|                                                            TEXAS-NEW MEXICOPOWER COMPANY | Exhibit 12.3                                                                                                                                                    |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Ratio of Earnings to Fixed Charges                                                                                                                                                                                                                                                                                                                                                              |                                                                                                                                                            |
| (In thousands, except ratio)                                                                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   | Year Ended December 31, |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            | Nine Months Ending                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            | September 30, 2009                                                                                                                                              |   | 2008 |   | 2007 |   | 2006 |   | 2005 |   | 2004 |   |   |
| Fixed charges, as defined by the Securities and Exchange                                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest on long-term debt (including interest capitalized)                                                                                                                                                                                                                                                                                                                                     |  $             15,159                                                                     |   |   $     12,427 |   | $     22,394 |   |    $ 25,728 |   |  $  25,727 |   |  $  25,855 |   |   |
| Amortization of debt premium, discount and expenses                                                                                                                                                                                                                                                                                                                                             |                        2,658                 |   |             1,504 |   |         1,925 |   |       1,695 |   | 2,111 |   | 2,522 |   |   |
| Other interest (including interest capitalized)                                                                                                                                                                                                                                                                                                                                                 |                        3,207                 |   |             5,434 |   |         1,129 |   |       1,646 |   |         179 |   |         442 |   |   |
| Estimated interest factor of lease rental charges                                                                                                                                                                                                                                                                                                                                               |                           374 |   |                571 |   |            844 |   |          367 |   | 377 |   | 279 |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Fixed Charges                                                                                                                                                                                                                                                                                                                                                                             |  $             21,398                                                                     |   |  $     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                                                                                                                                                                                                                                                                                                                                         |  $             15,604                                                                     |   |  $       2,335 |   |  $     29,055 |   |  $   17,905 |   |  $  25,183 |   | $  66,117 |   |   |
| Fixed charges as above                                                                                                                                                                                                                                                                                                                                                                          |                      21,398                            |   |            19,936 |   |       26,292 |   |     29,436 |   |    28,394 |   |     29,098 |   |   |
| Interest capitalized                                                                                                                                                                                                                                                                                                                                                                            |                       (1,013)                     |   |            (1,025) |   |          (332) |   |        (209) |   |       (200) |   |        (370) |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings Available for Fixed Charges                                                                                                                                                                                                                                                                                                                                                            |  $             35,989                                                                     |   |  $     21,246 |   |  $    55,015 |   |  $   47,132 |   |  $  53,377 |   | $  94,845 |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                                                                                                                                                                                                                                                                                                                                              | 1.68                                                                                                                                                            |   | 1.07 |   | 2.09 |   | 1.60 |   | 1.88 |   | 3.26 |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |

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