| TEXAS-NEW      MEXICO POWER COMPANY                              |
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| Ratio      of Earnings to Fixed Charges                          |
| (In      thousands, except ratio)                                |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   | Year      Ended December 31, |   |
|                                                             | Three      Months Ending |   |   |   |   |   |   |   |   |   |   |
|                                                             | 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) |  $                              1,012 |   |  $              12,427 |   |  $        22,394 |   |  $     25,728 |   |  $    25,727 |   |  $     25,855 |   |
| Amortization      of debt premium, discount and expenses         |                                  1,298 |   |                    1,504 |   |              1,925 |   |           1,695 |   | 2,111 |   | 2,522 |   |
| Other      interest (including interest capitalized)             |                                  2,314 |   |                    5,434 |   |              1,129 |   |           1,646 |   | 179 |   | 442 |   |
| Estimated      interest factor of lease rental charges           |                                     105 |   |                       571 |   |                 844 |   |              367 |   | 377 |   | 279 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Fixed Charges                                         |  $                              4,729 |   |  $              19,936 |   |  $        26,292 |   |  $     29,436 |   |  $    28,394 |   |  $     29,098 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings,      as defined by the Securities and Exchange         |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      from continuing operations before income taxes     |  $                              2,382 |   |  $                2,335 |   |  $        29,055 |   |  $     17,905 |   |  $    25,183 |   |  $     66,117 |   |
| Fixed      charges as above                                      |                                  4,729 |   |                  19,936 |   |            26,292 |   |         29,436 |   |        28,394 |   |         29,098 |   |
| Interest      capitalized                                        |                                    (529) |   |                   (1,025) |   |                (332) |   |             (209) |   |           (200) |   |             (370) |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      Available for Fixed Charges                        |  $                              6,582 |   |  $              21,246 |   |  $        55,015 |   |  $     47,132 |   |  $    53,377 |   |  $     94,845 |   |
|                                                             |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges                          | 1.39 |   | 1.07 |   | 2.09 |   | 1.60 |   | 1.88 |   | 3.26 |   |

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