Exhibit 12.1

PINNACLE WEST CAPITAL CORPORATION

RATIO OF EARNINGS TO FIXED CHARGES

(dollars in thousands)

	Six Months Ended June 30,		Twelve Months Ended December 31,
	2014		2013		2012		2011		2010		2009
Earnings:
Income from continuing operations attributable to common shareholders	$	148,224	$	406,074	$	387,380	$	328,110	$	324,688	$	236,839
Income taxes	80,945		230,591		237,317		183,604		160,869		138,551
Fixed charges	108,480		206,089		219,437		246,462		248,664		241,807
Total earnings	$	337,649	$	842,754	$	844,134	$	758,176	$	734,221	$	617,197
Fixed Charges:
Interest expense	$	104,720	$	201,888	$	214,616	$	241,995	$	244,174	$	237,766
Estimated interest portion of annual rents	3,760		4,201		4,821		4,467		4,490		4,041
Total fixed charges	$	108,480	$	206,089	$	219,437	$	246,462	$	248,664	$	241,807
Ratio of Earnings to Fixed Charges (rounded down)	3.11		4.08		3.84		3.07		2.95		2.55

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