Exhibit 12.2

Pinnacle West Capital Corporation
Computation Of Earnings To Fixed Charges
And Preferred Stock Dividend Requirements
(dollars in thousands)

	2007		2006		2005		2004		2003		2002
Earnings:
Income from continuing operations	$	301,132	$	317,143	$	223,163	$	246,590	$	225,384	$	236,563
Income taxes		152,447		156,418		126,892		136,142		102,202		152,145
Fixed charges		235,705		225,119		214,430		214,803		225,041		219,178
Total Earnings	$	689,284	$	698,680	$	564,485	$	597,535	$	552,627	$	607,886
Fixed Charges:
Interest charges	$	208,521	$	196,826	$	185,087	$	183,527	$	193,973	$	187,039
Estimated interest portion of annual rents		27,184		28,293		29,343		31,276		31,068		32,139
Total Fixed Charges	$	235,705	$	225,119	$	214,430	$	214,803	$	225,041	$	219,178
Preferred Stock Dividend
Requirements:
Income before income taxes	$	453,579	$	473,561	$	350,055	$	382,732	$	327,586	$	338,708
Net income from continuing operations		301,132		317,143		223,163		246,590		225,384		236,563
Ratio of income before income taxes to net income		1.506		1.493		1.569		1.552		1.453		1.643
Preferred stock dividends		—		—		—		—		—		—
Preferred Stock Dividend Requirements — Ratio (above) Times Preferred Stock Dividends	$	—	$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed charges	$	235,705	$	225,119	$	214,430	$	214,803	$	225,041	$	219,178
Preferred stock dividend requirements		—		—		—		—		—		—
Total Fixed Charges and Preferred Stock Dividend Requirements	$	235,705	$	225,119	$	214,430	$	214,803	$	225,041	$	219,178
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements (rounded down)		2.92		3.10		2.63		2.78		2.45		2.77