| |  |                                      |  |             
| |  | ------------------------------------ |  | ------------
| |  | PUBLIC SERVICE COMPANY OF NEW MEXICO |  | Exhibit 12.2

Ratio of
Earnings to Fixed Charges

(In thousands, except ratio)



|                                                                                     |  |                               |         |                         |      |          |  |      |          |      |  |      |          |  |   |         |  |   |        
|------------------------------------------------------------------------------------ |  | ----------------------------- | ------- | ----------------------- | ---- | -------- |  | ---- | -------- | ---- |  | ---- | -------- |  | - | ------- |  | - | -------
|                                                                                     |  | Six Months EndedJune 30,
2010 |         | Year Ended December 31,
|                                                                                     |  |                               | 2009    |                         | 2008 |          |  | 2007 |          | 2006 |  | 2005
|Fixed charges, as defined by the Securities and Exchange Commission:                 |  |                               |         |                         |      |          |  |      |          |      |  |      |          |  |   |         |  |   |        
|                                                                                     |  |                               |         |                         |      |         
|Interest expensed and capitalized                                                    |  | $                             | 37,362  |                         | $    | 73,104   |  | $    | 72,427   |      |  | $    | 58,045   |  | $ | 49,379  |  | $ | 44,442 
|Amortization of debt premium, discount and expenses                                  |  |                               | 652     |                         |      | 1,336    |  |      | 4,345    |      |  |      | 4,618    |  |   | 2,871   |  |   | 2,856  
|Interest from discontinued operations (including capitalized interest)               |  |                               | -       |                         |      | 1,027    |  |      | 13,758   |      |  |      | 12,546   |  |   | 11,790  |  |   | 10,658 
|Estimated interest factor of lease rental charges                                    |  |                               | 1,940   |                         |      | 4,517    |  |      | 4,553    |      |  |      | 4,661    |  |   | 4,337   |  |   | 4,588  
|                                                                                     |  |                               |         |                         |      |          |  |      |          |      |  |      |          |  |   |         |  |   |        
|Total Fixed Charges                                                                  |  | $                             | 39,954  |                         | $    | 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 |  | $                             | 28,567  |                         | $    | 45,627   |  | $    | (69,324) |      |  | $    | 34,611   |  | $ | 89,657  |  | $ | 51,034 
|Fixed charges as above                                                               |  |                               | 39,954  |                         |      | 79,984   |  |      | 95,083   |      |  |      | 79,870   |  |   | 68,377  |  |   | 62,544 
|Non-controlling interest in earnings of Valencia                                     |  |                               | (6,396) |                         |      | (11,890) |  |      | (7,179)  |      |  |      | -        |  |   | -       |  |   | -      
|Interest capitalized                                                                 |  |                               | (1,782) |                         |      | (6,067)  |  |      | (7,363)  |      |  |      | (10,033) |  |   | (5,257) |  |   | (3,512)
|                                                                                     |  |                               |         |                         |      |          |  |      |          |      |  |      |          |  |   |         |  |   |        
|                                                                                     |  |                               |         |                         |      |         
|Earnings Available for Fixed Charges                                                 |  | $                             | 60,343  |                         | $    | 107,654  |  | $    | 11,217   |      |  | $    | 104,448  |  | $ | 152,777 |  | $ | 110,066
|                                                                                     |  |                               |         |                         |      |          |  |      |          |      |  |      |          |  |   |         |  |   |        
|                                                                                     |  |                               |         |                         |      |         
|Ratio of Earnings to Fixed Charges                                                   |  |                               | 1.51    |                         |      | 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