| PUBLIC      SERVICE COMPANY OF NEW MEXICO                                           | Exhibit      12.3                                                                                                                                                                                                              |
|-------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ratio      of Earnings to Combined Fixed Charges and Preferred Stock      Dividends |
| (In      thousands, except ratio)                                                   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |  Six      Months |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |  Ended |   | Year      Ended December 31, |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |  June      30, 2008 |   | 2007 |   | 2006 |   | 2005 |   | 2004 |   | 2003 |   |   |
|                                                                                | Fixed      charges, as defined by the Securities and Exchange                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Commission:                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Interest      on long-term debt                                                                                                                                                                                                |   |  $                25,297 |   |  $               38,534 |   | $40,541 |   |  $        39,408 |   |  $            36,801 |   |  $            48,067 |   |   |
|                                                                                | Amortization      of debt premium, discount and expenses                                                                                                                                                                       |   |                      2,365 |   |                     4,618 |   |               2,871 |   | 2,856 |   | 3,036 |   | 2,958 |   |   |
|                                                                                | Other      interest                                                                                                                                                                                                            |   |                      4,155 |   |                     9,799 |   | 3,956 |   | 1,921 |   | 1,719 |   | 3,859 |   |   |
|                                                                                | Estimated      interest factor of lease rental charges                                                                                                                                                                         |   |                      7,995 |   |                   16,630 |   | 16,448 |   | 16,954 |   | 16,406 |   | 17,007 |   |   |
|                                                                                | Interest      capitalized                                                                                                                                                                                                      |   |                         178 |   |                     3,738 |   | 1,946 |   | 1,054 |   | 752 |   | 909 |   |   |
|                                                                                |      Total      Fixed Charges                                                                                                                                                                         |   |                    39,990 |   |                   73,319 |   | 65,762 |   | 62,193 |   | 58,714 |   | 72,800 |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Preferred      dividend requirements                                                                                                                                                                                           |   |                         316 |   |                        781 |   |                  815 |   |                 746 |   |                     891 |   |                     859 |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Total      Fixed Charges and Preferred Dividend Requirements                                                                                                                                                                   |   |  $                40,306 |   |  $               74,100 |   |  $         66,577 |   |  $        62,939 |   |  $            59,605 |   |  $            73,659 |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Earnings,      as defined by the Securities and Exchange                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Commission:                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Earnings      before income taxes                                                                                                                                                                                              |   |  $              (88,633) |   |  $               34,611 |   |  $         89,657 |   |  $        51,034 |   |  $          114,690 |   |  $            74,400 |   |   |
|                                                                                | Fixed      charges as above                                                                                                                                                                                                    |   |                    39,990 |   | 73,319 |   | 65,762 |   | 62,193 |   | 58,714 |   | 72,800 |   |   |
|                                                                                | Interest      capitalized                                                                                                                                                                                                      |   |                       (178) |   |                   (3,738) |   |              (1,946) |   |            (1,054) |   |                   (752) |   |                   (909) |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Earnings      Available for Fixed Charges                                                                                                                                                                                      |   |  $              (48,821) |   |  $             104,192 |   |  $       153,473 |   |  $      112,173 |   |  $          172,652 |   |  $          146,291 |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | Ratio      of Earnings to Fixed Charges and Preferred Stock Dividends                                                                                                                                                          | N/M | * | 1.41 |   | 2.31 |   | 1.78 |   | 2.90 |   | 1.99 |   |   |
|                                                                                |                                                                                                                                                                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                | *      The ratio of earnings to fixed charges for the six months ended June 30,      2008 is not meaningful since earnings available for fixed charges is      negative.  The shortfall in the earnings    available |
|                                                                                | for      fixed charges to achieve a ratio of earnings to fixed charges of 1.00      amounted to $89.1 million for the six months ended June 30,      2008.                                                                     |   |   |   |   |   |