Exhibit 12.3

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED

STOCK DIVIDEND REQUIREMENTS

(dollars in thousands)

	Three Months Ended March 31,		Twelve Months Ended December 31,
	2016		2015		2014		2013		2012		2011
Earnings:
Income from continuing operations attributable to common shareholders	$	4,453	$	437,257	$	397,595	$	406,074	$	387,380	$	328,110
Income taxes	1,914		237,720		220,705		230,591		237,317		183,604
Fixed charges	53,072		202,465		208,226		206,089		219,437		246,462
Total earnings	$	59,439	$	877,442	$	826,526	$	842,754	$	844,134	$	758,176
Fixed Charges:
Interest expense	$	50,744	$	194,964	$	200,950	$	201,888	$	214,616	$	241,995
Estimated interest portion of annual rents	2,328		7,501		7,276		4,201		4,821		4,467
Total fixed charges	$	53,072	$	202,465	$	208,226	$	206,089	$	219,437	$	246,462
Preferred Stock Dividend Requirements:
Income before income taxes attributable to common shareholders	$	6,367	$	674,977	$	618,300	$	636,665	$	624,697	$	511,714
Net income from continuing operations attributable to common shareholders	4,453		437,257		397,595		406,074		387,380		328,110
Ratio of income before income taxes to net income	1.43		1.54		1.56		1.57		1.61		1.56
Preferred stock dividends	—		—		—		—		—		—
Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—	$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	53,072	$	202,465	$	208,226	$	206,089	$	219,437	$	246,462
Preferred stock dividend requirements	—		—		—		—		—		—
Total	$	53,072	$	202,465	$	208,226	$	206,089	$	219,437	$	246,462
Ratio of Earnings to Fixed Charges (rounded down)	1.11		4.33		3.96		4.08		3.84		3.07