| TEXAS-NEW      MEXICO POWER COMPANY                           |   |
|---------------------------------------------------------------|--------|
| Ratio      of Earnings to Fixed Charges                       |   |
| (In      thousands, except ratio)                             |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   | Year      Ended December 31, |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   | 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |
| Fixed      charges, as defined by the Securities and Exchange |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      on long-term debt                               |   | $ | 12,416 |   |   | $ | 22,364 |   |   | $ | 25,728 |   |   | $ | 25,727 |   |   | $ | 25,855 |   |
| Amortization      of debt premium, discount and expenses      |   |   | 1,504 |   |   |   | 1,925 |   |   |   | 1,695 |   |   |   | 2,111 |   |   |   | 2,522 |   |
| Other      interest                                           |   |   | 4,420 |   |   |   | 827 |   |   |   | 1,437 |   |   |   | (21 | ) |   |   | 72 |   |
| Estimated      interest factor of lease rental charges        |   |   | 571 |   |   |   | 844 |   |   |   | 367 |   |   |   | 377 |   |   |   | 279 |   |
| Interest      capitalized                                     |   |   | 1,025 |   |   |   | 332 |   |   |   | 209 |   |   |   | 200 |   |   |   | 370 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Fixed Charges                                      |   | $ | 19,936 |   |   | $ | 26,292 |   |   | $ | 29,436 |   |   | $ | 28,394 |   |   | $ | 29,098 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings,      as defined by the Securities and Exchange      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from continuing operations before income taxes  |   | $ | 2,335 |   |   | $ | 29,055 |   |   | $ | 17,905 |   |   | $ | 25,183 |   |   | $ | 66,117 |   |
| Fixed      charges as above                                   |   |   | 19,936 |   |   |   | 26,292 |   |   |   | 29,436 |   |   |   | 28,394 |   |   |   | 29,098 |   |
| Interest      capitalized                                     |   |   | (1,025 | ) |   |   | (332 | ) |   |   | (209 | ) |   |   | (200 | ) |   |   | (370 | ) |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      Available for Fixed Charges                     |   | $ | 21,246 |   |   | $ | 55,015 |   |   | $ | 47,132 |   |   | $ | 53,377 |   |   | $ | 94,845 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                       |   |   | 1.07 |   |   |   | 2.09 |   |   |   | 1.60 |   |   |   | 1.88 |   |   |   | 3.26 |   |
|                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----