Exhibit 12.3

PINNACLE WEST CAPITAL CORPORATION
COMPUTATION OF EARNINGS TO FIXED CHARGES
(dollars in thousands)

	Six Months Ended
	June 30,		Twelve Months Ended December 31,
	2010		2009		2008		2007		2006		2005
Earnings:
Income from continuing operations attributable to common shareholders	$	96,661	$	233,349	$	260,840	$	283,370	$	265,320	$	189,315
Income taxes		44,657		136,506		95,544		142,330		123,915		109,270
Fixed charges		123,355		241,568		224,453		213,531		203,899		201,276
Total earnings	$	264,673	$	611,423	$	580,837	$	639,231	$	593,134	$	499,861
Fixed Charges:
Interest expense	$	121,446	$	237,527	$	219,916	$	209,354	$	200,411	$	198,367
Estimated interest portion of annual rents		1,909		4,041		4,537		4,177		3,488		2,909
Total fixed charges	$	123,355	$	241,568	$	224,453	$	213,531	$	203,899	$	201,276
Preferred Stock Dividend Requirements:
Income before income taxes attributable to common shareholders	$	141,318	$	369,855	$	356,384	$	425,700	$	389,235	$	298,585
Net income from continuing operations attributable to common shareholders		96,661		233,349		260,840		283,370		265,320		189,315
Ratio of income before income taxes to net income		1.46		1.58		1.37		1.50		1.47		1.58
Preferred stock dividends		—		—		—		—		—		—
Preferred stock dividend requirements — ratio (above) times preferred stock dividends	$	—	$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	123,355	$	241,568	$	224,453	$	213,531	$	203,899	$	201,276
Preferred stock dividend requirements		—		—		—		—		—		—
Total	$	123,355	$	241,568	$	224,453	$	213,531	$	203,899	$	201,276
Ratio of Earnings to Fixed Charges (rounded down)		2.14		2.53		2.58		2.99		2.90		2.48