| |  |                                |  |             
| |  | ------------------------------ |  | ------------
| |  | TEXAS-NEW MEXICO POWER COMPANY |  | Exhibit 12.3

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                                    |  | $                             | 14,515 |                         | $    | 25,609  |      | $ | 17,861  |  | $    | 23,523 |  | $ | 27,374 |  | $ | 25,906
|Amortization of debt premium, discount and expenses                  |  |                               | 1,366  |                         |      | 3,355   |      |   | 1,504   |  |      | 1,925  |  |   | 1,695  |  |   | 2,111 
|Estimated interest factor of lease rental charges                    |  |                               | 588    |                         |      | 831     |      |   | 571     |  |      | 844    |  |   | 367    |  |   | 377   
|                                                                     |  |                               |        |                         |      |         |      |   |         |  |      |        |  |   |        |  |   |       
|                                                                     |  |                               |        |                         |      |        
|Total Fixed Charges                                                  |  | $                             | 16,469 |                         | $    | 29,795  |      | $ | 19,936  |  | $    | 26,292 |  | $ | 29,436 |  | $ | 28,394
|                                                                     |  |                               |        |                         |      |         |      |   |         |  |      |        |  |   |        |  |   |       
|                                                                     |  |                               |        |                         |      |        
|Earnings, as defined by the Securities and Exchange Commission:      |  |                               |        |                         |      |         |      |   |         |  |      |        |  |   |        |  |   |       
|                                                                     |  |                               |        |                         |      |        
|Earnings from continuing operations before income taxes              |  | $                             | 9,490  |                         | $    | 20,151  |      | $ | 2,335   |  | $    | 29,055 |  | $ | 17,905 |  | $ | 25,183
|Fixed charges as above                                               |  |                               | 16,469 |                         |      | 29,795  |      |   | 19,936  |  |      | 26,292 |  |   | 29,436 |  |   | 28,394
|Interest capitalized                                                 |  |                               | (59)   |                         |      | (1,144) |      |   | (1,025) |  |      | (332)  |  |   | (209)  |  |   | (200) 
|                                                                     |  |                               |        |                         |      |         |      |   |         |  |      |        |  |   |        |  |   |       
|                                                                     |  |                               |        |                         |      |        
|Earnings Available for Fixed Charges                                 |  | $                             | 25,900 |                         | $    | 48,802  |      | $ | 21,246  |  | $    | 55,015 |  | $ | 47,132 |  | $ | 53,377
|                                                                     |  |                               |        |                         |      |         |      |   |         |  |      |        |  |   |        |  |   |       
|                                                                     |  |                               |        |                         |      |        
|Ratio of Earnings to Fixed Charges                                   |  |                               | 1.57   |                         |      | 1.64    |      |   | 1.07    |  |      | 2.09   |  |   | 1.60   |  |   | 1.88  
|                                                                     |  |                               |        |                         |      |         |      |   |         |  |      |        |  |   |        |  |   |