Exhibit 12.3

Pinnacle West Capital Corporation
Computation of Earnings to Fixed Charges
and Preferred Stock Dividend Requirements
(dollar in thousands)

	Nine Months
	Ended September 30,		Twelve Months Ended December 31,
	2008		2007		2006		2005		2004		2003
Earnings:
Income From Continuing Operations	$	260,268	$	301,132	$	317,143	$	223,163	$	246,590	$	225,384
Income Taxes		92,489		152,447		156,418		126,892		136,142		102,202
Fixed Charges		177,057		235,705		225,119		214,430		214,803		225,041
Total Earnings	$	529,814	$	689,284	$	698,680	$	564,485	$	597,535	$	552,627
Fixed Charges:
Interest Charges	$	157,580	$	208,521	$	196,826	$	185,087	$	183,527	$	193,973
Estimated Interest Portion of Annual Rents		19,477		27,184		28,293		29,343		31,276		31,068
Total Fixed Charges	$	177,057	$	235,705	$	225,119	$	214,430	$	214,803	$	225,041
Preferred Stock Dividend Requirements:
Income Before Income Taxes	$	352,757	$	453,579	$	473,561	$	350,055	$	382,732	$	327,586
Net Income From Continuing Operations		260,268		301,132		317,143		223,163		246,590		225,384
Ratio of Income Before Income Taxes to Net Income		1.355		1.506		1.493		1.569		1.552		1.453
Preferred Stock Dividends		—		—		—		—		—		—
Preferred Stock Dividend Requriments — Ratio (above) Times Preferred Stock Dividends	$	—	$	—	$	—	$	—	$	—	$	—
Fixed Charges and Preferred Stock Dividend Requirements:
Fixed Charges	$	177,057	$	235,705	$	225,119	$	214,430	$	214,803	$	225,041
Preferred Stock Dividend Requirements		—		—		—		—		—		—
Total	$	177,057	$	235,705	$	225,119	$	214,430	$	214,803	$	225,041
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividend Requirements (rounded down)		2.99		2.92		3.10		2.63		2.78		2.45