| PUBLIC      SERVICE COMPANY OF NEW MEXICORatio      of Earnings to Fixed Charges(In      thousands, except ratio)                                                                                                                       | Exhibit      12.2                                             |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------|
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |                                                          |  Six      Months |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |                                                          |  Ended |   | Year      Ended December 31, |   |   |
|                                                                                                                                                                                                                                    |                                                          |  June      30, 2008 |   | 2007 |   | 2006 |   | 2005 |   | 2004 |   | 2003 |   |   |
|                                                                                                                                                                                                                                    | Fixed      charges, as defined by the Securities and Exchange |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Commission:                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Interest      on long-term debt                               |  $          25,297 |   |  $          38,534 |   |  $         40,541 |   |  $        39,408 |   |  $            36,801 |   |  $            48,067 |   |   |
|                                                                                                                                                                                                                                    | Amortization      of debt premium, discount and expenses      |                2,365 |   |                4,618 |   |               2,871 |   |              2,856 |   |                  3,036 |   |                  2,958 |   |   |
|                                                                                                                                                                                                                                    | Other      interest                                           |                4,155 |   |                9,799 |   |               3,956 |   |              1,921 |   |                  1,719 |   |                  3,859 |   |   |
|                                                                                                                                                                                                                                    | Estimated      interest factor of lease rental charges        |                7,995 |   |              16,630 |   |             16,448 |   |            16,954 |   |                16,406 |   |                17,007 |   |   |
|                                                                                                                                                                                                                                    | Interest      capitalized                                     |                   178 |   |                3,738 |   |               1,946 |   |              1,054 |   |                     752 |   |                     909 |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |      Total      Fixed Charges        |  $          39,990 |   |  $          73,319 |   |  $         65,762 |   |  $        62,193 |   |  $            58,714 |   |  $            72,800 |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Earnings,      as defined by the Securities and Exchange      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Commission:                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Earnings      before income taxes                             |  $        (88,633) |   |  $          34,611 |   |  $         89,657 |   |  $        51,034 |   |  $          114,690 |   |  $            74,400 |   |   |
|                                                                                                                                                                                                                                    | Fixed      charges as above                                   |              39,990 |   | 73,319 |   | 65,762 |   | 62,193 |   | 58,714 |   | 72,800 |   |   |
|                                                                                                                                                                                                                                    | Interest      capitalized                                     |                 (178) |   |               (3,738) |   |              (1,946) |   |            (1,054) |   |                   (752) |   |                   (909) |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Earnings      Available for Fixed Charges                     |  $        (48,821) |   |  $        104,192 |   |  $       153,473 |   |  $      112,173 |   |  $          172,652 |   |  $          146,291 |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                    | Ratio      of Earnings to Fixed Charges                       |           N/M | * | 1.42 |   | 2.33 |   | 1.80 |   | 2.94 |   | 2.01 |   |   |
|                                                                                                                                                                                                                                    |                                                          |   |   |   |   |   |   |   |   |   |   |   |   |          |
|        *      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 $88.8 million for the six months ended June 30,      2008.                                                                  |
|                                                                                                                                                                                                                                    |