| **                         PNM RESOURCES, INC. AND  SUBSIDIARIES** | **Exhibit 12.2** |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
| **Ratio of Earnings to Combined  Fixed Charges and Preferred Stock Dividends**                                                                                                             |
| **(1,000'S)**                                                                                                                                                                              |
|      |  |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |  |                         |  |  |  |  |  |  |
|------|--|--|--|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--|-------------------------|--|--|--|--|--|--|
| Line |  |  |  | YTD                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |   |  | Year Ended December 31, |
| No.  |  |  |  | 6/30/05   12/31/04
12/31/03
12/31/02
12/31/01
12/31/00
Fixed  charges, as defined by the Securities and Exchange Commission:
            
1

Interest  on Long-term Debt
$30,711   
 $  46,702

 $   59,429

 $   56,409

 $   62,716

 $    62,823

2

Amortization  of Debt Premium, Discount and Expenses
1,619   2,697
2,838

2,302

2,346 

2,037 

3

Other  Interest
2,377   2,319
5,423

2,859
(42) 

752 

4

Estimated  Interest Factor of Lease Rental Charges
10,138   
19,617

20,452

23,233
22,856 

19,716 
      
5

      Total Fixed Charges
44,845   
71,335

88,142

84,803

87,876 

85,328 

6

Preferred  dividend requirements
2,200   
572

586

586

586 

586 

7
Total  Fixed Charges and Preferred dividend  requirements
$47,045   
 $  71,907

 $   88,728

 $   85,389

 $  	88,462 

 $    85,914 
      
Earnings,  as defined by the Securities and Exchange Commission:
      
8

Consolidated  Net Earnings from Continuing Operations
$34,250   
 $  88,258 

 $  59,138 

 $ 	64,272 

 $150,433 

 $   100,946 

9

Income  Taxes
18,584   
49,247 

27,889 

33,032 

81,063 

74,345 

10

Add Fixed  Charges as Above
44,845   
71,335 

88,142 

84,803 

87,876 

85,328 

11

Earnings  Available for Fixed Charges
$97,679   
 $ 208,840 

 $  175,169 

 $182,107 

 $ 319,372 

 $ 	260,619 

12

Ratio for  Earnings to Fixed Charges
2.08   
2.90 

1.97 

2.13 

3.61 

3.03 |