Exhibit 12.3

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED

STOCK DIVIDEND REQUIREMENTS

(dollars in thousands)

	Six Months Ended June 30,		Twelve Months Ended December 31,
	2018		2017		2016		2015		2014		2013
Earnings:
Net income attributable to common shareholders	$	169,959	$	488,456	$	442,034	$	437,257	$	397,595	$	406,074
Income taxes	42,774		258,272		236,411		237,720		220,705		230,591
Fixed charges	124,628		228,377		213,973		202,465		208,226		206,089
Total earnings	$	337,361	$	975,105	$	892,418	$	877,442	$	826,526	$	842,754
Fixed Charges:
Interest expense	$	119,662	$	219,796	$	205,720	$	194,964	$	200,950	$	201,888
Estimated interest portion of annual rents	4,966		8,581		8,253		7,501		7,276		4,201
Total fixed charges	$	124,628	$	228,377	$	213,973	$	202,465	$	208,226	$	206,089
Preferred Stock Dividend Requirements:
Income before income taxes attributable to common shareholders	$	212,733	$	746,728	$	678,445	$	674,977	$	618,300	$	636,665
Net income from continuing operations attributable to common shareholders	169,959		488,456		442,034		437,257		397,595		406,074
Ratio of income before income taxes to net income	1.25		1.53		1.53		1.54		1.56		1.57
Preferred stock dividends	—		—		—		—		—		—
Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—	$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	124,628	$	228,377	$	213,973	$	202,465	$	208,226	$	206,089
Preferred stock dividend requirements	—		—		—		—		—		—
Total	$	124,628	$	228,377	$	213,973	$	202,465	$	208,226	$	206,089
Ratio of Earnings to Fixed Charges (rounded down)	2.70		4.26		4.17		4.33		3.96		4.08