|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   | Exhibit 12.2 |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------------|---------|
| PUBLIC SERVICE COMPANY OF NEW MEXICO                                                                                                                                          |   |
| Ratio of Earnings to Fixed Charges                                                                                                                                            |   |
| (In thousands, except ratio)                                                                                                                                                  |   |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |
|                                                                                                                                                                          |   | Year Ended December 31, |    |
|                                                                                                                                                                          |   | 2009                    |    |   | 2008   |   |    | 2007   |   |   | 2006    |   |   | 2005         |    |
| Fixed charges, as defined by the Securities and Exchange                                                                                                                      |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |
| Commission:                                                                                                                                                                   |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |
| Interest on long-term debt (including interest capitalized)                                                                                                                   |   | $                       | 70,575  |   |   | $      | 58,003  |   |   | $      | 42,272  |   |   | $            | 42,487  |   |   | $ | 40,462 |   |
| Amortization of debt premium, discount and expenses                                                                                                                           |   |                    | 1,336   |   |   |   | 4,345   |   |   |   | 4,618   |   |   |         | 2,871   |   |   |   | 2,856 |   |
| Other interest (including interest capitalized)                                                                                                                               |   |                    | 2,529   |   |   |   | 14,424  |   |   |   | 15,773  |   |   |         | 6,892   |   |   |   | 3,980 |   |
| Interest from discontinued operations (including capitalized interest)                                                                                                        |   |                    | 1,027   |   |   |   | 13,758  |   |   |   | 12,546  |   |   |         | 11,790  |   |   |   | 10,658 |   |
| Estimated interest factor of lease rental charges                                                                                                                             |   |                    | 4,517   |   |   |   | 4,553   |   |   |   | 4,661   |   |   |         | 4,337   |   |   |   | 4,588 |   |
|      Total Fixed Charges                                                                                                                             |   | $                       | 79,984  |   |   | $      | 95,083  |   |   | $      | 79,870  |   |   | $            | 68,377  |   |   | $ | 62,544 |   |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| Earnings, as defined by the Securities and Exchange                                                                                                                           |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| Commission:                                                                                                                                                                   |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| Earnings from continuing operations before income taxes and non-controlling interest                                                                                          |   | $                       | 45,627  |   |   | $      | (69,324 | )      |   | $      | 34,611  |   |   | $            | 89,657  |   |   | $ | 51,034 |   |
| Fixed charges as above                                                                                                                                                        |   |                    | 79,984  |   |   |   | 95,083  |   |   |   | 79,870  |   |   |         | 68,377  |   |   |   | 62,544 |   |
| Non-controlling interest in earnings of Valencia                                                                                                                              |   |                    | (11,890 | )      |   |   | (7,179  | )      |   |   | -       |   |   |         | -       |   |   |   | - |   |
| Interest capitalized                                                                                                                                                          |   |                    | (6,067  | )      |   |   | (7,363  | )      |   |   | (10,033 | )      |   |         | (5,257  | ) |   |   | (3,512 | ) |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| Earnings Available for Fixed Charges                                                                                                                                          |   | $                       | 107,654 |   |   | $      | 11,217  | *      |   | $      | 104,448 |   |   | $            | 152,777 |   |   | $ | 110,066 |   |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                                                                                                                            |   |                    | 1.35    |   |   |   | 0.12    |   |   |   | 1.31    |   |   |         | 2.23    |   |   |   | 1.76 |   |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
|                                                                                                                                                                          |   |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |
| * The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008. |   |
|                                                                                                                                                                          |   |                    |    |   |   |   |    |   |   |   |    |   |   |         |    |   |   |   |   |   |

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