942f-0cd8ed93c2df_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross derivative liability </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_5db5eb1c-348e-4ce9-a23b-d7fe12df2037_negatedLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Recognized Derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Gross Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TransmissionCostAdjustorMember_29a5a37f-83c3-4c66-958a-26b05b19a576_terseLabel_en-US" xlink:label="lab_pnw_TransmissionCostAdjustorMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> TCA balancing account </link:label>
<link:label id="lab_pnw_TransmissionCostAdjustorMember_label_en-US" xlink:label="lab_pnw_TransmissionCostAdjustorMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission Cost Adjustor [Member] </link:label>
<link:label id="lab_pnw_TransmissionCostAdjustorMember_documentation_en-US" xlink:label="lab_pnw_TransmissionCostAdjustorMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission Cost Adjustor [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TransmissionCostAdjustorMember" xlink:href="pnw-20201231.xsd#pnw_TransmissionCostAdjustorMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TransmissionCostAdjustorMember" xlink:to="lab_pnw_TransmissionCostAdjustorMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanEmployerContributionsAbstract_aabadb35-8306-4dcc-ba9b-63611520959c_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanEmployerContributionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanEmployerContributionsAbstract_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanEmployerContributionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Employer Contributions [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanEmployerContributionsAbstract" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanEmployerContributionsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanEmployerContributionsAbstract" xlink:to="lab_pnw_DefinedBenefitPlanEmployerContributionsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UtilityPlantDomain_a15fc766-0eff-4b60-ab65-b4c995ebfea9_terseLabel_en-US" xlink:label="lab_us-gaap_UtilityPlantDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Utility Plant [Domain] </link:label>
<link:label id="lab_us-gaap_UtilityPlantDomain_label_en-US" xlink:label="lab_us-gaap_UtilityPlantDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Utility Plant [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilityPlantDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UtilityPlantDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UtilityPlantDomain" xlink:to="lab_us-gaap_UtilityPlantDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_7d1134ca-0ad7-4071-877a-6897390e492f_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated amortization on intangible assets </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Assets, Accumulated Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MaximumMember_be5c1a57-ca5c-4f44-879e-af476f7e1203_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum </link:label>
<link:label id="lab_srt_MaximumMember_label_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MaximumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MaximumMember" xlink:to="lab_srt_MaximumMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_e2f216e8-acf4-4971-ab9c-4d9633579f6a_terseLabel_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock, shares authorized (in shares) </link:label>
<link:label id="lab_us-gaap_PreferredStockSharesAuthorized_label_en-US" xlink:label="lab_us-gaap_PreferredStockSharesAuthorized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock, Shares Authorized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_us-gaap_PreferredStockSharesAuthorized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NoncontrollingInterestMember_91a98ef3-feed-4304-94a5-63f3113d0ad1_verboseLabel_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interests </link:label>
<link:label id="lab_us-gaap_NoncontrollingInterestMember_label_en-US" xlink:label="lab_us-gaap_NoncontrollingInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling Interest [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoncontrollingInterestMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NoncontrollingInterestMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NoncontrollingInterestMember" xlink:to="lab_us-gaap_NoncontrollingInterestMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage_decff571-8851-4655-a4a8-7c2ee8458b80_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Authorized return on common equity (as a percent) </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Approved Return on Equity, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage" xlink:to="lab_us-gaap_PublicUtilitiesApprovedReturnOnEquityPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RetailNonResidentialMember_b4254127-dbb5-4a47-b041-e340c29f4c64_terseLabel_en-US" xlink:label="lab_pnw_RetailNonResidentialMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail non-residential </link:label>
<link:label id="lab_pnw_RetailNonResidentialMember_label_en-US" xlink:label="lab_pnw_RetailNonResidentialMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail Non-Residential [Member] </link:label>
<link:label id="lab_pnw_RetailNonResidentialMember_documentation_en-US" xlink:label="lab_pnw_RetailNonResidentialMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retail Non-Residential [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RetailNonResidentialMember" xlink:href="pnw-20201231.xsd#pnw_RetailNonResidentialMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RetailNonResidentialMember" xlink:to="lab_pnw_RetailNonResidentialMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_d4f4b153-b4e7-4d72-895e-d93e7c410553_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of assets and liabilities that are measured at fair value on a recurring basis </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate_c86bd409-d043-490e-84cf-0158ac4fdee4_totalLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_75752842-28c7-4c7a-a542-d53b99c7f942_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable_a176f5a2-4cc9-4134-882d-ec3c66128266_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax receivable </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Income Taxes Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxesReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FourCornersMember_8122ac06-e827-451f-84a7-e2218136de66_terseLabel_en-US" xlink:label="lab_pnw_FourCornersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners </link:label>
<link:label id="lab_pnw_FourCornersMember_label_en-US" xlink:label="lab_pnw_FourCornersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners [Member] </link:label>
<link:label id="lab_pnw_FourCornersMember_documentation_en-US" xlink:label="lab_pnw_FourCornersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represent information pertaining to Four Corners. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FourCornersMember" xlink:href="pnw-20201231.xsd#pnw_FourCornersMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FourCornersMember" xlink:to="lab_pnw_FourCornersMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_dc58d82a-e7fb-4ed4-ad28-d5e2fcedaf89_totalLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plant in service and held for future use </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Plant in Service </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentPlantInService" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_a6ef0fab-4fe5-4a84-8838-ebfec38d2bfd_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Domain] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeCategorizationMember_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentTypeCategorizationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeCategorizationMember" xlink:to="lab_us-gaap_InvestmentTypeCategorizationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingLiabilitiesTableTextBlock_027c0598-6f4e-4148-892c-5b37c0f88cc7_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of the entity's fair value of risk management activities reported on a gross basis and the impacts on offsetting liabilities </link:label>
<link:label id="lab_us-gaap_OffsettingLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Liabilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingLiabilitiesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:to="lab_us-gaap_OffsettingLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherNonoperatingExpense_b4732eed-3f60-40bb-bac0-5d7a49301f4b_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other expense (Note 17) </link:label>
<link:label id="lab_us-gaap_OtherNonoperatingExpense_c44cb578-5db8-466d-a726-dcb597534ac7_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total other expense </link:label>
<link:label id="lab_us-gaap_OtherNonoperatingExpense_label_en-US" xlink:label="lab_us-gaap_OtherNonoperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Nonoperating Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNonoperatingExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingExpense" xlink:to="lab_us-gaap_OtherNonoperatingExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit_8e796704-af7a-41ba-8000-34535968cd83_terseLabel_en-US" xlink:label="lab_us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reduction in net deferred income tax liabilities </link:label>
<link:label id="lab_us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Cuts and Jobs Act, Change in Tax Rate, Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember_c91b4077-9584-4886-ba0b-55c8178a78f7_terseLabel_en-US" xlink:label="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Benefits </link:label>
<link:label id="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Postretirement Benefits Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:to="lab_us-gaap_OtherPostretirementBenefitPlansDefinedBenefitMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_TradingSymbol_74667bbe-0dda-4691-8a30-af6a305bfc0d_terseLabel_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:label id="lab_dei_TradingSymbol_label_en-US" xlink:label="lab_dei_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Trading Symbol </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_TradingSymbol" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_TradingSymbol"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_TradingSymbol" xlink:to="lab_dei_TradingSymbol" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_InvestmentsAndOtherAssetsAbstract_2bbbb722-3e51-4b6b-8a32-1fcc2f9260a0_terseLabel_en-US" xlink:label="lab_pnw_InvestmentsAndOtherAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> INVESTMENTS AND OTHER ASSETS </link:label>
<link:label id="lab_pnw_InvestmentsAndOtherAssetsAbstract_27c6bcb8-2096-42c8-8f5c-e474805bf3d1_verboseLabel_en-US" xlink:label="lab_pnw_InvestmentsAndOtherAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments and other assets </link:label>
<link:label id="lab_pnw_InvestmentsAndOtherAssetsAbstract_label_en-US" xlink:label="lab_pnw_InvestmentsAndOtherAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments and Other Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_InvestmentsAndOtherAssetsAbstract" xlink:href="pnw-20201231.xsd#pnw_InvestmentsAndOtherAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_InvestmentsAndOtherAssetsAbstract" xlink:to="lab_pnw_InvestmentsAndOtherAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_bcfc52ea-6348-4c67-b3ef-eb0d69362f99_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings per weighted-average common share outstanding </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding Reconciliation [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingDilutedDisclosureItemsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_bf005521-6035-4af5-8cd3-7b5712a9a34a_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare_29c8a6af-6e9d-4150-b1f9-e2fd04e27858_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percent owned </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant, Proportionate Ownership Share </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantProportionateOwnershipShare" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryLiabilityAxis_f9d6d9a8-28bd-4ba9-be2b-96ddbd74ae94_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability [Axis] </link:label>
<link:label id="lab_us-gaap_RegulatoryLiabilityAxis_label_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryLiabilityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilityAxis" xlink:to="lab_us-gaap_RegulatoryLiabilityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationAbstract_74243292-3e77-42ee-a1c7-a3522a20aeb3_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes attributable to: </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationAbstract_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationAbstract" xlink:to="lab_us-gaap_AssetRetirementObligationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantAxis_953311f9-0c4f-490b-ba7f-ef89b70c32e0_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant [Axis] </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantAxis_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantAxis" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MiscellaneousOtherNonoperatingIncome_3999afa6-ae68-4a5c-a25a-c65f08b7dbdd_terseLabel_en-US" xlink:label="lab_pnw_MiscellaneousOtherNonoperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous </link:label>
<link:label id="lab_pnw_MiscellaneousOtherNonoperatingIncome_label_en-US" xlink:label="lab_pnw_MiscellaneousOtherNonoperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous Other Nonoperating Income </link:label>
<link:label id="lab_pnw_MiscellaneousOtherNonoperatingIncome_documentation_en-US" xlink:label="lab_pnw_MiscellaneousOtherNonoperatingIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of miscellaneous other nonoperating income resulting from ancillary business-related activities (that is, excluding major activities considered as a part of the normal operations of the business). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MiscellaneousOtherNonoperatingIncome" xlink:href="pnw-20201231.xsd#pnw_MiscellaneousOtherNonoperatingIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MiscellaneousOtherNonoperatingIncome" xlink:to="lab_pnw_MiscellaneousOtherNonoperatingIncome" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityShellCompany_0491807e-7578-4b83-a63b-5a872404d269_terseLabel_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:label id="lab_dei_EntityShellCompany_label_en-US" xlink:label="lab_dei_EntityShellCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Shell Company </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityShellCompany" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityShellCompany" xlink:to="lab_dei_EntityShellCompany" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill_ab118687-e593-49b9-bec9-9bebb45de9c4_terseLabel_en-US" xlink:label="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Approximate percentage of increase in average customer bill </link:label>
<link:label id="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill_label_en-US" xlink:label="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Approximate Percentage of Increase in Average Customer Bill </link:label>
<link:label id="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill_documentation_en-US" xlink:label="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Approximate Percentage of Increase in Average Customer Bill </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill" xlink:href="pnw-20201231.xsd#pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill" xlink:to="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageCustomerBill" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock_2e5d6213-9ef2-4f65-92ad-816665a8fe46_terseLabel_en-US" xlink:label="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Segments </link:label>
<link:label id="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Segment Reporting, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="lab_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityPublicFloat_0d5da899-9391-4587-937b-4ebc75721afd_terseLabel_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:label id="lab_dei_EntityPublicFloat_label_en-US" xlink:label="lab_dei_EntityPublicFloat" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Public Float </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityPublicFloat" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityPublicFloat"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityPublicFloat" xlink:to="lab_dei_EntityPublicFloat" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction_3cf5ed9b-2cd8-4c39-a30f-cca4f847e1e7_negatedLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for equity funds used during construction </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Regulatory Assets Allowance for Equity Funds Used During Construction </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount as of the balance sheet date of the estimated future tax effects attributable to the difference between the tax basis and the basis in accordance with generally accepted accounting principles of regulatory assets related to allowance for equity funds used during construction which will increase future taxable income when such basis difference reverses. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction" xlink:to="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsAllowanceForEquityFundsUsedDuringConstruction" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryImpactOperatingResults_26317905-f4c9-402a-ab81-ce777b9475fb_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryImpactOperatingResults" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory impact, operating results </link:label>
<link:label id="lab_pnw_RegulatoryImpactOperatingResults_label_en-US" xlink:label="lab_pnw_RegulatoryImpactOperatingResults" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Impact, Operating Results </link:label>
<link:label id="lab_pnw_RegulatoryImpactOperatingResults_documentation_en-US" xlink:label="lab_pnw_RegulatoryImpactOperatingResults" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Impact, Operating Results </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryImpactOperatingResults" xlink:href="pnw-20201231.xsd#pnw_RegulatoryImpactOperatingResults"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryImpactOperatingResults" xlink:to="lab_pnw_RegulatoryImpactOperatingResults" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAgencyDomain_f820499d-0a7c-4833-8cc8-70098cef1f19_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Domain] </link:label>
<link:label id="lab_us-gaap_RegulatoryAgencyDomain_label_en-US" xlink:label="lab_us-gaap_RegulatoryAgencyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Agency [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAgencyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryAgencyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAgencyDomain" xlink:to="lab_us-gaap_RegulatoryAgencyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentType_d4b4a69d-103f-4e0a-bfda-ce7225441eb5_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:label id="lab_dei_DocumentType_label_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Type </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentType" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentType" xlink:to="lab_dei_DocumentType" xlink:type="arc" order="1"/>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_2719c5ca-dcaf-4b1a-b085-914d24e4623e_terseLabel_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:label id="lab_dei_IcfrAuditorAttestationFlag_label_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ICFR Auditor Attestation Flag </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_IcfrAuditorAttestationFlag"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag" xlink:to="lab_dei_IcfrAuditorAttestationFlag" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherNonoperatingIncomeExpense_4e620919-725f-4daa-aca4-1767713f2cc3_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other expense </link:label>
<link:label id="lab_us-gaap_OtherNonoperatingIncomeExpense_label_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Nonoperating Income (Expense) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingIncomeExpense" xlink:to="lab_us-gaap_OtherNonoperatingIncomeExpense" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoSouthernSystemMember_8db4f834-ae94-43b3-b285-5657410deb8f_terseLabel_en-US" xlink:label="lab_pnw_NavajoSouthernSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Southern System </link:label>
<link:label id="lab_pnw_NavajoSouthernSystemMember_label_en-US" xlink:label="lab_pnw_NavajoSouthernSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Southern System [Member] </link:label>
<link:label id="lab_pnw_NavajoSouthernSystemMember_documentation_en-US" xlink:label="lab_pnw_NavajoSouthernSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Navajo Southern System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoSouthernSystemMember" xlink:href="pnw-20201231.xsd#pnw_NavajoSouthernSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoSouthernSystemMember" xlink:to="lab_pnw_NavajoSouthernSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestCostsIncurred_4652dba9-a11e-41e5-b5d8-285a42277c7c_terseLabel_en-US" xlink:label="lab_us-gaap_InterestCostsIncurred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest charges </link:label>
<link:label id="lab_us-gaap_InterestCostsIncurred_8cbbfb0b-6c0d-47a3-8c7c-88166b94b7a9_verboseLabel_en-US" xlink:label="lab_us-gaap_InterestCostsIncurred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense </link:label>
<link:label id="lab_us-gaap_InterestCostsIncurred_label_en-US" xlink:label="lab_us-gaap_InterestCostsIncurred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Costs Incurred </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestCostsIncurred" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestCostsIncurred"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestCostsIncurred" xlink:to="lab_us-gaap_InterestCostsIncurred" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_7ccf6cbc-5934-474e-b6ac-63203398cc83_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts relating to the VIEs included in Consolidated Balance Sheets </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockMember_b98f634f-3d2b-4a6e-8d61-edf55df24e20_verboseLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock </link:label>
<link:label id="lab_us-gaap_TreasuryStockMember_label_en-US" xlink:label="lab_us-gaap_TreasuryStockMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockMember" xlink:to="lab_us-gaap_TreasuryStockMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoPlantMember_b9814623-095c-49bd-a231-c63d384d984b_terseLabel_en-US" xlink:label="lab_pnw_NavajoPlantMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo plant </link:label>
<link:label id="lab_pnw_NavajoPlantMember_label_en-US" xlink:label="lab_pnw_NavajoPlantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Plant [Member] </link:label>
<link:label id="lab_pnw_NavajoPlantMember_documentation_en-US" xlink:label="lab_pnw_NavajoPlantMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represent information pertaining to Navajo Plant. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoPlantMember" xlink:href="pnw-20201231.xsd#pnw_NavajoPlantMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoPlantMember" xlink:to="lab_pnw_NavajoPlantMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_e6bfe834-fda0-4724-8f7f-6aabdde2a99b_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of fixed income securities, summarized by contractual maturities </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Fair Value, Fiscal Year Maturity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CollateralAssuranceBasedOnRatingTriggers_8dbcb1a9-5fb2-485f-97c3-6242b1bae8cf_terseLabel_en-US" xlink:label="lab_pnw_CollateralAssuranceBasedOnRatingTriggers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral assurance based on rating triggers </link:label>
<link:label id="lab_pnw_CollateralAssuranceBasedOnRatingTriggers_label_en-US" xlink:label="lab_pnw_CollateralAssuranceBasedOnRatingTriggers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Assurance Based on Rating Triggers </link:label>
<link:label id="lab_pnw_CollateralAssuranceBasedOnRatingTriggers_documentation_en-US" xlink:label="lab_pnw_CollateralAssuranceBasedOnRatingTriggers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the collateral assurance provided that depends upon rating triggers such as a rating downgrade to non-investment grade under NEIL policies. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CollateralAssuranceBasedOnRatingTriggers" xlink:href="pnw-20201231.xsd#pnw_CollateralAssuranceBasedOnRatingTriggers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CollateralAssuranceBasedOnRatingTriggers" xlink:to="lab_pnw_CollateralAssuranceBasedOnRatingTriggers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_88cf7f84-f1c3-4703-93ad-86ec81eca81d_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plans and Other Postretirement Benefits </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_e62d21bb-ad35-4ff7-931d-47713c9c0d80_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of changes in accumulated other comprehensive loss including reclassification adjustments, by component </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_2e0731a5-cf97-4f42-8d1a-b57ac0b5fe57_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate_844a5fc7-b00c-429a-ba5c-d010a00b044a_terseLabel_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional expected environment cost </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate_label_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Site Contingency, Increase in Loss Exposure Not Accrued, Best Estimate </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate_documentation_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Site Contingency, Increase in Loss Exposure Not Accrued, Best Estimate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate" xlink:href="pnw-20201231.xsd#pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate" xlink:to="lab_pnw_AssetPurchaseAgreementSiteContingencyIncreaseinLossExposureNotAccruedBestEstimate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_bed9e57f-9e62-4e7d-a6dc-e260ead11863_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 3 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel3Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 3 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel3Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel3Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_us-gaap_FairValueInputsLevel3Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_c522b5d0-0429-4416-b6cd-200ff94c853f_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_LesseeLeasesPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Leases [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeLeasesPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeasesPolicyTextBlock" xlink:to="lab_us-gaap_LesseeLeasesPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_762f9871-d351-4814-96e3-a09afa4cf497_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefit payments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssets_a8992632-9dd6-4f84-a02c-c649e937df47_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount Reported on Balance Sheet </link:label>
<link:label id="lab_us-gaap_DerivativeAssets_label_en-US" xlink:label="lab_us-gaap_DerivativeAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssets" xlink:to="lab_us-gaap_DerivativeAssets" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredGainsonUtilityPropertyMember_4abcda2a-a9c7-401a-90b8-6c058c248909_terseLabel_en-US" xlink:label="lab_pnw_DeferredGainsonUtilityPropertyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred gains on utility property </link:label>
<link:label id="lab_pnw_DeferredGainsonUtilityPropertyMember_label_en-US" xlink:label="lab_pnw_DeferredGainsonUtilityPropertyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Gains on Utility Property [Member] </link:label>
<link:label id="lab_pnw_DeferredGainsonUtilityPropertyMember_documentation_en-US" xlink:label="lab_pnw_DeferredGainsonUtilityPropertyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Gains on Utility Property [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredGainsonUtilityPropertyMember" xlink:href="pnw-20201231.xsd#pnw_DeferredGainsonUtilityPropertyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredGainsonUtilityPropertyMember" xlink:to="lab_pnw_DeferredGainsonUtilityPropertyMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoNationGenerationStationMember_79ea3a88-c599-4b5a-bc6d-0ac4990a6fff_terseLabel_en-US" xlink:label="lab_pnw_NavajoNationGenerationStationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Generation Station </link:label>
<link:label id="lab_pnw_NavajoNationGenerationStationMember_label_en-US" xlink:label="lab_pnw_NavajoNationGenerationStationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Generation Station [Member] </link:label>
<link:label id="lab_pnw_NavajoNationGenerationStationMember_documentation_en-US" xlink:label="lab_pnw_NavajoNationGenerationStationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Generation Station </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoNationGenerationStationMember" xlink:href="pnw-20201231.xsd#pnw_NavajoNationGenerationStationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoNationGenerationStationMember" xlink:to="lab_pnw_NavajoNationGenerationStationMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NuclearDecommissioningTrustsMember_e36b44e9-147b-429b-8b1d-ed4bc69162f6_verboseLabel_en-US" xlink:label="lab_pnw_NuclearDecommissioningTrustsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Decommissioning Trusts </link:label>
<link:label id="lab_pnw_NuclearDecommissioningTrustsMember_label_en-US" xlink:label="lab_pnw_NuclearDecommissioningTrustsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Decommissioning Trusts [Member] </link:label>
<link:label id="lab_pnw_NuclearDecommissioningTrustsMember_documentation_en-US" xlink:label="lab_pnw_NuclearDecommissioningTrustsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Decommissioning Trusts [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NuclearDecommissioningTrustsMember" xlink:href="pnw-20201231.xsd#pnw_NuclearDecommissioningTrustsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NuclearDecommissioningTrustsMember" xlink:to="lab_pnw_NuclearDecommissioningTrustsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CommitmentsAndContingenciesLineItems_bad8f0e1-964f-4706-b613-a6660b5c174e_terseLabel_en-US" xlink:label="lab_pnw_CommitmentsAndContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies [Line Items] </link:label>
<link:label id="lab_pnw_CommitmentsAndContingenciesLineItems_label_en-US" xlink:label="lab_pnw_CommitmentsAndContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CommitmentsAndContingenciesLineItems" xlink:href="pnw-20201231.xsd#pnw_CommitmentsAndContingenciesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CommitmentsAndContingenciesLineItems" xlink:to="lab_pnw_CommitmentsAndContingenciesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_c3aa202d-8a1e-47a7-84a5-df315efe70f8_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 1 year - 5 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LineOfCreditFacilityNumberOfAgreements_e0da0db6-d543-4778-9483-29b58db938d1_terseLabel_en-US" xlink:label="lab_pnw_LineOfCreditFacilityNumberOfAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of credit facilities </link:label>
<link:label id="lab_pnw_LineOfCreditFacilityNumberOfAgreements_label_en-US" xlink:label="lab_pnw_LineOfCreditFacilityNumberOfAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Number of Agreements </link:label>
<link:label id="lab_pnw_LineOfCreditFacilityNumberOfAgreements_documentation_en-US" xlink:label="lab_pnw_LineOfCreditFacilityNumberOfAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the number of line of credit facilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LineOfCreditFacilityNumberOfAgreements" xlink:href="pnw-20201231.xsd#pnw_LineOfCreditFacilityNumberOfAgreements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LineOfCreditFacilityNumberOfAgreements" xlink:to="lab_pnw_LineOfCreditFacilityNumberOfAgreements" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde_d2bcbbc1-0d89-4b32-aaa6-b39aea8cd149_terseLabel_en-US" xlink:label="lab_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of "all risk" (including nuclear hazards) insurance for property damage to, and decontamination of, property at Palo Verde </link:label>
<link:label id="lab_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde_label_en-US" xlink:label="lab_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> All Risk Insurance for Property Damage and Decontamination at Palo Verde </link:label>
<link:label id="lab_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde_documentation_en-US" xlink:label="lab_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the "all risk" (including nuclear hazards) insurance for property damage to, and decontamination of, property at Palo Verde of which a substantial portion must first be applied to stabilization and decontamination. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde" xlink:href="pnw-20201231.xsd#pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde" xlink:to="lab_pnw_AllRiskInsuranceForPropertyDamageAndDecontaminationAtPaloVerde" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy_27514685-9936-40ff-9db7-699632f92cf5_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plans and Other Postretirement Benefits </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Plans, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementPlansPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:to="lab_us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_726f27bf-c31f-4d50-879b-1975dbe98781_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred income taxes (Note 5) </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Liabilities, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilitiesNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilitiesNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_4030bdad-eeee-47ab-9769-c2417257198e_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Accounting </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EnvironmentalRemediationContingencyAxis_57a5d4f9-9d1f-499a-a075-c2915ab06b02_terseLabel_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Contingency [Axis] </link:label>
<link:label id="lab_us-gaap_EnvironmentalRemediationContingencyAxis_label_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Contingency [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EnvironmentalRemediationContingencyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EnvironmentalRemediationContingencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EnvironmentalRemediationContingencyAxis" xlink:to="lab_us-gaap_EnvironmentalRemediationContingencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_d7fd59d1-5a7e-459d-9b15-fad417a4e7ac_terseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets, net of accumulated amortization </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_b54d2940-592c-4f32-b5ac-893cd1af4470_verboseLabel_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible assets, net of accumulated amortization </link:label>
<link:label id="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill_label_en-US" xlink:label="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Intangible Assets, Net (Excluding Goodwill) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="lab_us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ChangeInMarginAndCollateralAccountsLiabilities_c474fa05-4985-485e-9e42-c0f3b60442ad_terseLabel_en-US" xlink:label="lab_pnw_ChangeInMarginAndCollateralAccountsLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in margin and collateral accounts — liabilities </link:label>
<link:label id="lab_pnw_ChangeInMarginAndCollateralAccountsLiabilities_label_en-US" xlink:label="lab_pnw_ChangeInMarginAndCollateralAccountsLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in Margin and Collateral Accounts Liabilities </link:label>
<link:label id="lab_pnw_ChangeInMarginAndCollateralAccountsLiabilities_documentation_en-US" xlink:label="lab_pnw_ChangeInMarginAndCollateralAccountsLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The aggregate net change during the reporting period in moneys received as security, collateral, or margin deposits. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ChangeInMarginAndCollateralAccountsLiabilities" xlink:href="pnw-20201231.xsd#pnw_ChangeInMarginAndCollateralAccountsLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ChangeInMarginAndCollateralAccountsLiabilities" xlink:to="lab_pnw_ChangeInMarginAndCollateralAccountsLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingIncomeLoss_30eb4d5e-d469-4f5d-bae8-571b105e153a_totalLabel_en-US" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating loss </link:label>
<link:label id="lab_us-gaap_OperatingIncomeLoss_label_en-US" xlink:label="lab_us-gaap_OperatingIncomeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Income (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingIncomeLoss" xlink:to="lab_us-gaap_OperatingIncomeLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets_b92626c0-78b3-4de6-9b2b-c3c146127b02_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in margin and collateral accounts — assets </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Deposit Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDepositOtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInDepositOtherAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInDepositOtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_7b00bc63-f6f5-4010-b2a7-1b51d1f20c91_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Recognized Derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Fair Value, Amount Not Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableRateAxis_84edcafa-ee04-48ba-8d58-a16b126a1caa_terseLabel_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>
<link:label id="lab_us-gaap_VariableRateAxis_label_en-US" xlink:label="lab_us-gaap_VariableRateAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Rate [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableRateAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableRateAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableRateAxis" xlink:to="lab_us-gaap_VariableRateAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_6993bd3d-c333-435c-b0ab-97c1562278e9_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Business Acquisitions, by Acquisition [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:to="lab_us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_dcaa41b8-d801-49b1-9000-759e651040ee_terseLabel_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> COMMITMENTS AND CONTINGENCIES (SEE NOTES) </link:label>
<link:label id="lab_us-gaap_CommitmentsAndContingencies_label_en-US" xlink:label="lab_us-gaap_CommitmentsAndContingencies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommitmentsAndContingencies" xlink:to="lab_us-gaap_CommitmentsAndContingencies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract_e25b4c54-dafa-4aa9-824d-7a5140fb2f86_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Approximate remaining average useful lives of utility property </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_122f9289-60d8-4bef-9dc9-50f5a94b3cc7_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vesting period </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_9b3a04a0-6e57-408d-914d-144a9af10b4a_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxesPayableCurrent_0211d3b8-6de8-4341-8296-d2bf07d03964_terseLabel_en-US" xlink:label="lab_us-gaap_TaxesPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued taxes </link:label>
<link:label id="lab_us-gaap_TaxesPayableCurrent_3a4cfef2-9471-4b11-adb3-9927350d8479_verboseLabel_en-US" xlink:label="lab_us-gaap_TaxesPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued taxes </link:label>
<link:label id="lab_us-gaap_TaxesPayableCurrent_label_en-US" xlink:label="lab_us-gaap_TaxesPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Taxes Payable, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxesPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TaxesPayableCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxesPayableCurrent" xlink:to="lab_us-gaap_TaxesPayableCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityAddressStateOrProvince_8b11c708-48ad-4405-833d-213050bedd3e_terseLabel_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:label id="lab_dei_EntityAddressStateOrProvince_label_en-US" xlink:label="lab_dei_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Address, State or Province </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressStateOrProvince" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityAddressStateOrProvince"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressStateOrProvince" xlink:to="lab_dei_EntityAddressStateOrProvince" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_1a046da2-5616-4bb2-b42b-61b41f56ea4d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Vested (in shares) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable_70b78bd8-faeb-4f7f-9792-3c85294bbb08_terseLabel_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset purchase agreement </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable_label_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Operating and Maintenance Cost Reimbursement Receivable </link:label>
<link:label id="lab_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable_documentation_en-US" xlink:label="lab_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Purchase Agreement, Operating and Maintenance Cost Reimbursement Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable" xlink:href="pnw-20201231.xsd#pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable" xlink:to="lab_pnw_AssetPurchaseAgreementOperatingandMaintenanceCostReimbursementReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_fea79fc4-1181-47b1-bda1-66332f8dce6d_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal income tax expense at statutory rate </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate"/>
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<link:label id="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTable_34e29279-e5d1-425e-b69f-280c8ac0d36e_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCashAndCashEquivalentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash and Cash Equivalents [Table] </link:label>
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<link:label id="lab_pnw_DefinedBenefitPlansEstimatedMinimumFutureEmployerContributionsNextThreeFiscalYears_76c56439-7b18-4949-832c-822e106bb51b_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlansEstimatedMinimumFutureEmployerContributionsNextThreeFiscalYears" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum contributions under MAP-21 </link:label>
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<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_bc560b06-5b0a-4fa1-82d6-ffcce341875b_terseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_67571c2d-1e70-4177-a064-0c0daaccee19_verboseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsAccumulatedDeficit_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings (Accumulated Deficit) </link:label>
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<link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_f19f1029-1a8d-42c5-ac73-0d2a9339b348_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term debt repayments under revolving credit facility </link:label>
<link:label id="lab_us-gaap_RepaymentsOfLinesOfCredit_label_en-US" xlink:label="lab_us-gaap_RepaymentsOfLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Lines of Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLinesOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfLinesOfCredit"/>
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<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_30d3a386-d206-43db-a794-b704cf860892_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use assets (Note 9) </link:label>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_ec7f49c9-cf4c-4bb4-a3f6-6aabbda8f5a7_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use assets </link:label>
<link:label id="lab_us-gaap_OperatingLeaseRightOfUseAsset_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseRightOfUseAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Right-of-Use Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseRightOfUseAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseRightOfUseAsset"/>
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<link:label id="lab_us-gaap_DebtInstrumentUnamortizedDiscount_7849421f-3a36-420c-a41f-704ca96f8c6a_negatedLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedDiscount" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unamortized discount </link:label>
<link:label id="lab_us-gaap_DebtInstrumentUnamortizedDiscount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedDiscount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Unamortized Discount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscount"/>
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<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_dac8ce90-dd3b-4c52-92c7-bd7145cb6f8b_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plant-related </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Property, Plant and Equipment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment"/>
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<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantGrossOwnershipAmountOfPlantInService_2cf0368c-5d87-40be-b6a0-fbc878f47207_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantGrossOwnershipAmountOfPlantInService" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plant in service </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantGrossOwnershipAmountOfPlantInService_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantGrossOwnershipAmountOfPlantInService" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant, Gross Ownership Amount of Plant in Service </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantGrossOwnershipAmountOfPlantInService" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantGrossOwnershipAmountOfPlantInService"/>
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<link:label id="lab_pnw_RegulatoryCostRecoveryRevenue_82f61c81-d6f9-4ce1-8fec-efc593bcdf35_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryCostRecoveryRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory cost recovery revenue </link:label>
<link:label id="lab_pnw_RegulatoryCostRecoveryRevenue_label_en-US" xlink:label="lab_pnw_RegulatoryCostRecoveryRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Cost Recovery Revenue </link:label>
<link:label id="lab_pnw_RegulatoryCostRecoveryRevenue_documentation_en-US" xlink:label="lab_pnw_RegulatoryCostRecoveryRevenue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Cost Recovery Revenue </link:label>
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<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_c27e2ced-71d0-4c7c-a8c2-c19e98379d1e_terseLabel_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> EQUITY </link:label>
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<link:label id="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_label_en-US" xlink:label="lab_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] </link:label>
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<link:label id="lab_us-gaap_DeferredCreditsAndOtherLiabilities_56c38674-cd70-41e8-ab68-c56133313c61_totalLabel_en-US" xlink:label="lab_us-gaap_DeferredCreditsAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred credits and other </link:label>
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<link:label id="lab_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock_517c4a79-e572-44cd-9f0a-4ad279a63e95_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in asset retirement obligations </link:label>
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<link:label id="lab_srt_MajorCustomersAxis_fca638e1-f296-4417-9be6-edc10d013e9a_terseLabel_en-US" xlink:label="lab_srt_MajorCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer [Axis] </link:label>
<link:label id="lab_srt_MajorCustomersAxis_label_en-US" xlink:label="lab_srt_MajorCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer [Axis] </link:label>
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<link:label id="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement_77e0d029-4595-42ac-80d2-c3c071611381_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Not Subject to Master Netting Arrangement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:to="lab_us-gaap_DerivativeAssetNotSubjectToMasterNettingArrangement" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditConcentrationRiskMember_9ec5e9f9-867a-4555-8d10-a7f8cfa28769_terseLabel_en-US" xlink:label="lab_us-gaap_CreditConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Concentration Risk </link:label>
<link:label id="lab_us-gaap_CreditConcentrationRiskMember_label_en-US" xlink:label="lab_us-gaap_CreditConcentrationRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Concentration Risk [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditConcentrationRiskMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditConcentrationRiskMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditConcentrationRiskMember" xlink:to="lab_us-gaap_CreditConcentrationRiskMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_2de1b752-1f6a-4558-9752-cfe75561194c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Loss Recognized in Income </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet"/>
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<link:label id="lab_pnw_Cholla500SwitchyardMember_8eab94c0-cbc3-4a12-89a0-8695f8df194a_terseLabel_en-US" xlink:label="lab_pnw_Cholla500SwitchyardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla 500kV Switchyard </link:label>
<link:label id="lab_pnw_Cholla500SwitchyardMember_label_en-US" xlink:label="lab_pnw_Cholla500SwitchyardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla 500 Switchyard [Member] </link:label>
<link:label id="lab_pnw_Cholla500SwitchyardMember_documentation_en-US" xlink:label="lab_pnw_Cholla500SwitchyardMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cholla 500 Switchyard [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_Cholla500SwitchyardMember" xlink:href="pnw-20201231.xsd#pnw_Cholla500SwitchyardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_Cholla500SwitchyardMember" xlink:to="lab_pnw_Cholla500SwitchyardMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_1feaca03-2449-4907-a7d7-5e42b7a183db_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_us-gaap_IncomeTaxPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_HedgingDesignationDomain_99616a08-9ea0-4829-8667-5764cca99c9b_terseLabel_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:label id="lab_us-gaap_HedgingDesignationDomain_label_en-US" xlink:label="lab_us-gaap_HedgingDesignationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Hedging Designation [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_HedgingDesignationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_HedgingDesignationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_HedgingDesignationDomain" xlink:to="lab_us-gaap_HedgingDesignationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LeaseCost_63669eb8-39a9-4596-95a3-110be8dd3b6e_totalLabel_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease cost </link:label>
<link:label id="lab_us-gaap_LeaseCost_label_en-US" xlink:label="lab_us-gaap_LeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LeaseCost" xlink:to="lab_us-gaap_LeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo_21e66ac0-bb45-4ebc-b918-3a71dc0c420f_terseLabel_en-US" xlink:label="lab_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of cash that the participant may elect as a dividend for the first option available under the plan </link:label>
<link:label id="lab_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo_label_en-US" xlink:label="lab_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Cash in which Election to Receive Payment May be Made by Participants for Deferrals Option Two </link:label>
<link:label id="lab_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo_documentation_en-US" xlink:label="lab_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Cash in which Election to Receive Payment May be Made by Participants for Deferrals Option Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo" xlink:href="pnw-20201231.xsd#pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo" xlink:to="lab_pnw_PercentageofCashinwhichElectiontoReceivePaymentMaybeMadebyParticipantsforDeferralsOptionTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_69d415fb-4553-4d90-b7bf-f2c4f9d18634_terseLabel_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash collateral posted </link:label>
<link:label id="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateral Already Posted, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CollateralAlreadyPostedAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:to="lab_us-gaap_CollateralAlreadyPostedAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_6fa804f1-3ab7-4218-977a-e3b5127a9567_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities_label_en-US" xlink:label="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments for (Proceeds from) Other Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="lab_us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear_853f2961-2e65-4d21-9115-ae16e39c4d33_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary employer contributions over next three years (up to) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans Estimated Maximum Future Employer Contributions, Per Year Maximum Contribution For The Next Fiscal Year </link:label>
<link:label id="lab_pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plans Estimated Maximum Future Employer Contributions, Per Year Maximum Contribution For The Next Fiscal Year </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlansEstimatedMaximumFutureEmployerContributionsPerYearMaximumContributionForTheNextFiscalYear"/>
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<link:label id="lab_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation_89d12f88-4d27-49d9-b6e8-95f1fa75dfd2_verboseLabel_en-US" xlink:label="lab_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount reclassified from accumulated other comprehensive income to earnings related to discontinued cash flow hedges </link:label>
<link:label id="lab_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation_label_en-US" xlink:label="lab_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income on Discontinuation </link:label>
<link:label id="lab_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation_documentation_en-US" xlink:label="lab_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The net gain (loss) reclassified from accumulated other comprehensive income into income on discontinuation of derivative instruments designated and qualifying as hedging instruments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation" xlink:href="pnw-20201231.xsd#pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation" xlink:to="lab_pnw_DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeOnDiscontinuation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForFundsUsedDuringConstructionPolicy_9ffe10df-6390-4709-9935-1c3ccd1e756d_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForFundsUsedDuringConstructionPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Funds Used During Construction </link:label>
<link:label id="lab_us-gaap_AllowanceForFundsUsedDuringConstructionPolicy_label_en-US" xlink:label="lab_us-gaap_AllowanceForFundsUsedDuringConstructionPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Funds Used During Construction, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForFundsUsedDuringConstructionPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForFundsUsedDuringConstructionPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForFundsUsedDuringConstructionPolicy" xlink:to="lab_us-gaap_AllowanceForFundsUsedDuringConstructionPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligation_c79de5f2-8b4b-4bbc-9626-b6189d6aeafc_periodStartLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations at the beginning of year </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligation_7d437d9a-b71a-421e-9db9-6511e0c073e3_periodEndLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations at the end of year </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligation_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligation" xlink:to="lab_us-gaap_AssetRetirementObligation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NuclearFuelNetOfAmortization_d1e5c0dd-abab-4187-bdc9-205b038f064d_terseLabel_en-US" xlink:label="lab_us-gaap_NuclearFuelNetOfAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear fuel, net of accumulated amortization </link:label>
<link:label id="lab_us-gaap_NuclearFuelNetOfAmortization_66614b78-e188-481c-b591-76e4bee6a058_verboseLabel_en-US" xlink:label="lab_us-gaap_NuclearFuelNetOfAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear fuel, net of accumulated amortization </link:label>
<link:label id="lab_us-gaap_NuclearFuelNetOfAmortization_label_en-US" xlink:label="lab_us-gaap_NuclearFuelNetOfAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Fuel, Net of Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NuclearFuelNetOfAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NuclearFuelNetOfAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NuclearFuelNetOfAmortization" xlink:to="lab_us-gaap_NuclearFuelNetOfAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryAccountingPolicyTextBlock_fa5ccbd7-6756-4dca-a8ee-1e51aa8a56f6_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryAccountingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Accounting </link:label>
<link:label id="lab_pnw_RegulatoryAccountingPolicyTextBlock_label_en-US" xlink:label="lab_pnw_RegulatoryAccountingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Accounting [Policy Text Block] </link:label>
<link:label id="lab_pnw_RegulatoryAccountingPolicyTextBlock_documentation_en-US" xlink:label="lab_pnw_RegulatoryAccountingPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disclosure of accounting policy for regulatory assets and liabilities, which may include the entity's capitalization policy and how impairment of regulatory assets is assessed and recognized. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryAccountingPolicyTextBlock" xlink:href="pnw-20201231.xsd#pnw_RegulatoryAccountingPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryAccountingPolicyTextBlock" xlink:to="lab_pnw_RegulatoryAccountingPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_14e5c098-e63f-496f-bac1-97185d9c7a1f_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Thereafter </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, after Year Five </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_5366fb20-f699-4cfd-95f5-d1fc94cf80a8_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Operating Revenues </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_4090e9f0-8c19-45fa-9524-e8a98ea2b60d_verboseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating revenues </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer, Excluding Assessed Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2019Member_dcd0d8e5-0069-463b-a0ae-c2ba8f725d76_terseLabel_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2019Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2019 </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2019Member_label_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2019Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2019 [Member] </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2019Member_documentation_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2019Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2019 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DemandSideManagementAdjustorCharge2019Member" xlink:href="pnw-20201231.xsd#pnw_DemandSideManagementAdjustorCharge2019Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DemandSideManagementAdjustorCharge2019Member" xlink:to="lab_pnw_DemandSideManagementAdjustorCharge2019Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentPolicyTextBlock_888a77ab-f498-4709-9766-adf2129acd21_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments </link:label>
<link:label id="lab_us-gaap_InvestmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_InvestmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentPolicyTextBlock" xlink:to="lab_us-gaap_InvestmentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromContributionInAidOfConstruction_1df84fb8-12fe-4287-adf1-41f8e1aa3eec_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromContributionInAidOfConstruction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contributions in aid of construction </link:label>
<link:label id="lab_us-gaap_ProceedsFromContributionInAidOfConstruction_label_en-US" xlink:label="lab_us-gaap_ProceedsFromContributionInAidOfConstruction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Contribution in Aid of Construction </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromContributionInAidOfConstruction" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromContributionInAidOfConstruction"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromContributionInAidOfConstruction" xlink:to="lab_us-gaap_ProceedsFromContributionInAidOfConstruction" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryLiabilityDomain_cffb79f7-55f6-4a7f-9ad9-3ae38fb3f8af_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability [Domain] </link:label>
<link:label id="lab_us-gaap_RegulatoryLiabilityDomain_label_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilityDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryLiabilityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilityDomain" xlink:to="lab_us-gaap_RegulatoryLiabilityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage_956b4e10-ffca-424b-be4d-62d17cfb88a5_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock equity </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Equity Cost Of Capital, Percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Equity Cost Of Capital, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage" xlink:to="lab_pnw_PublicUtilitiesRequestedEquityCostOfCapitalPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFunds_6accd024-1385-4f59-86b9-016b5f53d47e_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand side management funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFunds_label_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Demand Side Management Funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFunds_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Demand Side Management Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersDemandSideManagementFunds" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersDemandSideManagementFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersDemandSideManagementFunds" xlink:to="lab_pnw_RegulatoryMattersDemandSideManagementFunds" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilityProgramDomain_7b135dc8-3c5a-4f2b-91e5-fd7a491d0abf_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilityProgramDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Program [Domain] </link:label>
<link:label id="lab_pnw_PublicUtilityProgramDomain_label_en-US" xlink:label="lab_pnw_PublicUtilityProgramDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Program [Domain] </link:label>
<link:label id="lab_pnw_PublicUtilityProgramDomain_documentation_en-US" xlink:label="lab_pnw_PublicUtilityProgramDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Domain] for Public Utility, Program [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilityProgramDomain" xlink:href="pnw-20201231.xsd#pnw_PublicUtilityProgramDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilityProgramDomain" xlink:to="lab_pnw_PublicUtilityProgramDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionAxis_43915310-3273-45af-8deb-181d1c86cf38_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionAxis_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAxis" xlink:to="lab_us-gaap_BusinessAcquisitionAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes_b32507ed-e947-4d52-9fb3-fe6aa0486db0_terseLabel_en-US" xlink:label="lab_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in unrecognized tax benefits </link:label>
<link:label id="lab_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes_label_en-US" xlink:label="lab_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) In Liability For Uncertainty In Income Taxes </link:label>
<link:label id="lab_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes_documentation_en-US" xlink:label="lab_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) In Liability For Uncertainty In Income Taxes </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes" xlink:href="pnw-20201231.xsd#pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes" xlink:to="lab_pnw_IncreaseDecreaseInLiabilityForUncertaintyInIncomeTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_GainContingencyNewClaimsFiledNumber_a4c4e598-55f9-4eaf-a7a5-42629c730869_terseLabel_en-US" xlink:label="lab_pnw_GainContingencyNewClaimsFiledNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain contingency, new claims filed, number </link:label>
<link:label id="lab_pnw_GainContingencyNewClaimsFiledNumber_label_en-US" xlink:label="lab_pnw_GainContingencyNewClaimsFiledNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingency, New Claims Filed, Number </link:label>
<link:label id="lab_pnw_GainContingencyNewClaimsFiledNumber_documentation_en-US" xlink:label="lab_pnw_GainContingencyNewClaimsFiledNumber" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gain Contingency, New Claims Filed, Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_GainContingencyNewClaimsFiledNumber" xlink:href="pnw-20201231.xsd#pnw_GainContingencyNewClaimsFiledNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_GainContingencyNewClaimsFiledNumber" xlink:to="lab_pnw_GainContingencyNewClaimsFiledNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_78a1ed8c-25f2-4c6c-9173-2f3917f0ec0d_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan Disclosure [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanDisclosureLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:to="lab_us-gaap_DefinedBenefitPlanDisclosureLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodThrough2023Member_6763c9a2-b418-4be7-917d-4df6cc491237_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodThrough2023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period Through 2023 </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodThrough2023Member_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodThrough2023Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period Through 2023 [Member] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodThrough2023Member_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodThrough2023Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to sale and leaseback period through 2023. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionPeriodThrough2023Member" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionPeriodThrough2023Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionPeriodThrough2023Member" xlink:to="lab_pnw_SaleLeasebackTransactionPeriodThrough2023Member" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ScenarioForecastMember_293d00f1-7a1f-403a-8be7-f299a2f48458_terseLabel_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forecast </link:label>
<link:label id="lab_srt_ScenarioForecastMember_label_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Forecast [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioForecastMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ScenarioForecastMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioForecastMember" xlink:to="lab_srt_ScenarioForecastMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember_44e8abf4-955b-4a93-9be4-8139bf6a8b92_terseLabel_en-US" xlink:label="lab_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equities in US and other developed markets </link:label>
<link:label id="lab_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember_label_en-US" xlink:label="lab_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities, Developed Markets, Domestic and Foreign [Member] </link:label>
<link:label id="lab_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember_documentation_en-US" xlink:label="lab_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities, Developed Markets, Domestic and Foreign </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember" xlink:href="pnw-20201231.xsd#pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember" xlink:to="lab_pnw_EquitySecuritiesDevelopedMarketsDomesticandForeignMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestPayableCurrent_9b5c683e-14c5-4d9d-8d94-e5e0a7b83c27_terseLabel_en-US" xlink:label="lab_us-gaap_InterestPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued interest </link:label>
<link:label id="lab_us-gaap_InterestPayableCurrent_label_en-US" xlink:label="lab_us-gaap_InterestPayableCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Payable, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPayableCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestPayableCurrent" xlink:to="lab_us-gaap_InterestPayableCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityVoluntaryFilers_b4bafb1c-5f70-4c7e-b4f4-b344566cfe52_terseLabel_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:label id="lab_dei_EntityVoluntaryFilers_label_en-US" xlink:label="lab_dei_EntityVoluntaryFilers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Voluntary Filers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityVoluntaryFilers" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityVoluntaryFilers" xlink:to="lab_dei_EntityVoluntaryFilers" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets_8dc20d5f-3526-4ee9-b7a3-fe71f45da97d_negatedTerseLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and other postretirement assets </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Pension and Other Postretirement Assets </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Pension and Other Postretirement Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets" xlink:to="lab_pnw_DeferredTaxLiabilitiesPensionAndOtherPostretirementAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesGeneralDisclosuresLineItems_b9d0d425-166e-47ac-a740-c902e8a372de_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesGeneralDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, General Disclosures [Line Items] </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesGeneralDisclosuresLineItems_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesGeneralDisclosuresLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, General Disclosures [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesGeneralDisclosuresLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesGeneralDisclosuresLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesGeneralDisclosuresLineItems" xlink:to="lab_us-gaap_PublicUtilitiesGeneralDisclosuresLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AlternativeInvestmentsMember_d8561f1f-d595-4ecc-9470-14fcb3ed9bdf_terseLabel_en-US" xlink:label="lab_pnw_AlternativeInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative investments </link:label>
<link:label id="lab_pnw_AlternativeInvestmentsMember_label_en-US" xlink:label="lab_pnw_AlternativeInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative Investments [Member] </link:label>
<link:label id="lab_pnw_AlternativeInvestmentsMember_documentation_en-US" xlink:label="lab_pnw_AlternativeInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to alternative investments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AlternativeInvestmentsMember" xlink:href="pnw-20201231.xsd#pnw_AlternativeInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AlternativeInvestmentsMember" xlink:to="lab_pnw_AlternativeInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditFacilityAxis_883f3a76-d82c-4198-946c-8f9b6fa5f9c0_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Axis] </link:label>
<link:label id="lab_us-gaap_CreditFacilityAxis_label_en-US" xlink:label="lab_us-gaap_CreditFacilityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditFacilityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityAxis" xlink:to="lab_us-gaap_CreditFacilityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue_a86fd681-c098-47c4-aa94-7c2b1012058c_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Greater than 10 years </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract_7073fd96-5386-4a83-be9a-2f6c282a0cd2_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness_d513cc8c-ba44-4bdf-8e50-0170b0ef0f86_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General business tax credit carryforwards </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit Carryforwards, General Business </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilitiesNoncurrent_8d719d68-3481-47b2-a938-071cf08f3a88_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities from risk management activities (Note 16) </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilitiesNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilitiesNoncurrent" xlink:to="lab_us-gaap_DerivativeLiabilitiesNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ScheduleOfCommitmentsAndContingenciesTable_e757ee30-0211-4cd6-b8de-d7c1af48efe3_terseLabel_en-US" xlink:label="lab_pnw_ScheduleOfCommitmentsAndContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Commitments and Contingencies [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfCommitmentsAndContingenciesTable_label_en-US" xlink:label="lab_pnw_ScheduleOfCommitmentsAndContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Commitments and Contingencies [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfCommitmentsAndContingenciesTable_documentation_en-US" xlink:label="lab_pnw_ScheduleOfCommitmentsAndContingenciesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discloses the specific components of significant arrangements in which the entity has agreed to expend funds. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ScheduleOfCommitmentsAndContingenciesTable" xlink:href="pnw-20201231.xsd#pnw_ScheduleOfCommitmentsAndContingenciesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ScheduleOfCommitmentsAndContingenciesTable" xlink:to="lab_pnw_ScheduleOfCommitmentsAndContingenciesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossOnReacquiredDebtMember_99567b93-c6a0-4823-b5fb-76c8b01c4a5f_terseLabel_en-US" xlink:label="lab_us-gaap_LossOnReacquiredDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss on reacquired debt </link:label>
<link:label id="lab_us-gaap_LossOnReacquiredDebtMember_label_en-US" xlink:label="lab_us-gaap_LossOnReacquiredDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss on Reacquired Debt [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossOnReacquiredDebtMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossOnReacquiredDebtMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossOnReacquiredDebtMember" xlink:to="lab_us-gaap_LossOnReacquiredDebtMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalMineReclamationBalanceSheetObligationsMember_dde87f58-e86a-465a-bb2f-629a3a09ddc7_terseLabel_en-US" xlink:label="lab_pnw_CoalMineReclamationBalanceSheetObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Mine Reclamation Balance Sheet Obligations </link:label>
<link:label id="lab_pnw_CoalMineReclamationBalanceSheetObligationsMember_label_en-US" xlink:label="lab_pnw_CoalMineReclamationBalanceSheetObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Mine Reclamation Balance Sheet Obligations [Member] </link:label>
<link:label id="lab_pnw_CoalMineReclamationBalanceSheetObligationsMember_documentation_en-US" xlink:label="lab_pnw_CoalMineReclamationBalanceSheetObligationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Mine Reclamation Balance Sheet Obligations [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalMineReclamationBalanceSheetObligationsMember" xlink:href="pnw-20201231.xsd#pnw_CoalMineReclamationBalanceSheetObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalMineReclamationBalanceSheetObligationsMember" xlink:to="lab_pnw_CoalMineReclamationBalanceSheetObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CustomerSupportFundPastDueBalanceThreshold_9ecc1370-0c92-40ce-a235-8abfd3f27015_terseLabel_en-US" xlink:label="lab_pnw_CustomerSupportFundPastDueBalanceThreshold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Past due balance threshold qualifying for payment extension </link:label>
<link:label id="lab_pnw_CustomerSupportFundPastDueBalanceThreshold_label_en-US" xlink:label="lab_pnw_CustomerSupportFundPastDueBalanceThreshold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Support Fund, Past Due Balance Threshold </link:label>
<link:label id="lab_pnw_CustomerSupportFundPastDueBalanceThreshold_documentation_en-US" xlink:label="lab_pnw_CustomerSupportFundPastDueBalanceThreshold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer Support Fund, Past Due Balance Threshold </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CustomerSupportFundPastDueBalanceThreshold" xlink:href="pnw-20201231.xsd#pnw_CustomerSupportFundPastDueBalanceThreshold"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CustomerSupportFundPastDueBalanceThreshold" xlink:to="lab_pnw_CustomerSupportFundPastDueBalanceThreshold" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureAbstract_a81c7341-ee90-49d2-a313-0adb4fef8e11_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:to="lab_us-gaap_AssetRetirementObligationDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_d24f4091-df35-49ef-88a2-75641636df10_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Shareholders' Equity </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Stockholders' Equity [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy_1822707e-fb87-46c8-9b09-4ebe06f7bcae_terseLabel_en-US" xlink:label="lab_us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Fuel </link:label>
<link:label id="lab_us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy_label_en-US" xlink:label="lab_us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capitalization and Amortization of Fuel Costs, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy" xlink:to="lab_us-gaap_CapitalizationAndAmortizationOfFuelCostsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EquitySecuritiesEmergingMarketMember_a3ec5655-da69-4f1b-a4b1-83c859b5f535_terseLabel_en-US" xlink:label="lab_pnw_EquitySecuritiesEmergingMarketMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equities in emerging markets </link:label>
<link:label id="lab_pnw_EquitySecuritiesEmergingMarketMember_label_en-US" xlink:label="lab_pnw_EquitySecuritiesEmergingMarketMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities, Emerging Market [Member] </link:label>
<link:label id="lab_pnw_EquitySecuritiesEmergingMarketMember_documentation_en-US" xlink:label="lab_pnw_EquitySecuritiesEmergingMarketMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Emerging Market Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EquitySecuritiesEmergingMarketMember" xlink:href="pnw-20201231.xsd#pnw_EquitySecuritiesEmergingMarketMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EquitySecuritiesEmergingMarketMember" xlink:to="lab_pnw_EquitySecuritiesEmergingMarketMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TotalInvestmentsAndOtherAssets_25170181-28f5-450a-b206-b9983e444b8d_totalLabel_en-US" xlink:label="lab_pnw_TotalInvestmentsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total investments and other assets </link:label>
<link:label id="lab_pnw_TotalInvestmentsAndOtherAssets_label_en-US" xlink:label="lab_pnw_TotalInvestmentsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Investments and Other Assets </link:label>
<link:label id="lab_pnw_TotalInvestmentsAndOtherAssets_documentation_en-US" xlink:label="lab_pnw_TotalInvestmentsAndOtherAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sum of the carrying amounts as of the balance sheet date of all investments and other assets that are expected to be realized in cash, sold, or consumed at a future date that exceeds one year from the balance sheet date. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TotalInvestmentsAndOtherAssets" xlink:href="pnw-20201231.xsd#pnw_TotalInvestmentsAndOtherAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TotalInvestmentsAndOtherAssets" xlink:to="lab_pnw_TotalInvestmentsAndOtherAssets" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SuretyBondsExpiringin2020Member_fbf238f5-1718-4525-9888-638ef5502ef9_terseLabel_en-US" xlink:label="lab_pnw_SuretyBondsExpiringin2020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bonds Expiring in 2020 </link:label>
<link:label id="lab_pnw_SuretyBondsExpiringin2020Member_label_en-US" xlink:label="lab_pnw_SuretyBondsExpiringin2020Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bonds Expiring in 2020 [Member] </link:label>
<link:label id="lab_pnw_SuretyBondsExpiringin2020Member_documentation_en-US" xlink:label="lab_pnw_SuretyBondsExpiringin2020Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bonds Expiring in 2020 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SuretyBondsExpiringin2020Member" xlink:href="pnw-20201231.xsd#pnw_SuretyBondsExpiringin2020Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SuretyBondsExpiringin2020Member" xlink:to="lab_pnw_SuretyBondsExpiringin2020Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_a84bc351-d220-4c54-bd87-379bf62c132e_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock equity issuance and purchases — net </link:label>
<link:label id="lab_us-gaap_ProceedsFromIssuanceOfCommonStock_label_en-US" xlink:label="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Issuance of Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="lab_us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ANPP500KVSystemMember_6d5a7e74-cfd0-4565-a7ba-393b981b3698_terseLabel_en-US" xlink:label="lab_pnw_ANPP500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ANPP 500kV System </link:label>
<link:label id="lab_pnw_ANPP500KVSystemMember_label_en-US" xlink:label="lab_pnw_ANPP500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ANPP 500kV System [Member] </link:label>
<link:label id="lab_pnw_ANPP500KVSystemMember_documentation_en-US" xlink:label="lab_pnw_ANPP500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents ANPP 500KV System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ANPP500KVSystemMember" xlink:href="pnw-20201231.xsd#pnw_ANPP500KVSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ANPP500KVSystemMember" xlink:to="lab_pnw_ANPP500KVSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NumberOfLeaseAgreementsLeaseAndSellBack_602ba991-795c-4710-a3b5-519decdce240_terseLabel_en-US" xlink:label="lab_pnw_NumberOfLeaseAgreementsLeaseAndSellBack" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of lease agreements, sell and lease back </link:label>
<link:label id="lab_pnw_NumberOfLeaseAgreementsLeaseAndSellBack_label_en-US" xlink:label="lab_pnw_NumberOfLeaseAgreementsLeaseAndSellBack" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Lease Agreements, Lease And Sell Back </link:label>
<link:label id="lab_pnw_NumberOfLeaseAgreementsLeaseAndSellBack_documentation_en-US" xlink:label="lab_pnw_NumberOfLeaseAgreementsLeaseAndSellBack" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Lease Agreements, Lease And Sell Back </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NumberOfLeaseAgreementsLeaseAndSellBack" xlink:href="pnw-20201231.xsd#pnw_NumberOfLeaseAgreementsLeaseAndSellBack"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NumberOfLeaseAgreementsLeaseAndSellBack" xlink:to="lab_pnw_NumberOfLeaseAgreementsLeaseAndSellBack" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalMineReclamationObligationsMember_33dd1dc3-5a09-49e7-b7cb-c5ad756026dd_terseLabel_en-US" xlink:label="lab_pnw_CoalMineReclamationObligationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Mine Reclamation Obligations </link:label>
<link:label id="lab_pnw_CoalMineReclamationObligationsMember_label_en-US" xlink:label="lab_pnw_CoalMineReclamationObligationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Mine Reclamation Obligations [Member] </link:label>
<link:label id="lab_pnw_CoalMineReclamationObligationsMember_documentation_en-US" xlink:label="lab_pnw_CoalMineReclamationObligationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the obligations related to reimbursement to certain coal providers for amounts incurred for coal mine reclamation. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalMineReclamationObligationsMember" xlink:href="pnw-20201231.xsd#pnw_CoalMineReclamationObligationsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalMineReclamationObligationsMember" xlink:to="lab_pnw_CoalMineReclamationObligationsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_85205d35-192a-4046-aa59-522b291dccb1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of earnings per weighted average common share outstanding </link:label>
<link:label id="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterFixedCostRecoverablePerPowerLost1_a13e1da2-b5c6-42f9-81d3-38167098b0a0_terseLabel_en-US" xlink:label="lab_pnw_RateMatterFixedCostRecoverablePerPowerLost1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed costs recoverable per power lost (in dollars per kWh) </link:label>
<link:label id="lab_pnw_RateMatterFixedCostRecoverablePerPowerLost1_label_en-US" xlink:label="lab_pnw_RateMatterFixedCostRecoverablePerPowerLost1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Fixed Cost Recoverable Per Power Lost1 </link:label>
<link:label id="lab_pnw_RateMatterFixedCostRecoverablePerPowerLost1_documentation_en-US" xlink:label="lab_pnw_RateMatterFixedCostRecoverablePerPowerLost1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Fixed Cost Recoverable Per Power Lost1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterFixedCostRecoverablePerPowerLost1" xlink:href="pnw-20201231.xsd#pnw_RateMatterFixedCostRecoverablePerPowerLost1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterFixedCostRecoverablePerPowerLost1" xlink:to="lab_pnw_RateMatterFixedCostRecoverablePerPowerLost1" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts_1792ba73-e39c-4f49-a59c-677898d8ac40_negatedTerseLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retired power plant costs </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Regulatory Assets Retired Power Plan Costs </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Regulatory Assets Retired Power Plan Costs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts" xlink:to="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsRetiredPowerPlanCosts" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentCreditMember_1df4ed58-e3bf-4e12-81ad-c07c95b87353_verboseLabel_en-US" xlink:label="lab_us-gaap_InvestmentCreditMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes — investment tax credit basis adjustment </link:label>
<link:label id="lab_us-gaap_InvestmentCreditMember_f56afb94-9de0-426b-acae-cdce8853519c_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentCreditMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes — deferred investment tax credit </link:label>
<link:label id="lab_us-gaap_InvestmentCreditMember_label_en-US" xlink:label="lab_us-gaap_InvestmentCreditMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Tax Credit Carryforward [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentCreditMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentCreditMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentCreditMember" xlink:to="lab_us-gaap_InvestmentCreditMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram_554f05c0-23b1-4298-b6e0-57a3af5917dd_terseLabel_en-US" xlink:label="lab_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining nuclear liability insurance through mandatory industry wide retrospective assessment program </link:label>
<link:label id="lab_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram_label_en-US" xlink:label="lab_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Remaining Nuclear Liability Insurance Through Mandatory Industry Wide Retrospective Assessment Program </link:label>
<link:label id="lab_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram_documentation_en-US" xlink:label="lab_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the remaining nuclear liability insurance that is provided through mandatory industry wide retrospective assessment program. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram" xlink:href="pnw-20201231.xsd#pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram" xlink:to="lab_pnw_RemainingNuclearLiabilityInsuranceThroughMandatoryIndustryWideRetrospectiveAssessmentProgram" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo_0408579a-81c9-407d-8bd5-ebbc31c61153_terseLabel_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of stock that the participant may elect as dividend under second option of plan </link:label>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo_label_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Fully Transferable Shares of Stock in which Election to Receive Payment May be Made by Participants for Deferrals Option Two </link:label>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo_documentation_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the percentage of fully transferable shares of stock that the participant may elect as a deferred grant for the second option available under the plan. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo" xlink:href="pnw-20201231.xsd#pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo" xlink:to="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceivePaymentMayBeMadeByParticipantsForDeferralsOptionTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax_c2e1b0c1-454c-4f3b-8ace-782e795c65f5_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and other postretirement benefits activity, tax benefit (expense) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCredit_a05f49dd-25e7-4ae2-a916-596757fbe906_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding Commercial Paper, Term Loan and Revolving Credit Facility Borrowings </link:label>
<link:label id="lab_us-gaap_LineOfCredit_0c67de56-f1a8-4930-aa05-ba3ecef46a46_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term line of credit </link:label>
<link:label id="lab_us-gaap_LineOfCredit_label_en-US" xlink:label="lab_us-gaap_LineOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Line of Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCredit" xlink:to="lab_us-gaap_LineOfCredit" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment_c2fe3620-ffc2-4073-aa19-523c46de3c25_terseLabel_en-US" xlink:label="lab_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual payment limitation with respect to maximum potential retrospective assessment </link:label>
<link:label id="lab_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment_label_en-US" xlink:label="lab_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Annual Payment Limitation with Respect to Maximum Potential Retrospective Assessment </link:label>
<link:label id="lab_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment_documentation_en-US" xlink:label="lab_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the annual payment limitation with respect to maximum potential retrospective assessment. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment" xlink:href="pnw-20201231.xsd#pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment" xlink:to="lab_pnw_AnnualPaymentLimitationWithRespectToMaximumPotentialRetrospectiveAssessment" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis_dc0aec97-d67d-41e5-8b64-79ef729c6190_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities Regulatory, Regulatory Matters [Axis] </link:label>
<link:label id="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities Regulatory, Regulatory Matters [Axis] </link:label>
<link:label id="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information by various regulatory matters. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis" xlink:to="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherInvestmentsMember_7fd36135-786d-46c5-bbaf-02bb03353169_terseLabel_en-US" xlink:label="lab_us-gaap_OtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments and Other Assets </link:label>
<link:label id="lab_us-gaap_OtherInvestmentsMember_label_en-US" xlink:label="lab_us-gaap_OtherInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Investments [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInvestmentsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherInvestmentsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherInvestmentsMember" xlink:to="lab_us-gaap_OtherInvestmentsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_2fcc9d64-f4ff-4e22-964a-1123dffabc3c_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Axis] </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:to="lab_us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilityOrderLongTermDebtAuthorization_9905be9a-f718-4180-bebe-2e052a468cce_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilityOrderLongTermDebtAuthorization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long term debt authorization </link:label>
<link:label id="lab_pnw_PublicUtilityOrderLongTermDebtAuthorization_label_en-US" xlink:label="lab_pnw_PublicUtilityOrderLongTermDebtAuthorization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility Order Long Term Debt, Authorization </link:label>
<link:label id="lab_pnw_PublicUtilityOrderLongTermDebtAuthorization_documentation_en-US" xlink:label="lab_pnw_PublicUtilityOrderLongTermDebtAuthorization" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the long-term debt authorization pursuant to an order from a regulatory authority. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilityOrderLongTermDebtAuthorization" xlink:href="pnw-20201231.xsd#pnw_PublicUtilityOrderLongTermDebtAuthorization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilityOrderLongTermDebtAuthorization" xlink:to="lab_pnw_PublicUtilityOrderLongTermDebtAuthorization" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_a049c495-2819-4169-bd80-ccd4ba96d0c8_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash flow provided by operating activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne_ab6c6196-43d6-436e-b7b6-366dd9bc6341_terseLabel_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of fully transferable shares of stock that the participant may elect as a dividend equivalent deferral for the first option available under the plan </link:label>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne_label_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Fully Transferable Shares of Stock in which Election to Receive Dividend Equivalent Payment May be Made by Participants for Deferrals Option One </link:label>
<link:label id="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne_documentation_en-US" xlink:label="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the percentage of fully transferable shares of stock that the participant may elect as a deferred dividend equivalent payment for the first option available under the plan. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:href="pnw-20201231.xsd#pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:to="lab_pnw_PercentageOfFullyTransferableSharesOfStockInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests_5600aff4-51d5-4672-a184-fc25cb5155ec_terseLabel_en-US" xlink:label="lab_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax expense benefit attributable to non controlling interests </link:label>
<link:label id="lab_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests_label_en-US" xlink:label="lab_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit) Attributable to Non Controlling Interests </link:label>
<link:label id="lab_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests_documentation_en-US" xlink:label="lab_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The sum of the current income tax expense or benefit attributable to non-controlling interests. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests" xlink:href="pnw-20201231.xsd#pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests" xlink:to="lab_pnw_IncomeTaxExpenseBenefitAttributableToNonControllingInterests" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCentralIndexKey_e44f4480-afd5-4a71-b269-9ed7e5821c59_terseLabel_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:label id="lab_dei_EntityCentralIndexKey_label_en-US" xlink:label="lab_dei_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Central Index Key </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCentralIndexKey" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCentralIndexKey" xlink:to="lab_dei_EntityCentralIndexKey" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_51beab18-6af1-4028-9117-7d2fbb53ffe4_totalLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments under Credit Facilities </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_a626a27e-ee1b-4f52-98fa-7cf36b92bec3_verboseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount committed </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Current Borrowing Capacity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember_da2467ee-db49-43a2-8b39-8dffab5a4647_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments </link:label>
<link:label id="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember_label_en-US" xlink:label="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:to="lab_us-gaap_AccumulatedGainLossNetCashFlowHedgeParentMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_ea0626b7-9700-4625-beab-f6c69cfb807a_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentRiskAxis_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentRiskAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentRiskAxis" xlink:to="lab_us-gaap_DerivativeInstrumentRiskAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DecommissioningTrustAssetsAmount_49cf6546-1618-4f9f-a57a-6904a720ba1f_terseLabel_en-US" xlink:label="lab_us-gaap_DecommissioningTrustAssetsAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear decommissioning trust (Notes 13 and 19) </link:label>
<link:label id="lab_us-gaap_DecommissioningTrustAssetsAmount_20df9fa9-4cba-427b-be8f-635283cf90bf_verboseLabel_en-US" xlink:label="lab_us-gaap_DecommissioningTrustAssetsAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear decommissioning trust </link:label>
<link:label id="lab_us-gaap_DecommissioningTrustAssetsAmount_label_en-US" xlink:label="lab_us-gaap_DecommissioningTrustAssetsAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decommissioning Fund Investments, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DecommissioningTrustAssetsAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DecommissioningTrustAssetsAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DecommissioningTrustAssetsAmount" xlink:to="lab_us-gaap_DecommissioningTrustAssetsAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NuclearPlantMember_64137099-5773-4e3f-a950-f4f0432e6710_terseLabel_en-US" xlink:label="lab_us-gaap_NuclearPlantMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear plant </link:label>
<link:label id="lab_us-gaap_NuclearPlantMember_label_en-US" xlink:label="lab_us-gaap_NuclearPlantMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nuclear Plant [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NuclearPlantMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NuclearPlantMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NuclearPlantMember" xlink:to="lab_us-gaap_NuclearPlantMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward_f3a23427-02f2-4639-8a64-36c8fd3dab26_terseLabel_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Exact number of shares issued as a percentage of the target award </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward_label_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement by Share Based Payment Award Shares Issued as Percentage of Target Award </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward_documentation_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the number of shares issued as a percentage of the target award. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward" xlink:href="pnw-20201231.xsd#pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward" xlink:to="lab_pnw_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedAsPercentageOfTargetAward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SeniorNotesMember_80178a3b-59bd-426e-b1f7-c79fa4a9d810_terseLabel_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior notes </link:label>
<link:label id="lab_us-gaap_SeniorNotesMember_label_en-US" xlink:label="lab_us-gaap_SeniorNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Notes [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SeniorNotesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SeniorNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SeniorNotesMember" xlink:to="lab_us-gaap_SeniorNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits_b0f6eae6-faaf-4f49-9887-1e93073a8e84_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer credits </link:label>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits_label_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Demand Side Management Funds, Customer Credits </link:label>
<link:label id="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Demand Side Management Funds, Customer Credits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits" xlink:to="lab_pnw_RegulatoryMattersDemandSideManagementFundsCustomerCredits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxesReceivable_20d04457-241e-4977-9061-eb9e039d55d9_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax receivable (Note 5) </link:label>
<link:label id="lab_us-gaap_IncomeTaxesReceivable_7351042e-ae50-444c-a147-9402b2495e96_verboseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax receivable </link:label>
<link:label id="lab_us-gaap_IncomeTaxesReceivable_label_en-US" xlink:label="lab_us-gaap_IncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes Receivable, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxesReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxesReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxesReceivable" xlink:to="lab_us-gaap_IncomeTaxesReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock_1a697579-cb8b-4185-b09b-925d745b67a7_terseLabel_en-US" xlink:label="lab_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Information about derivative instruments that have credit-risk-related contingent features </link:label>
<link:label id="lab_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock_label_en-US" xlink:label="lab_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Derivative Credit Risk Related Contingent Features [Table Text Block] </link:label>
<link:label id="lab_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock_documentation_en-US" xlink:label="lab_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of derivative instruments that have credit-risk-related contingent features. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock" xlink:href="pnw-20201231.xsd#pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock" xlink:to="lab_pnw_ScheduleOfDerivativeCreditRiskRelatedContingentFeaturesTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EnvironmentalMattersAbstract_4b27e906-7cf6-45b8-9b41-94f247285c17_terseLabel_en-US" xlink:label="lab_pnw_EnvironmentalMattersAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Matters </link:label>
<link:label id="lab_pnw_EnvironmentalMattersAbstract_label_en-US" xlink:label="lab_pnw_EnvironmentalMattersAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Matters [Abstract] </link:label>
<link:label id="lab_pnw_EnvironmentalMattersAbstract_documentation_en-US" xlink:label="lab_pnw_EnvironmentalMattersAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Matters [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EnvironmentalMattersAbstract" xlink:href="pnw-20201231.xsd#pnw_EnvironmentalMattersAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EnvironmentalMattersAbstract" xlink:to="lab_pnw_EnvironmentalMattersAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetRetirementObligationsLineItems_d3ec9490-c37f-492c-af70-a349b01b872f_terseLabel_en-US" xlink:label="lab_pnw_AssetRetirementObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations </link:label>
<link:label id="lab_pnw_AssetRetirementObligationsLineItems_label_en-US" xlink:label="lab_pnw_AssetRetirementObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetRetirementObligationsLineItems" xlink:href="pnw-20201231.xsd#pnw_AssetRetirementObligationsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetRetirementObligationsLineItems" xlink:to="lab_pnw_AssetRetirementObligationsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsDerivativeInstruments_9da3198d-4c63-4474-9755-9578c1634fb8_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk management activities </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsDerivativeInstruments_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Derivative Instruments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsDerivativeInstruments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:to="lab_us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_bfba896c-bb9e-404a-ab9a-ec55e1b01547_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortized cost </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Amortized Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_92423d04-1eb0-40fc-b4a2-9c1c52199a4a_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Unrealized Gains </link:label>
<link:label id="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_4bc8c735-44d1-481f-8ed1-37fda8115675_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Cash Flows [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_us-gaap_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesEquitySecurities_4b87d2b7-6c4e-4d63-9e55-c28cbafea812_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Securities </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesEquitySecurities_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Equity Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesEquitySecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesEquitySecurities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NonOfficerBoardofDirectorMemberMember_83a43775-7bbb-4ff9-b70b-d342d7390652_terseLabel_en-US" xlink:label="lab_pnw_NonOfficerBoardofDirectorMemberMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-Officer Board of Director Member </link:label>
<link:label id="lab_pnw_NonOfficerBoardofDirectorMemberMember_label_en-US" xlink:label="lab_pnw_NonOfficerBoardofDirectorMemberMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non Officer Board of Director Member [Member] </link:label>
<link:label id="lab_pnw_NonOfficerBoardofDirectorMemberMember_documentation_en-US" xlink:label="lab_pnw_NonOfficerBoardofDirectorMemberMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non Officer Board of Director Member [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NonOfficerBoardofDirectorMemberMember" xlink:href="pnw-20201231.xsd#pnw_NonOfficerBoardofDirectorMemberMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NonOfficerBoardofDirectorMemberMember" xlink:to="lab_pnw_NonOfficerBoardofDirectorMemberMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_df4f33b3-76fc-48a9-9b28-8cd78da88b7e_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AdvancesOfLoansToSubsidiaries_23490f2f-4a12-464a-8bff-03c47f61ed51_negatedTerseLabel_en-US" xlink:label="lab_pnw_AdvancesOfLoansToSubsidiaries" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances of loans to subsidiaries </link:label>
<link:label id="lab_pnw_AdvancesOfLoansToSubsidiaries_label_en-US" xlink:label="lab_pnw_AdvancesOfLoansToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Advances of Loans to Subsidiaries </link:label>
<link:label id="lab_pnw_AdvancesOfLoansToSubsidiaries_documentation_en-US" xlink:label="lab_pnw_AdvancesOfLoansToSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the cash outflow associated with the advances of loans to subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AdvancesOfLoansToSubsidiaries" xlink:href="pnw-20201231.xsd#pnw_AdvancesOfLoansToSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AdvancesOfLoansToSubsidiaries" xlink:to="lab_pnw_AdvancesOfLoansToSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_a2846db2-8886-4973-99d8-251b8c06be73_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of consolidated credit facilities and amounts available and outstanding </link:label>
<link:label id="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Line of Credit Facilities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:to="lab_us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeStatementLocationAxis_9fccc94f-f11b-4fc6-9f76-7bce1c6f74d3_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Axis] </link:label>
<link:label id="lab_us-gaap_IncomeStatementLocationAxis_label_en-US" xlink:label="lab_us-gaap_IncomeStatementLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Statement Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeStatementLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeStatementLocationAxis" xlink:to="lab_us-gaap_IncomeStatementLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityCommonStockSharesOutstanding_a404ecce-8788-4769-a683-8bcbafbf3453_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
<link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Common Stock, Shares Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterEnvironmentalSurchargeCapRate1_a189c84c-95b1-4770-8f69-69e6d1f6fde1_terseLabel_en-US" xlink:label="lab_pnw_RateMatterEnvironmentalSurchargeCapRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental surcharge cap rate (in dollars per kWh) </link:label>
<link:label id="lab_pnw_RateMatterEnvironmentalSurchargeCapRate1_label_en-US" xlink:label="lab_pnw_RateMatterEnvironmentalSurchargeCapRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Environmental Surcharge Cap Rate1 </link:label>
<link:label id="lab_pnw_RateMatterEnvironmentalSurchargeCapRate1_documentation_en-US" xlink:label="lab_pnw_RateMatterEnvironmentalSurchargeCapRate1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Environmental Surcharge Cap Rate1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterEnvironmentalSurchargeCapRate1" xlink:href="pnw-20201231.xsd#pnw_RateMatterEnvironmentalSurchargeCapRate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterEnvironmentalSurchargeCapRate1" xlink:to="lab_pnw_RateMatterEnvironmentalSurchargeCapRate1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_62eac887-8bd7-4ad0-a3c4-1036c6e682dd_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal </link:label>
<link:label id="lab_us-gaap_CurrentFederalTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Federal Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_b1ccc5ed-2e2d-4898-936b-35bd2e5fa119_terseLabel_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization expense </link:label>
<link:label id="lab_us-gaap_AmortizationOfIntangibleAssets_label_en-US" xlink:label="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization of Intangible Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AmortizationOfIntangibleAssets" xlink:to="lab_us-gaap_AmortizationOfIntangibleAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate_f8f2631c-d6c6-40ed-a3e0-1efe8927ffa7_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Composite rate used to calculate AFUDC (as a percent) </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Allowance for Funds Used During Construction, Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate" xlink:to="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionRate" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LandPropertyandEquipmentLeasesMember_dc6429bc-ad45-4a54-8422-c2f3f049ee41_terseLabel_en-US" xlink:label="lab_pnw_LandPropertyandEquipmentLeasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Land, Property & Equipment Leases </link:label>
<link:label id="lab_pnw_LandPropertyandEquipmentLeasesMember_label_en-US" xlink:label="lab_pnw_LandPropertyandEquipmentLeasesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Land, Property and Equipment Leases [Member] </link:label>
<link:label id="lab_pnw_LandPropertyandEquipmentLeasesMember_documentation_en-US" xlink:label="lab_pnw_LandPropertyandEquipmentLeasesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Land, Property and Equipment Leases [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LandPropertyandEquipmentLeasesMember" xlink:href="pnw-20201231.xsd#pnw_LandPropertyandEquipmentLeasesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LandPropertyandEquipmentLeasesMember" xlink:to="lab_pnw_LandPropertyandEquipmentLeasesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_01ce9aa0-864e-4382-ae64-bf0ad36d2b80_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of common stock </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Value, New Issues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset_64a0b4a1-6a3c-455e-9867-9f60354dbcf9_negatedTotalLabel_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts Offset </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset_label_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Fair Value, Gross Liability (Asset) and Obligation to Return and Right to Reclaim Cash, Offset </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset_documentation_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Fair Value, Gross Liability (Asset) and Obligation to Return and Right to Reclaim Cash, Offset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset" xlink:href="pnw-20201231.xsd#pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset" xlink:to="lab_pnw_DerivativeAssetLiabilityFairValueGrossLiabilityAssetandObligationtoReturnandRighttoReclaimCashOffset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward_4b75eb27-2eb8-46a1-894e-c3c47a91413a_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in asset retirement obligations </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:to="lab_us-gaap_AssetRetirementObligationRollForwardAnalysisRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_srt_StatementScenarioAxis_50d84bf6-ee50-4b91-9ea8-d28e76189ab6_terseLabel_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Axis] </link:label>
<link:label id="lab_srt_StatementScenarioAxis_label_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Scenario [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_StatementScenarioAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_StatementScenarioAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_StatementScenarioAxis" xlink:to="lab_srt_StatementScenarioAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_fb863a52-afee-44d5-81b7-6f87defdc047_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of projected benefit obligation and the accumulated benefit obligation for pension plans with an accumulated obligation in excess of plan assets </link:label>
<link:label id="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations_2e8daaa8-9a2e-4331-b9b9-b2b1c4aad6e6_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer support fund, non-profits and community organizations </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations_label_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Non-profits and Community Organizations </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Non-profits and Community Organizations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations" xlink:to="lab_pnw_RegulatoryMattersCustomerSupportFundNonprofitsandCommunityOrganizations" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain_f70c080c-7f47-4033-bff1-49fa5db66cef_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities Regulatory, Regulatory Matters [Domain] </link:label>
<link:label id="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities Regulatory, Regulatory Matters [Domain] </link:label>
<link:label id="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents various regulatory matters. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain" xlink:to="lab_pnw_PublicUtilitiesRegulatoryRegulatoryMattersDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect_310e40c3-94e3-4fa9-ba1b-aef8fd0406e9_terseLabel_en-US" xlink:label="lab_us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification of income tax effects related to new tax reform </link:label>
<link:label id="lab_us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect_label_en-US" xlink:label="lab_us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect" xlink:to="lab_us-gaap_TaxCutsAndJobsActOf2017ReclassificationFromAociToRetainedEarningsTaxEffect" xlink:type="arc" order="1"/>
<link:label id="lab_dei_Security12bTitle_c71c6d94-ff38-4a31-a2fe-c4b10e598917_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of 12(b) Security </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_Security12bTitle"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_GeneralCashFlowHedgeInformationAbstract_faa5c987-3985-4ffb-8220-cecb311145f8_terseLabel_en-US" xlink:label="lab_us-gaap_GeneralCashFlowHedgeInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments in Designated Cash Flows Hedges </link:label>
<link:label id="lab_us-gaap_GeneralCashFlowHedgeInformationAbstract_label_en-US" xlink:label="lab_us-gaap_GeneralCashFlowHedgeInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General Cash Flow Hedge Information [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralCashFlowHedgeInformationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GeneralCashFlowHedgeInformationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GeneralCashFlowHedgeInformationAbstract" xlink:to="lab_us-gaap_GeneralCashFlowHedgeInformationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable_688540a8-228b-4171-8135-e9ca91fdd5bc_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable_083f0052-9da0-4563-9891-b6d01024e104_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Accounts and Notes Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ScheduleOfAssetRetirementObligationsTable_cc4d6755-1c90-4951-80fb-fa91f3e0b652_terseLabel_en-US" xlink:label="lab_pnw_ScheduleOfAssetRetirementObligationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Asset Retirement Obligations [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfAssetRetirementObligationsTable_label_en-US" xlink:label="lab_pnw_ScheduleOfAssetRetirementObligationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Asset Retirement Obligations [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfAssetRetirementObligationsTable_documentation_en-US" xlink:label="lab_pnw_ScheduleOfAssetRetirementObligationsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Information about the carrying amount of a liability for asset retirement obligations. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ScheduleOfAssetRetirementObligationsTable" xlink:href="pnw-20201231.xsd#pnw_ScheduleOfAssetRetirementObligationsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ScheduleOfAssetRetirementObligationsTable" xlink:to="lab_pnw_ScheduleOfAssetRetirementObligationsTable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax_bd0310e5-5165-46a5-a20d-4aac719e6526_verboseLabel_en-US" xlink:label="lab_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State income tax credits net of federal income tax benefit </link:label>
<link:label id="lab_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax_label_en-US" xlink:label="lab_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State Income Tax Credit, Net Of Federal Income Tax </link:label>
<link:label id="lab_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax_documentation_en-US" xlink:label="lab_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State Income Tax Credit, Net Of Federal Income Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax" xlink:href="pnw-20201231.xsd#pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax" xlink:to="lab_pnw_EffectiveIncomeTaxRateReconciliationStateIncomeTaxCreditNetOfFederalIncomeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_c3e7c08c-3105-4043-b480-f38d7571c332_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets for pension and other postretirement benefits (Note 8) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_6474be24-8892-460a-83c5-1ee112e53f6b_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncurrent asset </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets for Plan Benefits, Defined Benefit Plan </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:to="lab_us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation_191c56ed-44be-42cd-bde2-c85b3b5fe9e2_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Initial pre-65 healthcare cost trend rate (as a percent) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year, Used in Calculating Benefit Obligation </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year, Used in Calculating Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:to="lab_pnw_DefinedBenefitPlanPre65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitObligation" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount_a2dd677f-68fb-47da-ad87-85f5c221f74f_terseLabel_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate matters, increase (decrease) in cost recovery, excess of annual amount </link:label>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount_label_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Increase (Decrease) in Cost Recovery, Excess Of Annual Amount </link:label>
<link:label id="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount_documentation_en-US" xlink:label="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Increase (Decrease) in Cost Recovery, Excess Of Annual Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount" xlink:href="pnw-20201231.xsd#pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount" xlink:to="lab_pnw_RateMattersIncreaseDecreaseinCostRecoveryExcessOfAnnualAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpense_6dc8f64d-1f89-4ffc-9248-6e80ee001bf4_totalLabel_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_InterestExpense_label_en-US" xlink:label="lab_us-gaap_InterestExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpense" xlink:to="lab_us-gaap_InterestExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_3454b34a-f94a-47ed-b49e-5b98d6b324dc_terseLabel_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, at the beginning and end of the year </link:label>
<link:label id="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward_label_en-US" xlink:label="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:to="lab_us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterPlanTerm_ed02daba-6ebf-43e3-b970-dc0ab0f31a73_terseLabel_en-US" xlink:label="lab_pnw_RateMatterPlanTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan term </link:label>
<link:label id="lab_pnw_RateMatterPlanTerm_label_en-US" xlink:label="lab_pnw_RateMatterPlanTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Plan Term </link:label>
<link:label id="lab_pnw_RateMatterPlanTerm_documentation_en-US" xlink:label="lab_pnw_RateMatterPlanTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The period of time covered by a plan to implement a standard enacted by a regulatory authority. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterPlanTerm" xlink:href="pnw-20201231.xsd#pnw_RateMatterPlanTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterPlanTerm" xlink:to="lab_pnw_RateMatterPlanTerm" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RetiredPowerPlantCostsMember_fd23a8e8-1be3-45b6-ab50-e2fa2ef6283b_verboseLabel_en-US" xlink:label="lab_pnw_RetiredPowerPlantCostsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retired power plant costs </link:label>
<link:label id="lab_pnw_RetiredPowerPlantCostsMember_label_en-US" xlink:label="lab_pnw_RetiredPowerPlantCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retired Power Plant Costs [Member] </link:label>
<link:label id="lab_pnw_RetiredPowerPlantCostsMember_documentation_en-US" xlink:label="lab_pnw_RetiredPowerPlantCostsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the regulatory asset under Retired power plant costs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RetiredPowerPlantCostsMember" xlink:href="pnw-20201231.xsd#pnw_RetiredPowerPlantCostsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RetiredPowerPlantCostsMember" xlink:to="lab_pnw_RetiredPowerPlantCostsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent_2171a93b-863b-4092-9c7b-f370f4b2aca2_periodStartLabel_en-US" xlink:label="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Beginning balance </link:label>
<link:label id="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent_d167cf4b-00a4-4eda-b59c-4feaf1696be2_periodEndLabel_en-US" xlink:label="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ending balance </link:label>
<link:label id="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent_label_en-US" xlink:label="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Fuel and Purchased Power Regulatory Asset (Liability), Current </link:label>
<link:label id="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent_documentation_en-US" xlink:label="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Fuel and Purchased Power Regulatory Asset (Liability), Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent" xlink:href="pnw-20201231.xsd#pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent" xlink:to="lab_pnw_DeferredFuelandPurchasedPowerRegulatoryAssetLiabilityCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterCostBaseRate_36cb4793-ac28-41b1-b23a-38b1a89e67ae_terseLabel_en-US" xlink:label="lab_pnw_RateMatterCostBaseRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate matter, cost base rate </link:label>
<link:label id="lab_pnw_RateMatterCostBaseRate_label_en-US" xlink:label="lab_pnw_RateMatterCostBaseRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Cost Base Rate </link:label>
<link:label id="lab_pnw_RateMatterCostBaseRate_documentation_en-US" xlink:label="lab_pnw_RateMatterCostBaseRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Cost Base Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterCostBaseRate" xlink:href="pnw-20201231.xsd#pnw_RateMatterCostBaseRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterCostBaseRate" xlink:to="lab_pnw_RateMatterCostBaseRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_37f3c527-b05e-453b-8ee6-042c7084aa18_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization including nuclear fuel </link:label>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_da005bed-add2-45d3-915c-7f52ee401123_verboseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation and amortization </link:label>
<link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_label_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation, Depletion and Amortization </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_us-gaap_DepreciationDepletionAndAmortization" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable_864a1c8f-24b9-41b6-a2a3-856aa5e71993_terseLabel_en-US" xlink:label="lab_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional capacity increase available </link:label>
<link:label id="lab_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable_label_en-US" xlink:label="lab_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Additional Capacity Increase Available </link:label>
<link:label id="lab_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable_documentation_en-US" xlink:label="lab_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Additional Capacity Increase Available </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable" xlink:href="pnw-20201231.xsd#pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable" xlink:to="lab_pnw_LineofCreditFacilityAdditionalCapacityIncreaseAvailable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_362c7c1c-d7bf-42e1-8d51-ff5fe2ccacaa_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of income tax expense </link:label>
<link:label id="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract_a5b6781f-a7a9-4a2e-adbe-e846abae73bc_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant, Net Ownership Amount [Abstract] </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant, Net Ownership Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantNetOwnershipAmountAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EnvironmentalRemediationSiteAxis_ba4d7bd9-7a53-4405-9fca-bbe347d27271_terseLabel_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationSiteAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Site [Axis] </link:label>
<link:label id="lab_us-gaap_EnvironmentalRemediationSiteAxis_label_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationSiteAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Site [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EnvironmentalRemediationSiteAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EnvironmentalRemediationSiteAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EnvironmentalRemediationSiteAxis" xlink:to="lab_us-gaap_EnvironmentalRemediationSiteAxis" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ProductOrServiceAxis_6b384544-7ee2-486c-a810-4aefd89f3630_terseLabel_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:label id="lab_srt_ProductOrServiceAxis_label_en-US" xlink:label="lab_srt_ProductOrServiceAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Product and Service [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ProductOrServiceAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ProductOrServiceAxis" xlink:to="lab_srt_ProductOrServiceAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RepaymentsOfLoansFromSubsidiaries_3719c3c5-d127-4466-8fa5-17b7f6b68cad_terseLabel_en-US" xlink:label="lab_pnw_RepaymentsOfLoansFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of loans from subsidiaries </link:label>
<link:label id="lab_pnw_RepaymentsOfLoansFromSubsidiaries_label_en-US" xlink:label="lab_pnw_RepaymentsOfLoansFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Repayments of Loans from Subsidiaries </link:label>
<link:label id="lab_pnw_RepaymentsOfLoansFromSubsidiaries_documentation_en-US" xlink:label="lab_pnw_RepaymentsOfLoansFromSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the cash inflow associated with the repayments of loans from subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RepaymentsOfLoansFromSubsidiaries" xlink:href="pnw-20201231.xsd#pnw_RepaymentsOfLoansFromSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RepaymentsOfLoansFromSubsidiaries" xlink:to="lab_pnw_RepaymentsOfLoansFromSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SeniorUnsecuredNotesMember_8cf28bfa-6610-40dc-b00a-e85a620cd969_terseLabel_en-US" xlink:label="lab_pnw_SeniorUnsecuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior unsecured notes </link:label>
<link:label id="lab_pnw_SeniorUnsecuredNotesMember_label_en-US" xlink:label="lab_pnw_SeniorUnsecuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Unsecured Notes [Member] </link:label>
<link:label id="lab_pnw_SeniorUnsecuredNotesMember_documentation_en-US" xlink:label="lab_pnw_SeniorUnsecuredNotesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Unsecured Notes </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SeniorUnsecuredNotesMember" xlink:href="pnw-20201231.xsd#pnw_SeniorUnsecuredNotesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SeniorUnsecuredNotesMember" xlink:to="lab_pnw_SeniorUnsecuredNotesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentTypeAxis_adc2babc-5d24-4874-bb27-04499f122522_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
<link:label id="lab_us-gaap_InvestmentTypeAxis_label_en-US" xlink:label="lab_us-gaap_InvestmentTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentTypeAxis" xlink:to="lab_us-gaap_InvestmentTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded_c60bb050-2d65-4d02-83b3-866f24aecfe3_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt return on Four Corners SCR </link:label>
<link:label id="lab_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded_label_en-US" xlink:label="lab_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Cost Recovery Income, Debt Deferral Refunded </link:label>
<link:label id="lab_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded_documentation_en-US" xlink:label="lab_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Cost Recovery Income, Debt Deferral Refunded </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded" xlink:href="pnw-20201231.xsd#pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded" xlink:to="lab_pnw_RegulatoryCostRecoveryIncomeDebtDeferralRefunded" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_InvestmentInSubsidiaries_7c4aab85-3fc1-45c3-a462-99488b3e455a_terseLabel_en-US" xlink:label="lab_pnw_InvestmentInSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in subsidiaries </link:label>
<link:label id="lab_pnw_InvestmentInSubsidiaries_label_en-US" xlink:label="lab_pnw_InvestmentInSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment in Subsidiaries </link:label>
<link:label id="lab_pnw_InvestmentInSubsidiaries_documentation_en-US" xlink:label="lab_pnw_InvestmentInSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents investments in subsidiaries. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_InvestmentInSubsidiaries" xlink:href="pnw-20201231.xsd#pnw_InvestmentInSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_InvestmentInSubsidiaries" xlink:to="lab_pnw_InvestmentInSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_6f7a8f9e-0d40-46c8-ad21-89bfe65a90e9_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expected weighted-average period of recognition of unrecognized compensation cost </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_38efa0ff-5d99-45bc-8e43-9684dd674612_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2022 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year Two </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationCostsMember_6e300c12-e2ec-456e-a3d0-2eb90dfffb2b_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset retirement obligations </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationCostsMember_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Costs [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationCostsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationCostsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationCostsMember" xlink:to="lab_us-gaap_AssetRetirementObligationCostsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_667206e4-1a5e-404b-8e71-fa3b45426b03_totalLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_56c76098-ec56-4d0c-844c-6adca49337ae_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to common shareholders </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Available to Common Stockholders, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage_641f3d99-2fa7-4808-9698-434bea4b175f_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Funded percentage (more than) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Benefit Obligation, Funded Percentage </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Benefit Obligation, Funded Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage" xlink:to="lab_pnw_DefinedBenefitPlanAccumulatedBenefitObligationFundedPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncomeTaxLineItems_343fceb1-f367-44ab-8d36-4b99be582a6c_terseLabel_en-US" xlink:label="lab_pnw_IncomeTaxLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax [Line Items] </link:label>
<link:label id="lab_pnw_IncomeTaxLineItems_label_en-US" xlink:label="lab_pnw_IncomeTaxLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax [Line Items] </link:label>
<link:label id="lab_pnw_IncomeTaxLineItems_documentation_en-US" xlink:label="lab_pnw_IncomeTaxLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> [Line Items] for Income Tax [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncomeTaxLineItems" xlink:href="pnw-20201231.xsd#pnw_IncomeTaxLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncomeTaxLineItems" xlink:to="lab_pnw_IncomeTaxLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesSolarPowerCapacity_4df6acb7-a00f-4944-be51-2026a0987b78_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesSolarPowerCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Solar power capacity </link:label>
<link:label id="lab_pnw_PublicUtilitiesSolarPowerCapacity_label_en-US" xlink:label="lab_pnw_PublicUtilitiesSolarPowerCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Solar Power Capacity </link:label>
<link:label id="lab_pnw_PublicUtilitiesSolarPowerCapacity_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesSolarPowerCapacity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Solar Power Capacity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesSolarPowerCapacity" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesSolarPowerCapacity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesSolarPowerCapacity" xlink:to="lab_pnw_PublicUtilitiesSolarPowerCapacity" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaymentsToConsolidatedSubsidiaries_65a715db-f31c-4fb8-8431-3cb6ef357d5f_negatedLabel_en-US" xlink:label="lab_pnw_PaymentsToConsolidatedSubsidiaries" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investments in subsidiaries </link:label>
<link:label id="lab_pnw_PaymentsToConsolidatedSubsidiaries_label_en-US" xlink:label="lab_pnw_PaymentsToConsolidatedSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Consolidated Subsidiaries </link:label>
<link:label id="lab_pnw_PaymentsToConsolidatedSubsidiaries_documentation_en-US" xlink:label="lab_pnw_PaymentsToConsolidatedSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the cash outflow associated with the contributions paid to the consolidated subsidiaries of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaymentsToConsolidatedSubsidiaries" xlink:href="pnw-20201231.xsd#pnw_PaymentsToConsolidatedSubsidiaries"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaymentsToConsolidatedSubsidiaries" xlink:to="lab_pnw_PaymentsToConsolidatedSubsidiaries" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled_2aa1a81b-a15c-430e-a925-98295b0b8044_negatedLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlements </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Liabilities Settled </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationLiabilitiesSettled"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:to="lab_us-gaap_AssetRetirementObligationLiabilitiesSettled" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalReclamationEscrowAccountsMember_b0d07ab8-7de4-4ada-83d1-3f6bd5adb783_terseLabel_en-US" xlink:label="lab_pnw_CoalReclamationEscrowAccountsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reclamation Escrow Account </link:label>
<link:label id="lab_pnw_CoalReclamationEscrowAccountsMember_label_en-US" xlink:label="lab_pnw_CoalReclamationEscrowAccountsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reclamation Escrow Accounts [Member] </link:label>
<link:label id="lab_pnw_CoalReclamationEscrowAccountsMember_documentation_en-US" xlink:label="lab_pnw_CoalReclamationEscrowAccountsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reclamation Escrow Accounts [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalReclamationEscrowAccountsMember" xlink:href="pnw-20201231.xsd#pnw_CoalReclamationEscrowAccountsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalReclamationEscrowAccountsMember" xlink:to="lab_pnw_CoalReclamationEscrowAccountsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_07b5f6f5-27f0-49d5-bf7d-73399b1ff417_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
<link:label id="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_label_en-US" xlink:label="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Recurring and Nonrecurring [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayable_ca534495-b578-4041-a525-6657cc5e4e0d_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts payable </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccountsPayable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Accounts Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccountsPayable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionLeasePeriod_bd7a9e53-d5ad-49ff-8267-aa0446aea30d_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionLeasePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lease period </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionLeasePeriod_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionLeasePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Lease Period </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionLeasePeriod_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionLeasePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the period of lease entered into in connection with the transaction involving the sale of property to another party and the lease of the property back to the seller. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionLeasePeriod" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionLeasePeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionLeasePeriod" xlink:to="lab_pnw_SaleLeasebackTransactionLeasePeriod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentAxis_618a8998-3464-4386-9f7d-a4f27741531b_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentAxis_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentAxis" xlink:to="lab_us-gaap_DebtInstrumentAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock_1713c30d-6c9f-4e24-ba73-c3b1e42416da_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:to="lab_us-gaap_AssetRetirementObligationDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecurities_b021b80f-b92d-4193-b1f9-cdfd04c43c54_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecurities_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecurities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecurities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecurities" xlink:to="lab_us-gaap_AvailableForSaleSecurities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_84c5d329-9975-4560-9b08-5105a75186a2_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueLineItems_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueLineItems" xlink:to="lab_us-gaap_DisaggregationOfRevenueLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockValueAcquiredCostMethod_2fe80666-5800-499d-be24-398b1e028dfd_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Purchase of treasury stock </link:label>
<link:label id="lab_us-gaap_TreasuryStockValueAcquiredCostMethod_label_en-US" xlink:label="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Value, Acquired, Cost Method </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="lab_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLiabilities_36fb917e-e821-4b15-8a4d-155439e3dc23_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount reported on balance sheet </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_ab884df5-35a2-4c58-ac2c-c43147b9728a_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount Reported on Balance Sheet </link:label>
<link:label id="lab_us-gaap_DerivativeLiabilities_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLiabilities" xlink:to="lab_us-gaap_DerivativeLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_a16c3bb2-ff1c-4ee6-82ab-5d1b604e8bbb_terseLabel_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to reconcile net income to net cash provided by operating activities: </link:label>
<link:label id="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain_f44fc84a-59ae-49d2-9a53-5e30eaffa47d_terseLabel_en-US" xlink:label="lab_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unconditional Purchase Obligation, Category of Goods or Services Acquired [Domain] </link:label>
<link:label id="lab_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain_label_en-US" xlink:label="lab_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unconditional Purchase Obligation, Category of Goods or Services Acquired [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:to="lab_us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccountsReceivableGrossCurrent_c9071c4b-0a17-4d92-8b55-d2894f77e524_verboseLabel_en-US" xlink:label="lab_us-gaap_AccountsReceivableGrossCurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer and other receivables </link:label>
<link:label id="lab_us-gaap_AccountsReceivableGrossCurrent_68b94502-a9d1-42ff-a47a-fa01259c9eb1_terseLabel_en-US" xlink:label="lab_us-gaap_AccountsReceivableGrossCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts receivable </link:label>
<link:label id="lab_us-gaap_AccountsReceivableGrossCurrent_label_en-US" xlink:label="lab_us-gaap_AccountsReceivableGrossCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, before Allowance for Credit Loss, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsReceivableGrossCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsReceivableGrossCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccountsReceivableGrossCurrent" xlink:to="lab_us-gaap_AccountsReceivableGrossCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_srt_LitigationCaseAxis_1fba1008-180f-46f0-b82d-ac2fc7096f72_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>
<link:label id="lab_srt_LitigationCaseAxis_label_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_LitigationCaseAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseAxis" xlink:to="lab_srt_LitigationCaseAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident_57c1223c-6e96-4192-9756-5829b178646d_terseLabel_en-US" xlink:label="lab_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum potential retrospective assessment per incident of APS </link:label>
<link:label id="lab_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident_label_en-US" xlink:label="lab_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Potential Retrospective Assessment Per Incident </link:label>
<link:label id="lab_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident_documentation_en-US" xlink:label="lab_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the maximum potential retrospective assessment per incident based on the interest of APS in the three Palo Verde units. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident" xlink:href="pnw-20201231.xsd#pnw_MaximumPotentialRetrospectiveAssessmentPerIncident"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident" xlink:to="lab_pnw_MaximumPotentialRetrospectiveAssessmentPerIncident" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NumberOfVIELessorTrusts_8d4a31b3-4796-43c6-830c-77dbce59e9ba_terseLabel_en-US" xlink:label="lab_pnw_NumberOfVIELessorTrusts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of VIE lessor trusts </link:label>
<link:label id="lab_pnw_NumberOfVIELessorTrusts_label_en-US" xlink:label="lab_pnw_NumberOfVIELessorTrusts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of VIE Lessor Trusts </link:label>
<link:label id="lab_pnw_NumberOfVIELessorTrusts_documentation_en-US" xlink:label="lab_pnw_NumberOfVIELessorTrusts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of VIE lessor trusts with whom agreements have been made to sell and lease back interests in certain nuclear generating assets and related common facilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NumberOfVIELessorTrusts" xlink:href="pnw-20201231.xsd#pnw_NumberOfVIELessorTrusts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NumberOfVIELessorTrusts" xlink:to="lab_pnw_NumberOfVIELessorTrusts" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerAbstract_9f55ffce-9d02-4bd4-9d7d-db29ffcf4006_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Abstract] </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerAbstract_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeCommonMember_a96fbc77-1e5b-4f60-b53b-7c409464f05b_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeCommonMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Common </link:label>
<link:label id="lab_pnw_PaloVerdeCommonMember_label_en-US" xlink:label="lab_pnw_PaloVerdeCommonMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Common [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeCommonMember_documentation_en-US" xlink:label="lab_pnw_PaloVerdeCommonMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Palo Verde Common, a jointly-owned generating facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeCommonMember" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeCommonMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeCommonMember" xlink:to="lab_pnw_PaloVerdeCommonMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_c3422292-1bfe-4586-ab70-567224254c46_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated depreciation and amortization </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Accumulated Depreciation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentAccumulatedDepreciation" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityInformationLineItems_fbc0b0b1-d63a-4e05-a1db-f08a917c0f66_terseLabel_en-US" xlink:label="lab_dei_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Information [Line Items] </link:label>
<link:label id="lab_dei_EntityInformationLineItems_label_en-US" xlink:label="lab_dei_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Information [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInformationLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInformationLineItems" xlink:to="lab_dei_EntityInformationLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeNuclearGeneratingStationMember_e79153ab-fd35-44c0-b002-4f5de82304dd_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeNuclearGeneratingStationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Nuclear Generating Station </link:label>
<link:label id="lab_pnw_PaloVerdeNuclearGeneratingStationMember_label_en-US" xlink:label="lab_pnw_PaloVerdeNuclearGeneratingStationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Nuclear Generating Station [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeNuclearGeneratingStationMember_documentation_en-US" xlink:label="lab_pnw_PaloVerdeNuclearGeneratingStationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Nuclear Generating Station [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeNuclearGeneratingStationMember" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeNuclearGeneratingStationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeNuclearGeneratingStationMember" xlink:to="lab_pnw_PaloVerdeNuclearGeneratingStationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableLeaseCost_517a1e8a-bbf8-4e4a-af49-d7da6e214d06_terseLabel_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable lease cost </link:label>
<link:label id="lab_us-gaap_VariableLeaseCost_label_en-US" xlink:label="lab_us-gaap_VariableLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableLeaseCost" xlink:to="lab_us-gaap_VariableLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_f1bd5d7e-22dd-49f8-af70-adbfcf7e53b2_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State income tax net of federal income tax benefit </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:to="lab_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_69b466c8-d901-47a2-964f-fce78a4adb60_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Nature [Axis] </link:label>
<link:label id="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis_label_en-US" xlink:label="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency Nature [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:to="lab_us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable_d4290ddc-3b60-47ab-a8fc-176a3e475914_terseLabel_en-US" xlink:label="lab_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest expense to be received on the underpayment of income taxes </link:label>
<link:label id="lab_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable_label_en-US" xlink:label="lab_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits Interest on Income Taxes Receivable </link:label>
<link:label id="lab_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable_documentation_en-US" xlink:label="lab_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the amount of interest income to be received on the overpayment of income taxes for certain adjustments that the company has filed, or will file, with the IRS. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable" xlink:href="pnw-20201231.xsd#pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable" xlink:to="lab_pnw_UnrecognizedTaxBenefitsInterestOnIncomeTaxesReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SubsequentEventMember_b49bd087-7d59-43d9-8646-3d119180d865_terseLabel_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event </link:label>
<link:label id="lab_us-gaap_SubsequentEventMember_label_en-US" xlink:label="lab_us-gaap_SubsequentEventMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Subsequent Event [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SubsequentEventMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SubsequentEventMember" xlink:to="lab_us-gaap_SubsequentEventMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DomesticCountryMember_3b222ab9-f1c3-4e3e-b6b5-8cef1a580fe1_terseLabel_en-US" xlink:label="lab_us-gaap_DomesticCountryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Federal </link:label>
<link:label id="lab_us-gaap_DomesticCountryMember_label_en-US" xlink:label="lab_us-gaap_DomesticCountryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Domestic Tax Authority [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DomesticCountryMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DomesticCountryMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DomesticCountryMember" xlink:to="lab_us-gaap_DomesticCountryMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LettersOfCreditOutstandingAmount_65e0a53c-3e53-42cf-bdd8-1f54b6732b15_terseLabel_en-US" xlink:label="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Outstanding letters of credit </link:label>
<link:label id="lab_us-gaap_LettersOfCreditOutstandingAmount_label_en-US" xlink:label="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Letters of Credit Outstanding, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LettersOfCreditOutstandingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LettersOfCreditOutstandingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LettersOfCreditOutstandingAmount" xlink:to="lab_us-gaap_LettersOfCreditOutstandingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_bb49e007-c6a9-4dea-94db-83e57af2e99a_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskByTypeAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByTypeAxis" xlink:to="lab_us-gaap_ConcentrationRiskByTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_ea127673-51f5-433d-8fa4-f8d89aeeb753_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds </link:label>
<link:label id="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Realized Gain (Loss) [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRealizedGainLossTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfRealizedGainLossTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent_d0841177-af4e-481f-8344-c5d563d42323_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less current maturities </link:label>
<link:label id="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent_label_en-US" xlink:label="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt and Lease Obligation, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:to="lab_us-gaap_LongTermDebtAndCapitalLeaseObligationsCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ArizonaPublicServiceCompanyMember_3cec7e5a-6f19-4f3a-a044-fb125703018a_terseLabel_en-US" xlink:label="lab_pnw_ArizonaPublicServiceCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ARIZONA PUBLIC SERVICE COMPANY </link:label>
<link:label id="lab_pnw_ArizonaPublicServiceCompanyMember_label_en-US" xlink:label="lab_pnw_ArizonaPublicServiceCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Public Service Company [Member] </link:label>
<link:label id="lab_pnw_ArizonaPublicServiceCompanyMember_documentation_en-US" xlink:label="lab_pnw_ArizonaPublicServiceCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Arizona Public Service Company, which is an electric utility subsidiary of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ArizonaPublicServiceCompanyMember" xlink:href="pnw-20201231.xsd#pnw_ArizonaPublicServiceCompanyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ArizonaPublicServiceCompanyMember" xlink:to="lab_pnw_ArizonaPublicServiceCompanyMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ArizonaCorporationCommissionMember_62f12fe4-0125-42c5-8f84-7b0c47c38bd3_terseLabel_en-US" xlink:label="lab_pnw_ArizonaCorporationCommissionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> ACC </link:label>
<link:label id="lab_pnw_ArizonaCorporationCommissionMember_label_en-US" xlink:label="lab_pnw_ArizonaCorporationCommissionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Corporation Commission [Member] </link:label>
<link:label id="lab_pnw_ArizonaCorporationCommissionMember_documentation_en-US" xlink:label="lab_pnw_ArizonaCorporationCommissionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the Arizona Corporation Commission (ACC), which regulates public utilities in Arizona. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ArizonaCorporationCommissionMember" xlink:href="pnw-20201231.xsd#pnw_ArizonaCorporationCommissionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ArizonaCorporationCommissionMember" xlink:to="lab_pnw_ArizonaCorporationCommissionMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease_91e02a76-408b-4bbb-b2af-65838c2e8bbc_terseLabel_en-US" xlink:label="lab_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of service, resource comparison proxy method, maximum annual percentage decrease </link:label>
<link:label id="lab_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease_label_en-US" xlink:label="lab_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Cost of Service, Resource Comparison Proxy Method, Maximum Annual Percentage Decrease </link:label>
<link:label id="lab_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease_documentation_en-US" xlink:label="lab_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Cost of Service, Resource Comparison Proxy Method, Maximum Annual Percentage Decrease </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease" xlink:href="pnw-20201231.xsd#pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease" xlink:to="lab_pnw_RateMattersCostofServiceResourceComparisonProxyMethodMaximumAnnualPercentageDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod_ed24639b-9c3c-4c09-a9b5-af70e5c50450_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Requested rate increase (decrease), deferred taxes amortization, period </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Deferred Taxes Amortization, Period </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Deferred Taxes Amortization, Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod" xlink:to="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseDeferredTaxesAmortizationPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoNationTransmissionRevenueSharingMember_65f6d2a8-baac-4eb0-a6cd-0d2e9ddbb44f_terseLabel_en-US" xlink:label="lab_pnw_NavajoNationTransmissionRevenueSharingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Transmission Revenue Sharing </link:label>
<link:label id="lab_pnw_NavajoNationTransmissionRevenueSharingMember_label_en-US" xlink:label="lab_pnw_NavajoNationTransmissionRevenueSharingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Transmission Revenue Sharing [Member] </link:label>
<link:label id="lab_pnw_NavajoNationTransmissionRevenueSharingMember_documentation_en-US" xlink:label="lab_pnw_NavajoNationTransmissionRevenueSharingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Nation, Transmission Revenue Sharing </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoNationTransmissionRevenueSharingMember" xlink:href="pnw-20201231.xsd#pnw_NavajoNationTransmissionRevenueSharingMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoNationTransmissionRevenueSharingMember" xlink:to="lab_pnw_NavajoNationTransmissionRevenueSharingMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilityProgramAxis_ac9e934c-90ea-4281-87f8-ee98bee70c34_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilityProgramAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Program [Axis] </link:label>
<link:label id="lab_pnw_PublicUtilityProgramAxis_label_en-US" xlink:label="lab_pnw_PublicUtilityProgramAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Program [Axis] </link:label>
<link:label id="lab_pnw_PublicUtilityProgramAxis_documentation_en-US" xlink:label="lab_pnw_PublicUtilityProgramAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Program [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilityProgramAxis" xlink:href="pnw-20201231.xsd#pnw_PublicUtilityProgramAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilityProgramAxis" xlink:to="lab_pnw_PublicUtilityProgramAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PollutionControlBondsFixedMember_9d06e5d4-e2cc-44de-ae57-dcc00ec5c9ba_terseLabel_en-US" xlink:label="lab_pnw_PollutionControlBondsFixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pollution Control Bonds - Fixed </link:label>
<link:label id="lab_pnw_PollutionControlBondsFixedMember_label_en-US" xlink:label="lab_pnw_PollutionControlBondsFixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pollution Control Bonds Fixed [Member] </link:label>
<link:label id="lab_pnw_PollutionControlBondsFixedMember_documentation_en-US" xlink:label="lab_pnw_PollutionControlBondsFixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A debt security issued by a state, certain agencies or authorities, a local government, or development corporation to finance the construction of air- or water-pollution control facilities or sewage or solid waste disposal facilities pursuant to federal law and which is carrying a fixed interest rate. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PollutionControlBondsFixedMember" xlink:href="pnw-20201231.xsd#pnw_PollutionControlBondsFixedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PollutionControlBondsFixedMember" xlink:to="lab_pnw_PollutionControlBondsFixedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1_f837e6ce-cd87-4906-9025-aba3bbe068e2_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Performance period </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByCustomersTerm_662dbc40-3f33-4598-aac9-d774816011cf_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByCustomersTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount funded by customers, term </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByCustomersTerm_label_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByCustomersTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amounts Funded By Customers, Term </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByCustomersTerm_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByCustomersTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amounts Funded By Customers, Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersAmountsFundedByCustomersTerm" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersAmountsFundedByCustomersTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersAmountsFundedByCustomersTerm" xlink:to="lab_pnw_RegulatoryMattersAmountsFundedByCustomersTerm" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityNoncurrent_b52f4eaf-3728-472a-b99b-9388aeca2596_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities (Note 9) </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityNoncurrent_d7157191-1639-4a4f-8126-95dce665aafa_verboseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeaseLiabilityNoncurrent_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Liability, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiabilityNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:to="lab_us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OfficersandKeyEmployeesMember_f20cbf7d-98ec-4ab1-8d73-730ccf66d057_terseLabel_en-US" xlink:label="lab_pnw_OfficersandKeyEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Officers and Key Employees </link:label>
<link:label id="lab_pnw_OfficersandKeyEmployeesMember_label_en-US" xlink:label="lab_pnw_OfficersandKeyEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Officers and Key Employees [Member] </link:label>
<link:label id="lab_pnw_OfficersandKeyEmployeesMember_documentation_en-US" xlink:label="lab_pnw_OfficersandKeyEmployeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Officers and Key Employees [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OfficersandKeyEmployeesMember" xlink:href="pnw-20201231.xsd#pnw_OfficersandKeyEmployeesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OfficersandKeyEmployeesMember" xlink:to="lab_pnw_OfficersandKeyEmployeesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_585fed82-2658-4e5b-a10e-873533d98777_terseLabel_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2024 </link:label>
<link:label id="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_label_en-US" xlink:label="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Finite-Lived Intangible Asset, Expected Amortization, Year Four </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:to="lab_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit_b78f11ed-4fea-47e7-9a58-731617ae5fd9_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Requested rate increase (decrease), amount, one-time bill credit, additional benefit </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Amount, One-time Bill Credit, Additional Benefit </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Rate Increase (Decrease), Amount, One-time Bill Credit, Additional Benefit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit" xlink:to="lab_pnw_PublicUtilitiesRequestedRateIncreaseDecreaseAmountOnetimeBillCreditAdditionalBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_815270f9-328b-4cd5-8e6e-11f2d087d610_negatedLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and other postretirement benefits activity, net of tax benefit (expense) </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetsCurrentAbstract_f560711e-fb0b-484e-9c3e-84610ddd157d_terseLabel_en-US" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CURRENT ASSETS </link:label>
<link:label id="lab_us-gaap_AssetsCurrentAbstract_04f3de82-e104-4d03-9041-47cfc901e76d_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current assets </link:label>
<link:label id="lab_us-gaap_AssetsCurrentAbstract_label_en-US" xlink:label="lab_us-gaap_AssetsCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Current [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsCurrentAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrentAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetsCurrentAbstract" xlink:to="lab_us-gaap_AssetsCurrentAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InvestmentIncomeInterest_2464a9cf-fe67-4b08-804c-92dc3213f83b_terseLabel_en-US" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest income </link:label>
<link:label id="lab_us-gaap_InvestmentIncomeInterest_label_en-US" xlink:label="lab_us-gaap_InvestmentIncomeInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment Income, Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InvestmentIncomeInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InvestmentIncomeInterest" xlink:to="lab_us-gaap_InvestmentIncomeInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_9e8bab77-5f77-43fb-b70c-b00c83c215b9_totalLabel_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS </link:label>
<link:label id="lab_us-gaap_ComprehensiveIncomeNetOfTax_label_en-US" xlink:label="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comprehensive Income (Loss), Net of Tax, Attributable to Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="lab_us-gaap_ComprehensiveIncomeNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod_a28b0a39-41c3-4593-8cee-7f4b035b489e_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer support fund, payment period </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod_label_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Payment Period </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Payment Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod" xlink:to="lab_pnw_RegulatoryMattersCustomerSupportFundPaymentPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_9c1c0f39-fa0a-4d37-9cf6-b7879d5376c0_terseLabel_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference </link:label>
<link:label id="lab_dei_DocumentsIncorporatedByReferenceTextBlock_label_en-US" xlink:label="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Documents Incorporated by Reference [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentsIncorporatedByReferenceTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="lab_dei_DocumentsIncorporatedByReferenceTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_fd6cae07-4cb9-4383-b4d1-5cdbf6b16aa9_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Term Debt, Maturity, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="lab_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_8991d44e-a6d3-4dd1-9f10-27c930f67671_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comparison of pretax income from continuing operations at the federal income tax rate to income tax expense - continuing operations </link:label>
<link:label id="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_1b571c0c-c4f3-458d-8d8c-934c1a65a908_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of compensation increase (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeYuma500KVSystemMember_c9a5c504-327b-4d4a-b9d7-fd554cd96035_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeYuma500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde — Yuma 500kV System </link:label>
<link:label id="lab_pnw_PaloVerdeYuma500KVSystemMember_label_en-US" xlink:label="lab_pnw_PaloVerdeYuma500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Yuma 500kV System [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeYuma500KVSystemMember_documentation_en-US" xlink:label="lab_pnw_PaloVerdeYuma500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Palo Verde - Yuma 500KV System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeYuma500KVSystemMember" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeYuma500KVSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeYuma500KVSystemMember" xlink:to="lab_pnw_PaloVerdeYuma500KVSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CityAreaCode_e702d6da-67b3-4718-a6fe-dad93ae8421c_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:label id="lab_dei_CityAreaCode_label_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City Area Code </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CityAreaCode"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CityAreaCode" xlink:to="lab_dei_CityAreaCode" xlink:type="arc" order="1"/>
<link:label id="lab_dei_LegalEntityAxis_94ee79b9-d71c-4a9e-a02d-0b32d116385e_terseLabel_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:label id="lab_dei_LegalEntityAxis_label_en-US" xlink:label="lab_dei_LegalEntityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Legal Entity [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_LegalEntityAxis" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LegalEntityAxis" xlink:to="lab_dei_LegalEntityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember_4f4763de-3507-4d6f-96b6-2c1b986a0591_terseLabel_en-US" xlink:label="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City of Farmington, New Mexico Pollution Control Revenue Refunding Bond, 1994 Series B </link:label>
<link:label id="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember_label_en-US" xlink:label="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City of Farmington, New Mexico Pollution Control Revenue Refunding Bond, 1994 Series B [Member] </link:label>
<link:label id="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember_documentation_en-US" xlink:label="lab_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> City of Farmington, New Mexico Pollution Control Revenue Refunding Bond, 1994 Series B </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember" xlink:href="pnw-20201231.xsd#pnw_CityOfFarmingtonNewMexicoPollutionControlRevenueRefundingBond1994SeriesBMember"/>
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<link:label id="lab_us-gaap_IncomeTaxAuthorityAxis_051ac458-94c2-4eb8-a61a-66f31695e00e_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Axis] </link:label>
<link:label id="lab_us-gaap_IncomeTaxAuthorityAxis_label_en-US" xlink:label="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Authority [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxAuthorityAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxAuthorityAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxAuthorityAxis" xlink:to="lab_us-gaap_IncomeTaxAuthorityAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentPeriodEndDate_996e745c-1a20-46f0-b6ff-827899b0d743_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:label id="lab_dei_DocumentPeriodEndDate_label_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Period End Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentPeriodEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentPeriodEndDate" xlink:to="lab_dei_DocumentPeriodEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MeadPhoenixtransmissionlineCIACMember_64214db6-b6d8-4511-9a0e-9225d327b156_terseLabel_en-US" xlink:label="lab_pnw_MeadPhoenixtransmissionlineCIACMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mead-Phoenix transmission line — contributions in aid of construction </link:label>
<link:label id="lab_pnw_MeadPhoenixtransmissionlineCIACMember_label_en-US" xlink:label="lab_pnw_MeadPhoenixtransmissionlineCIACMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mead-Phoenix transmission line CIAC [Member] </link:label>
<link:label id="lab_pnw_MeadPhoenixtransmissionlineCIACMember_documentation_en-US" xlink:label="lab_pnw_MeadPhoenixtransmissionlineCIACMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mead-Phoenix transmission line CIAC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MeadPhoenixtransmissionlineCIACMember" xlink:href="pnw-20201231.xsd#pnw_MeadPhoenixtransmissionlineCIACMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MeadPhoenixtransmissionlineCIACMember" xlink:to="lab_pnw_MeadPhoenixtransmissionlineCIACMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent_9e596b77-95f8-4772-9b56-5014ff09c916_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory liabilities, current </link:label>
<link:label id="lab_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent_label_en-US" xlink:label="lab_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability, Including Deferred Fuel and Purchased Power Regulatory Liability Current </link:label>
<link:label id="lab_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent_documentation_en-US" xlink:label="lab_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount for the individual regulatory current liability including deferred fuel and purchased power as itemized in a table of regulatory current liabilities as of the end of the period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent" xlink:href="pnw-20201231.xsd#pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent" xlink:to="lab_pnw_RegulatoryLiabilityIncludingDeferredFuelAndPurchasedPowerRegulatoryLiabilityCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract_478a5584-f72c-46e5-a1b2-42132cdf0533_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Projected benefit obligation and the accumulated benefit obligation for pension plans with an accumulated obligation in excess of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract"/>
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<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_88c2c408-3a63-4958-8f91-869a6346d142_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2023 </link:label>
<link:label id="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_label_en-US" xlink:label="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Purchase Obligation, to be Paid, Year Three </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:to="lab_us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProfitLoss_df6a776e-2d7b-4743-9f92-21439067392c_totalLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> NET INCOME </link:label>
<link:label id="lab_us-gaap_ProfitLoss_8b431199-a632-4950-af07-94b97a63aecc_verboseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> NET INCOME </link:label>
<link:label id="lab_us-gaap_ProfitLoss_beb0083b-811b-405e-b7e7-ac0ab9c0e20d_terseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income </link:label>
<link:label id="lab_us-gaap_ProfitLoss_label_en-US" xlink:label="lab_us-gaap_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss), Including Portion Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProfitLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="lab_us-gaap_ProfitLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTableTextBlock_dde8274a-152c-420b-964a-8eb2c135a0fb_terseLabel_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue </link:label>
<link:label id="lab_us-gaap_DisaggregationOfRevenueTableTextBlock_label_en-US" xlink:label="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disaggregation of Revenue [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:to="lab_us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_c7c932db-3dce-4edb-9d3a-459184edf51c_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts reclassified from accumulated other comprehensive loss </link:label>
<link:label id="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_label_en-US" xlink:label="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:to="lab_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SolarCommunitiesMember_4e1efb79-063d-47c5-a965-608c7db4a542_terseLabel_en-US" xlink:label="lab_pnw_SolarCommunitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Solar Communities </link:label>
<link:label id="lab_pnw_SolarCommunitiesMember_label_en-US" xlink:label="lab_pnw_SolarCommunitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Solar Communities [Member] </link:label>
<link:label id="lab_pnw_SolarCommunitiesMember_documentation_en-US" xlink:label="lab_pnw_SolarCommunitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Solar Communities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SolarCommunitiesMember" xlink:href="pnw-20201231.xsd#pnw_SolarCommunitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SolarCommunitiesMember" xlink:to="lab_pnw_SolarCommunitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses_03abf924-9e85-41ff-9d52-7238f0a46029_negatedLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Realized losses </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Gross Realized Losses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxChargesMember_882bf82b-6781-4510-83c1-0212efa75f03_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxChargesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes — AFUDC equity </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxChargesMember_eba8b9ce-eaf3-46fc-8b7e-2cd9a96604f5_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxChargesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income taxes — change in rates </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxChargesMember_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxChargesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Charge [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxChargesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxChargesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxChargesMember" xlink:to="lab_us-gaap_DeferredIncomeTaxChargesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet_de017740-5e0d-4922-b3a3-79182b1ea83e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss reclassified from accumulated other comprehensive income into income (effective portion realized) </link:label>
<link:label id="lab_us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet_label_en-US" xlink:label="lab_us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Price Risk Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet" xlink:to="lab_us-gaap_PriceRiskCashFlowHedgeGainOrLossReclassifiedToEarningsNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_9bf865bc-360c-4d19-b28d-58f7b576addb_terseLabel_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>
<link:label id="lab_us-gaap_LongtermDebtTypeDomain_label_en-US" xlink:label="lab_us-gaap_LongtermDebtTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongtermDebtTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_us-gaap_LongtermDebtTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensation_48113b53-82c9-41ee-8d3f-58e6ed0f2c2f_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock compensation </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensation_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Noncash Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensation" xlink:to="lab_us-gaap_ShareBasedCompensation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToAcquireProductiveAssets_86a15d1b-40c4-4271-86f9-28a446a562ef_negatedLabel_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireProductiveAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Capital expenditures </link:label>
<link:label id="lab_us-gaap_PaymentsToAcquireProductiveAssets_label_en-US" xlink:label="lab_us-gaap_PaymentsToAcquireProductiveAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Acquire Productive Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireProductiveAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquireProductiveAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToAcquireProductiveAssets" xlink:to="lab_us-gaap_PaymentsToAcquireProductiveAssets" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract_ef87453a-d7d0-4c5f-831a-af9a23128a07_terseLabel_en-US" xlink:label="lab_pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Reconciliation Increases Reductions in Tax Expense [Abstract] </link:label>
<link:label id="lab_pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract_label_en-US" xlink:label="lab_pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Reconciliation Increases Reductions in Tax Expense [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract" xlink:href="pnw-20201231.xsd#pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract" xlink:to="lab_pnw_IncomeTaxReconciliationIncreasesReductionsInTaxExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_8f96145b-df83-4910-bec1-d1519846c570_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based liabilities paid </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareBasedLiabilitiesPaid" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_b9eedc89-2bfa-40e9-9fb5-b45f86a17dd6_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities_label_en-US" xlink:label="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from (Payments for) Other Financing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromPaymentsForOtherFinancingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:to="lab_us-gaap_ProceedsFromPaymentsForOtherFinancingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CoverAbstract_label_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cover [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CoverAbstract" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CoverAbstract" xlink:to="lab_dei_CoverAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersNonCustomerFunds_5a7e9b42-bed2-4d90-b828-818a43d835c5_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersNonCustomerFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non-customer funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersNonCustomerFunds_label_en-US" xlink:label="lab_pnw_RegulatoryMattersNonCustomerFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Non-Customer Funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersNonCustomerFunds_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersNonCustomerFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Non-Customer Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersNonCustomerFunds" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersNonCustomerFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersNonCustomerFunds" xlink:to="lab_pnw_RegulatoryMattersNonCustomerFunds" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryAssetDomain_4fc26919-873a-4d50-865a-033d61db5e1b_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryAssetDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Asset [Domain] </link:label>
<link:label id="lab_us-gaap_RegulatoryAssetDomain_label_en-US" xlink:label="lab_us-gaap_RegulatoryAssetDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Asset [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryAssetDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryAssetDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryAssetDomain" xlink:to="lab_us-gaap_RegulatoryAssetDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism_470987c7-7115-4e29-bdaa-5d7af325351f_terseLabel_en-US" xlink:label="lab_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base rate decrease, elimination of tax expense adjustment mechanism </link:label>
<link:label id="lab_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism_label_en-US" xlink:label="lab_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base Rate Decrease, Elimination of Tax Expense Adjustment Mechanism </link:label>
<link:label id="lab_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism_documentation_en-US" xlink:label="lab_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base Rate Decrease, Elimination of Tax Expense Adjustment Mechanism </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism" xlink:href="pnw-20201231.xsd#pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism" xlink:to="lab_pnw_BaseRateDecreaseEliminationofTaxExpenseAdjustmentMechanism" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_028ded00-6dec-4ef2-b284-74a2683e027d_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OCI (loss) before reclassifications </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), before Reclassifications, Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_09cb1ea5-666b-4920-9cb0-2b005e338688_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments, Gain (Loss) [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:to="lab_us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FixedIncomeSecuritiesMember_a569b69b-b9e0-4f17-8ab5-8ce6f6b20bd5_verboseLabel_en-US" xlink:label="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term fixed income assets </link:label>
<link:label id="lab_us-gaap_FixedIncomeSecuritiesMember_5e654f0f-9299-4504-aff7-a62d32a2712b_netLabel_en-US" xlink:label="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed income </link:label>
<link:label id="lab_us-gaap_FixedIncomeSecuritiesMember_0e8fdcbb-4303-4470-909c-9f37dbabf93b_terseLabel_en-US" xlink:label="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed income securities </link:label>
<link:label id="lab_us-gaap_FixedIncomeSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fixed Income Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FixedIncomeSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FixedIncomeSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FixedIncomeSecuritiesMember" xlink:to="lab_us-gaap_FixedIncomeSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersRevenueIncreaseDecrease_002290c5-b43b-4bff-bafd-13d7d2d28164_negatedTerseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersRevenueIncreaseDecrease" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (decrease) in revenue </link:label>
<link:label id="lab_pnw_RegulatoryMattersRevenueIncreaseDecrease_label_en-US" xlink:label="lab_pnw_RegulatoryMattersRevenueIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Revenue Increase (Decrease) </link:label>
<link:label id="lab_pnw_RegulatoryMattersRevenueIncreaseDecrease_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersRevenueIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Revenue Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersRevenueIncreaseDecrease" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersRevenueIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersRevenueIncreaseDecrease" xlink:to="lab_pnw_RegulatoryMattersRevenueIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebt_95321921-6f26-4d22-b7f2-dde25ed620e4_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term loans </link:label>
<link:label id="lab_us-gaap_LongTermDebt_label_en-US" xlink:label="lab_us-gaap_LongTermDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebt" xlink:to="lab_us-gaap_LongTermDebt" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit_4635eede-bd04-48f5-8089-72bb4b67a573_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Expanded credit for limited income customers </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit_label_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Expanded Bill Credit </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Expanded Bill Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit" xlink:to="lab_pnw_RegulatoryMattersCustomerSupportFundExpandedBillCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_5696db0e-ba1c-422f-a1d2-210b8a86c8ff_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Leases </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeasesTextBlock_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Leases [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeasesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeasesTextBlock" xlink:to="lab_us-gaap_LesseeOperatingLeasesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_3ac0df1d-4da8-4ceb-a564-d946ce5911cf_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service cost-benefits earned during the period </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_ef76a41f-46ee-4745-b8d1-25e4a3ccbec7_verboseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Service cost </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanServiceCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Service Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanServiceCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanServiceCost" xlink:to="lab_us-gaap_DefinedBenefitPlanServiceCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationsNoncurrent_3dfb4069-5a54-4b1f-add1-a7126dcc1d11_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities for asset retirements (Note 12) </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationsNoncurrent_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationsNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationsNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationsNoncurrent" xlink:to="lab_us-gaap_AssetRetirementObligationsNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_b74669cd-d157-402b-ac73-4a8196ee140a_terseLabel_en-US" xlink:label="lab_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Income and Other Expense </link:label>
<link:label id="lab_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Income and Other Expense Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:to="lab_us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedTaxesPayable_ed9b498f-1a15-44b4-ad5c-cd3b2158602f_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued taxes </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInAccruedTaxesPayable_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInAccruedTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Accrued Taxes Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedTaxesPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedTaxesPayable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInAccruedTaxesPayable" xlink:to="lab_us-gaap_IncreaseDecreaseInAccruedTaxesPayable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_b1000e8a-f0dd-4267-8906-c967db3dc26e_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskByBenchmarkAxis_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Benchmark [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="lab_us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFunds_8fbf05b6-8e4e-478a-b16e-2ce95415ae2d_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Voluntary funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFunds_label_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Voluntary Funds </link:label>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFunds_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Voluntary Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersVoluntaryFunds" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersVoluntaryFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersVoluntaryFunds" xlink:to="lab_pnw_RegulatoryMattersVoluntaryFunds" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostsAndExpenses_bc565855-6da5-4c1d-8531-4f08c16aeada_totalLabel_en-US" xlink:label="lab_us-gaap_CostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_CostsAndExpenses_e6c0ec71-cb1b-429d-92b0-f48ab0a2d1b4_terseLabel_en-US" xlink:label="lab_us-gaap_CostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating expenses </link:label>
<link:label id="lab_us-gaap_CostsAndExpenses_label_en-US" xlink:label="lab_us-gaap_CostsAndExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Costs and Expenses </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpenses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostsAndExpenses" xlink:to="lab_us-gaap_CostsAndExpenses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_94ee9ca4-ccba-4792-b689-3368463fd9bc_terseLabel_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:label id="lab_us-gaap_StatementEquityComponentsAxis_label_en-US" xlink:label="lab_us-gaap_StatementEquityComponentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Components [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementEquityComponentsAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_us-gaap_StatementEquityComponentsAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegionalHazeRulesMember_226fded1-dda1-424f-adc3-2f044ccca4b3_terseLabel_en-US" xlink:label="lab_pnw_RegionalHazeRulesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regional Haze Rules </link:label>
<link:label id="lab_pnw_RegionalHazeRulesMember_label_en-US" xlink:label="lab_pnw_RegionalHazeRulesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regional Haze Rules [Member] </link:label>
<link:label id="lab_pnw_RegionalHazeRulesMember_documentation_en-US" xlink:label="lab_pnw_RegionalHazeRulesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regional Haze Rules [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegionalHazeRulesMember" xlink:href="pnw-20201231.xsd#pnw_RegionalHazeRulesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegionalHazeRulesMember" xlink:to="lab_pnw_RegionalHazeRulesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationsPolicy_20509a4a-af4e-46e5-88c1-17ed8da59bbf_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsPolicy" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligations </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationsPolicy_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationsPolicy" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationsPolicy" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationsPolicy"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationsPolicy" xlink:to="lab_us-gaap_AssetRetirementObligationsPolicy" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentNameDomain_e92444fa-d7d2-4a24-8c33-753db9ea0398_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentNameDomain_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_us-gaap_DebtInstrumentNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_srt_MinimumMember_09d2984a-fb32-4e5d-b71b-6b9f47537a6e_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum </link:label>
<link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Minimum [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_MinimumMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash_850750b3-0e00-43da-85f7-7703affeb24d_terseLabel_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of nonvested awards to be settled in cash (in shares) </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash_label_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Number of Nonvested Awards to be Settled in Cash </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash_documentation_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Number of Nonvested Awards to be Settled in Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash" xlink:href="pnw-20201231.xsd#pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash" xlink:to="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofNonvestedAwardstobeSettledinCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_16005322-9a6e-4a38-9e2d-41e657f85f6e_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationDomain_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_us-gaap_BalanceSheetLocationDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OpenAccessTransmissionTariffMember_82cfd574-4ee9-4dd7-8fba-bdb2fd5843d9_terseLabel_en-US" xlink:label="lab_pnw_OpenAccessTransmissionTariffMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Transmission rates, transmission cost adjustor and other transmission matters </link:label>
<link:label id="lab_pnw_OpenAccessTransmissionTariffMember_label_en-US" xlink:label="lab_pnw_OpenAccessTransmissionTariffMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Open Access Transmission Tariff [Member] </link:label>
<link:label id="lab_pnw_OpenAccessTransmissionTariffMember_documentation_en-US" xlink:label="lab_pnw_OpenAccessTransmissionTariffMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the formula rate-setting methodology to reflect and recover costs incurred in providing transmission services. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OpenAccessTransmissionTariffMember" xlink:href="pnw-20201231.xsd#pnw_OpenAccessTransmissionTariffMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OpenAccessTransmissionTariffMember" xlink:to="lab_pnw_OpenAccessTransmissionTariffMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_ff8c6e21-f078-4bef-82a1-f2bd49791b50_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated benefit obligation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation"/>
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<link:label id="lab_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit_af9da8cd-87b8-41c9-9ff0-ac8acc3a8e7e_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer assistance, small customers, bill credit </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit_label_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Assistance, Small Customers, Bill Credit </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Assistance, Small Customers, Bill Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit" xlink:to="lab_pnw_RegulatoryMattersCustomerAssistanceSmallCustomersBillCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_2b71033e-482a-4ada-bfc8-2228274caba6_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of supplemental cash flow information </link:label>
<link:label id="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PlanAssetCategoriesDomain_22fba8d7-eee7-4c1b-a7d9-b06c743387d5_terseLabel_en-US" xlink:label="lab_us-gaap_PlanAssetCategoriesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Domain] </link:label>
<link:label id="lab_us-gaap_PlanAssetCategoriesDomain_label_en-US" xlink:label="lab_us-gaap_PlanAssetCategoriesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Category [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanAssetCategoriesDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PlanAssetCategoriesDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanAssetCategoriesDomain" xlink:to="lab_us-gaap_PlanAssetCategoriesDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember_97b86fb1-169d-45db-a378-cb6fddaa2646_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equities </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Equity Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanEquitySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:to="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_9532c6bd-1fb5-403b-868a-e0d887a195e5_terseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Net income attributable to noncontrolling interests (Note 18) </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_679f441b-7b1d-4287-aa59-871ee180a94b_verboseLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less: Comprehensive income attributable to noncontrolling interests </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_131ebc92-1f10-415d-bdf9-61e87e2082c1_netLabel_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase in net income due to consolidation of Palo Verde Sale Leaseback Trusts </link:label>
<link:label id="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_label_en-US" xlink:label="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Income (Loss) Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="lab_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CostOfCapitalAbstract_d3a65748-dc7d-4453-8ab3-692f3208bd34_terseLabel_en-US" xlink:label="lab_pnw_CostOfCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of Capital </link:label>
<link:label id="lab_pnw_CostOfCapitalAbstract_label_en-US" xlink:label="lab_pnw_CostOfCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost Of Capital [Abstract] </link:label>
<link:label id="lab_pnw_CostOfCapitalAbstract_documentation_en-US" xlink:label="lab_pnw_CostOfCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost Of Capital [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CostOfCapitalAbstract" xlink:href="pnw-20201231.xsd#pnw_CostOfCapitalAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CostOfCapitalAbstract" xlink:to="lab_pnw_CostOfCapitalAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_867471ab-e9f2-4b75-99c9-d832c4ad06cf_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net actuarial loss </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amortization of Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:to="lab_us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock_9dea9fc2-7926-4eef-8b41-1d63b6c333a5_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of amounts recognized on the Consolidated Balance Sheets </link:label>
<link:label id="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Amounts Recognized in Balance Sheet [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityInteractiveDataCurrent_38331a2f-00c5-49f6-b5fd-c824ce13d244_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Interactive Data Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_17b03e2d-c215-44d8-b803-345ebd2a4c07_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic benefit cost/(benefit) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_06459b63-959f-4a5d-8f4b-031ad4fb4107_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of fair value of pension plan and other postretirement benefit plan assets, by asset category </link:label>
<link:label id="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Allocation of Plan Assets [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_46a6610a-a913-4c69-8669-386bc582815b_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CASH FLOWS FROM OPERATING ACTIVITIES </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_87a359fc-4a81-44e6-ba2b-30d7fa964867_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flows from Operating Activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Operating Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract_646bd21b-9038-4619-bf54-c4bf42154370_terseLabel_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of the net deferred income tax liability </link:label>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Deferred Tax Assets and Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="lab_us-gaap_ComponentsOfDeferredTaxAssetsAndLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommodityContractMember_88d4e98e-37dd-489d-acd1-a5749ee378bc_terseLabel_en-US" xlink:label="lab_us-gaap_CommodityContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Contracts </link:label>
<link:label id="lab_us-gaap_CommodityContractMember_label_en-US" xlink:label="lab_us-gaap_CommodityContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity Contract [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommodityContractMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommodityContractMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommodityContractMember" xlink:to="lab_us-gaap_CommodityContractMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther_938939e7-b489-4f62-a6c2-4638f7a0064d_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Regulatory Liabilities, Other </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The tax effect as of the balance sheet date of the amount of the estimated future tax deductions attributable to other regulatory liabilities which can only be realized if sufficient taxable income is generated in future periods to enable the deduction to be taken. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther" xlink:to="lab_pnw_DeferredTaxAssetsRegulatoryLiabilitiesOther" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules_c8cb046b-ec54-4380-bb78-db4376792823_terseLabel_en-US" xlink:label="lab_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Base rate increase, changes in depreciation schedules </link:label>
<link:label id="lab_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules_label_en-US" xlink:label="lab_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement Agreement, Base Rate Increase, Changes in Depreciation Schedules </link:label>
<link:label id="lab_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules_documentation_en-US" xlink:label="lab_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement Agreement, Base Rate Increase, Changes in Depreciation Schedules </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules" xlink:href="pnw-20201231.xsd#pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules" xlink:to="lab_pnw_SettlementAgreementBaseRateIncreaseChangesinDepreciationSchedules" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset_c47a58e8-0887-4096-9534-551ce1a21949_negatedLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> APS’s portion recorded as a regulatory (asset) liability </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive Income, Regulatory Asset </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount related to the pretax cost of benefit changes, a portion of which has been recorded as a regulatory asset, which has not yet been recognized as components of net periodic benefit cost. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset" xlink:to="lab_pnw_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeRegulatoryAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty_7158ddaf-bdb9-463e-8a58-526cb63f1408_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement amount </link:label>
<link:label id="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty_label_en-US" xlink:label="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Settlement, Amount Awarded to Other Party </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationSettlementAmountAwardedToOtherParty"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:to="lab_us-gaap_LitigationSettlementAmountAwardedToOtherParty" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeTable_4228e736-7814-49cc-960f-96fd8cfc9e06_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:label id="lab_us-gaap_DerivativeTable_label_en-US" xlink:label="lab_us-gaap_DerivativeTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeTable" xlink:to="lab_us-gaap_DerivativeTable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm_665d6dae-0795-4612-a995-0689e5f6119c_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount funded by shareholders, term </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm_label_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amounts Funded By Shareholders, Term </link:label>
<link:label id="lab_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Amounts Funded By Shareholders, Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersAmountsFundedByShareholdersTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm" xlink:to="lab_pnw_RegulatoryMattersAmountsFundedByShareholdersTerm" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_8dd4e740-f292-467a-9dd6-ea6ecbf55461_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfStockholdersEquityAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Stockholders' Equity [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_us-gaap_StatementOfStockholdersEquityAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanRealEstateMember_cd767661-b839-4402-9133-aff7a8555546_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Real estate </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanRealEstateMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Real Estate [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanRealEstateMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:to="lab_us-gaap_DefinedBenefitPlanRealEstateMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_408c6ff1-397b-4c1c-92fb-1e4fa937acf7_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2021 </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Expected Future Benefit Payment, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:to="lab_us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_800b05c5-7296-4630-848a-3fc7a2232b41_negatedTotalLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total deferred tax liabilities </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxLiabilities_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxLiabilities" xlink:to="lab_us-gaap_DeferredIncomeTaxLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FourCornersCostDeferralMember_e6c93ba8-112e-4ae5-af38-b60373997602_terseLabel_en-US" xlink:label="lab_pnw_FourCornersCostDeferralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners cost deferral </link:label>
<link:label id="lab_pnw_FourCornersCostDeferralMember_label_en-US" xlink:label="lab_pnw_FourCornersCostDeferralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners Cost Deferral [Member] </link:label>
<link:label id="lab_pnw_FourCornersCostDeferralMember_documentation_en-US" xlink:label="lab_pnw_FourCornersCostDeferralMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the regulatory asset under Four Corners cost deferral. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FourCornersCostDeferralMember" xlink:href="pnw-20201231.xsd#pnw_FourCornersCostDeferralMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FourCornersCostDeferralMember" xlink:to="lab_pnw_FourCornersCostDeferralMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LostFixedCostRecoveryMechanismsMember_aea6675c-2968-416b-89e2-f9eacfe51484_terseLabel_en-US" xlink:label="lab_pnw_LostFixedCostRecoveryMechanismsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lost Fixed Cost Recovery Mechanism </link:label>
<link:label id="lab_pnw_LostFixedCostRecoveryMechanismsMember_label_en-US" xlink:label="lab_pnw_LostFixedCostRecoveryMechanismsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lost Fixed Cost Recovery Mechanisms [Member] </link:label>
<link:label id="lab_pnw_LostFixedCostRecoveryMechanismsMember_documentation_en-US" xlink:label="lab_pnw_LostFixedCostRecoveryMechanismsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents lost fixed cost recovery mechanism. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LostFixedCostRecoveryMechanismsMember" xlink:href="pnw-20201231.xsd#pnw_LostFixedCostRecoveryMechanismsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LostFixedCostRecoveryMechanismsMember" xlink:to="lab_pnw_LostFixedCostRecoveryMechanismsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalReclamationMember_772c6699-6540-4067-9fcf-51e07ad2c80c_terseLabel_en-US" xlink:label="lab_pnw_CoalReclamationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal reclamation </link:label>
<link:label id="lab_pnw_CoalReclamationMember_label_en-US" xlink:label="lab_pnw_CoalReclamationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reclamation [Member] </link:label>
<link:label id="lab_pnw_CoalReclamationMember_documentation_en-US" xlink:label="lab_pnw_CoalReclamationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclamation liability that is associated with a legal obligation for the reclamation of coal properties. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalReclamationMember" xlink:href="pnw-20201231.xsd#pnw_CoalReclamationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalReclamationMember" xlink:to="lab_pnw_CoalReclamationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward_d4434e0b-3d75-49c5-a3ec-b750a6bb41f0_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Allowance for Credit Loss [Roll Forward] </link:label>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward_label_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Allowance for Credit Loss [Roll Forward] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsReceivableRollforward" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherCostAndExpenseOperating_ea069ff1-cdf1-4f01-9ee3-a03ac2cb6813_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCostAndExpenseOperating" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other expenses </link:label>
<link:label id="lab_us-gaap_OtherCostAndExpenseOperating_label_en-US" xlink:label="lab_us-gaap_OtherCostAndExpenseOperating" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Cost and Expense, Operating </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherCostAndExpenseOperating" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherCostAndExpenseOperating"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherCostAndExpenseOperating" xlink:to="lab_us-gaap_OtherCostAndExpenseOperating" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ScheduleOfDebtInstrumentsTable_b5271725-af0e-41bd-b909-3ff2dd97ff3c_terseLabel_en-US" xlink:label="lab_pnw_ScheduleOfDebtInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Debt Instruments [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfDebtInstrumentsTable_label_en-US" xlink:label="lab_pnw_ScheduleOfDebtInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Debt Instruments [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfDebtInstrumentsTable_documentation_en-US" xlink:label="lab_pnw_ScheduleOfDebtInstrumentsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A table or schedule providing information pertaining to short-term and long-term debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ScheduleOfDebtInstrumentsTable" xlink:href="pnw-20201231.xsd#pnw_ScheduleOfDebtInstrumentsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ScheduleOfDebtInstrumentsTable" xlink:to="lab_pnw_ScheduleOfDebtInstrumentsTable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage_10bc5492-20e2-4ac8-9a6e-de8dfe599ffe_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average cost of capital </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Weighted Average Cost Of Capital, Percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Weighted Average Cost Of Capital, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage" xlink:to="lab_pnw_PublicUtilitiesRequestedWeightedAverageCostOfCapitalPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetirementPlanTypeDomain_10f769af-cf40-40fa-b3fd-2e0820d097b4_terseLabel_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>
<link:label id="lab_us-gaap_RetirementPlanTypeDomain_label_en-US" xlink:label="lab_us-gaap_RetirementPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Plan Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetirementPlanTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetirementPlanTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetirementPlanTypeDomain" xlink:to="lab_us-gaap_RetirementPlanTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitExpense_9d167816-727c-4d54-a55f-49215510e022_negatedLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitExpense" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and other postretirement non-service credits - net (Note 8) </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitExpense_84707f1a-9e5f-4dcf-8d5b-19b9850dc13b_terseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Portion of cost/(benefit) charged to expense </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementBenefitExpense_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementBenefitExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Postretirement Benefits Cost (Reversal of Cost) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementBenefitExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementBenefitExpense" xlink:to="lab_us-gaap_PensionAndOtherPostretirementBenefitExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_31284098-7bf4-4822-bea0-614edb30b69e_periodStartLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for doubtful accounts, balance at beginning of period </link:label>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_7e051313-414b-41a1-b3f6-c445123f10dd_verboseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for doubtful accounts, balance at end of period </link:label>
<link:label id="lab_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables_label_en-US" xlink:label="lab_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Doubtful Accounts, Premiums and Other Receivables </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:to="lab_us-gaap_AllowanceForDoubtfulAccountsPremiumsAndOtherReceivables" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ContaminatedGroundwaterWellsMember_9b516e1f-75bd-4693-8353-7ae59f01ade3_terseLabel_en-US" xlink:label="lab_pnw_ContaminatedGroundwaterWellsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contaminated groundwater wells </link:label>
<link:label id="lab_pnw_ContaminatedGroundwaterWellsMember_label_en-US" xlink:label="lab_pnw_ContaminatedGroundwaterWellsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contaminated Groundwater Wells [Member] </link:label>
<link:label id="lab_pnw_ContaminatedGroundwaterWellsMember_documentation_en-US" xlink:label="lab_pnw_ContaminatedGroundwaterWellsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to the contaminated groundwater wells. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ContaminatedGroundwaterWellsMember" xlink:href="pnw-20201231.xsd#pnw_ContaminatedGroundwaterWellsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ContaminatedGroundwaterWellsMember" xlink:to="lab_pnw_ContaminatedGroundwaterWellsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue_10d50e9f-af03-496f-888a-5f0dd459550f_terseLabel_en-US" xlink:label="lab_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional collateral to counterparties for energy related non-derivative instrument contracts </link:label>
<link:label id="lab_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue_label_en-US" xlink:label="lab_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Non Derivative Credit Risk Contract Additional Collateral Aggregate Fair Value </link:label>
<link:label id="lab_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue_documentation_en-US" xlink:label="lab_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The aggregate fair value of additional assets that would be required to be posted as collateral for non-derivative instruments with credit-risk related contingent features if the credit-risk-related contingent features were triggered at the end of the reporting period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue" xlink:href="pnw-20201231.xsd#pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue" xlink:to="lab_pnw_NonDerivativeCreditRiskContractAdditionalCollateralAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_2c615e34-b813-4ed3-b42f-efb142c4f351_terseLabel_en-US" xlink:label="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts reclassified from accumulated other comprehensive income </link:label>
<link:label id="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths_label_en-US" xlink:label="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:to="lab_us-gaap_CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_589bf09f-68c5-4641-8059-f3fcff4442ff_totalLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total property, plant and equipment </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_b33f9c2a-3e76-41ba-9aa7-bf23fe6beb93_verboseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total property, plant and equipment </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_70e2c156-fc32-4ce0-9b3b-0ff5009c85a4_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde sale leaseback property plant and equipment, net of accumulated depreciation </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesTextBlock_d8900e77-f5c3-4f5a-bcee-d13a674e9923_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of APS's nuclear decommissioning trust fund assets </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesTextBlock_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NondesignatedMember_9d626761-a9a3-4c3d-affa-4c13c763e02a_terseLabel_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Not Designated as Hedging Instruments </link:label>
<link:label id="lab_us-gaap_NondesignatedMember_label_en-US" xlink:label="lab_us-gaap_NondesignatedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Not Designated as Hedging Instrument [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NondesignatedMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NondesignatedMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NondesignatedMember" xlink:to="lab_us-gaap_NondesignatedMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedges_c3c53d5b-a85b-434a-9f79-806c5cb0d4ff_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets from risk management activities (Note 16) </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedges_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedges, Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedges" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedges"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedges" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedges" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax_e11efcdf-6357-444b-ac49-004543bbc093_totalLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive loss (gain) </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_32847380-ae6d-43f6-a539-21b28ab0e66c_totalLabel_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total lease commitments </link:label>
<link:label id="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_label_en-US" xlink:label="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Liability, to be Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:to="lab_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsOther_9295ab0f-010c-4353-92e1-c631c28d05f6_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_us-gaap_DeferredTaxAssetsOther" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OffsettingAssetsAndLiabilitiesTable_64270b7c-b7f8-40af-9b2e-054283275fc8_terseLabel_en-US" xlink:label="lab_pnw_OffsettingAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets and Liabilities [Table] </link:label>
<link:label id="lab_pnw_OffsettingAssetsAndLiabilitiesTable_label_en-US" xlink:label="lab_pnw_OffsettingAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets and Liabilities [Table] </link:label>
<link:label id="lab_pnw_OffsettingAssetsAndLiabilitiesTable_documentation_en-US" xlink:label="lab_pnw_OffsettingAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Disclosure of information about derivatives, financial assets and liabilities that are subject to offsetting, including enforceable master netting arrangements. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OffsettingAssetsAndLiabilitiesTable" xlink:href="pnw-20201231.xsd#pnw_OffsettingAssetsAndLiabilitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OffsettingAssetsAndLiabilitiesTable" xlink:to="lab_pnw_OffsettingAssetsAndLiabilitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriod2024Through2033Member_44b349c6-9c87-4b92-8b5b-d7b9be249251_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriod2024Through2033Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Period 2024 through 2033 </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriod2024Through2033Member_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriod2024Through2033Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period 2024 Through 2033 [Member] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriod2024Through2033Member_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriod2024Through2033Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to sale and leaseback period 2024 through 2033. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionPeriod2024Through2033Member" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionPeriod2024Through2033Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionPeriod2024Through2033Member" xlink:to="lab_pnw_SaleLeasebackTransactionPeriod2024Through2033Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued_cdf3f3d0-d3aa-4cd3-9230-bb708cb16322_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized tax benefit interest accrued </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Interest on Income Taxes Accrued </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract_2a840b1d-7ce1-4f04-ba21-1b5e817a1194_terseLabel_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DEFERRED TAX LIABILITIES </link:label>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Deferred Tax Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xlink:to="lab_us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate_ebd3fa26-83bb-409a-a049-2cdfbeba2c9d_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest crediting rate – cash balance pension plans </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostWeightedAverageInterestCreditingRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RegulatoryLiabilitiesLineItems_88991c44-f312-43f4-9264-ccdf38d684b1_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Detail of regulatory liabilities </link:label>
<link:label id="lab_us-gaap_RegulatoryLiabilitiesLineItems_label_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liabilities [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilitiesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryLiabilitiesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilitiesLineItems" xlink:to="lab_us-gaap_RegulatoryLiabilitiesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OctotilloDeferralMember_22c3c59c-c076-4b38-9778-61135d1c18cd_terseLabel_en-US" xlink:label="lab_pnw_OctotilloDeferralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ocotillo deferral </link:label>
<link:label id="lab_pnw_OctotilloDeferralMember_598377b9-abbc-4ac2-9a72-ffaecfbf9de5_verboseLabel_en-US" xlink:label="lab_pnw_OctotilloDeferralMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Octotillo deferral </link:label>
<link:label id="lab_pnw_OctotilloDeferralMember_label_en-US" xlink:label="lab_pnw_OctotilloDeferralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Octotillo Deferral [Member] </link:label>
<link:label id="lab_pnw_OctotilloDeferralMember_documentation_en-US" xlink:label="lab_pnw_OctotilloDeferralMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Octotillo Deferral [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OctotilloDeferralMember" xlink:href="pnw-20201231.xsd#pnw_OctotilloDeferralMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OctotilloDeferralMember" xlink:to="lab_pnw_OctotilloDeferralMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherInventorySupplies_bb751a3e-6c0f-4a7a-8d61-042301fe7791_terseLabel_en-US" xlink:label="lab_us-gaap_OtherInventorySupplies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Materials and supplies (at average cost) </link:label>
<link:label id="lab_us-gaap_OtherInventorySupplies_label_en-US" xlink:label="lab_us-gaap_OtherInventorySupplies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Inventory, Supplies, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherInventorySupplies" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherInventorySupplies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherInventorySupplies" xlink:to="lab_us-gaap_OtherInventorySupplies" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesNumberOfPrograms_ee557f16-6661-4cbb-ab6c-136c1aebf64e_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesNumberOfPrograms" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of public utility programs </link:label>
<link:label id="lab_pnw_PublicUtilitiesNumberOfPrograms_label_en-US" xlink:label="lab_pnw_PublicUtilitiesNumberOfPrograms" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Number Of Programs </link:label>
<link:label id="lab_pnw_PublicUtilitiesNumberOfPrograms_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesNumberOfPrograms" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Number Of Programs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesNumberOfPrograms" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesNumberOfPrograms"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesNumberOfPrograms" xlink:to="lab_pnw_PublicUtilitiesNumberOfPrograms" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingDerivativeLiabilitiesAbstract_85ed0285-6de6-4bbf-93c7-ae9cc3c0d959_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingDerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_OffsettingDerivativeLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_OffsettingDerivativeLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Derivative Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingDerivativeLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingDerivativeLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingDerivativeLiabilitiesAbstract" xlink:to="lab_us-gaap_OffsettingDerivativeLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_CoalReclamationandUnionTrust_ec20d8f2-1311-46d8-9b90-24b96c187770_terseLabel_en-US" xlink:label="lab_pnw_CoalReclamationandUnionTrust" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other special use funds (Notes 13 and 19) </link:label>
<link:label id="lab_pnw_CoalReclamationandUnionTrust_label_en-US" xlink:label="lab_pnw_CoalReclamationandUnionTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reclamation and Union Trust </link:label>
<link:label id="lab_pnw_CoalReclamationandUnionTrust_documentation_en-US" xlink:label="lab_pnw_CoalReclamationandUnionTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal Reclamation and Union Trust </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_CoalReclamationandUnionTrust" xlink:href="pnw-20201231.xsd#pnw_CoalReclamationandUnionTrust"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_CoalReclamationandUnionTrust" xlink:to="lab_pnw_CoalReclamationandUnionTrust" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_28a7f683-a050-48d9-9211-a1a9fa424604_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Less than one year </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredCompensationMember_0ec0c76c-59f3-4d13-9915-b826a39f174f_terseLabel_en-US" xlink:label="lab_pnw_DeferredCompensationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred compensation </link:label>
<link:label id="lab_pnw_DeferredCompensationMember_label_en-US" xlink:label="lab_pnw_DeferredCompensationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Compensation [Member] </link:label>
<link:label id="lab_pnw_DeferredCompensationMember_documentation_en-US" xlink:label="lab_pnw_DeferredCompensationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the regulatory asset under deferred compensation arrangements. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredCompensationMember" xlink:href="pnw-20201231.xsd#pnw_DeferredCompensationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredCompensationMember" xlink:to="lab_pnw_DeferredCompensationMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentTransitionReport_2bd21efe-9b11-4a60-9540-dc2117ace827_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Transition Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentTransitionReport" xlink:to="lab_dei_DocumentTransitionReport" xlink:type="arc" order="1"/>
<link:label id="lab_srt_TitleOfIndividualAxis_3463a546-c302-462e-877d-3207b8beb34c_terseLabel_en-US" xlink:label="lab_srt_TitleOfIndividualAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of Individual [Axis] </link:label>
<link:label id="lab_srt_TitleOfIndividualAxis_label_en-US" xlink:label="lab_srt_TitleOfIndividualAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of Individual [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_TitleOfIndividualAxis" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_TitleOfIndividualAxis" xlink:to="lab_srt_TitleOfIndividualAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_c981b089-43f4-47ba-836f-d3ee28c8e8aa_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred: </link:label>
<link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease_a94d1883-b425-4d63-81dd-d3a613649317_terseLabel_en-US" xlink:label="lab_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement agreement, non-fuel, non-depreciation, base rate increase </link:label>
<link:label id="lab_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease_label_en-US" xlink:label="lab_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement Agreement, Non Fuel and Non Depreciation Base Rate, Increase </link:label>
<link:label id="lab_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease_documentation_en-US" xlink:label="lab_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement Agreement, Non Fuel and Non Depreciation Base Rate, Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease" xlink:href="pnw-20201231.xsd#pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease" xlink:to="lab_pnw_SettlementAgreementNonFuelandNonDepreciationBaseRateIncrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_eef29c9e-bd0d-46e1-8bc6-f2816258a1dd_verboseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity contracts, assets </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_848cacba-8b3f-420f-9d02-be7668ee88cf_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross Recognized Derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAsset_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation_3b19f3ba-a508-4586-b995-0ba301735546_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated depreciation </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant, Ownership Amount of Plant Accumulated Depreciation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantOwnershipAmountOfPlantAccumulatedDepreciation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NonoperatingIncomeExpenseAbstract_9cb1f2f8-0163-4c54-8a6f-be32004b09f0_terseLabel_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> OTHER INCOME (DEDUCTIONS) </link:label>
<link:label id="lab_us-gaap_NonoperatingIncomeExpenseAbstract_6c728a85-cee3-4a6f-a139-67dc8789d70b_verboseLabel_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_NonoperatingIncomeExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Nonoperating Income (Expense) [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="lab_us-gaap_NonoperatingIncomeExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ShortTermInvestmentsAndOtherMember_5787fabb-8353-4282-a435-4a50ac919f1a_terseLabel_en-US" xlink:label="lab_pnw_ShortTermInvestmentsAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term investments and other </link:label>
<link:label id="lab_pnw_ShortTermInvestmentsAndOtherMember_label_en-US" xlink:label="lab_pnw_ShortTermInvestmentsAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short Term Investments and Other [Member] </link:label>
<link:label id="lab_pnw_ShortTermInvestmentsAndOtherMember_documentation_en-US" xlink:label="lab_pnw_ShortTermInvestmentsAndOtherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the short-term investments and other. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ShortTermInvestmentsAndOtherMember" xlink:href="pnw-20201231.xsd#pnw_ShortTermInvestmentsAndOtherMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ShortTermInvestmentsAndOtherMember" xlink:to="lab_pnw_ShortTermInvestmentsAndOtherMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryAssetsTable_d3a79ccb-b6a0-4c27-bceb-4475048a05be_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Assets [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfRegulatoryAssetsTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfRegulatoryAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Assets [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfRegulatoryAssetsTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRegulatoryAssetsTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfRegulatoryAssetsTable" xlink:to="lab_us-gaap_ScheduleOfRegulatoryAssetsTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_c510084a-c2cc-445d-927c-ff4d0854e304_verboseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Significant Other Observable Inputs (Level 2) </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_3b5cc6f8-c225-4da9-a5cb-bf14d6d2397b_terseLabel_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Level 2 </link:label>
<link:label id="lab_us-gaap_FairValueInputsLevel2Member_label_en-US" xlink:label="lab_us-gaap_FairValueInputsLevel2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value, Inputs, Level 2 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValueInputsLevel2Member" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueInputsLevel2Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_us-gaap_FairValueInputsLevel2Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock_9949e092-e917-4335-a3cb-bdfa835536e5_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of maturities of operating lease liabilities </link:label>
<link:label id="lab_us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Operating Lease, Disclosure [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock" xlink:to="lab_us-gaap_OperatingLeasesOfLesseeDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_00fcce33-e6a4-48e0-82ce-d7df9ac87254_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Fair Value Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PSARate1_5f425c49-298a-453e-b015-ba6c0689b92f_terseLabel_en-US" xlink:label="lab_pnw_PSARate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSA rate (in dollars per kWh) </link:label>
<link:label id="lab_pnw_PSARate1_label_en-US" xlink:label="lab_pnw_PSARate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSA Rate1 </link:label>
<link:label id="lab_pnw_PSARate1_documentation_en-US" xlink:label="lab_pnw_PSARate1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSA Rate1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PSARate1" xlink:href="pnw-20201231.xsd#pnw_PSARate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PSARate1" xlink:to="lab_pnw_PSARate1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EnvironmentalRemediationContingencyDomain_aab6c091-1e3b-42f9-9b35-00f465d323ff_terseLabel_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationContingencyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Contingency [Domain] </link:label>
<link:label id="lab_us-gaap_EnvironmentalRemediationContingencyDomain_label_en-US" xlink:label="lab_us-gaap_EnvironmentalRemediationContingencyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Environmental Remediation Contingency [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EnvironmentalRemediationContingencyDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EnvironmentalRemediationContingencyDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EnvironmentalRemediationContingencyDomain" xlink:to="lab_us-gaap_EnvironmentalRemediationContingencyDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_fc5308a3-fe04-4eca-9ba2-a7aa6a593cd8_terseLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current: </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit), Continuing Operations [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterResourceComparisonProxyforExportedEnergy1_25084c19-b547-429b-b006-6c6a0e9a9626_terseLabel_en-US" xlink:label="lab_pnw_RateMatterResourceComparisonProxyforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Resource comparison proxy for exported energy (in dollars per kWh) </link:label>
<link:label id="lab_pnw_RateMatterResourceComparisonProxyforExportedEnergy1_label_en-US" xlink:label="lab_pnw_RateMatterResourceComparisonProxyforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Resource Comparison Proxy for Exported Energy1 </link:label>
<link:label id="lab_pnw_RateMatterResourceComparisonProxyforExportedEnergy1_documentation_en-US" xlink:label="lab_pnw_RateMatterResourceComparisonProxyforExportedEnergy1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Resource Comparison Proxy for Exported Energy1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterResourceComparisonProxyforExportedEnergy1" xlink:href="pnw-20201231.xsd#pnw_RateMatterResourceComparisonProxyforExportedEnergy1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterResourceComparisonProxyforExportedEnergy1" xlink:to="lab_pnw_RateMatterResourceComparisonProxyforExportedEnergy1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_397ace61-70eb-4701-b02d-7e4e952b876a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net periodic benefit costs and the portion of these costs charged to expense </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SuretyBondsExpiringAmount_2cac26fe-4fdc-409c-91d7-3b9142971c87_terseLabel_en-US" xlink:label="lab_pnw_SuretyBondsExpiringAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety bonds expiring, amount </link:label>
<link:label id="lab_pnw_SuretyBondsExpiringAmount_label_en-US" xlink:label="lab_pnw_SuretyBondsExpiringAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bonds Expiring, Amount </link:label>
<link:label id="lab_pnw_SuretyBondsExpiringAmount_documentation_en-US" xlink:label="lab_pnw_SuretyBondsExpiringAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Surety Bonds Expiring, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SuretyBondsExpiringAmount" xlink:href="pnw-20201231.xsd#pnw_SuretyBondsExpiringAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SuretyBondsExpiringAmount" xlink:to="lab_pnw_SuretyBondsExpiringAmount" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability_2babd3e1-9cc7-4ff8-9e01-5b7a95fd752f_terseLabel_en-US" xlink:label="lab_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Decrease in regulatory liability </link:label>
<link:label id="lab_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability_label_en-US" xlink:label="lab_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Liabilities Incurred, Decrease in Regulatory Liability </link:label>
<link:label id="lab_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability_documentation_en-US" xlink:label="lab_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Liabilities Incurred, Decrease in Regulatory Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability" xlink:href="pnw-20201231.xsd#pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability" xlink:to="lab_pnw_AssetRetirementObligationLiabilitiesIncurredDecreaseinRegulatoryLiability" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract_2d133745-89d4-4db1-a265-d76f72603aff_terseLabel_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Restricted Stock Units, Stock Grants and Stock Units </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract_label_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units and Stock Granted Additional Disclosures [Abstract] </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract_documentation_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units and Stock Granted Additional Disclosures [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract" xlink:href="pnw-20201231.xsd#pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract" xlink:to="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardRestrictedStockUnitsandStockGrantedAdditionalDisclosuresAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract_d5595bf3-6a79-4322-894a-7e4ac04e467e_terseLabel_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amounts relating to the VIEs included in Condensed Consolidated Balance Sheets </link:label>
<link:label id="lab_us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract_label_en-US" xlink:label="lab_us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract" xlink:to="lab_us-gaap_VariableInterestEntityNonconsolidatedComparisonOfCarryingAmountOfAssetsAndLiabilitiesToMaximumLossExposureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherLiabilitiesMember_75938401-cd72-41a4-9235-50a9842b5235_terseLabel_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Liabilities </link:label>
<link:label id="lab_us-gaap_OtherLiabilitiesMember_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Liabilities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilitiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherLiabilitiesMember" xlink:to="lab_us-gaap_OtherLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CreditFacilityDomain_381799e0-27d7-463a-8b06-572ccf8f961e_terseLabel_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Domain] </link:label>
<link:label id="lab_us-gaap_CreditFacilityDomain_label_en-US" xlink:label="lab_us-gaap_CreditFacilityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Facility [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CreditFacilityDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CreditFacilityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CreditFacilityDomain" xlink:to="lab_us-gaap_CreditFacilityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_9456ad3f-4bb6-4138-a009-5c6a34ec095d_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Standards </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounting Standards Update and Change in Accounting Principle [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MutualFundMember_e7278e36-e9b3-40cd-8865-2d05cacec9af_terseLabel_en-US" xlink:label="lab_us-gaap_MutualFundMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mutual funds </link:label>
<link:label id="lab_us-gaap_MutualFundMember_label_en-US" xlink:label="lab_us-gaap_MutualFundMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mutual Fund [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MutualFundMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MutualFundMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MutualFundMember" xlink:to="lab_us-gaap_MutualFundMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAbstract_6598cbd3-43c6-4e22-b7fe-c5417be4021d_terseLabel_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DEFERRED TAX ASSETS </link:label>
<link:label id="lab_us-gaap_ComponentsOfDeferredTaxAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_ComponentsOfDeferredTaxAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Components of Deferred Tax Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComponentsOfDeferredTaxAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ComponentsOfDeferredTaxAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ComponentsOfDeferredTaxAssetsAbstract" xlink:to="lab_us-gaap_ComponentsOfDeferredTaxAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_srt_LitigationCaseTypeDomain_69021d06-8079-4d3d-bbf9-6913b07bf279_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>
<link:label id="lab_srt_LitigationCaseTypeDomain_label_en-US" xlink:label="lab_srt_LitigationCaseTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Case [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseTypeDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_LitigationCaseTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LitigationCaseTypeDomain" xlink:to="lab_srt_LitigationCaseTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareBasic_04310839-f521-4241-b2a5-07f3b1fc1eab_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to common shareholders - basic (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasic_750224f8-916e-4b8b-8fd1-cd42ee3804ce_verboseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net income attributable to common shareholders - basic (in dollars per share) </link:label>
<link:label id="lab_us-gaap_EarningsPerShareBasic_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareBasic" xlink:to="lab_us-gaap_EarningsPerShareBasic" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_f15b9cfc-292f-45d4-83dc-d5059343be3a_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tax positions, that if recognized, would decrease our effective tax rate </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits that Would Impact Effective Tax Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PensionAndOtherPostRetirementBenefitsMember_7deb77a9-04b8-42e9-ac52-0e9255e394a3_terseLabel_en-US" xlink:label="lab_pnw_PensionAndOtherPostRetirementBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension </link:label>
<link:label id="lab_pnw_PensionAndOtherPostRetirementBenefitsMember_label_en-US" xlink:label="lab_pnw_PensionAndOtherPostRetirementBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension and Other Post Retirement Benefits [Member] </link:label>
<link:label id="lab_pnw_PensionAndOtherPostRetirementBenefitsMember_documentation_en-US" xlink:label="lab_pnw_PensionAndOtherPostRetirementBenefitsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Carrying value of pension and other postretirement benefit costs under current regulatory conditions. These costs are a form of a regulatory asset that are expected to be recoverable through rate adjustments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PensionAndOtherPostRetirementBenefitsMember" xlink:href="pnw-20201231.xsd#pnw_PensionAndOtherPostRetirementBenefitsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PensionAndOtherPostRetirementBenefitsMember" xlink:to="lab_pnw_PensionAndOtherPostRetirementBenefitsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember_c43aeb2d-c72d-4c4a-a387-0e8c2f2f8bee_terseLabel_en-US" xlink:label="lab_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> FERC </link:label>
<link:label id="lab_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember_label_en-US" xlink:label="lab_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> United States Federal Energy Regulatory Commission [Member] </link:label>
<link:label id="lab_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember_documentation_en-US" xlink:label="lab_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the Federal Energy Regulatory Commission (FERC). </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember" xlink:href="pnw-20201231.xsd#pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember" xlink:to="lab_pnw_UnitedStatesFederalEnergyRegulatoryCommissionMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityFileNumber_1a20c695-c291-4b10-a600-2750a4aa4835_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity File Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFileNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_5a6644ee-e3c0-41fc-af60-e8d66fb53b15_negatedLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncurrent liability </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_f3d1d6b2-56aa-4235-b6e9-c00a77765588_verboseLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension liabilities </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Plan, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:to="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OffsettingDerivativeAssetsAbstract_4496b074-fd51-4ecf-9caf-d73353997347_terseLabel_en-US" xlink:label="lab_us-gaap_OffsettingDerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets </link:label>
<link:label id="lab_us-gaap_OffsettingDerivativeAssetsAbstract_label_en-US" xlink:label="lab_us-gaap_OffsettingDerivativeAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Derivative Assets [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffsettingDerivativeAssetsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OffsettingDerivativeAssetsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OffsettingDerivativeAssetsAbstract" xlink:to="lab_us-gaap_OffsettingDerivativeAssetsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_b6dfac99-ea22-48ab-8408-625306a25b89_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted average remaining lease term </link:label>
<link:label id="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Weighted Average Remaining Lease Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="lab_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_eadc0c32-2d13-4a89-a996-8a24a5a14603_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate of compensation increase (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_f182f1e2-bded-4c32-b519-f4f440b67615_totalLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net amount recognized </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:to="lab_us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantDomain_f1c643a3-76a7-4edc-a2b8-e5c1553823ee_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant [Domain] </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantDomain_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantDomain" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock_0a8e92eb-8f04-4a18-9c1e-f1c77b0b6123_terseLabel_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of actual take-or-pay commitments </link:label>
<link:label id="lab_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock_label_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecorded Unconditional Actual Purchase, Obligations Disclosure [Table Text Block] </link:label>
<link:label id="lab_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock_documentation_en-US" xlink:label="lab_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of actual unconditional purchase obligations that are not recognized as a liability on the balance sheet, including the nature and significant terms of an unconditional purchase obligation; the amount of the fixed and determinable portion of the obligation as of the date of the latest balance sheet presented in the aggregate and, if determinable, for each of the five succeeding fiscal years; the nature of any variable component of the obligation; the amount purchased under the obligation (for example, the take-or-pay or throughput contract) for the reporting period; and may include the amount of imputed interest necessary to reduce the obligation to present value. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock" xlink:href="pnw-20201231.xsd#pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock" xlink:to="lab_pnw_UnrecordedUnconditionalActualPurchaseObligationsDisclosureTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommonStockValueOutstanding_105ebe15-3c7e-4118-bfb1-323bbb4e96cf_terseLabel_en-US" xlink:label="lab_us-gaap_CommonStockValueOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock </link:label>
<link:label id="lab_us-gaap_CommonStockValueOutstanding_label_en-US" xlink:label="lab_us-gaap_CommonStockValueOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common Stock, Value, Outstanding </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValueOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValueOutstanding"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommonStockValueOutstanding" xlink:to="lab_us-gaap_CommonStockValueOutstanding" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DebtProvisionsAbstract_1f5d870c-b870-46a6-996a-06c9d52b6d57_terseLabel_en-US" xlink:label="lab_pnw_DebtProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Provisions </link:label>
<link:label id="lab_pnw_DebtProvisionsAbstract_label_en-US" xlink:label="lab_pnw_DebtProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Provisions [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DebtProvisionsAbstract" xlink:href="pnw-20201231.xsd#pnw_DebtProvisionsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DebtProvisionsAbstract" xlink:to="lab_pnw_DebtProvisionsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsCommonStock_5d382781-c440-4ec6-9ced-30e67a168bde_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends on common stock </link:label>
<link:label id="lab_us-gaap_DividendsCommonStock_label_en-US" xlink:label="lab_us-gaap_DividendsCommonStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends, Common Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsCommonStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsCommonStock" xlink:to="lab_us-gaap_DividendsCommonStock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax_c5e5b882-4515-413e-a87f-ebecc6d622cc_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Prior service credit </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:to="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_b8a84559-aae5-4572-927d-90fb8260a758_terseLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Unrealized Gains </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LitigationSettlementAmountAwardedFromOtherParty_7a187410-9c87-4e29-b48b-32e90de991e0_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationSettlementAmountAwardedFromOtherParty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement amount, awarded to company </link:label>
<link:label id="lab_us-gaap_LitigationSettlementAmountAwardedFromOtherParty_label_en-US" xlink:label="lab_us-gaap_LitigationSettlementAmountAwardedFromOtherParty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Settlement, Amount Awarded from Other Party </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationSettlementAmountAwardedFromOtherParty" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationSettlementAmountAwardedFromOtherParty"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationSettlementAmountAwardedFromOtherParty" xlink:to="lab_us-gaap_LitigationSettlementAmountAwardedFromOtherParty" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SouthernCaliforniaEdisonCompanyMember_6f089862-6339-4951-8375-75d68651a5e1_terseLabel_en-US" xlink:label="lab_pnw_SouthernCaliforniaEdisonCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> SCE </link:label>
<link:label id="lab_pnw_SouthernCaliforniaEdisonCompanyMember_label_en-US" xlink:label="lab_pnw_SouthernCaliforniaEdisonCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Southern California Edison Company [Member] </link:label>
<link:label id="lab_pnw_SouthernCaliforniaEdisonCompanyMember_documentation_en-US" xlink:label="lab_pnw_SouthernCaliforniaEdisonCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information related to Southern California Edison Company. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SouthernCaliforniaEdisonCompanyMember" xlink:href="pnw-20201231.xsd#pnw_SouthernCaliforniaEdisonCompanyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SouthernCaliforniaEdisonCompanyMember" xlink:to="lab_pnw_SouthernCaliforniaEdisonCompanyMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PhoenixMeadSystemMember_b0ed3b4a-e02e-473d-98d9-1741c121e00d_terseLabel_en-US" xlink:label="lab_pnw_PhoenixMeadSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Phoenix — Mead System </link:label>
<link:label id="lab_pnw_PhoenixMeadSystemMember_label_en-US" xlink:label="lab_pnw_PhoenixMeadSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Phoenix Mead System [Member] </link:label>
<link:label id="lab_pnw_PhoenixMeadSystemMember_documentation_en-US" xlink:label="lab_pnw_PhoenixMeadSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Phoenix - Mead System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PhoenixMeadSystemMember" xlink:href="pnw-20201231.xsd#pnw_PhoenixMeadSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PhoenixMeadSystemMember" xlink:to="lab_pnw_PhoenixMeadSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_b893f025-c117-486a-ac5c-b3aceedbf220_terseLabel_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Compensation cost that has been charged against income </link:label>
<link:label id="lab_us-gaap_AllocatedShareBasedCompensationExpense_label_en-US" xlink:label="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="lab_us-gaap_AllocatedShareBasedCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingencyNumberOfPlaintiffs_27441d31-4232-4fa5-b385-a36177581a9e_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingencyNumberOfPlaintiffs" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of plaintiffs </link:label>
<link:label id="lab_us-gaap_LossContingencyNumberOfPlaintiffs_label_en-US" xlink:label="lab_us-gaap_LossContingencyNumberOfPlaintiffs" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingency, Number of Plaintiffs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingencyNumberOfPlaintiffs" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingencyNumberOfPlaintiffs"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingencyNumberOfPlaintiffs" xlink:to="lab_us-gaap_LossContingencyNumberOfPlaintiffs" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes_3be440f1-aaa8-4d9e-ac41-0201eda32476_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Excess deferred income taxes — Tax Cuts and Jobs Act </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Excess Deferred Income Taxes </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Excess Deferred Income Taxes </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes" xlink:to="lab_pnw_DeferredTaxAssetsExcessDeferredIncomeTaxes" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_2c84ace4-22d5-4aac-8018-fdc2b7635d6b_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:label id="lab_us-gaap_BalanceSheetLocationAxis_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Balance Sheet Location [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BalanceSheetLocationAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationAxis" xlink:to="lab_us-gaap_BalanceSheetLocationAxis" xlink:type="arc" order="1"/>
<link:label id="lab_dei_DocumentAnnualReport_fd78467d-9687-4b2c-a100-a1fd73d6e6a0_terseLabel_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:label id="lab_dei_DocumentAnnualReport_label_en-US" xlink:label="lab_dei_DocumentAnnualReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Document Annual Report </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_DocumentAnnualReport" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAnnualReport" xlink:to="lab_dei_DocumentAnnualReport" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialPaperMember_8c5f5cc7-c1f1-48b7-82a5-650abb27d94c_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialPaperMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial paper </link:label>
<link:label id="lab_us-gaap_CommercialPaperMember_label_en-US" xlink:label="lab_us-gaap_CommercialPaperMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Paper [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialPaperMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialPaperMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialPaperMember" xlink:to="lab_us-gaap_CommercialPaperMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_c21b429b-a276-47f9-81bb-ff02a67cc632_terseLabel_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total income tax benefit recognized </link:label>
<link:label id="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_label_en-US" xlink:label="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement, Expense, Tax Benefit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="lab_us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery_f2c5fe0d-5b8b-432f-88ce-7ffc685f8384_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Threshold for deferral of potential recovery </link:label>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery_label_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Voluntary Funds, Threshold For Deferral Of Potential Recovery </link:label>
<link:label id="lab_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Voluntary Funds, Threshold For Deferral Of Potential Recovery </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery" xlink:to="lab_pnw_RegulatoryMattersVoluntaryFundsThresholdForDeferralOfPotentialRecovery" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_0ef882aa-7bde-4e27-bf89-5fa57ef58c73_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Allowance for Doubtful Accounts </link:label>
<link:label id="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:to="lab_us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AG1DeferralMember_3a0d7d4f-772c-4cfe-9366-c49b66f4d13f_terseLabel_en-US" xlink:label="lab_pnw_AG1DeferralMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_pnw_AG1DeferralMember_label_en-US" xlink:label="lab_pnw_AG1DeferralMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AG-1 Deferral [Member] </link:label>
<link:label id="lab_pnw_AG1DeferralMember_documentation_en-US" xlink:label="lab_pnw_AG1DeferralMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> AG-1 Deferral [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AG1DeferralMember" xlink:href="pnw-20201231.xsd#pnw_AG1DeferralMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AG1DeferralMember" xlink:to="lab_pnw_AG1DeferralMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PSARateInPriorYears1_df92f3f7-3c8f-4dd3-9b2e-2fc2abae4482_terseLabel_en-US" xlink:label="lab_pnw_PSARateInPriorYears1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSA rate in prior years (in dollars per kWh) </link:label>
<link:label id="lab_pnw_PSARateInPriorYears1_label_en-US" xlink:label="lab_pnw_PSARateInPriorYears1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSA Rate In Prior Years1 </link:label>
<link:label id="lab_pnw_PSARateInPriorYears1_documentation_en-US" xlink:label="lab_pnw_PSARateInPriorYears1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> PSA Rate In Prior Years1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PSARateInPriorYears1" xlink:href="pnw-20201231.xsd#pnw_PSARateInPriorYears1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PSARateInPriorYears1" xlink:to="lab_pnw_PSARateInPriorYears1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_8d05be8f-3e42-48c7-a566-9e43dd7177ba_terseLabel_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:label id="lab_us-gaap_CompensationAndRetirementDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retirement Benefits [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="lab_us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment_ca693536-6b74-4754-a852-68a66d6db404_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General plant </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Other Property, Plant and Equipment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentOtherPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentTable_ecba3b2a-1eb0-493c-ac9f-a4c28170d45d_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:label id="lab_us-gaap_DebtInstrumentTable_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Long-term Debt Instruments [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentTable" xlink:to="lab_us-gaap_DebtInstrumentTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock_00cb00c4-63c3-4ec8-850d-08c3f3a2ae3d_terseLabel_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of unrecognized tax benefits </link:label>
<link:label id="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock_label_en-US" xlink:label="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Summary of Income Tax Contingencies [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SummaryOfIncomeTaxContingenciesTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:to="lab_us-gaap_SummaryOfIncomeTaxContingenciesTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesInventoryFuelMember_3fefd229-95dd-416c-8ea0-bc7de22417ec_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryFuelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Coal take-or-pay commitments </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesInventoryFuelMember_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesInventoryFuelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Inventory, Fuel [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesInventoryFuelMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryFuelMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesInventoryFuelMember" xlink:to="lab_us-gaap_PublicUtilitiesInventoryFuelMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInContractWithCustomerAsset_8179af13-b51a-498e-b79f-52c9dd09dcab_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInContractWithCustomerAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued unbilled revenues </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInContractWithCustomerAsset_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInContractWithCustomerAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Contract with Customer, Asset </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInContractWithCustomerAsset" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInContractWithCustomerAsset"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInContractWithCustomerAsset" xlink:to="lab_us-gaap_IncreaseDecreaseInContractWithCustomerAsset" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MinorityInterest_1a3d085e-fa62-429a-b14e-02f0748054d3_terseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Noncontrolling interests (Note 18) </link:label>
<link:label id="lab_us-gaap_MinorityInterest_a0baad8a-d5f1-42c5-89d0-f2d3190ebb0e_verboseLabel_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity — Noncontrolling interests </link:label>
<link:label id="lab_us-gaap_MinorityInterest_label_en-US" xlink:label="lab_us-gaap_MinorityInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stockholders' Equity Attributable to Noncontrolling Interest </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MinorityInterest"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MinorityInterest" xlink:to="lab_us-gaap_MinorityInterest" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_0de59092-703d-4e74-8e3f-5a15e31ccda7_verboseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Grant date fair value (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_4108768b-2ab5-47a9-b7bf-8983f1e92886_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Granted (in dollars per share) </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MaximumIncreaseDecreaseinPSARate1_87f7137f-f12c-407f-b779-7db7e0e39fef_terseLabel_en-US" xlink:label="lab_pnw_MaximumIncreaseDecreaseinPSARate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum increase decrease in PSA rate (in dollars per kWh) </link:label>
<link:label id="lab_pnw_MaximumIncreaseDecreaseinPSARate1_label_en-US" xlink:label="lab_pnw_MaximumIncreaseDecreaseinPSARate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Increase Decrease in PSA Rate1 </link:label>
<link:label id="lab_pnw_MaximumIncreaseDecreaseinPSARate1_documentation_en-US" xlink:label="lab_pnw_MaximumIncreaseDecreaseinPSARate1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Increase Decrease in PSA Rate1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MaximumIncreaseDecreaseinPSARate1" xlink:href="pnw-20201231.xsd#pnw_MaximumIncreaseDecreaseinPSARate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MaximumIncreaseDecreaseinPSARate1" xlink:to="lab_pnw_MaximumIncreaseDecreaseinPSARate1" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases_a85536ac-29ec-42cb-96df-26794ae5e973_totalLabel_en-US" xlink:label="lab_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total assets, other </link:label>
<link:label id="lab_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases_label_en-US" xlink:label="lab_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value, Gross Liability and Net Pending Securities Sales and Purchases </link:label>
<link:label id="lab_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases_documentation_en-US" xlink:label="lab_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Assets, Fair Value, Gross Liability and Net Pending Securities Sales and Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases" xlink:href="pnw-20201231.xsd#pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases" xlink:to="lab_pnw_AssetsFairValueGrossLiabilityandNetPendingSecuritiesSalesandPurchases" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract_5c691057-a245-40f5-bf0e-91f9121d49e5_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit Risk and Credit-Related Contingent Features </link:label>
<link:label id="lab_us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Credit Risk Related Contingent Features [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract" xlink:to="lab_us-gaap_DerivativeCreditRiskRelatedContingentFeaturesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare2_f00324e4-8e8e-4cb2-ae47-9db482862f8f_terseLabel_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock par or stated value per share 2 (in dollars per share) </link:label>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare2_label_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Par Or Stated Value Per Share 2 </link:label>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare2_documentation_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare2" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Face amount or stated value per share of nonredeemable preferred stock type 2 (or preferred stock redeemable type 2 solely at the option of the issuer); generally not indicative of the fair market value per share. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PreferredStockParOrStatedValuePerShare2" xlink:href="pnw-20201231.xsd#pnw_PreferredStockParOrStatedValuePerShare2"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PreferredStockParOrStatedValuePerShare2" xlink:to="lab_pnw_PreferredStockParOrStatedValuePerShare2" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShortTermBorrowings_3029a7c0-797a-4823-ae29-8d4f538762fd_terseLabel_en-US" xlink:label="lab_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings (Note 6) </link:label>
<link:label id="lab_us-gaap_ShortTermBorrowings_f9666f57-387d-44fa-8b59-ed8ffffdb0cd_verboseLabel_en-US" xlink:label="lab_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term borrowings </link:label>
<link:label id="lab_us-gaap_ShortTermBorrowings_label_en-US" xlink:label="lab_us-gaap_ShortTermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term Debt </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShortTermBorrowings" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShortTermBorrowings"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShortTermBorrowings" xlink:to="lab_us-gaap_ShortTermBorrowings" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare1_9dfcd7b4-afd0-4578-83f4-e44fe6b5442e_terseLabel_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock par or stated value per share 1 (in dollars per share) </link:label>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare1_label_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Par or Stated Value Per Share 1 </link:label>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare1_documentation_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Face amount or stated value per share of nonredeemable preferred stock type 1 (or preferred stock redeemable type 1 solely at the option of the issuer); generally not indicative of the fair market value per share. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PreferredStockParOrStatedValuePerShare1" xlink:href="pnw-20201231.xsd#pnw_PreferredStockParOrStatedValuePerShare1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PreferredStockParOrStatedValuePerShare1" xlink:to="lab_pnw_PreferredStockParOrStatedValuePerShare1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_55bd87e9-2b2d-4a35-9f0a-0808e701a4fa_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CASH FLOWS FROM INVESTING ACTIVITIES </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_a3bc3997-e0d3-4784-a3fd-0693ea44a3c2_verboseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash flows from investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage_c1db20d8-efd6-4f08-96f9-cbb2fde42885_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Recommended return on equity, percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Recommended Return on Equity, Percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Recommended Return on Equity, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage" xlink:to="lab_pnw_PublicUtilitiesRecommendedReturnOnEquityPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare3_685ab0e3-7b8f-4c64-a7bc-de459107efd5_terseLabel_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred stock par or stated value per share 3 (in dollars per share) </link:label>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare3_label_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Preferred Stock Par Or Stated Value Per Share 3 </link:label>
<link:label id="lab_pnw_PreferredStockParOrStatedValuePerShare3_documentation_en-US" xlink:label="lab_pnw_PreferredStockParOrStatedValuePerShare3" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Face amount or stated value per share of nonredeemable preferred stock type 3 (or preferred stock redeemable type 3 solely at the option of the issuer); generally not indicative of the fair market value per share. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PreferredStockParOrStatedValuePerShare3" xlink:href="pnw-20201231.xsd#pnw_PreferredStockParOrStatedValuePerShare3"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PreferredStockParOrStatedValuePerShare3" xlink:to="lab_pnw_PreferredStockParOrStatedValuePerShare3" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies_c6c6445c-d3ae-4d45-8727-8384cc8de3d5_terseLabel_en-US" xlink:label="lab_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Request second-year energy price for exported energy </link:label>
<link:label id="lab_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies_label_en-US" xlink:label="lab_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Amount that Could be Incurred under Retrospective Assessment of NEIL Policies </link:label>
<link:label id="lab_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies_documentation_en-US" xlink:label="lab_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Amount that Could be Incurred under Retrospective Assessment of NEIL Policies </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies" xlink:href="pnw-20201231.xsd#pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies" xlink:to="lab_pnw_MaximumAmountthatCouldbeIncurredunderRetrospectiveAssessmentofNEILPolicies" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_ba449afe-0d06-456c-b111-f7ba22c0175b_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesOther_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesOther" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesOther" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesRegulatoryProceedingDomain_4e1c2a66-ba89-462b-ab37-c6dfd58a2edc_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRegulatoryProceedingDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Regulatory Proceeding [Domain] </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesRegulatoryProceedingDomain_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRegulatoryProceedingDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Regulatory Proceeding [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesRegulatoryProceedingDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesRegulatoryProceedingDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesRegulatoryProceedingDomain" xlink:to="lab_us-gaap_PublicUtilitiesRegulatoryProceedingDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments_6dde1874-7552-4b3f-bc89-93be3031c028_terseLabel_en-US" xlink:label="lab_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership percentage for classification as cost method investments by El Dorado </link:label>
<link:label id="lab_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments_label_en-US" xlink:label="lab_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Ownership Percentage for Classification as Cost Method Investments </link:label>
<link:label id="lab_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments_documentation_en-US" xlink:label="lab_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the maximum ownership percentage for the classification of investments as cost method investments. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments" xlink:href="pnw-20201231.xsd#pnw_OwnershipPercentageForClassificationAsCostMethodInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments" xlink:to="lab_pnw_OwnershipPercentageForClassificationAsCostMethodInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations_fcf43967-6004-46a9-88fc-fca5a66eca1c_terseLabel_en-US" xlink:label="lab_us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operations and maintenance </link:label>
<link:label id="lab_us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations_label_en-US" xlink:label="lab_us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Utilities Operating Expense, Maintenance and Operations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations" xlink:to="lab_us-gaap_UtilitiesOperatingExpenseMaintenanceAndOperations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesMember_382b6a09-b11c-44e8-9a69-7de9856d2290_terseLabel_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Mortgage-backed securities </link:label>
<link:label id="lab_us-gaap_MortgageBackedSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Collateralized Mortgage Backed Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageBackedSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_MortgageBackedSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_MortgageBackedSecuritiesMember" xlink:to="lab_us-gaap_MortgageBackedSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_08da3f25-9b36-4955-b29f-158a93c2fc7b_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Defined Benefit Plans Disclosures [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:to="lab_us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities_98192272-e1bd-4101-9c1f-3b57fd1043de_terseLabel_en-US" xlink:label="lab_us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for borrowed funds used during construction </link:label>
<link:label id="lab_us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities_label_en-US" xlink:label="lab_us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for Funds Used During Construction, Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities" xlink:to="lab_us-gaap_AllowanceForFundsUsedDuringConstructionInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LitigationStatusAxis_392f792f-8b4d-4ea6-86a2-eba3f23b1a7b_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Axis] </link:label>
<link:label id="lab_us-gaap_LitigationStatusAxis_label_en-US" xlink:label="lab_us-gaap_LitigationStatusAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationStatusAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationStatusAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationStatusAxis" xlink:to="lab_us-gaap_LitigationStatusAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment_280336fb-ed43-40e1-b1ca-5a53622879b1_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Required annual capital investment </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment_label_en-US" xlink:label="lab_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Required Annual Capital Investment </link:label>
<link:label id="lab_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Required Annual Capital Investment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesRequiredAnnualCapitalInvestment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment" xlink:to="lab_pnw_PublicUtilitiesRequiredAnnualCapitalInvestment" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent_c4075007-4954-4104-a9b5-2917cb1d915c_terseLabel_en-US" xlink:label="lab_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity infusion from Pinnacle West </link:label>
<link:label id="lab_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent_label_en-US" xlink:label="lab_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to Additional Paid in Capital, Contributions from Parent </link:label>
<link:label id="lab_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent_documentation_en-US" xlink:label="lab_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Adjustments to Additional Paid in Capital, Contributions from Parent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent" xlink:href="pnw-20201231.xsd#pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent" xlink:to="lab_pnw_AdjustmentstoAdditionalPaidinCapitalContributionsfromParent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ExtinguishmentOfDebtAmount_fbf5f347-8604-4fd0-a1e1-b33aeb1b8f87_terseLabel_en-US" xlink:label="lab_us-gaap_ExtinguishmentOfDebtAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Extinguishment of debt </link:label>
<link:label id="lab_us-gaap_ExtinguishmentOfDebtAmount_label_en-US" xlink:label="lab_us-gaap_ExtinguishmentOfDebtAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Extinguishment of Debt, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ExtinguishmentOfDebtAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ExtinguishmentOfDebtAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ExtinguishmentOfDebtAmount" xlink:to="lab_us-gaap_ExtinguishmentOfDebtAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_aaa3d65d-79d5-4ecd-9904-82afff5edb8f_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commodity contracts, liabilities </link:label>
<link:label id="lab_us-gaap_DerivativeAssetFairValueGrossLiability_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Gross Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:to="lab_us-gaap_DerivativeAssetFairValueGrossLiability" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersBillCredits_181009a8-4dc6-40e3-bbd5-bcf8cbbf956e_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersBillCredits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bill credits for limited income customers </link:label>
<link:label id="lab_pnw_RegulatoryMattersBillCredits_label_en-US" xlink:label="lab_pnw_RegulatoryMattersBillCredits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Bill Credits </link:label>
<link:label id="lab_pnw_RegulatoryMattersBillCredits_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersBillCredits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Bill Credits </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersBillCredits" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersBillCredits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersBillCredits" xlink:to="lab_pnw_RegulatoryMattersBillCredits" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_2f32cf7e-b81f-4665-912a-1256e72cc42d_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Comprehensive Income [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="lab_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_406af731-90e1-4278-b66e-cd60bb6826e3_terseLabel_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>
<link:label id="lab_us-gaap_ConcentrationRiskTypeDomain_label_en-US" xlink:label="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Concentration Risk Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ConcentrationRiskTypeDomain" xlink:to="lab_us-gaap_ConcentrationRiskTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterProposedBudget_a179baa8-3b94-46fb-96a2-37c18e359574_terseLabel_en-US" xlink:label="lab_pnw_RateMatterProposedBudget" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of proposed budget </link:label>
<link:label id="lab_pnw_RateMatterProposedBudget_label_en-US" xlink:label="lab_pnw_RateMatterProposedBudget" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Proposed Budget </link:label>
<link:label id="lab_pnw_RateMatterProposedBudget_documentation_en-US" xlink:label="lab_pnw_RateMatterProposedBudget" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the amount of proposed budget. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterProposedBudget" xlink:href="pnw-20201231.xsd#pnw_RateMatterProposedBudget"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterProposedBudget" xlink:to="lab_pnw_RateMatterProposedBudget" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeasesRentExpenseNet_d4755f62-b322-42ab-8516-278fad6e779a_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease, expense </link:label>
<link:label id="lab_us-gaap_OperatingLeasesRentExpenseNet_label_en-US" xlink:label="lab_us-gaap_OperatingLeasesRentExpenseNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Leases, Rent Expense, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeasesRentExpenseNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesRentExpenseNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeasesRentExpenseNet" xlink:to="lab_us-gaap_OperatingLeasesRentExpenseNet" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_b6223b01-d564-41e4-b2fe-d01091ffef85_totalLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Liabilities and Equity </link:label>
<link:label id="lab_us-gaap_LiabilitiesAndStockholdersEquity_label_en-US" xlink:label="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities and Equity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_us-gaap_LiabilitiesAndStockholdersEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossContingenciesLineItems_746b6e9b-a9b9-4e64-8ef9-de6c5108fad0_terseLabel_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitments and Contingencies [Line Items] </link:label>
<link:label id="lab_us-gaap_LossContingenciesLineItems_label_en-US" xlink:label="lab_us-gaap_LossContingenciesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss Contingencies [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossContingenciesLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossContingenciesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossContingenciesLineItems" xlink:to="lab_us-gaap_LossContingenciesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_995a0b9c-a223-4810-a785-7736a93dadb3_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated other comprehensive loss </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss), Net of Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_5aeca491-9704-4018-b1b9-2392126325f1_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Taxes </link:label>
<link:label id="lab_us-gaap_IncomeTaxDisclosureTextBlock_label_en-US" xlink:label="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Disclosure [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_us-gaap_IncomeTaxDisclosureTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciation_beeed02e-f55a-4c15-8e66-0044166fcc3c_terseLabel_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Depreciation </link:label>
<link:label id="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciation_label_en-US" xlink:label="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost, Depreciation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciation" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostOfGoodsAndServicesSoldDepreciation"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CostOfGoodsAndServicesSoldDepreciation" xlink:to="lab_us-gaap_CostOfGoodsAndServicesSoldDepreciation" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OperatingLeaseCost_c7641701-27d7-4032-a455-575f796a08eb_terseLabel_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease cost </link:label>
<link:label id="lab_us-gaap_OperatingLeaseCost_label_en-US" xlink:label="lab_us-gaap_OperatingLeaseCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating Lease, Cost </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseCost" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseCost"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OperatingLeaseCost" xlink:to="lab_us-gaap_OperatingLeaseCost" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_81b4b5ea-67db-4a51-9a18-8d64ad1680e5_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lapses of applicable statute of limitations </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NotesReceivableNet_8382ac63-6acd-4ccf-8da3-7dad8941ba69_terseLabel_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing receivable </link:label>
<link:label id="lab_us-gaap_NotesReceivableNet_label_en-US" xlink:label="lab_us-gaap_NotesReceivableNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Financing Receivable, after Allowance for Credit Loss </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NotesReceivableNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NotesReceivableNet" xlink:to="lab_us-gaap_NotesReceivableNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedContributionPlanCostRecognizedPercentage_2e53e412-146c-4fd1-888d-87d7c2cd88e0_terseLabel_en-US" xlink:label="lab_pnw_DefinedContributionPlanCostRecognizedPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> APS's employees share of total cost of the plans (as a percent) </link:label>
<link:label id="lab_pnw_DefinedContributionPlanCostRecognizedPercentage_label_en-US" xlink:label="lab_pnw_DefinedContributionPlanCostRecognizedPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Contribution Plan, Cost Recognized Percentage </link:label>
<link:label id="lab_pnw_DefinedContributionPlanCostRecognizedPercentage_documentation_en-US" xlink:label="lab_pnw_DefinedContributionPlanCostRecognizedPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of the subsidiary's share of the total cost of the benefit plans relative to the consolidated entity's total cost. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedContributionPlanCostRecognizedPercentage" xlink:href="pnw-20201231.xsd#pnw_DefinedContributionPlanCostRecognizedPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedContributionPlanCostRecognizedPercentage" xlink:to="lab_pnw_DefinedContributionPlanCostRecognizedPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxAssetsCreditAndLossCarryforwards_c6ca41d2-b815-43d6-a2b8-d31c12e6f413_terseLabel_en-US" xlink:label="lab_pnw_DeferredTaxAssetsCreditAndLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Credit and loss carryforwards </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsCreditAndLossCarryforwards_label_en-US" xlink:label="lab_pnw_DeferredTaxAssetsCreditAndLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Credit and Loss Carryforwards </link:label>
<link:label id="lab_pnw_DeferredTaxAssetsCreditAndLossCarryforwards_documentation_en-US" xlink:label="lab_pnw_DeferredTaxAssetsCreditAndLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The tax effect as of the balance sheet date of the amount of the future tax deductions attributable to credit and loss carryforwards. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxAssetsCreditAndLossCarryforwards" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxAssetsCreditAndLossCarryforwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxAssetsCreditAndLossCarryforwards" xlink:to="lab_pnw_DeferredTaxAssetsCreditAndLossCarryforwards" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AvailableforsaleSecuritiesOther_8ff78b03-ca4a-470b-9bfb-3dee82b87725_terseLabel_en-US" xlink:label="lab_pnw_AvailableforsaleSecuritiesOther" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_pnw_AvailableforsaleSecuritiesOther_label_en-US" xlink:label="lab_pnw_AvailableforsaleSecuritiesOther" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Other </link:label>
<link:label id="lab_pnw_AvailableforsaleSecuritiesOther_documentation_en-US" xlink:label="lab_pnw_AvailableforsaleSecuritiesOther" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Other </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AvailableforsaleSecuritiesOther" xlink:href="pnw-20201231.xsd#pnw_AvailableforsaleSecuritiesOther"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AvailableforsaleSecuritiesOther" xlink:to="lab_pnw_AvailableforsaleSecuritiesOther" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_addce549-a5b3-4900-a202-8a254ce3f060_totalLabel_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total current </link:label>
<link:label id="lab_us-gaap_CurrentIncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage_9e49079d-1455-4bd0-aba5-919865692d42_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock equity </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Requested Equity Capital Structure, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage" xlink:to="lab_us-gaap_PublicUtilitiesRequestedEquityCapitalStructurePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_9a6617bf-b9c1-40a0-9c34-2ed1b0c9b832_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additions for tax positions of prior years </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_2423529c-29d3-4325-a7f9-84dbbef1bab7_terseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additions for tax positions of the current year </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NumberOfLeaseAgreements_cf8b0cae-8d3b-4d79-a154-d0a487167012_terseLabel_en-US" xlink:label="lab_pnw_NumberOfLeaseAgreements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of lease agreements </link:label>
<link:label id="lab_pnw_NumberOfLeaseAgreements_label_en-US" xlink:label="lab_pnw_NumberOfLeaseAgreements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Lease Agreements </link:label>
<link:label id="lab_pnw_NumberOfLeaseAgreements_documentation_en-US" xlink:label="lab_pnw_NumberOfLeaseAgreements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number Of Lease Agreements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NumberOfLeaseAgreements" xlink:href="pnw-20201231.xsd#pnw_NumberOfLeaseAgreements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NumberOfLeaseAgreements" xlink:to="lab_pnw_NumberOfLeaseAgreements" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EquityComponentDomain_824617db-9326-49af-9dff-1090e2a8df74_terseLabel_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:label id="lab_us-gaap_EquityComponentDomain_label_en-US" xlink:label="lab_us-gaap_EquityComponentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Equity Component [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityComponentDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EquityComponentDomain" xlink:to="lab_us-gaap_EquityComponentDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RoundValleySystemMember_353273e9-6b54-4228-8475-8dcd21a69d34_terseLabel_en-US" xlink:label="lab_pnw_RoundValleySystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Round Valley System </link:label>
<link:label id="lab_pnw_RoundValleySystemMember_label_en-US" xlink:label="lab_pnw_RoundValleySystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Round Valley System [Member] </link:label>
<link:label id="lab_pnw_RoundValleySystemMember_documentation_en-US" xlink:label="lab_pnw_RoundValleySystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Round Valley System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RoundValleySystemMember" xlink:href="pnw-20201231.xsd#pnw_RoundValleySystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RoundValleySystemMember" xlink:to="lab_pnw_RoundValleySystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_ac003eef-2609-4cea-8fe1-5fd1d2b4d347_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of estimated future benefit payments, which reflect estimated future employee service, for the next five years and the succeeding five years thereafter </link:label>
<link:label id="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Expected Benefit Payments [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNet_dc56bfb0-c8af-40b8-9ce4-acc497549949_totalLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentNet_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Net </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentNet" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_FourCornersCoalReclamationMember_38ca35a2-6ed3-44e1-880c-300979815f4b_terseLabel_en-US" xlink:label="lab_pnw_FourCornersCoalReclamationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners coal reclamation </link:label>
<link:label id="lab_pnw_FourCornersCoalReclamationMember_label_en-US" xlink:label="lab_pnw_FourCornersCoalReclamationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners Coal Reclamation [Member] </link:label>
<link:label id="lab_pnw_FourCornersCoalReclamationMember_documentation_en-US" xlink:label="lab_pnw_FourCornersCoalReclamationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Four Corners Coal Reclamation [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_FourCornersCoalReclamationMember" xlink:href="pnw-20201231.xsd#pnw_FourCornersCoalReclamationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_FourCornersCoalReclamationMember" xlink:to="lab_pnw_FourCornersCoalReclamationMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityTaxIdentificationNumber_ff076290-9aef-4be4-b161-95bf1ea8905f_terseLabel_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:label id="lab_dei_EntityTaxIdentificationNumber_label_en-US" xlink:label="lab_dei_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Tax Identification Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityTaxIdentificationNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityTaxIdentificationNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityTaxIdentificationNumber" xlink:to="lab_dei_EntityTaxIdentificationNumber" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LesseeLeaseDescriptionTable_eab4ce4a-7b7b-4b18-938a-dfb4f1c3940f_terseLabel_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Lease, Description [Table] </link:label>
<link:label id="lab_us-gaap_LesseeLeaseDescriptionTable_label_en-US" xlink:label="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Lessee, Lease, Description [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LesseeLeaseDescriptionTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LesseeLeaseDescriptionTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LesseeLeaseDescriptionTable" xlink:to="lab_us-gaap_LesseeLeaseDescriptionTable" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SeniorUnsecuredNotesMaturingNovember2020Member_44b05220-9a9a-4d17-9fd6-7607cea14061_terseLabel_en-US" xlink:label="lab_pnw_SeniorUnsecuredNotesMaturingNovember2020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior unsecured notes </link:label>
<link:label id="lab_pnw_SeniorUnsecuredNotesMaturingNovember2020Member_label_en-US" xlink:label="lab_pnw_SeniorUnsecuredNotesMaturingNovember2020Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Unsecured Notes Maturing November 2020 [Member] </link:label>
<link:label id="lab_pnw_SeniorUnsecuredNotesMaturingNovember2020Member_documentation_en-US" xlink:label="lab_pnw_SeniorUnsecuredNotesMaturingNovember2020Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Senior Unsecured Notes Maturing November 2020 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SeniorUnsecuredNotesMaturingNovember2020Member" xlink:href="pnw-20201231.xsd#pnw_SeniorUnsecuredNotesMaturingNovember2020Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SeniorUnsecuredNotesMaturingNovember2020Member" xlink:to="lab_pnw_SeniorUnsecuredNotesMaturingNovember2020Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_c522a141-5c19-4248-b392-dfef2650837d_terseLabel_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock-Based Compensation </link:label>
<link:label id="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_label_en-US" xlink:label="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Payment Arrangement [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationPeriodIncreaseDecrease_c696788c-c022-4ed5-b71e-cdc2958c0ed4_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (decrease) in asset retirement obligation </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationPeriodIncreaseDecrease_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationPeriodIncreaseDecrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Period Increase (Decrease) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationPeriodIncreaseDecrease"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationPeriodIncreaseDecrease" xlink:to="lab_us-gaap_AssetRetirementObligationPeriodIncreaseDecrease" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesAlternativePercentage_e9a754a2-1ff6-4963-a64c-7ab29abffa71_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesAlternativePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Alternative, percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesAlternativePercentage_label_en-US" xlink:label="lab_pnw_PublicUtilitiesAlternativePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Alternative, Percentage </link:label>
<link:label id="lab_pnw_PublicUtilitiesAlternativePercentage_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesAlternativePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Alternative, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesAlternativePercentage" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesAlternativePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesAlternativePercentage" xlink:to="lab_pnw_PublicUtilitiesAlternativePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_d7ccef7b-bae7-4988-9557-6cd724dc2798_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in current assets and liabilities: </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Operating Capital [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_d0c97ced-4d24-45f0-b2f2-4d5840a1c9a1_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:label id="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable_label_en-US" xlink:label="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Variable Interest Entities [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PaymentsToMinorityShareholders_cc9f1ad4-83a8-4cb2-9cd1-70dc89b689b4_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distributions to noncontrolling interests </link:label>
<link:label id="lab_us-gaap_PaymentsToMinorityShareholders_label_en-US" xlink:label="lab_us-gaap_PaymentsToMinorityShareholders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Payments to Noncontrolling Interests </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToMinorityShareholders"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PaymentsToMinorityShareholders" xlink:to="lab_us-gaap_PaymentsToMinorityShareholders" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_9817effe-c8f2-4d67-aa43-98b6a2d02030_terseLabel_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> LIBOR </link:label>
<link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> London Interbank Offered Rate (LIBOR) [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LondonInterbankOfferedRateLIBORMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:to="lab_us-gaap_LondonInterbankOfferedRateLIBORMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentUnamortizedPremium_5a12f000-d761-4126-9757-16ef1a2e2cb0_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedPremium" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unamortized premium </link:label>
<link:label id="lab_us-gaap_DebtInstrumentUnamortizedPremium_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentUnamortizedPremium" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Unamortized Premium </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedPremium" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentUnamortizedPremium"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentUnamortizedPremium" xlink:to="lab_us-gaap_DebtInstrumentUnamortizedPremium" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits_a7d7a6e6-adf9-4333-9e68-1d6ba3938f78_negatedLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension benefits </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Regulatory Assets, Pension and Other Postretirement Benefits </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount as of the balance sheet date of the estimated future tax effects attributable to the difference between the tax basis and the basis in accordance with generally accepted accounting principles of regulatory assets related to pension and other postretirement benefits which will increase future taxable income when such basis difference reverses. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits" xlink:to="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsPensionAndOtherPostretirementBenefits" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_A2012PlanMember_f8e76229-ac7f-447a-a1ad-aed00a908f86_terseLabel_en-US" xlink:label="lab_pnw_A2012PlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2012 Plan </link:label>
<link:label id="lab_pnw_A2012PlanMember_label_en-US" xlink:label="lab_pnw_A2012PlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2012 Plan [Member] </link:label>
<link:label id="lab_pnw_A2012PlanMember_documentation_en-US" xlink:label="lab_pnw_A2012PlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 2012 Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_A2012PlanMember" xlink:href="pnw-20201231.xsd#pnw_A2012PlanMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_A2012PlanMember" xlink:to="lab_pnw_A2012PlanMember" xlink:type="arc" order="1"/>
<link:label id="lab_dei_CurrentFiscalYearEndDate_69669069-899d-4263-8b9d-2302ec8ec450_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
<link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current Fiscal Year End Date </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_CurrentFiscalYearEndDate" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DamageFromFireExplosionOrOtherHazardMember_adc11529-06ef-4622-b31c-d4549954908c_terseLabel_en-US" xlink:label="lab_us-gaap_DamageFromFireExplosionOrOtherHazardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Damage from Fire, Explosion or Other Hazard </link:label>
<link:label id="lab_us-gaap_DamageFromFireExplosionOrOtherHazardMember_label_en-US" xlink:label="lab_us-gaap_DamageFromFireExplosionOrOtherHazardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Damage from Fire, Explosion or Other Hazard [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DamageFromFireExplosionOrOtherHazardMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DamageFromFireExplosionOrOtherHazardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DamageFromFireExplosionOrOtherHazardMember" xlink:to="lab_us-gaap_DamageFromFireExplosionOrOtherHazardMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_A4CAcquisitionLLCMember_2dab0e7a-9918-4eff-8894-123791686c3c_terseLabel_en-US" xlink:label="lab_pnw_A4CAcquisitionLLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 4CA </link:label>
<link:label id="lab_pnw_A4CAcquisitionLLCMember_label_en-US" xlink:label="lab_pnw_A4CAcquisitionLLCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 4C Acquisition, LLC [Member] </link:label>
<link:label id="lab_pnw_A4CAcquisitionLLCMember_documentation_en-US" xlink:label="lab_pnw_A4CAcquisitionLLCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> 4C Acquisition, LLC [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_A4CAcquisitionLLCMember" xlink:href="pnw-20201231.xsd#pnw_A4CAcquisitionLLCMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_A4CAcquisitionLLCMember" xlink:to="lab_pnw_A4CAcquisitionLLCMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity_624798bf-1d9e-4094-84ff-a575b2a45c11_terseLabel_en-US" xlink:label="lab_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum commercial paper support available under credit facility </link:label>
<link:label id="lab_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity_label_en-US" xlink:label="lab_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Commercial Paper Program Maximum Borrowing Capacity </link:label>
<link:label id="lab_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity_documentation_en-US" xlink:label="lab_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the maximum borrowings available for the commercial paper program under the terms of line of credit facility. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity" xlink:href="pnw-20201231.xsd#pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity" xlink:to="lab_pnw_LineOfCreditFacilityCommercialPaperProgramMaximumBorrowingCapacity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherNonoperatingIncome_43ed73a0-273c-471a-aae8-01f1b3cd76d4_terseLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other income (Note 17) </link:label>
<link:label id="lab_us-gaap_OtherNonoperatingIncome_d6004013-7606-4fd8-aed5-75287f879ef5_totalLabel_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total other income </link:label>
<link:label id="lab_us-gaap_OtherNonoperatingIncome_label_en-US" xlink:label="lab_us-gaap_OtherNonoperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Nonoperating Income </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncome" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherNonoperatingIncome"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherNonoperatingIncome" xlink:to="lab_us-gaap_OtherNonoperatingIncome" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherPlantInServiceMember_faeb5e3c-8f32-4f47-8580-38f7427b926e_terseLabel_en-US" xlink:label="lab_us-gaap_OtherPlantInServiceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> General plant </link:label>
<link:label id="lab_us-gaap_OtherPlantInServiceMember_label_en-US" xlink:label="lab_us-gaap_OtherPlantInServiceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Plant in Service [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherPlantInServiceMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherPlantInServiceMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherPlantInServiceMember" xlink:to="lab_us-gaap_OtherPlantInServiceMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions_b55d1002-0b5c-4fa8-bd5d-bda3e965203e_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for borrowed funds used during construction (Note 1) </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Allowance for Funds Used During Construction, Additions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions" xlink:to="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution_dd35932f-0ea1-4a37-af72-94f0afce9ea9_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Distribution </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Property, Plant and Equipment, Distribution </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution" xlink:to="lab_us-gaap_PublicUtilitiesPropertyPlantAndEquipmentDistribution" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_StatedInterestRateforNotesReceivable_6030fab5-9376-451b-8e4f-54c5db3110a0_terseLabel_en-US" xlink:label="lab_pnw_StatedInterestRateforNotesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stated interest rate for notes receivable </link:label>
<link:label id="lab_pnw_StatedInterestRateforNotesReceivable_label_en-US" xlink:label="lab_pnw_StatedInterestRateforNotesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stated Interest Rate for Notes Receivable </link:label>
<link:label id="lab_pnw_StatedInterestRateforNotesReceivable_documentation_en-US" xlink:label="lab_pnw_StatedInterestRateforNotesReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stated Interest Rate for Notes Receivable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_StatedInterestRateforNotesReceivable" xlink:href="pnw-20201231.xsd#pnw_StatedInterestRateforNotesReceivable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_StatedInterestRateforNotesReceivable" xlink:to="lab_pnw_StatedInterestRateforNotesReceivable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_8efd25d3-c367-4fa9-9579-ca574f439b2c_terseLabel_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in accumulated other comprehensive income (loss) including reclassification adjustments, by component: </link:label>
<link:label id="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_label_en-US" xlink:label="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Other Comprehensive Income (Loss) [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:to="lab_us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange_4a2ce5dd-437e-42a8-9e5f-08b1127c508c_terseLabel_en-US" xlink:label="lab_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of unrealized gains and losses on certain derivatives deferred for future rate treatment before accounting treatment change </link:label>
<link:label id="lab_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange_label_en-US" xlink:label="lab_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Unrealized Gains and Losses on Certain Derivatives Deferred for Future Rate Treatment before Accounting Treatment Change </link:label>
<link:label id="lab_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange_documentation_en-US" xlink:label="lab_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of unrealized gains and losses on certain derivatives deferred for future rate treatment pursuant to the PSA mechanism that would otherwise be recognized in income before accounting treatment change. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange" xlink:href="pnw-20201231.xsd#pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange" xlink:to="lab_pnw_PercentageOfUnrealizedGainsAndLossesOnCertainDerivativesDeferredForFutureRateTreatmentBeforeAccountingTreatmentChange" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_6e305fae-84cf-4688-a82a-2dc79a0a77f5_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> State credit carryforwards net of federal benefit </link:label>
<link:label id="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_label_en-US" xlink:label="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Assets, Tax Credit Carryforwards </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwards"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:to="lab_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OffsettingAssetsAndLiabilitiesLineItems_af18a85b-0236-4cf6-aa24-c92e3a7b87cc_terseLabel_en-US" xlink:label="lab_pnw_OffsettingAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of risk management activities reported on gross basis and the impacts of offsetting </link:label>
<link:label id="lab_pnw_OffsettingAssetsAndLiabilitiesLineItems_label_en-US" xlink:label="lab_pnw_OffsettingAssetsAndLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Offsetting Assets and Liabilities [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OffsettingAssetsAndLiabilitiesLineItems" xlink:href="pnw-20201231.xsd#pnw_OffsettingAssetsAndLiabilitiesLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OffsettingAssetsAndLiabilitiesLineItems" xlink:to="lab_pnw_OffsettingAssetsAndLiabilitiesLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount_4bf44f3a-9c00-4231-b268-f59947c2810d_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Required amount to be used in purchases of natural gas and power which is used in calculation of short-term debt authorization </link:label>
<link:label id="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount_label_en-US" xlink:label="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility Order Short Term Debt Authorization, Fixed Amount </link:label>
<link:label id="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount_documentation_en-US" xlink:label="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the fixed amount required to be used for purchases of natural gas and power which is used to calculate the short-term debt authorization pursuant to an order from a regulatory authority. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount" xlink:href="pnw-20201231.xsd#pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount" xlink:to="lab_pnw_PublicUtilityOrderShortTermDebtAuthorizationFixedAmount" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMattersRevenueRequirements_eb9dc6ad-b705-4917-9cce-19a6a99d7f5e_terseLabel_en-US" xlink:label="lab_pnw_RateMattersRevenueRequirements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Request to meet revenue requirements </link:label>
<link:label id="lab_pnw_RateMattersRevenueRequirements_label_en-US" xlink:label="lab_pnw_RateMattersRevenueRequirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Revenue Requirements </link:label>
<link:label id="lab_pnw_RateMattersRevenueRequirements_documentation_en-US" xlink:label="lab_pnw_RateMattersRevenueRequirements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Revenue Requirements </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMattersRevenueRequirements" xlink:href="pnw-20201231.xsd#pnw_RateMattersRevenueRequirements"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMattersRevenueRequirements" xlink:to="lab_pnw_RateMattersRevenueRequirements" xlink:type="arc" order="1"/>
<link:label id="lab_srt_ParentCompanyMember_5d5cee3a-7bdb-4502-986e-28e5f1b1233e_terseLabel_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pinnacle West </link:label>
<link:label id="lab_srt_ParentCompanyMember_label_en-US" xlink:label="lab_srt_ParentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Parent Company [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_ParentCompanyMember" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ParentCompanyMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ParentCompanyMember" xlink:to="lab_srt_ParentCompanyMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LossOnSaleOfInvestments_067d5b2a-dbdd-4e36-b331-e5e425a0b0f9_negatedLabel_en-US" xlink:label="lab_us-gaap_LossOnSaleOfInvestments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Investment gains (losses) — net </link:label>
<link:label id="lab_us-gaap_LossOnSaleOfInvestments_label_en-US" xlink:label="lab_us-gaap_LossOnSaleOfInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Loss on Sale of Investments </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LossOnSaleOfInvestments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LossOnSaleOfInvestments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LossOnSaleOfInvestments" xlink:to="lab_us-gaap_LossOnSaleOfInvestments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractWithCustomerLiabilityNoncurrent_a1fa1e6a-e02a-4417-ba89-25243d50f8b6_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Customer advances </link:label>
<link:label id="lab_us-gaap_ContractWithCustomerLiabilityNoncurrent_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerLiabilityNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Liability, Noncurrent </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerLiabilityNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerLiabilityNoncurrent" xlink:to="lab_us-gaap_ContractWithCustomerLiabilityNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket_616e1798-33a5-4bc1-8565-8633c2a5cd26_negatedLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred fuel and purchased power </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Regulatory Assets Deferred Fuel and Purchased Power Mark to Market </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> The amount as of the balance sheet date of the estimated future tax effects attributable to the difference between the tax basis and the basis in accordance with generally accepted accounting principles of regulatory assets related to deferred fuel and purchased power mark-to-market which will increase future taxable income when such basis difference reverses. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket" xlink:to="lab_pnw_DeferredTaxLiabilitiesRegulatoryAssetsDeferredFuelAndPurchasedPowerMarkToMarket" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeUnits1And3Member_198a3f82-07ce-4cf8-ba05-44f5e59a54c4_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeUnits1And3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Units 1 and 3 </link:label>
<link:label id="lab_pnw_PaloVerdeUnits1And3Member_label_en-US" xlink:label="lab_pnw_PaloVerdeUnits1And3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Units 1 and 3 [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeUnits1And3Member_documentation_en-US" xlink:label="lab_pnw_PaloVerdeUnits1And3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Palo Verde Units 1 and 3, a jointly-owned generating facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeUnits1And3Member" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeUnits1And3Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeUnits1And3Member" xlink:to="lab_pnw_PaloVerdeUnits1And3Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_6cbb75f8-5d80-4e6d-ab7a-f4abbbfbe348_terseLabel_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>
<link:label id="lab_us-gaap_BusinessAcquisitionAcquireeDomain_label_en-US" xlink:label="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Business Acquisition, Acquiree [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="lab_us-gaap_BusinessAcquisitionAcquireeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne_bd7257a7-c983-4053-b202-37766670c396_terseLabel_en-US" xlink:label="lab_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of cash that the participant may elect as a dividend equivalent deferral for the first option available under the plan </link:label>
<link:label id="lab_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne_label_en-US" xlink:label="lab_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of Cash in which Election to Receive Dividend Equivalent Payment May be Made by Participants for Deferrals Option One </link:label>
<link:label id="lab_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne_documentation_en-US" xlink:label="lab_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the percentage of cash that the participant may elect as a deferred dividend equivalent payment under the first option available under the plan. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:href="pnw-20201231.xsd#pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:to="lab_pnw_PercentageOfCashInWhichElectionToReceiveDividendEquivalentPaymentMayBeMadeByParticipantsForDeferralsOptionOne" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember_58d35af5-3615-4699-876a-f26bd7aaa795_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Common stock equities </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Equity Securities, US [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember" xlink:to="lab_us-gaap_DefinedBenefitPlanEquitySecuritiesUsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ResidentialUtilityConsumerOfficeMember_b386b671-a78e-48ff-a5af-81c375941b60_terseLabel_en-US" xlink:label="lab_pnw_ResidentialUtilityConsumerOfficeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Utility Consumer Office </link:label>
<link:label id="lab_pnw_ResidentialUtilityConsumerOfficeMember_label_en-US" xlink:label="lab_pnw_ResidentialUtilityConsumerOfficeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Utility Consumer Office [Member] </link:label>
<link:label id="lab_pnw_ResidentialUtilityConsumerOfficeMember_documentation_en-US" xlink:label="lab_pnw_ResidentialUtilityConsumerOfficeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Residential Utility Consumer Office </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ResidentialUtilityConsumerOfficeMember" xlink:href="pnw-20201231.xsd#pnw_ResidentialUtilityConsumerOfficeMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ResidentialUtilityConsumerOfficeMember" xlink:to="lab_pnw_ResidentialUtilityConsumerOfficeMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_e3e835c6-25a0-4d57-a62c-ba72508a454c_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Type [Domain] </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-Lived Tangible Asset [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_Saguaro500SwitchyardMember_cfe1c4e5-3ef5-47d2-8407-3425dcea44d6_terseLabel_en-US" xlink:label="lab_pnw_Saguaro500SwitchyardMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Saguaro 500kV Switchyard </link:label>
<link:label id="lab_pnw_Saguaro500SwitchyardMember_label_en-US" xlink:label="lab_pnw_Saguaro500SwitchyardMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Saguaro 500 Switchyard [Member] </link:label>
<link:label id="lab_pnw_Saguaro500SwitchyardMember_documentation_en-US" xlink:label="lab_pnw_Saguaro500SwitchyardMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Saguaro 500 Switchyard [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_Saguaro500SwitchyardMember" xlink:href="pnw-20201231.xsd#pnw_Saguaro500SwitchyardMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_Saguaro500SwitchyardMember" xlink:to="lab_pnw_Saguaro500SwitchyardMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_ca9db5b9-ac10-4d69-aab6-08e3999e23d5_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Benefit payments </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Benefits Paid </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:to="lab_us-gaap_DefinedBenefitPlanBenefitObligationBenefitsPaid" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_WholesaleMember_3e361310-2fec-46ce-bd6c-27fcb9376c97_terseLabel_en-US" xlink:label="lab_pnw_WholesaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wholesale </link:label>
<link:label id="lab_pnw_WholesaleMember_label_en-US" xlink:label="lab_pnw_WholesaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wholesale [Member] </link:label>
<link:label id="lab_pnw_WholesaleMember_documentation_en-US" xlink:label="lab_pnw_WholesaleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Wholesale [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_WholesaleMember" xlink:href="pnw-20201231.xsd#pnw_WholesaleMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_WholesaleMember" xlink:to="lab_pnw_WholesaleMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod_f609862d-1274-47cf-a27d-fde1e2eaf189_terseLabel_en-US" xlink:label="lab_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cost of service for interconnected DG system customers, grandfathered period </link:label>
<link:label id="lab_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod_label_en-US" xlink:label="lab_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Cost of Service for Interconnected DG System Customers, Grandfathered Period </link:label>
<link:label id="lab_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod_documentation_en-US" xlink:label="lab_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matters, Cost of Service for Interconnected DG System Customers, Grandfathered Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod" xlink:href="pnw-20201231.xsd#pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod" xlink:to="lab_pnw_RateMattersCostofServiceforInterconnectedDGSystemCustomersGrandfatheredPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodDomain_cdff6606-13dc-49fe-b0af-d50e0f081741_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period [Domain] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodDomain_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period [Domain] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodDomain_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents details pertaining to sale and leaseback period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionPeriodDomain" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionPeriodDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionPeriodDomain" xlink:to="lab_pnw_SaleLeasebackTransactionPeriodDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases_6caa636c-8426-45dd-a846-96760929f040_terseLabel_en-US" xlink:label="lab_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other special use funds, other </link:label>
<link:label id="lab_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases_label_en-US" xlink:label="lab_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Special Use Fund Investments, Other, Net Fair Value Pending Sales and Purchases </link:label>
<link:label id="lab_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases_documentation_en-US" xlink:label="lab_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Special Use Fund Investments, Other, Net Fair Value Pending Sales and Purchases </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases" xlink:href="pnw-20201231.xsd#pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases" xlink:to="lab_pnw_SpecialUseFundInvestmentsOtherNetFairValuePendingSalesandPurchases" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MaximumInsuranceCoveragePerIncident_123b329e-63b2-4da5-9aff-b7e2b8e84532_terseLabel_en-US" xlink:label="lab_pnw_MaximumInsuranceCoveragePerIncident" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum insurance against public liability per occurrence for a nuclear incident </link:label>
<link:label id="lab_pnw_MaximumInsuranceCoveragePerIncident_label_en-US" xlink:label="lab_pnw_MaximumInsuranceCoveragePerIncident" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Insurance Coverage Per Incident </link:label>
<link:label id="lab_pnw_MaximumInsuranceCoveragePerIncident_documentation_en-US" xlink:label="lab_pnw_MaximumInsuranceCoveragePerIncident" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the maximum insurance amount against public liability per occurrence for a nuclear incident. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MaximumInsuranceCoveragePerIncident" xlink:href="pnw-20201231.xsd#pnw_MaximumInsuranceCoveragePerIncident"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MaximumInsuranceCoveragePerIncident" xlink:to="lab_pnw_MaximumInsuranceCoveragePerIncident" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesDerivatives_fd44bdb6-cbf3-4d7e-90f4-7e017b018012_negatedLabel_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesDerivatives" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Risk management activities </link:label>
<link:label id="lab_us-gaap_DeferredTaxLiabilitiesDerivatives_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Derivatives </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesDerivatives" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredTaxLiabilitiesDerivatives"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredTaxLiabilitiesDerivatives" xlink:to="lab_us-gaap_DeferredTaxLiabilitiesDerivatives" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_USTreasurySecuritiesMember_73a2b540-f1f0-482a-b071-33cf708cdba8_terseLabel_en-US" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Treasury </link:label>
<link:label id="lab_us-gaap_USTreasurySecuritiesMember_b2568ea7-f1ad-4ba8-ad72-72c03d758e4c_verboseLabel_en-US" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> U.S. Treasury debt </link:label>
<link:label id="lab_us-gaap_USTreasurySecuritiesMember_label_en-US" xlink:label="lab_us-gaap_USTreasurySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> US Treasury Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_USTreasurySecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_USTreasurySecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_USTreasurySecuritiesMember" xlink:to="lab_us-gaap_USTreasurySecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_3d227e64-2ea2-4d05-8040-c896267a9693_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of Credit Facilities Available </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Remaining Borrowing Capacity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_0e763129-9d80-4bb7-baa7-dfb27d428ee8_terseLabel_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Issuance of common stock (in shares) </link:label>
<link:label id="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues_label_en-US" xlink:label="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Stock Issued During Period, Shares, New Issues </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets_8ae01e03-a6c0-4ab8-91a0-7b3c07d50f10_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair value of plan assets </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:to="lab_us-gaap_DefinedBenefitPlanPensionPlanWithProjectedBenefitObligationInExcessOfPlanAssetsPlanAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock_8adb8ef0-e74c-4097-a29b-64ed765acd82_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contingently issuable performance shares and restricted stock units (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares, Restricted Stock </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesRestrictedStock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesRestrictedStock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts_f24d3b4b-3c9a-4251-85f4-03dc015434c4_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of years to ultimate trend rate (pre-65 participants) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Participant, Period after which Rate Reaches Ultimate Trend Rate, used in Calculating Benefit Costs </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Participant, Period after which Rate Reaches Ultimate Trend Rate, used in Calculating Benefit Costs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts" xlink:to="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitCosts" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NavajoGeneratingStationMember_042f7e65-4f91-4223-8fbf-b0891c72e4e2_terseLabel_en-US" xlink:label="lab_pnw_NavajoGeneratingStationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Generating Station </link:label>
<link:label id="lab_pnw_NavajoGeneratingStationMember_label_en-US" xlink:label="lab_pnw_NavajoGeneratingStationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Navajo Generating Station [Member] </link:label>
<link:label id="lab_pnw_NavajoGeneratingStationMember_documentation_en-US" xlink:label="lab_pnw_NavajoGeneratingStationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represent information pertaining to Navajo Generating Station. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NavajoGeneratingStationMember" xlink:href="pnw-20201231.xsd#pnw_NavajoGeneratingStationMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NavajoGeneratingStationMember" xlink:to="lab_pnw_NavajoGeneratingStationMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_97d9aac0-4690-45f3-bb99-5352ec375e3e_terseLabel_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Bad debt expense </link:label>
<link:label id="lab_us-gaap_ProvisionForDoubtfulAccounts_label_en-US" xlink:label="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accounts Receivable, Credit Loss Expense (Reversal) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProvisionForDoubtfulAccounts" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProvisionForDoubtfulAccounts" xlink:to="lab_us-gaap_ProvisionForDoubtfulAccounts" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodAxis_a71a0fea-01ca-48c0-9c55-b92c661d1584_terseLabel_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period [Axis] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodAxis_label_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Sale Leaseback Transaction Period [Axis] </link:label>
<link:label id="lab_pnw_SaleLeasebackTransactionPeriodAxis_documentation_en-US" xlink:label="lab_pnw_SaleLeasebackTransactionPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertinent to sale and leaseback period. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SaleLeasebackTransactionPeriodAxis" xlink:href="pnw-20201231.xsd#pnw_SaleLeasebackTransactionPeriodAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SaleLeasebackTransactionPeriodAxis" xlink:to="lab_pnw_SaleLeasebackTransactionPeriodAxis" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_VariableInterestEntitiesAbstract_e77c8133-e2a1-40a8-a1d3-70411cbe1071_terseLabel_en-US" xlink:label="lab_pnw_VariableInterestEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities [Abstract] </link:label>
<link:label id="lab_pnw_VariableInterestEntitiesAbstract_label_en-US" xlink:label="lab_pnw_VariableInterestEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities [Abstract] </link:label>
<link:label id="lab_pnw_VariableInterestEntitiesAbstract_documentation_en-US" xlink:label="lab_pnw_VariableInterestEntitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_VariableInterestEntitiesAbstract" xlink:href="pnw-20201231.xsd#pnw_VariableInterestEntitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_VariableInterestEntitiesAbstract" xlink:to="lab_pnw_VariableInterestEntitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_2086d8fb-c2b2-4235-a738-e0d28c89800a_negatedLabel_en-US" xlink:label="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated depreciation and amortization </link:label>
<link:label id="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_label_en-US" xlink:label="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="lab_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ContractWithCustomerAssetNetCurrent_8119c4ed-d854-4406-913e-ba97b81eaa46_terseLabel_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetNetCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accrued unbilled revenues </link:label>
<link:label id="lab_us-gaap_ContractWithCustomerAssetNetCurrent_label_en-US" xlink:label="lab_us-gaap_ContractWithCustomerAssetNetCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Contract with Customer, Asset, after Allowance for Credit Loss, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ContractWithCustomerAssetNetCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerAssetNetCurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ContractWithCustomerAssetNetCurrent" xlink:to="lab_us-gaap_ContractWithCustomerAssetNetCurrent" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage_4d0c4afa-4933-4d0f-a938-077021a7133a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Target Allocation </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage" xlink:to="lab_us-gaap_DefinedBenefitPlanPlanAssetsInvestmentWithinPlanAssetCategoryPercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral_2fb53060-3a45-41f0-9073-b8727fec1479_totalLabel_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral_label_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Amount Not Offset Against Collateral </link:label>
<link:label id="lab_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral_documentation_en-US" xlink:label="lab_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset (Liability), Amount Not Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral" xlink:href="pnw-20201231.xsd#pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral" xlink:to="lab_pnw_DerivativeAssetLiabilityAmountNotOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentsAbstract_528b05b2-ec27-43dd-8bd8-bd62c17c4528_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated fair value of long-term debt, including current maturities </link:label>
<link:label id="lab_us-gaap_DebtInstrumentsAbstract_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instruments [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentsAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentsAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentsAbstract" xlink:to="lab_us-gaap_DebtInstrumentsAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RatePlanComparisonToolInconveniencePayment_8f49c5c7-1e96-4497-8620-c399506b68df_terseLabel_en-US" xlink:label="lab_pnw_RatePlanComparisonToolInconveniencePayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inconvenience payment </link:label>
<link:label id="lab_pnw_RatePlanComparisonToolInconveniencePayment_label_en-US" xlink:label="lab_pnw_RatePlanComparisonToolInconveniencePayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Plan Comparison Tool, Inconvenience Payment </link:label>
<link:label id="lab_pnw_RatePlanComparisonToolInconveniencePayment_documentation_en-US" xlink:label="lab_pnw_RatePlanComparisonToolInconveniencePayment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Plan Comparison Tool, Inconvenience Payment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RatePlanComparisonToolInconveniencePayment" xlink:href="pnw-20201231.xsd#pnw_RatePlanComparisonToolInconveniencePayment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RatePlanComparisonToolInconveniencePayment" xlink:to="lab_pnw_RatePlanComparisonToolInconveniencePayment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax_22f40eaf-66dd-4b54-b806-d467b2fcb792_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net actuarial loss (gain) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax"/>
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<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract_fbad3a1f-dce6-4ede-9042-d943f75715ef_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Details related to accumulated other comprehensive loss </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract"/>
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<link:label id="lab_us-gaap_RegulatoryLiabilityAmortizationPeriod_0eecf378-4dd4-4c5e-9d8e-d02c72560769_terseLabel_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amortization period </link:label>
<link:label id="lab_us-gaap_RegulatoryLiabilityAmortizationPeriod_label_en-US" xlink:label="lab_us-gaap_RegulatoryLiabilityAmortizationPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Liability, Amortization Period </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RegulatoryLiabilityAmortizationPeriod" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RegulatoryLiabilityAmortizationPeriod"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RegulatoryLiabilityAmortizationPeriod" xlink:to="lab_us-gaap_RegulatoryLiabilityAmortizationPeriod" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OtherRegulatoryLiabilitiesMember_49418e58-1c71-475b-a69a-86b71a9142a6_terseLabel_en-US" xlink:label="lab_pnw_OtherRegulatoryLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_pnw_OtherRegulatoryLiabilitiesMember_label_en-US" xlink:label="lab_pnw_OtherRegulatoryLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Regulatory Liabilities [Member] </link:label>
<link:label id="lab_pnw_OtherRegulatoryLiabilitiesMember_documentation_en-US" xlink:label="lab_pnw_OtherRegulatoryLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Miscellaneous regulatory liabilities which are individually insignificant. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OtherRegulatoryLiabilitiesMember" xlink:href="pnw-20201231.xsd#pnw_OtherRegulatoryLiabilitiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OtherRegulatoryLiabilitiesMember" xlink:to="lab_pnw_OtherRegulatoryLiabilitiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact_9a05cbf6-ba5f-4bc4-b48b-3576520448de_terseLabel_en-US" xlink:label="lab_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement agreement, ACC approved rate adjustment, annualized customer impact </link:label>
<link:label id="lab_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact_label_en-US" xlink:label="lab_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement agreement, ACC approved rate adjustment, annualized customer impact </link:label>
<link:label id="lab_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact_documentation_en-US" xlink:label="lab_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement agreement, ACC approved rate adjustment, annualized customer impact </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact" xlink:href="pnw-20201231.xsd#pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact" xlink:to="lab_pnw_SettlementagreementACCapprovedrateadjustmentannualizedcustomerimpact" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_3416e1f2-e881-4046-a5c4-e52c7df33064_terseLabel_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>
<link:label id="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable_label_en-US" xlink:label="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:to="lab_us-gaap_FairValuesDerivativesBalanceSheetLocationByDerivativeContractTypeByHedgingDesignationTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral_7b62ef72-a03e-4577-85d5-8d34d655abac_totalLabel_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Recognized Derivatives </link:label>
<link:label id="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral_label_en-US" xlink:label="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Asset, Fair Value, Amount Not Offset Against Collateral </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:to="lab_us-gaap_DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_8ca97b98-d838-4843-b637-a1e297038fa1_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Comparison of pretax income from continuing operations at the federal income tax rate to income tax expense - continuing operations </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Amount [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_53569ee3-19d9-4010-b7da-5af2a6deda22_terseLabel_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Description of Business and Basis of Presentation </link:label>
<link:label id="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Basis of Accounting, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="lab_us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments_b3a54d4f-10d3-4d35-8d6b-becc35257584_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other </link:label>
<link:label id="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments_label_en-US" xlink:label="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Effective Income Tax Rate Reconciliation, Other Adjustments, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:to="lab_us-gaap_IncomeTaxReconciliationOtherAdjustments" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_8eba5678-83bb-4b1c-b417-7feacf60eb1a_terseLabel_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average common shares outstanding — basic (in shares) </link:label>
<link:label id="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_label_en-US" xlink:label="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted Average Number of Shares Outstanding, Basic </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_5d36f93a-f6e0-4fca-b52e-ee0161965a66_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt instrument, basis spread on variable rate </link:label>
<link:label id="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Debt Instrument, Basis Spread on Variable Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="lab_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue_dc50fb36-8b27-46fb-8e16-ec35ecbc2beb_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred fuel and purchased power </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue_b5ef8681-28a0-4088-adce-dffeca05197d_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred fuel and purchased power costs — current period </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Regulatory Clause Revenue </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue" xlink:to="lab_us-gaap_IncreaseDecreaseInRegulatoryClauseRevenue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PlanNameDomain_b2985e86-5615-42cf-b1d4-7fe8457f5c44_terseLabel_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>
<link:label id="lab_us-gaap_PlanNameDomain_label_en-US" xlink:label="lab_us-gaap_PlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Plan Name [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PlanNameDomain" xlink:to="lab_us-gaap_PlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_TermLoanFacilityMaturingJune2018andApril2019Member_41b22b04-51c1-4d45-a3a6-22a62773a34d_terseLabel_en-US" xlink:label="lab_pnw_TermLoanFacilityMaturingJune2018andApril2019Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term loans </link:label>
<link:label id="lab_pnw_TermLoanFacilityMaturingJune2018andApril2019Member_label_en-US" xlink:label="lab_pnw_TermLoanFacilityMaturingJune2018andApril2019Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan Facility Maturing June 2018 and April 2019 [Member] </link:label>
<link:label id="lab_pnw_TermLoanFacilityMaturingJune2018andApril2019Member_documentation_en-US" xlink:label="lab_pnw_TermLoanFacilityMaturingJune2018andApril2019Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Term Loan Facility Maturing June 2018 and April 2019 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_TermLoanFacilityMaturingJune2018andApril2019Member" xlink:href="pnw-20201231.xsd#pnw_TermLoanFacilityMaturingJune2018andApril2019Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_TermLoanFacilityMaturingJune2018andApril2019Member" xlink:to="lab_pnw_TermLoanFacilityMaturingJune2018andApril2019Member" xlink:type="arc" order="1"/>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_3dc0e926-bcbe-4572-beaf-1050ed2a5acf_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:label id="lab_dei_EntityWellKnownSeasonedIssuer_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Entity Well-known Seasoned Issuer </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_f92e33d6-55b2-4ab0-9f3e-790114232e20_terseLabel_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue </link:label>
<link:label id="lab_us-gaap_RevenueFromContractWithCustomerTextBlock_label_en-US" xlink:label="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Revenue from Contract with Customer [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueFromContractWithCustomerTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:to="lab_us-gaap_RevenueFromContractWithCustomerTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_77e6d308-dc13-40df-baac-fd8dc522e06d_terseLabel_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends declared but not paid </link:label>
<link:label id="lab_us-gaap_DividendsPayableCurrentAndNoncurrent_label_en-US" xlink:label="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Dividends Payable </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="lab_us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1_037f16a8-130b-4dd3-a66a-f8ee2d67b952_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Charges for the permanent disposal of spent nuclear fuel (in dollars per kWh) </link:label>
<link:label id="lab_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1_label_en-US" xlink:label="lab_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities Disposal of Spent Nuclear Fuel Rate1 </link:label>
<link:label id="lab_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities Disposal of Spent Nuclear Fuel Rate1 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1" xlink:to="lab_pnw_PublicUtilitiesDisposalofSpentNuclearFuelRate1" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval_46dcad53-fe6a-4afc-9141-c0703d45eb9f_terseLabel_en-US" xlink:label="lab_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of adjustment approved representing prorated sales losses pending approval </link:label>
<link:label id="lab_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval_label_en-US" xlink:label="lab_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of Adjustment Representing Prorated Sales Losses Pending Approval </link:label>
<link:label id="lab_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval_documentation_en-US" xlink:label="lab_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Amount of Adjustment Representing Prorated Sales Losses Pending Approval </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval" xlink:href="pnw-20201231.xsd#pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval" xlink:to="lab_pnw_AmountofAdjustmentRepresentingProratedSalesLossesPendingApproval" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill_72346413-5737-4579-969c-77ad7cb0f448_terseLabel_en-US" xlink:label="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Approximate percentage of increase in average residential customer bill </link:label>
<link:label id="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill_label_en-US" xlink:label="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Approximate Percentage of Increase in Average Residential Customer Bill </link:label>
<link:label id="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill_documentation_en-US" xlink:label="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Rate Matter, Approximate Percentage of Increase in Average Residential Customer Bill </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill" xlink:href="pnw-20201231.xsd#pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill" xlink:to="lab_pnw_RateMatterApproximatePercentageofIncreaseinAverageResidentialCustomerBill" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_24174485-3253-4df4-83a2-5a9bb5e342de_terseLabel_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-use operating lease assets obtained in exchange for operating lease liabilities </link:label>
<link:label id="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability_label_en-US" xlink:label="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Right-of-Use Asset Obtained in Exchange for Operating Lease Liability </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:to="lab_us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_2eaba1ba-1869-411a-91aa-0eeb11695d3c_negatedLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Actuarial (gain) loss </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanActuarialGainLoss"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:to="lab_us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LongTermDebtFairValue_ef554c82-48c6-4d94-838f-5d7061d3c6f5_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fair Value </link:label>
<link:label id="lab_us-gaap_LongTermDebtFairValue_label_en-US" xlink:label="lab_us-gaap_LongTermDebtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LongTermDebtFairValue" xlink:to="lab_us-gaap_LongTermDebtFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_b6f0d173-a41a-4f07-b070-5619456ea685_terseLabel_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents </link:label>
<link:label id="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash and Cash Equivalents, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_973de4cf-d4f7-412a-bd94-09416c770acc_negatedTerseLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Operating lease right-of-use assets </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Operating Lease, Right-Of-Use Assets </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Operating Lease, Right-Of-Use Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:to="lab_pnw_DeferredTaxLiabilitiesOperatingLeaseRightOfUseAssets" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InventoryPolicyTextBlock_21266a2e-5e93-4b58-9ce1-4d7f8ce69187_terseLabel_en-US" xlink:label="lab_us-gaap_InventoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Materials and Supplies </link:label>
<link:label id="lab_us-gaap_InventoryPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_InventoryPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Inventory, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InventoryPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InventoryPolicyTextBlock" xlink:to="lab_us-gaap_InventoryPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_c0cfaf6f-1cca-403e-b7c7-1a1f915be4e1_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax benefit </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_e4547eb5-a9e2-429d-92c0-3898d4f8ea03_totalLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income tax expense/(benefit) </link:label>
<link:label id="lab_us-gaap_IncomeTaxExpenseBenefit_label_en-US" xlink:label="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Expense (Benefit) </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_us-gaap_IncomeTaxExpenseBenefit" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_OtherSpecialUseFundsMember_b341ad41-1bd4-4f76-ae99-1640e85c0fb1_terseLabel_en-US" xlink:label="lab_pnw_OtherSpecialUseFundsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Special Use Funds </link:label>
<link:label id="lab_pnw_OtherSpecialUseFundsMember_label_en-US" xlink:label="lab_pnw_OtherSpecialUseFundsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Special Use Funds [Member] </link:label>
<link:label id="lab_pnw_OtherSpecialUseFundsMember_documentation_en-US" xlink:label="lab_pnw_OtherSpecialUseFundsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Special Use Funds [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_OtherSpecialUseFundsMember" xlink:href="pnw-20201231.xsd#pnw_OtherSpecialUseFundsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_OtherSpecialUseFundsMember" xlink:to="lab_pnw_OtherSpecialUseFundsMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_d943820f-838e-4e79-843f-ceb8bdfb4d16_periodStartLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_d05b52e6-ad1d-41de-9333-feec5eec8ae9_periodEndLabel_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CASH AND CASH EQUIVALENTS AT END OF YEAR </link:label>
<link:label id="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_label_en-US" xlink:label="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="lab_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_0a3baa63-c445-435d-8e84-1657b6ff120b_terseLabel_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment </link:label>
<link:label id="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Property, Plant and Equipment, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="lab_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_423c616b-ba98-4280-a11b-0ebcb8237a9a_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Principal payments due on Pinnacle West's and APS's total long-term debt </link:label>
<link:label id="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Maturities of Long-term Debt [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember_8c7d5e84-8215-4316-9983-6257bfb944fc_terseLabel_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred fuel and purchased power - mark-to-market </link:label>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember_label_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Fuel and Purchased Power MTM Costs [Member] </link:label>
<link:label id="lab_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember_documentation_en-US" xlink:label="lab_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Fuel and purchased power MTM costs incurred that would otherwise be charged to expense. These costs are included in allowable costs for rate making purposes and future revenue will be provided to permit recovery of such incurred costs. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember" xlink:href="pnw-20201231.xsd#pnw_DeferredFuelAndPurchasedPowerMTMCostsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember" xlink:to="lab_pnw_DeferredFuelAndPurchasedPowerMTMCostsMember" xlink:type="arc" order="1"/>
<link:label id="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain_9e85b758-3a57-4993-95a4-81b7733cb91c_terseLabel_en-US" xlink:label="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of Individual [Domain] </link:label>
<link:label id="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain_label_en-US" xlink:label="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Title of Individual [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="lab_srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:type="arc" order="1"/>
<link:label id="lab_dei_LocalPhoneNumber_9e069349-7dfc-4bdb-8fd0-5bc5e987964f_terseLabel_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>
<link:label id="lab_dei_LocalPhoneNumber_label_en-US" xlink:label="lab_dei_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Local Phone Number </link:label>
<link:loc xlink:type="locator" xlink:label="loc_dei_LocalPhoneNumber" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LocalPhoneNumber"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_LocalPhoneNumber" xlink:to="lab_dei_LocalPhoneNumber" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MaximumAssessmentPerReactorForEachNuclearIncident_b78c489f-2779-4e31-a78f-c077d81975fb_terseLabel_en-US" xlink:label="lab_pnw_MaximumAssessmentPerReactorForEachNuclearIncident" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum assessment per reactor for each nuclear incident </link:label>
<link:label id="lab_pnw_MaximumAssessmentPerReactorForEachNuclearIncident_label_en-US" xlink:label="lab_pnw_MaximumAssessmentPerReactorForEachNuclearIncident" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum Assessment Per Reactor for Each Nuclear Incident </link:label>
<link:label id="lab_pnw_MaximumAssessmentPerReactorForEachNuclearIncident_documentation_en-US" xlink:label="lab_pnw_MaximumAssessmentPerReactorForEachNuclearIncident" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents the maximum assessment per reactor under the program for each nuclear incident. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MaximumAssessmentPerReactorForEachNuclearIncident" xlink:href="pnw-20201231.xsd#pnw_MaximumAssessmentPerReactorForEachNuclearIncident"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MaximumAssessmentPerReactorForEachNuclearIncident" xlink:to="lab_pnw_MaximumAssessmentPerReactorForEachNuclearIncident" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_def77940-1bf2-4996-a3fb-4bc72e4e7fea_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Abstract] </link:label>
<link:label id="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments and Hedging Activities Disclosure [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:to="lab_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PublicUtilitiesProgramTerm_acd17046-c824-4a75-9e89-42c481f2372e_terseLabel_en-US" xlink:label="lab_pnw_PublicUtilitiesProgramTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Program term </link:label>
<link:label id="lab_pnw_PublicUtilitiesProgramTerm_label_en-US" xlink:label="lab_pnw_PublicUtilitiesProgramTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Program Term </link:label>
<link:label id="lab_pnw_PublicUtilitiesProgramTerm_documentation_en-US" xlink:label="lab_pnw_PublicUtilitiesProgramTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Program Term </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PublicUtilitiesProgramTerm" xlink:href="pnw-20201231.xsd#pnw_PublicUtilitiesProgramTerm"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PublicUtilitiesProgramTerm" xlink:to="lab_pnw_PublicUtilitiesProgramTerm" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_cfa2c9f4-2700-4e87-b976-be778c2c0279_negatedLabel_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Unrealized Losses </link:label>
<link:label id="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax_label_en-US" xlink:label="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:to="lab_us-gaap_AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds_cde42199-53b7-4130-a70f-234c99eebcbc_negatedTerseLabel_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other special use funds </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds_label_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Other Special Use Funds </link:label>
<link:label id="lab_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds_documentation_en-US" xlink:label="lab_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Tax Liabilities, Other Special Use Funds </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds" xlink:href="pnw-20201231.xsd#pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds" xlink:to="lab_pnw_DeferredTaxLiabilitiesOtherSpecialUseFunds" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeLineItems_ceb34689-1248-48f9-9b92-ccc39c2c9252_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>
<link:label id="lab_us-gaap_DerivativeLineItems_label_en-US" xlink:label="lab_us-gaap_DerivativeLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeLineItems" xlink:to="lab_us-gaap_DerivativeLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ArizonaAttorneyGeneralSettlementMember_8fd51649-0ed2-4a1c-a5eb-40deac35e466_terseLabel_en-US" xlink:label="lab_pnw_ArizonaAttorneyGeneralSettlementMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Attorney General Settlement </link:label>
<link:label id="lab_pnw_ArizonaAttorneyGeneralSettlementMember_label_en-US" xlink:label="lab_pnw_ArizonaAttorneyGeneralSettlementMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Attorney General Settlement [Member] </link:label>
<link:label id="lab_pnw_ArizonaAttorneyGeneralSettlementMember_documentation_en-US" xlink:label="lab_pnw_ArizonaAttorneyGeneralSettlementMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Attorney General Settlement </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ArizonaAttorneyGeneralSettlementMember" xlink:href="pnw-20201231.xsd#pnw_ArizonaAttorneyGeneralSettlementMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ArizonaAttorneyGeneralSettlementMember" xlink:to="lab_pnw_ArizonaAttorneyGeneralSettlementMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantInterestsLineItems_e3863cb8-68ff-4eda-9f06-1c5b531b4d5a_terseLabel_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantInterestsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interests in jointly-owned facilities </link:label>
<link:label id="lab_us-gaap_JointlyOwnedUtilityPlantInterestsLineItems_label_en-US" xlink:label="lab_us-gaap_JointlyOwnedUtilityPlantInterestsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Jointly Owned Utility Plant Interests [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_JointlyOwnedUtilityPlantInterestsLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_JointlyOwnedUtilityPlantInterestsLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_JointlyOwnedUtilityPlantInterestsLineItems" xlink:to="lab_us-gaap_JointlyOwnedUtilityPlantInterestsLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_a69a248d-d0fc-48fa-b8ce-28b70f1fae5a_verboseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Gross long-term debt </link:label>
<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_99024172-b87c-45c4-a1cb-dc67f187804a_totalLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total </link:label>
<link:label id="lab_us-gaap_DebtInstrumentCarryingAmount_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Long-term Debt, Gross </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DebtInstrumentCarryingAmount" xlink:to="lab_us-gaap_DebtInstrumentCarryingAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_48dbb340-184c-433d-9196-574981151666_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Changes in judgment </link:label>
<link:label id="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions_label_en-US" xlink:label="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:to="lab_us-gaap_UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized_06186fcc-cbf5-41f8-8068-9483f668facc_terseLabel_en-US" xlink:label="lab_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percent likelihood largest tax benefit amount is realized (greater than) </link:label>
<link:label id="lab_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized_label_en-US" xlink:label="lab_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax, Percentage Likelihood Largest Tax Benefit Amount is Realized </link:label>
<link:label id="lab_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized_documentation_en-US" xlink:label="lab_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax, Percentage Likelihood Largest Tax Benefit Amount is Realized </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized" xlink:href="pnw-20201231.xsd#pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized" xlink:to="lab_pnw_IncomeTaxPercentageLikelihoodLargestTaxBenefitAmountisRealized" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_ddccc69f-92b5-4d66-af00-429b91c0ffdd_negatedLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in other long-term assets </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Other Operating Assets </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="lab_us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock_ccd94055-1f1f-4cd7-a19c-77459671a6ae_terseLabel_en-US" xlink:label="lab_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of changes in the deferred fuel and purchased power regulatory asset </link:label>
<link:label id="lab_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock_label_en-US" xlink:label="lab_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Deferred Fuel and Purchased Power Regulatory Asset (Liability) [Table Text Block] </link:label>
<link:label id="lab_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock_documentation_en-US" xlink:label="lab_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Tabular disclosure of the changes in the deferred fuel and purchased power regulatory asset (liability) of regulated entities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock" xlink:href="pnw-20201231.xsd#pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock" xlink:to="lab_pnw_ScheduleOfDeferredFuelAndPurchasedPowerRegulatoryAssetLiabilityTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax_94339c0a-fa85-4d15-8e75-8f480ed09fd4_terseLabel_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Reclassification of net realized gain, tax expense </link:label>
<link:label id="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax_label_en-US" xlink:label="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax" xlink:to="lab_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationTax" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2021Member_13466d00-adf5-4adf-87c0-ae63a93d9530_terseLabel_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2021Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2021 </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2021Member_label_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2021Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2021 [Member] </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2021Member_documentation_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2021Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2021 </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DemandSideManagementAdjustorCharge2021Member" xlink:href="pnw-20201231.xsd#pnw_DemandSideManagementAdjustorCharge2021Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DemandSideManagementAdjustorCharge2021Member" xlink:to="lab_pnw_DemandSideManagementAdjustorCharge2021Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_5dae682f-9f62-4d02-a01a-7a7ec5bb97c6_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum borrowing capacity on credit facility upon satisfaction of certain conditions and consent of lenders </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Maximum Borrowing Capacity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="lab_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AwardTypeAxis_8c224481-b151-4cb3-bd48-291f46855a37_terseLabel_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
<link:label id="lab_us-gaap_AwardTypeAxis_label_en-US" xlink:label="lab_us-gaap_AwardTypeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Axis] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AwardTypeAxis" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardTypeAxis"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AwardTypeAxis" xlink:to="lab_us-gaap_AwardTypeAxis" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_08cc6a15-99db-49e7-b295-0d97dde1254a_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-average assumptions used to determine net periodic benefit costs </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:to="lab_us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_92247184-0992-45ee-aa5d-38da2b134d2c_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Weighted-Average Grant-Date Fair Value </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueRollForward" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PaloVerdeEstrella500KVSystemMember_142dbe84-7e9e-4f99-b82e-8db6242131a9_terseLabel_en-US" xlink:label="lab_pnw_PaloVerdeEstrella500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde — Rudd 500kV System </link:label>
<link:label id="lab_pnw_PaloVerdeEstrella500KVSystemMember_label_en-US" xlink:label="lab_pnw_PaloVerdeEstrella500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Palo Verde Estrella 500kV System [Member] </link:label>
<link:label id="lab_pnw_PaloVerdeEstrella500KVSystemMember_documentation_en-US" xlink:label="lab_pnw_PaloVerdeEstrella500KVSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Palo Verde - Estrella 500KV System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PaloVerdeEstrella500KVSystemMember" xlink:href="pnw-20201231.xsd#pnw_PaloVerdeEstrella500KVSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PaloVerdeEstrella500KVSystemMember" xlink:to="lab_pnw_PaloVerdeEstrella500KVSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_5db203b1-c3fe-4947-bfcc-95f729ed9469_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CommercialPaper_f653f7b5-70b9-4f01-8549-e5a8fe4655a2_terseLabel_en-US" xlink:label="lab_us-gaap_CommercialPaper" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial paper </link:label>
<link:label id="lab_us-gaap_CommercialPaper_label_en-US" xlink:label="lab_us-gaap_CommercialPaper" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commercial Paper </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommercialPaper" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommercialPaper"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CommercialPaper" xlink:to="lab_us-gaap_CommercialPaper" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations_fea433e2-c440-4f3f-9ac1-ead618851b76_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of years to ultimate trend rate (pre-65 participants) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Participant, Period after which Rate Reaches Ultimate Trend Rate, used in Calculating Benefit Obligations </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Pre-65 Participant, Period after which Rate Reaches Ultimate Trend Rate, used in Calculating Benefit Obligation </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations" xlink:to="lab_pnw_DefinedBenefitPlanPre65ParticipantPeriodafterwhichRateReachesUltimateTrendRateusedinCalculatingBenefitObligations" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ScheduleOfRegulatoryMattersTable_365c92fd-7cb0-4bb0-a97c-50687d725ec5_terseLabel_en-US" xlink:label="lab_pnw_ScheduleOfRegulatoryMattersTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Matters [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfRegulatoryMattersTable_label_en-US" xlink:label="lab_pnw_ScheduleOfRegulatoryMattersTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Regulatory Matters [Table] </link:label>
<link:label id="lab_pnw_ScheduleOfRegulatoryMattersTable_documentation_en-US" xlink:label="lab_pnw_ScheduleOfRegulatoryMattersTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule providing information about regulatory matters relating to public utilities. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ScheduleOfRegulatoryMattersTable" xlink:href="pnw-20201231.xsd#pnw_ScheduleOfRegulatoryMattersTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ScheduleOfRegulatoryMattersTable" xlink:to="lab_pnw_ScheduleOfRegulatoryMattersTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_1973d0a1-8865-403e-9649-cb3b4014f871_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total fair value of shares vested </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_LitigationSettlementAmountAwardedToCustomers_52e5a9ca-f298-44f0-9675-a92e94ac0b23_terseLabel_en-US" xlink:label="lab_pnw_LitigationSettlementAmountAwardedToCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Settlement amount returned to customers </link:label>
<link:label id="lab_pnw_LitigationSettlementAmountAwardedToCustomers_label_en-US" xlink:label="lab_pnw_LitigationSettlementAmountAwardedToCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Settlement, Amount Awarded to Customers </link:label>
<link:label id="lab_pnw_LitigationSettlementAmountAwardedToCustomers_documentation_en-US" xlink:label="lab_pnw_LitigationSettlementAmountAwardedToCustomers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Settlement, Amount Awarded to Customers </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_LitigationSettlementAmountAwardedToCustomers" xlink:href="pnw-20201231.xsd#pnw_LitigationSettlementAmountAwardedToCustomers"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_LitigationSettlementAmountAwardedToCustomers" xlink:to="lab_pnw_LitigationSettlementAmountAwardedToCustomers" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_RetainedEarningsMember_0200053b-eac9-4701-876b-e7b459c8c740_verboseLabel_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings </link:label>
<link:label id="lab_us-gaap_RetainedEarningsMember_label_en-US" xlink:label="lab_us-gaap_RetainedEarningsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Retained Earnings [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_RetainedEarningsMember" xlink:to="lab_us-gaap_RetainedEarningsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts_ee88c219-2c42-441e-98c9-1ef4ea498786_terseLabel_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Initial post-65 health care cost trend rate (as a percent) </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts_label_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Post-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year, Used in Calculating Benefit Costs </link:label>
<link:label id="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts_documentation_en-US" xlink:label="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Post-65 Health Care Cost Trend Rate Assumed for Next Fiscal Year, Used in Calculating Benefit Costs </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:href="pnw-20201231.xsd#pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:to="lab_pnw_DefinedBenefitPlanPost65HealthCareCostTrendRateAssumedforNextFiscalYearUsedinCalculatingBenefitCosts" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate_41f7c6a6-1c23-433a-956d-79df52ecdcb6_verboseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Estimated cash flow revisions </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Revision of Estimate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationRevisionOfEstimate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:to="lab_us-gaap_AssetRetirementObligationRevisionOfEstimate" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ArizonaAttorneyGeneralAbstract_f6b1eda2-8431-4b66-9bb9-ec3815351c7e_terseLabel_en-US" xlink:label="lab_pnw_ArizonaAttorneyGeneralAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Attorney General [Abstract] </link:label>
<link:label id="lab_pnw_ArizonaAttorneyGeneralAbstract_label_en-US" xlink:label="lab_pnw_ArizonaAttorneyGeneralAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Attorney General [Abstract] </link:label>
<link:label id="lab_pnw_ArizonaAttorneyGeneralAbstract_documentation_en-US" xlink:label="lab_pnw_ArizonaAttorneyGeneralAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Arizona Attorney General </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ArizonaAttorneyGeneralAbstract" xlink:href="pnw-20201231.xsd#pnw_ArizonaAttorneyGeneralAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ArizonaAttorneyGeneralAbstract" xlink:to="lab_pnw_ArizonaAttorneyGeneralAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems_9aa9310b-d046-4c6a-80f9-7e6b720f915e_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Utility Plant and Depreciation [Line Items] </link:label>
<link:label id="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems_label_en-US" xlink:label="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utility, Property, Plant and Equipment [Line Items] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems" xlink:to="lab_us-gaap_PublicUtilityPropertyPlantAndEquipmentLineItems" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_04a95853-776a-4704-b043-0936d185e2a7_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of net periodic benefit costs and the portion of these costs charged to expense (including administrative costs and excluding amounts capitalized as overhead construction, billed to electric plant participants or charged or amortized to the regulatory asset) </link:label>
<link:label id="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Net Benefit Costs [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfNetBenefitCostsTableTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:to="lab_us-gaap_ScheduleOfNetBenefitCostsTableTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_3db3a95f-3e75-45be-bb77-445210e516a3_totalLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net cash flow used for investing activities </link:label>
<link:label id="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Cash Provided by (Used in) Investing Activities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="lab_us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncreaseDecreaseInRegulatoryLiabilities_02eaab24-26fa-4e8c-a0fb-9b883505361e_terseLabel_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInRegulatoryLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Change in long-term regulatory liabilities </link:label>
<link:label id="lab_us-gaap_IncreaseDecreaseInRegulatoryLiabilities_label_en-US" xlink:label="lab_us-gaap_IncreaseDecreaseInRegulatoryLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Increase (Decrease) in Regulatory Liabilities </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInRegulatoryLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInRegulatoryLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncreaseDecreaseInRegulatoryLiabilities" xlink:to="lab_us-gaap_IncreaseDecreaseInRegulatoryLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2020Member_bf59ddac-f009-4cb4-808f-1c43f1d472ec_terseLabel_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2020 </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2020Member_label_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2020Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2020 [Member] </link:label>
<link:label id="lab_pnw_DemandSideManagementAdjustorCharge2020Member_documentation_en-US" xlink:label="lab_pnw_DemandSideManagementAdjustorCharge2020Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Demand Side Management Adjustor Charge 2020 [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_DemandSideManagementAdjustorCharge2020Member" xlink:href="pnw-20201231.xsd#pnw_DemandSideManagementAdjustorCharge2020Member"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_DemandSideManagementAdjustorCharge2020Member" xlink:to="lab_pnw_DemandSideManagementAdjustorCharge2020Member" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_5bbfab24-ca4d-469e-9166-77572fd7d3cd_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>
<link:label id="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Award Type [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities_2a2a8913-b423-4cb6-84ad-d1eccc7d7f23_negatedLabel_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current liability </link:label>
<link:label id="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities_label_en-US" xlink:label="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liability, Defined Benefit Plan, Current </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:to="lab_us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_71fc2055-0b18-4db1-8446-686c1571bdbc_terseLabel_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate </link:label>
<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_cebb6f07-0f9a-4795-be63-13d1d3214cef_verboseLabel_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate debt </link:label>
<link:label id="lab_us-gaap_CorporateDebtSecuritiesMember_label_en-US" xlink:label="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Corporate Debt Securities [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CorporateDebtSecuritiesMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CorporateDebtSecuritiesMember" xlink:to="lab_us-gaap_CorporateDebtSecuritiesMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_494eaa9d-bb6d-42b7-b8ac-1018d36362f0_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Aggregate fair value of derivative instruments in a net liability position </link:label>
<link:label id="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue_label_en-US" xlink:label="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Net Liability Position, Aggregate Fair Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeNetLiabilityPositionAggregateFairValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:to="lab_us-gaap_DerivativeNetLiabilityPositionAggregateFairValue" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash_9c1b2977-0638-49ac-a16c-9dc3b3de81c8_terseLabel_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Number of granted awards to be settled in cash (in shares) </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash_label_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Number of Granted Units to be Settled in Cash </link:label>
<link:label id="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash_documentation_en-US" xlink:label="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Number of Awards to be Settled in Cash </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash" xlink:href="pnw-20201231.xsd#pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash" xlink:to="lab_pnw_SharebasedCompensationArrangementbySharebasedPaymentAwardEquityInstrumentsOtherthanOptionsNumberofGrantedUnitstobeSettledinCash" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LitigationStatusDomain_9fb2d76f-d163-41bb-914c-2c7a59c5672b_terseLabel_en-US" xlink:label="lab_us-gaap_LitigationStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Domain] </link:label>
<link:label id="lab_us-gaap_LitigationStatusDomain_label_en-US" xlink:label="lab_us-gaap_LitigationStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Litigation Status [Domain] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LitigationStatusDomain" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LitigationStatusDomain"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LitigationStatusDomain" xlink:to="lab_us-gaap_LitigationStatusDomain" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_79a31a13-3ff3-4d37-8565-1a867c3184c5_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Commitment fees (as a percent) </link:label>
<link:label id="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage_label_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Line of Credit Facility, Unused Capacity, Commitment Fee Percentage </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:to="lab_us-gaap_LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment_428051d5-854f-4852-960c-bd2b7270a34b_terseLabel_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Percentage of fully transferable shares of stock in that participant may receive cash </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment_label_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement, Percentage of Fully Transferable Shares of Stock in which Election to Receive Payment May be Made by Participants, Option to Receive Cash Payment </link:label>
<link:label id="lab_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment_documentation_en-US" xlink:label="lab_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Share Based Compensation Arrangement, Percentage of Fully Transferable Shares of Stock in which Election to Receive Payment May be Made by Participants, Option to Receive Cash Payment </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment" xlink:href="pnw-20201231.xsd#pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment" xlink:to="lab_pnw_ShareBasedCompensationArrangementPercentageofFullyTransferableSharesofStockinwhichElectiontoReceivePaymentMaybeMadebyParticipantsOptiontoReceiveCashPayment" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity_6c59cdcf-c7c6-4ce8-b1bb-3059ed5b5461_terseLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for equity funds used during construction (Note 1) </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity_ec47a8b1-e932-4e4d-b91a-59b8406be362_negatedLabel_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Allowance for equity funds used during construction </link:label>
<link:label id="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity_label_en-US" xlink:label="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity" xlink:to="lab_us-gaap_PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_TreasuryStockValue_93b9c725-fe25-4fa9-ad57-6645a44b344c_negatedLabel_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury stock at cost; 72,006 shares at end of 2020 and 103,546 shares at end of 2019 </link:label>
<link:label id="lab_us-gaap_TreasuryStockValue_label_en-US" xlink:label="lab_us-gaap_TreasuryStockValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Treasury Stock, Value </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TreasuryStockValue"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_TreasuryStockValue" xlink:to="lab_us-gaap_TreasuryStockValue" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_EarningsPerShareTextBlock_d0aeddf1-62bd-4230-a36d-5268cf048ebe_terseLabel_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share </link:label>
<link:label id="lab_us-gaap_EarningsPerShareTextBlock_label_en-US" xlink:label="lab_us-gaap_EarningsPerShareTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Earnings Per Share [Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_EarningsPerShareTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_us-gaap_EarningsPerShareTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_483bd3b4-a77b-4a79-9fbf-27627fdcebdb_terseLabel_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Benefits </link:label>
<link:label id="lab_us-gaap_PensionPlansDefinedBenefitMember_label_en-US" xlink:label="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pension Plan [Member] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PensionPlansDefinedBenefitMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PensionPlansDefinedBenefitMember" xlink:to="lab_us-gaap_PensionPlansDefinedBenefitMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_InterestExpenseAbstract_7e551b8e-fa46-41b8-ba20-ed50af1251d1_terseLabel_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> INTEREST EXPENSE </link:label>
<link:label id="lab_us-gaap_InterestExpenseAbstract_label_en-US" xlink:label="lab_us-gaap_InterestExpenseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Interest Expense [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_InterestExpenseAbstract" xlink:to="lab_us-gaap_InterestExpenseAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount_7e8adedf-eb89-49ae-85c9-bc63a3fa7d85_terseLabel_en-US" xlink:label="lab_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Maximum loss exposure to the VIE's noncontrolling equity participants during lease extension period </link:label>
<link:label id="lab_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount_label_en-US" xlink:label="lab_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Entity Maximum Loss Exposure to Noncontrolling Interests During Lease Extension Period, Amount </link:label>
<link:label id="lab_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount_documentation_en-US" xlink:label="lab_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Variable Interest Entity, Entity Maximum Loss Exposure to Noncontrolling Interests During Lease Extension Period, Amount </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:href="pnw-20201231.xsd#pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:to="lab_pnw_VariableInterestEntityEntityMaximumLossExposuretoNoncontrollingInterestsDuringLeaseExtensionPeriodAmount" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_47b29e61-851d-462f-81a2-008009c35355_terseLabel_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Discount rate (as a percent) </link:label>
<link:label id="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_label_en-US" xlink:label="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:to="lab_us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract_aa8fb53a-ef95-488e-b8d4-f2582887c9e0_terseLabel_en-US" xlink:label="lab_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> DEFERRED CREDITS AND OTHER </link:label>
<link:label id="lab_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract_db24c28d-925a-448b-91e1-f1a2f326c45e_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred credits and other </link:label>
<link:label id="lab_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract_label_en-US" xlink:label="lab_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Deferred Credits and Other Liabilities [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract" xlink:to="lab_us-gaap_DeferredCreditsAndOtherLiabilitiesAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_PollutionControlBondsMember_7d61a318-0ca8-4e54-ba70-7c5968f1f1e4_terseLabel_en-US" xlink:label="lab_pnw_PollutionControlBondsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Total Pollution Control Bonds </link:label>
<link:label id="lab_pnw_PollutionControlBondsMember_label_en-US" xlink:label="lab_pnw_PollutionControlBondsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Pollution Control Bonds [Member] </link:label>
<link:label id="lab_pnw_PollutionControlBondsMember_documentation_en-US" xlink:label="lab_pnw_PollutionControlBondsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> A debt security issued by a state, certain agencies or authorities, a local government, or development corporation to finance the construction of air- or water-pollution control facilities or sewage or solid waste disposal facilities pursuant to federal law. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_PollutionControlBondsMember" xlink:href="pnw-20201231.xsd#pnw_PollutionControlBondsMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_PollutionControlBondsMember" xlink:to="lab_pnw_PollutionControlBondsMember" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_NetMeteringMember_f03e5694-3f47-497a-883c-9d47d2310a0b_terseLabel_en-US" xlink:label="lab_pnw_NetMeteringMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Metering </link:label>
<link:label id="lab_pnw_NetMeteringMember_label_en-US" xlink:label="lab_pnw_NetMeteringMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Net Metering [Member] </link:label>
<link:label id="lab_pnw_NetMeteringMember_documentation_en-US" xlink:label="lab_pnw_NetMeteringMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents information pertaining to the proposed solution to the ACC to fix the cost shift brought by current net metering rules. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_NetMeteringMember" xlink:href="pnw-20201231.xsd#pnw_NetMeteringMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_NetMeteringMember" xlink:to="lab_pnw_NetMeteringMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_LiabilitiesCurrentAbstract_a3460ec8-e16b-44a7-93ca-4c47e96dbaa3_terseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> CURRENT LIABILITIES </link:label>
<link:label id="lab_us-gaap_LiabilitiesCurrentAbstract_607028bd-fbe9-4554-bfdf-685cf529fc35_verboseLabel_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Current liabilities </link:label>
<link:label id="lab_us-gaap_LiabilitiesCurrentAbstract_label_en-US" xlink:label="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Liabilities, Current [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesCurrentAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_us-gaap_LiabilitiesCurrentAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock_842bdbc4-4fdc-4d2f-95e6-ebee88b4ac18_terseLabel_en-US" xlink:label="lab_us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> APS's interests in jointly-owned facilities recorded on the Consolidated Balance Sheets </link:label>
<link:label id="lab_us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock_label_en-US" xlink:label="lab_us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Schedule of Jointly Owned Utility Plants [Table Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock" xlink:to="lab_us-gaap_ScheduleOfJointlyOwnedUtilityPlantsTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_AssetRetirementObligationAccretionExpense_5202d9a8-c840-44df-b4eb-52c8838d0b2e_terseLabel_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationAccretionExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Accretion expense </link:label>
<link:label id="lab_us-gaap_AssetRetirementObligationAccretionExpense_label_en-US" xlink:label="lab_us-gaap_AssetRetirementObligationAccretionExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Asset Retirement Obligation, Accretion Expense </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetRetirementObligationAccretionExpense" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetRetirementObligationAccretionExpense"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_AssetRetirementObligationAccretionExpense" xlink:to="lab_us-gaap_AssetRetirementObligationAccretionExpense" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_MorganPinnaclePeakSystemMember_c93c4b92-eaad-4c51-a336-ced333392bb5_terseLabel_en-US" xlink:label="lab_pnw_MorganPinnaclePeakSystemMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan — Pinnacle Peak System </link:label>
<link:label id="lab_pnw_MorganPinnaclePeakSystemMember_label_en-US" xlink:label="lab_pnw_MorganPinnaclePeakSystemMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Morgan Pinnacle Peak System [Member] </link:label>
<link:label id="lab_pnw_MorganPinnaclePeakSystemMember_documentation_en-US" xlink:label="lab_pnw_MorganPinnaclePeakSystemMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Represents Morgan-Pinnacle Peak System, a jointly-owned transmission facility of the entity. </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_MorganPinnaclePeakSystemMember" xlink:href="pnw-20201231.xsd#pnw_MorganPinnaclePeakSystemMember"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_MorganPinnaclePeakSystemMember" xlink:to="lab_pnw_MorganPinnaclePeakSystemMember" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_IncomeTaxContingencyTable_d396108e-97b7-4280-ad75-8e2213141836_terseLabel_en-US" xlink:label="lab_us-gaap_IncomeTaxContingencyTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Contingency [Table] </link:label>
<link:label id="lab_us-gaap_IncomeTaxContingencyTable_label_en-US" xlink:label="lab_us-gaap_IncomeTaxContingencyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Income Tax Contingency [Table] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxContingencyTable" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxContingencyTable"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_IncomeTaxContingencyTable" xlink:to="lab_us-gaap_IncomeTaxContingencyTable" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_33d09440-55eb-44c7-9307-b19d24b8d169_terseLabel_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Standards </link:label>
<link:label id="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_label_en-US" xlink:label="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> New Accounting Pronouncements, Policy [Policy Text Block] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_ProceedsFromLinesOfCredit_bb911ad3-09a1-4853-a5cc-3515a09618fc_terseLabel_en-US" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Short-term debt borrowings under revolving credit facility </link:label>
<link:label id="lab_us-gaap_ProceedsFromLinesOfCredit_label_en-US" xlink:label="lab_us-gaap_ProceedsFromLinesOfCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Proceeds from Lines of Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromLinesOfCredit" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromLinesOfCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProceedsFromLinesOfCredit" xlink:to="lab_us-gaap_ProceedsFromLinesOfCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNetAbstract_a695bd57-4ebb-4f99-8476-ccc9f4c43d0d_terseLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative Instruments Not Designated as Cash Flows Hedges </link:label>
<link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNetAbstract_label_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Derivative, Gain (Loss) on Derivative, Net [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNetAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNetAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_DerivativeGainLossOnDerivativeNetAbstract" xlink:to="lab_us-gaap_DerivativeGainLossOnDerivativeNetAbstract" xlink:type="arc" order="1"/>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit_ac63835c-ef35-43da-a404-2325ee123269_terseLabel_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Additional bill credit for delinquent limited income customers </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit_label_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Additional Bill Credit </link:label>
<link:label id="lab_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit_documentation_en-US" xlink:label="lab_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Regulatory Matters, Customer Support Fund, Additional Bill Credit </link:label>
<link:loc xlink:type="locator" xlink:label="loc_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit" xlink:href="pnw-20201231.xsd#pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit" xlink:to="lab_pnw_RegulatoryMattersCustomerSupportFundAdditionalBillCredit" xlink:type="arc" order="1"/>
<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_185596e2-e121-4107-b8bf-26d50f8a04cd_terseLabel_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>
<link:label id="lab_us-gaap_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xmlns:xml="http://www.w3.org/XML/1998/namespace" xml:lang="en-US"> Statement of Financial Position [Abstract] </link:label>
<link:loc xlink:type="locator" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract"/>
<link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_us-gaap_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
</link:labelLink>
</link:linkbase>

11 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/27/24  Pinnacle West Capital Corp.       10-K       12/31/23  147:25M
 6/28/23  Arizona Public Service Co.        424B2                  2:578K                                   Toppan Merrill/FA
 6/27/23  Arizona Public Service Co.        424B3                  1:558K                                   Toppan Merrill/FA
 2/27/23  Pinnacle West Capital Corp.       10-K       12/31/22  146:28M
11/07/22  Arizona Public Service Co.        424B2                  2:573K                                   Toppan Merrill/FA
11/04/22  Arizona Public Service Co.        424B3                  1:531K                                   Toppan Merrill/FA
 2/25/22  Pinnacle West Capital Corp.       10-K       12/31/21  150:28M
 8/12/21  Arizona Public Service Co.        424B2                  1:540K                                   Toppan Merrill/FA
 8/11/21  Arizona Public Service Co.        424B3                  1:539K                                   Toppan Merrill/FA
 6/03/21  Pinnacle West Capital Corp.       S-8         6/03/21    4:138K
 3/04/21  Pinnacle West Capital Corp.       S-3ASR      3/04/21   12:633K                                   Toppan Merrill/FA

74 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/11/20  Pinnacle West Capital Corp.       8-K:9       9/08/20   17:728K
 6/16/20  Pinnacle West Capital Corp.       8-K:9       6/10/20   17:610K
 5/22/20  Pinnacle West Capital Corp.       8-K:9       5/19/20   17:706K
 5/08/20  Pinnacle West Capital Corp.       10-Q        3/31/20   90:14M
 2/25/20  Pinnacle West Capital Corp.       8-K:5,9     2/19/20   13:633K
 2/21/20  Pinnacle West Capital Corp.       10-K       12/31/19  144:30M
11/20/19  Pinnacle West Capital Corp.       8-K:9      11/18/19   17:701K
 8/16/19  Pinnacle West Capital Corp.       8-K:9       8/12/19   17:700K
 5/01/19  Pinnacle West Capital Corp.       10-Q        3/31/19   92:14M
 2/28/19  Pinnacle West Capital Corp.       8-K:9       2/26/19    6:405K
 8/03/18  Pinnacle West Capital Corp.       10-Q        6/30/18   91:21M
 2/23/18  Pinnacle West Capital Corp.       10-K12/31/17  138:27M
 9/11/17  Pinnacle West Capital Corp.       8-K:9       9/06/17    6:415K
 8/03/17  Pinnacle West Capital Corp.       10-Q        6/30/17   85:13M
 6/20/17  Pinnacle West Capital Corp.       8-K:8,9     6/20/17    2:717K
 5/02/17  Pinnacle West Capital Corp.       10-Q        3/31/17   81:16M
 3/31/17  Pinnacle West Capital Corp.       DEF 14A     5/17/17    1:4.3M                                   Toppan Merrill-FA
 2/24/17  Pinnacle West Capital Corp.       10-K12/31/16  138:27M
 9/20/16  Pinnacle West Capital Corp.       8-K:9       9/15/16    6:412K
 5/06/16  Pinnacle West Capital Corp.       8-K:9       5/03/16    6:488K                                   Toppan Merrill/FA
 2/19/16  Pinnacle West Capital Corp.       10-K       12/31/15  137:27M
11/06/15  Pinnacle West Capital Corp.       8-K:9      11/03/15    6:415K
10/30/15  Pinnacle West Capital Corp.       10-Q        9/30/15   87:13M
 5/19/15  Pinnacle West Capital Corp.       8-K:9       5/14/15    6:406K
 2/20/15  Pinnacle West Capital Corp.       10-K12/31/14  146:38M
 7/31/14  Pinnacle West Capital Corp.       10-Q        6/30/14   98:26M                                    Toppan Merrill/FA
 5/02/14  Pinnacle West Capital Corp.       10-Q        3/31/14   94:19M                                    Toppan Merrill/FA
 2/21/14  Pinnacle West Capital Corp.       10-K12/31/13  148:38M                                    Toppan Merrill/FA
 2/22/13  Arizona Public Service Co.        10-K12/31/12  140:39M                                    Toppan Merrill/FA
 5/22/12  Arizona Public Service Co.        8-K:5,9     5/16/12    3:147K                                   Toppan Merrill/FA
 5/03/12  Arizona Public Service Co.        10-Q        3/31/12   93:19M                                    Toppan Merrill/FA
 3/29/12  Pinnacle West Capital Corp.       DEF 14A     5/16/12    1:2.3M                                   Toppan Merrill-FA
 2/24/12  Arizona Public Service Co.        10-K       12/31/11  143:50M                                    Toppan Merrill/FA
 4/29/11  Arizona Public Service Co.        10-Q        3/31/11   52:5.9M                                   Donnelley … Solutions/FA
 2/18/11  Arizona Public Service Co.        10-K       12/31/10   68:13M                                    Donnelley … Solutions/FA
11/08/10  Arizona Public Service Co.        8-K:1,8,9  11/08/10    3:994K                                   Donnelley … Solutions/FA
 8/03/10  Arizona Public Service Co.        10-Q        6/30/10   49:5.5M                                   Donnelley … Solutions/FA
 5/06/10  Arizona Public Service Co.        10-Q        3/31/10   14:2.1M                                   Donnelley … Solutions/FA
 2/19/10  Arizona Public Service Co.        10-K       12/31/09   19:3.1M                                   Donnelley … Solutions/FA
 5/05/09  Arizona Public Service Co.        10-Q        3/31/09   14:899K                                   RR Donnelley
 2/20/09  Arizona Public Service Co.        10-K       12/31/08   19:2.3M                                   RR Donnelley
11/25/08  Pinnacle West Capital Corp.       S-3ASR     11/25/08    5:271K                                   RR Donnelley
 8/07/08  Pinnacle West Capital Corp.       10-Q        6/30/08   17:900K                                   Bowne - BPX/FA
 2/27/08  Arizona Public Service Co.        10-K       12/31/07   15:1.9M                                   Bowne - BPX/FA
11/06/07  Pinnacle West Capital Corp.       10-Q        9/30/07   14:908K                                   Bowne - BPX/FA
 5/09/07  Arizona Public Service Co.        10-Q        3/31/07   14:741K                                   Bowne - BPX/FA
 4/20/07  Arizona Public Service Co.        8-K:8,9     4/18/07    3:54K                                    RR Donnelley
 4/20/07  Pinnacle West Capital Corp.       DEF 14A     5/23/07    1:757K                                   RR Donnelley
 8/03/06  Arizona Public Service Co.        8-K:9       7/31/06    7:324K                                   Bowne - BPX/FA
 3/13/06  Arizona Public Service Co.        10-K       12/31/05   25:3.1M                                   Bowne - BPX/FA
 8/22/05  Arizona Public Service Co.        8-K:9       8/17/05    4:102K                                   Bowne - BPX/FA
 8/09/05  Arizona Public Service Co.        10-Q        6/30/05   15:1.2M                                   Bowne - BPX/FA
 3/16/05  Arizona Public Service Co.        10-K12/31/04   28:2.5M                                   Bowne - BPX/FA
 8/09/04  Pinnacle West Capital Corp.       8-K:7       6/23/04    2:78K                                    Bowne - BPX/FA
 3/15/04  Pinnacle West Capital Corp.       10-K       12/31/03   16:1.8M                                   Bowne - BPX/FA
 5/15/03  Pinnacle West Capital Corp.       10-Q        3/31/03    9:364K                                   Imperial Fin’l … Corp/FA
 5/09/03  Arizona Public Service Co.        8-K:7       5/07/03    7:139K                                   Imperial Fin’l … Corp/FA
 5/15/02  Pinnacle West Capital Corp.       10-Q        3/31/02    7:161K                                   Imperial Fin’l … Corp/FA
 3/14/01  Pinnacle West Capital Corp.       10-K       12/31/00   12:288K                                   Imperial Fin’l … Corp/FA
12/21/00  Pinnacle West Capital Corp.       S-3                    9:512K                                   Imperial Fin’l … Corp/FA
 8/14/00  Pinnacle West Capital Corp.       10-Q        6/30/00    3:92K                                    Imperial Fin’l … Corp/FA
 3/30/00  Pinnacle West Capital Corp.       10-K       12/31/99   21:332K                                   Imperial Fin’l … Corp/FA
11/15/99  Arizona Public Service Co.        10-Q        9/30/99    4:376K                                   Imperial Fin’l … Corp/FA
 6/26/98  Arizona Public Service Co.        8-K:5,7     5/19/98    3:34K                                    Imperial Fin’l … Corp/FA
 5/15/98  Pinnacle West Capital Corp.       10-Q        3/31/98    2:49K                                    Imperial Fin’l … Corp/FA
 1/16/98  Arizona Public Service Co.        8-K:7       1/13/98    6:280K                                   Imperial Fin’l … Corp/FA
 3/28/97  Arizona Public Service Co.        10-K405    12/31/96   13:337K                                   Imperial Fin’l … Corp/FA
11/22/96  Arizona Public Service Co.        8-K:7      11/19/96    7:507K                                   Imperial Fin’l … Corp/FA
 8/09/96  Arizona Public Service Co.        10-Q        6/30/96    4:50K                                    Imperial Fin’l … Corp/FA
 3/29/96  Arizona Public Service Co.        10-K405    12/31/95   15:379K                                   Imperial Fin’l … Corp/FA
 3/30/95  Arizona Public Service Co.        10-K405    12/31/94   14:361K                                   Imperial Fin’l … Corp/FA
 1/11/95  Arizona Public Service Co.        8-K:7       1/01/95    7:295K                                   Imperial Fin’l … Corp/FA
11/10/94  Arizona Public Service Co.        10-Q        9/30/94    5:52K                                    Imperial Fin’l … Corp/FA
 3/30/94  Arizona Public Service Co.        10-K       12/31/93   14:453K                                   Imperial Fin’l … Corp/FA
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