Exhibit 12.3

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

	Three Months
	Ended
	March 31,			Twelve Months Ended December 31,
	2011			2010		2009		2008		2007		2006
Earnings:
Income (loss) from continuing operations attributable to common shareholders	$	(14,795	)	$	330,435	$	233,349	$	260,840	$	283,370	$	265,320
Income taxes		(5,649	)		164,321		136,506		95,544		142,330		123,915
Fixed charges		62,361			248,664		241,568		224,453		213,531		203,899
Total earnings	$	41,917		$	743,420	$	611,423	$	580,837	$	639,231	$	593,134
Fixed Charges:
Interest expense	$	61,077		$	244,174	$	237,527	$	219,916	$	209,354	$	200,411
Estimated interest portion of annual rents		1,284			4,490		4,041		4,537		4,177		3,488
Total fixed charges	$	62,361		$	248,664	$	241,568	$	224,453	$	213,531	$	203,899
Preferred Stock Dividend Requirements:
Income (loss) before income taxes attributable to common shareholders	$	(20,444	)	$	494,756	$	369,855	$	356,384	$	425,700	$	389,235
Net income (loss) from continuing operations attributable to common shareholders		(14,795	)		330,435		233,349		260,840		283,370		265,320
Ratio of income before income taxes to net income		1.38			1.50		1.58		1.37		1.50		1.47
Preferred stock dividends		—			—		—		—		—		—
Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—		$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	62,361		$	248,664	$	241,568	$	224,453	$	213,531	$	203,899
Preferred stock dividend requirements		—			—		—		—		—		—
Total	$	62,361		$	248,664	$	241,568	$	224,453	$	213,531	$	203,899
Ratio of Earnings to Fixed Charges (rounded down)		0.67			2.98		2.53		2.58		2.99		2.90