Exhibit 12.3

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED

STOCK DIVIDEND REQUIREMENTS

(dollars in thousands)

	Nine Months Ended September 30,		Twelve Months Ended December 31,
	2014		2013		2012		2011		2010		2009
Earnings:
Income from continuing operations attributable to common shareholders	$	392,185	$	406,074	$	387,380	$	328,110	$	324,688	$	236,839
Income taxes	215,698		230,591		237,317		183,604		160,869		138,551
Fixed charges	158,086		206,089		219,437		246,462		248,664		241,807
Total earnings	$	765,969	$	842,754	$	844,134	$	758,176	$	734,221	$	617,197
Fixed Charges:
Interest expense	$	152,346	$	201,888	$	214,616	$	241,995	$	244,174	$	237,766
Estimated interest portion of annual rents	5,740		4,201		4,821		4,467		4,490		4,041
Total fixed charges	$	158,086	$	206,089	$	219,437	$	246,462	$	248,664	$	241,807
Preferred Stock Dividend Requirements:
Income before income taxes attributable to common shareholders	$	607,883	$	636,665	$	624,697	$	511,714	$	485,557	$	375,390
Net income from continuing operations attributable to common shareholders	392,185		406,074		387,380		328,110		324,688		236,839
Ratio of income before income taxes to net income	1.55		1.57		1.61		1.56		1.50		1.59
Preferred stock dividends	—		—		—		—		—		—
Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—	$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	158,086	$	206,089	$	219,437	$	246,462	$	248,664	$	241,807
Preferred stock dividend requirements	—		—		—		—		—		—
Total	$	158,086	$	206,089	$	219,437	$	246,462	$	248,664	$	241,807
Ratio of Earnings to Fixed Charges (rounded down)	4.84		4.08		3.84		3.07		2.95		2.55