Exhibit 12.3

PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

	Twelve Months Ended December 31,
	2009		2008		2007		2006		2005
Earnings:
Income from continuing operations attributable to common shareholders	$	82,006	$	231,304	$	300,436	$	308,972	$	223,933
Income taxes		37,827		76,897		152,006		151,122		127,361
Fixed charges		256,987		241,370		235,011		224,681		213,967
Total earnings	$	376,820	$	549,571	$	687,453	$	684,775	$	565,261
Fixed Charges:
Interest expense	$	233,859	$	215,684	$	207,827	$	196,388	$	184,624
Estimated interest portion of annual rents		23,128		25,686		27,184		28,293		29,343
Total fixed charges	$	256,987	$	241,370	$	235,011	$	224,681	$	213,967
Preferred Stock Dividend
Requirements:
Income before income taxes attributable to common shareholders	$	119,833	$	308,201	$	452,442	$	460,094	$	351,294
Net income from continuing operations attributable to common shareholders		82,006		231,304		300,436		308,972		223,933
Ratio of income before income taxes to net income		1.46		1.33		1.51		1.49		1.57
Preferred stock dividends		—		—				—		—
Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—	$	—	$		$	—	$	—
Fixed Charges and Preferred
Stock Dividend Requirements:
Fixed charges	$	256,987	$	241,370	$	235,011	$	224,681	$	213,967
Preferred stock dividend requirements		—		—		—		—		—
Total	$	256,987	$	241,370	$	235,011	$	224,681	$	213,967
Ratio of Earnings to Fixed Charges (rounded down)		1.46		2.27		2.92		3.04		2.64