|                      PUBLIC SERVICE COMPANY OF NEW MEXICO     | Exhibit 12.2                                                                                                                                                                                            |                                                                                                                                                        |
|---------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                     Ratio of Earnings to Fixed Charges             |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |
|                        (In thousands, except ratio) |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        | Nine Months Ended |   | Year Ended December 31, |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        | September 30, 2009 |   |  2008 |   | 2007 |   | 2006 |   | 2005 |   | 2004 |   |   |
|                                                                                                                                                    | Fixed charges, as defined by the Securities and Exchange                                                                                                                                                |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Commission:                                                                                                                                                                                             |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Interest on long-term debt (including interest capitalized)                                                                                                                                             |  $                    52,878                       |   |  $                    58,003 |   |  $          42,272 |   |  $         42,487 |   |  $        40,462 |   |  $            37,553 |   |   |
|                                                                                                                                                    | Amortization of debt premium, discount and expenses                                                                                                                                                     |                          1,010 |   |                          4,345 |   |                4,618 |   |               2,871 |   |              2,856 |   |                  3,036 |   |   |
|                                                                                                                                                    | Other interest (including interest capitalized)                                                                                                                                                         |                                                                                                                                                        |                          1,952 |   |                        14,424 |   |              15,773 |   |               6,892 |   |              3,980 |   |                  3,125 |   |   |
|                                                                                                                                                    | Estimated interest factor of lease rental charges                                                                                                                                                       |                                                                                                                                                        |                          9,503 |   |                        15,720 |   |              16,630 |   |             16,448 |   |            16,954 |   |                16,406 |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |      Total Fixed Charges                                                                                                                                                       |                                                                                                                                                        |  $                    65,343 |   |  $                    92,492 |   |  $          79,293 |   |  $         68,698 |   |  $        64,252 |   |  $            60,120 |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Earnings, as defined by the Securities and Exchange                                                                                                                                                     |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Commission:                                                                                                                                                                                             |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Earnings from continuing operations before income taxes and non-controlling interest                                                                                                                    |   $                    37,253                 |   |   $                  (69,324) |  * |  $          34,611 |   |   $         89,657 |   |  $        51,034 |   |   $          114,690 |   |   |
|                                                                                                                                                    | Fixed charges as above                                                                                                                                                                                  |                                                                                                                                                        |                        65,343 |   |                        92,492 |   | 79,293 |   | 68,698 |   | 64,252 |   | 60,120 |   |   |
|                                                                                                                                                    | Non-controlling interest in earnings of Valencia                                                                                                                                                        |                                                                                                                                                        |                        (7,890) |   |                        (7,179) |   |                      - |   |                     - |   |                    - |   |                       - |   |   |
|                                                                                                                                                    | Interest capitalized                                                                                                                                                                                    |                                                                                                                                                        |                        (4,919) |   |                        (6,815) |   |               (9,712) |   |              (4,882) |   |            (3,113) |   |                (2,158) |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Earnings Available for Fixed Charges                                                                                                                                                                    |                                                                                                                                                        |  $                    89,787 |   |  $                      9,174 | ** |  $        104,192 |   |  $       153,473 |   |  $      112,173 |   |  $          172,652 |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | Ratio of Earnings to Fixed Charges                                                                                                                                                                      |                                                                                                                                                        |                            1.37 |   | 0.10 |   | 1.31 |   | 2.23 |   | 1.75 |   | 2.87 |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | * The presentation of non-controlling interest in earnings of Valencia was changed effective January 1, 2009 in accordance with an amendment to GAAP.  The 2008 presentation has been changed |
|                                                                                                                                                    | to be consistent with 2009.  There is no impact on periods prior to 2008.                                                                                                                     |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                    | ** The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.3 million for the year December 31, 2008.                          |
|                                                                                                                                                    |                                                                                                                                                                                                    |                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |

----