Exhibit 12.2

PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
(Thousands of Dollars)

	Nine Months Ended
	September 30,
	2004		2003		2002		2001		2000		1999
Earnings:
Income from continuing Operations	$	205,900	$	225,803	$	236,563	$	327,367	$	302,332	$	269,772
Income Taxes		117,574		102,473		152,145		213,535		194,200		141,592
Fixed Charges		168,291		235,407		219,178		211,958		202,804		194,070
Total	$	491,765	$	563,683	$	607,886	$	752,860	$	699,336	$	605,434
Fixed Charges:
Interest Expense		144,645		204,339		187,039		175,822		166,447		157,142
Estimated Interest Portion of Annual Rents		23,646		31,068		32,139		36,136		36,357		36,928
Total	$	168,291	$	235,407	$	219,178	$	211,958	$	202,804	$	194,070
Preferred Stock Dividend Requirements:
Income before income taxes	$	323,474	$	328,276	$	388,708	$	540,902	$	496,532	$	411,364
Net income from continuing operations		205,900		225,803		236,563		327,367		302,332		269,772
Ratio of income before income taxes to net income		1.571		1.453		1.643		1.652		1.642		1.525
Preferred stock dividends		—		—		—		—		—		1.016
Preferred stock dividend requirements – ratio (above) times preferred stock dividends		—		—		—		—		—		1.549
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed Charges	$	168,291	$	235,407	$	219,178	$	211,958	$	202,804	$	194,070
Preferred stock dividend requirements		—		—		—		—		—		1.549
Total		168,291		235,407		219,178		211,958		202,804		195,619
Ratio of Earnings to combined fixed charges and preferred stock dividend requirements (rounded down)		2.92		2.39		2.77		3.55		3.44		3.09