| TEXAS-NEW MEXICO POWER COMPANY                           |   |
|----------------------------------------------------------|--------|
| Ratio of Earnings to Fixed Charges                       |   |
| (In thousands, except ratio)                             |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   | Three Months Ended |   |   | Year Ended December 31, |   |
|                                                     |   | March 31, 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| Fixed charges, as defined by the Securities and Exchange |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expensed and capitalized                        |   | $ | 7,211 |   |   | $ | 25,609 |   |   | $ | 17,861 |   |   | $ | 23,523 |   |   | $ | 27,374 |   |
| Amortization of debt premium, discount and expenses      |   |   | 683 |   |   |   | 3,355 |   |   |   | 1,504 |   |   |   | 1,925 |   |   |   | 1,695 |   |
| Estimated interest factor of lease rental charges        |   |   | 147 |   |   |   | 831 |   |   |   | 571 |   |   |   | 844 |   |   |   | 367 |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Fixed Charges                                      |   | $ | 8,041 |   |   | $ | 29,795 |   |   | $ | 19,936 |   |   | $ | 26,292 |   |   | $ | 29,436 |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings, as defined by the Securities and Exchange      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from continuing operations before income taxes  |   | $ | 2,719 |   |   | $ | 20,151 |   |   | $ | 2,335 |   |   | $ | 29,055 |   |   | $ | 17,905 |   |
| Fixed charges as above                                   |   |   | 8,041 |   |   |   | 29,795 |   |   |   | 19,936 |   |   |   | 26,292 |   |   |   | 29,436 |   |
| Interest capitalized                                     |   |   | (25 | ) |   |   | (1,144 | ) |   |   | (1,025 | ) |   |   | (332 | ) |   |   | (209 | ) |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings Available for Fixed Charges                     |   | $ | 10,735 |   |   | $ | 48,802 |   |   | $ | 21,246 |   |   | $ | 55,015 |   |   | $ | 47,132 |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                       |   |   | 1.34 |   |   |   | 1.64 |   |   |   | 1.07 |   |   |   | 2.09 |   |   |   | 1.60 |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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