| PUBLIC      SERVICE COMPANY OF NEW MEXICO |                                                                                                                                                                                                       |
|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ratio      of Earnings to Fixed Charges   |                                                                                                                                                                                                       |   |
| (In      thousands, except ratio)         |                                                                                                                                                                                                       |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                       | Three      Months ended |   | Year      Ended December 31, |   |   |
|                                      |                                                                                                                                                                                                       | March      31, 2009 |   |  2008 |   | 2007 |   | 2006 |   | 2005 |   | 2004 |   |   |
|                                      | Fixed      charges, as defined by the Securities and Exchange                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Commission:                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Interest      on long-term debt (including interest capitalized)                                                                                                                                           |  $                        17,178 |   |  $                    58,003 |   |  $          42,272 |   |  $         42,487 |   |  $        40,462 |   |  $            37,553 |   |   |
|                                      | Amortization      of debt premium, discount and expenses                                                                                                                                                   |                                 558 |   |                          4,345 |   |                4,618 |   |               2,871 |   |              2,856 |   |                  3,036 |   |   |
|                                      | Other      interest (including interest capitalized)                                                                                                                                                       |                              1,373 |   |                        14,424 |   |              15,773 |   |               6,892 |   |              3,980 |   |                  3,125 |   |   |
|                                      | Estimated      interest factor of lease rental charges                                                                                                                                                     |                              3,386 |   |                        15,720 |   |              16,630 |   |             16,448 |   |            16,954 |   |                16,406 |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |      Total      Fixed Charges                                                                                                                                                     |  $                        22,495 |   |  $                    92,492 |   |  $          79,293 |   |  $         68,698 |   |  $        64,252 |   |  $            60,120 |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings,      as defined by the Securities and Exchange                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Commission:                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings      from continuing operations before income taxes and non-controlling      interest                                                                                                             |  $                         (5,692) |   |  $                  (69,324) | * |  $          34,611 |   |  $         89,657 |   |  $        51,034 |   |  $          114,690 |   |   |
|                                      | Fixed      charges as above                                                                                                                                                                                |                            22,495 |   |                        92,492 |   | 79,293 |   | 68,698 |   | 64,252 |   | 60,120 |   |   |
|                                      | Non-controlling      interest in earnings of Valencia                                                                                                                                                      |                             (2,579) |   |                        (7,179) |   |        - |   |        - |   |        - |   |        - |   |   |
|                                      | Interest      capitalized                                                                                                                                                                                  |                             (1,902) |   |                        (6,815) |   |               (9,712) |   |              (4,882) |   |            (3,113) |   |                (2,158) |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings      Available for Fixed Charges                                                                                                                                                                  |  $                        12,322 | *** |  $                      9,174 | ** |  $        104,192 |   |  $       153,473 |   |  $      112,173 |   |  $          172,652 |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Ratio      of Earnings to Fixed Charges                                                                                                                                                                    | 0.55 |   | 0.10 |   | 1.31 |   | 2.23 |   | 1.75 |   | 2.87 |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | *      The presentation of non-controlling interest in earnings of Valencia was      changed effective January 1, 2009 in accordance with SFAS      160.  The 2008 presentation has been changed |
|                                      | to      be consistent with 2009.  There is no impact on periods prior to      2008.                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | **      The shortfall in the earnings available for fixed charges to achieve a      ratio of earnings to fixed charges of 1.00 amounted to $83.3 million for      the year ended December 31, 2008.        |
|                                      |                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | ***      The shortfall in the earnings available for fixed charges to achieve a      ratio of earnings to fixed charges of 1.00 amounted to $10.2 million for      the three months ended March 31,2009.   |

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