| **                        TEXAS-NEW	MEXICO POWER COMPANY** | **Exhibit 12.3** |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|
| **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
$12,864   
 $ 	25,855

 $   25,279

 $   18,300

 $   24,001

 $    35,231

2

Amortization  of Debt Premium, Discount and Expenses
1,262   2,522
2,781

2,171

2,440

4,954

3

Other  Interest
33   308
1,523

1,549
856
529

4

Estimated  Interest Factor of Lease Rental Charges
238   
357

347

560
879

806
      
5

      Total Fixed Charges
14,397   
29,043

29,929

22,580

28,175

41,519

6

Preferred  dividend requirements
0   
0

0

0

0
38
7
Total  Fixed Charges and Preferred dividend  requirements
$14,397   
 $  29,043

 $   29,929

 $   22,580

 $ 	28,175

 $    41,557
      
Earnings,  as defined by the Securities and Exchange Commission:
      
8

Consolidated  Net Earnings from Continuing Operations
$11,807   
 $ 	46,643

	 $  25,282

 $ 	36,131

 $ 	52,134 

 $   41,957

9

Income  Taxes
6,340   26,39113,70519,16626,62622,981
10

Add Fixed  Charges as Above
14,397   29,04329,92922,58028,17541,519
11

Earnings  Available for Fixed Charges
$32,544   $102,077$ 68,916$ 77,877$106,935$106,457
12

Ratio for  Earnings to Fixed Charges
2.26   3.512.303.453.802.56 |