Exhibit 12.3

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED

STOCK DIVIDEND REQUIREMENTS

(dollars in thousands)

	Six Months Ended June 30,		Twelve Months Ended December 31,
	2015		2014		2013		2012		2011		2010
Earnings:
Income from continuing operations attributable to common shareholders	$	139,024	$	397,595	$	406,074	$	387,380	$	328,110	$	324,688
Income taxes	75,318		220,705		230,591		237,317		183,604		160,869
Fixed charges	100,580		208,226		206,089		219,437		246,462		248,664
Total earnings	$	314,922	$	826,526	$	842,754	$	844,134	$	758,176	$	734,221
Fixed Charges:
Interest expense	$	96,727	$	200,950	$	201,888	$	214,616	$	241,995	$	244,174
Estimated interest portion of annual rents	3,853		7,276		4,201		4,821		4,467		4,490
Total fixed charges	$	100,580	$	208,226	$	206,089	$	219,437	$	246,462	$	248,664
Preferred Stock Dividend Requirements:
Income before income taxes attributable to common shareholders	$	214,342	$	618,300	$	636,665	$	624,697	$	511,714	$	485,557
Net income from continuing operations attributable to common shareholders	139,024		397,595		406,074		387,380		328,110		324,688
Ratio of income before income taxes to net income	1.54		1.56		1.57		1.61		1.56		1.50
Preferred stock dividends	—		—		—		—		—		—
Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—	$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	100,580	$	208,226	$	206,089	$	219,437	$	246,462	$	248,664
Preferred stock dividend requirements	—		—		—		—		—		—
Total	$	100,580	$	208,226	$	206,089	$	219,437	$	246,462	$	248,664
Ratio of Earnings to Fixed Charges (rounded down)	3.13		3.96		4.08		3.84		3.07		2.95