| PNM      RESOURCES, INC. AND SUBSIDIARIES |                                                                                                                                                                                                                           |                                                                                                                                                                  |   | Exhibit      12.1                                                                                                                       |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
| Ratio      of Earnings to Fixed Charges   |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |
| (In      thousands, except ratio)         |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                           | Six      Months Ended                                                                                                                                                 |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                           | June      30,                                                                                                                                                         |   | Year      Ended December 31,                                                                                                            |   |   |
|                                      |                                                                                                                                                                                                                           | 2008                                                                                                                                                                  |   | 2007                                                                                                                                    |   | 2006 |   | 2005 |   | 2004 |   | 2003 |   |   |
|                                      | Fixed      charges, as defined by the Securities and Exchange                                                                                                                                                                  |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | Commission:                                                                                                                                                                                                                    |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | Interest      on long-term debt                                                                                                                                                                                                |  $                   43,105                                       |   |  $              81,638                                       |   |  $         84,773 |   |  $        66,042 |   |  $            34,488 |   |  $            48,483 |   |   |
|                                      | Amortization      of debt premium, discount and expenses                                                                                                                                                                       |                         3,547                 |   |                    6,566                 |   |               4,729 |   |              3,962 |   |                  3,036 |   |                  2,990 |   |   |
|                                      | Other      interest                                                                                                                                                                                                            |                       13,293                            |   |                  32,242                            |   |             44,918 |   |            13,734 |   |                  1,976 |   |                  3,922 |   |   |
|                                      | Estimated      interest factor of lease rental charges                                                                                                                                                                         |                         9,156                 |   |                  19,308                            |   |             19,235 |   |            19,934 |   |                18,843 |   |                19,568 |   |   |
|                                      | Interest      capitalized                                                                                                                                                                                                      |                            280 |   |                    4,119                 |   |               2,982 |   |              1,421 |   |                     957 |   |                  1,163 |   |   |
|                                      | Preferred      dividend requirements of subsidiaries                                                                                                                                                                           |                            328 |   |                       556 |   |                  798 |   |              4,063 |   |                     881 |   |                     845 |   |   |
|                                      |      Total      Fixed Charges                                                                                                                                                                         |  $                   69,709                                       |   |  $            144,429                                                  |   |  $       157,435 |   |  $      109,156 |   |  $            60,181 |   |  $            76,971 |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings,      as defined by the Securities and Exchange                                                                                                                                                                       |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | Commission:                                                                                                                                                                                                                    |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings      from continuing operations before income taxes                                                                                                                                                                   |  $               (269,597)                                                            |   |  $              63,112                                       |   |  $       164,018 |   |  $        76,502 |   |  $          107,060 |   |  $            68,267 |   |   |
|                                      | (Earnings)      of equity investee                                                                                                                                                                                             |                       27,606                            |   |                   (7,581)                     |   |                     - |   |                    - |   |                       - |   |                       - |   |   |
|                                      | Earnings      from continuing operations before income taxes and  investee      earnings                                                                                                                             |                   (241,991)                                                 |   |                  55,531                            |   |           164,018 |   |            76,502 |   |              107,060 |   |                68,267 |   |   |
|                                      | Fixed      charges as above                                                                                                                                                                                                    |                       69,709                            |   | 144,429                                                                                                                                 |   | 157,435 |   | 109,156 |   | 60,181 |   | 76,971 |   |   |
|                                      | Interest      capitalized                                                                                                                                                                                                      |                          (280)           |   |                   (4,119)                     |   |              (2,982) |   |            (1,421) |   |                   (957) |   |                (1,163) |   |   |
|                                      | Preferred      dividend requirements of subsidiaries                                                                                                                                                                           |                          (328)           |   | (556)                                                                                                                                   |   | (798) |   | (4,063) |   | (881) |   | (845) |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings      Available for Fixed Charges                                                                                                                                                                                      |  $               (172,890)                                                            |   |  $            195,285                                                  |   |  $       317,673 |   |  $      180,174 |   |  $          165,403 |   |  $          143,230 |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | Ratio      of Earnings to Fixed Charges                                                                                                                                                                                        | N/M*                                                                                                                                                                  |   | 1.35                                                                                                                                    |   | 2.02 |   | 1.65 |   | 2.75 |   | 1.86 |   |   |
|                                      |                                                                                                                                                                                                                           |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |
|                                      | *      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 $242.6 million for the six months ended June 30,      2008.                                                                    |                                                                                                                                                                  |   |                                                                                                                                    |   |   |   |   |   |