Exhibit 12.1

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	2012		2011		2010		2009		2008
Earnings:
Income from continuing operations attributable to common shareholders	$	387,380	$	328,110	$	324,688	$	236,839	$	259,871
Income taxes	237,317		183,604		160,869		138,551		95,231
Fixed charges	219,437		246,462		248,664		241,807		224,760
Total earnings	$	844,134	$	758,176	$	734,221	$	617,197	$	579,862
Fixed Charges:
Interest expense	$	214,616	$	241,995	$	244,174	$	237,766	$	220,223
Estimated interest portion of annual rents	4,821		4,467		4,490		4,041		4,537
Total fixed charges	$	219,437	$	246,462	$	248,664	$	241,807	$	224,760
Ratio of Earnings to Fixed Charges (rounded down)	3.84		3.07		2.95		2.55		2.57