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| Exhibit 12.4                                                                                                                                                                                                                                                                       |   |
| TEXAS-NEW MEXICO POWER COMPANY                                                                                                                                                                                                                                                     |
| Ratio of Earnings to Fixed Charges                                                                                                                                                                                                                                                 |
| (In thousands, except ratio)                                                                                                                                                                                                                                                       |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                               |   | Six Months Ended |   | Year Ended December 31, |
|                                                                                                                                                                                                                                                                               |   | June 30, 2011 |   | 2010 |   | 2009 |   | 2008 |   | 2007 |   | 2006 |
| Fixed charges, as defined by the Securities and Exchange Commission:                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expensed and capitalized                                                                                                                                                                                                                                                  |   | $ | 13,986 |  |   | $ | 28,632 |  |   | $ | 25,609 |  |   | $ | 17,861 |  |   | $ | 23,523 |  |   | $ | 27,374 |  |
| Amortization of debt premium, discount and expenses                                                                                                                                                                                                                                |   | 873 |  |   | 2,683 |  |   | 3,355 |  |   | 1,504 |  |   | 1,925 |  |   | 1,695 |  |
| Estimated interest factor of lease rental charges                                                                                                                                                                                                                                  |   | 660 |  |   | 1,246 |  |   | 831 |  |   | 571 |  |   | 844 |  |   | 367 |  |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Total Fixed Charges                                                                                                                                                                                                                                                                |   | $ | 15,519 |  |   | $ | 32,561 |  |   | $ | 29,795 |  |   | $ | 19,936 |  |   | $ | 26,292 |  |   | $ | 29,436 |  |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings, as defined by the Securities and Exchange Commission:                                                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from continuing operations before income taxes                                                                                                                                                                                                                            |   | $ | 13,390 |  |   | $ | 26,026 |  |   | $ | 20,151 |  |   | $ | 2,335 |  |   | $ | 29,055 |  |   | $ | 17,905 |  |
| Fixed charges as above                                                                                                                                                                                                                                                             |   | 15,519 |  |   | 32,561 |  |   | 29,795 |  |   | 19,936 |  |   | 26,292 |  |   | 29,436 |  |
| Interest capitalized                                                                                                                                                                                                                                                               |   | (255 | ) |   | (158 | ) |   | (1,144 | ) |   | (1,025 | ) |   | (332 | ) |   | (209 | ) |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings Available for Fixed Charges                                                                                                                                                                                                                                               |   | $ | 28,654 |  |   | $ | 58,429 |  |   | $ | 48,802 |  |   | $ | 21,246 |  |   | $ | 55,015 |  |   | $ | 47,132 |  |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                                                                                                                                                                                                                                 |   | 1.85 |  | 1  | 1.79 |  |   | 1.64 |  |   | 1.07 |  |   | 2.09 |  |   | 1.60 |  |
|                                                                                                                                                                                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |
| 1 Earnings from continuing operations before income taxes for the six months ended June 30, 2011 includes a pre-tax loss of $3.9 million due to the write-off of regulatory disallowances. If that loss were excluded, the Ratio of Earnings to Fixed Charges would have been 2.10 |
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