| PUBLIC      SERVICE COMPANY OF NEW MEXICO                                                                                                                                                                  |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Ratio      of Earnings to Combined Fixed Charges and Preferred Stock      Dividends                                                                                                                        |   |
| (In      thousands, except ratio)                                                                                                                                                                          |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                       |   | Nine      Months |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                       |   | Ended |   |   | Year      Ended December 31, |   |
|                                                                                                                                                                                                       |   | September      30, 2008 |   |   | 2007 |   |   | 2006 |   |   | 2005 |   |   | 2004 |   |   | 2003 |   |
| Fixed      charges, as defined by the Securities and Exchange                                                                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      on long-term debt                                                                                                                                                                            |   | $ | 42,924 |   |   | $ | 38,534 |   |   | $ | 40,541 |   |   | $ | 39,408 |   |   | $ | 36,801 |   |   | $ | 48,067 |   |
| Amortization      of debt premium, discount and expenses                                                                                                                                                   |   |   | 3,624 |   |   |   | 4,618 |   |   |   | 2,871 |   |   |   | 2,856 |   |   |   | 3,036 |   |   |   | 2,958 |   |
| Other      interest                                                                                                                                                                                        |   |   | 5,582 |   |   |   | 9,799 |   |   |   | 3,956 |   |   |   | 1,921 |   |   |   | 1,719 |   |   |   | 3,859 |   |
| Estimated      interest factor of lease rental charges                                                                                                                                                     |   |   | 11,764 |   |   |   | 16,630 |   |   |   | 16,448 |   |   |   | 16,954 |   |   |   | 16,406 |   |   |   | 17,007 |   |
| Interest      capitalized                                                                                                                                                                                  |   |   | 264 |   |   |   | 3,738 |   |   |   | 1,946 |   |   |   | 1,054 |   |   |   | 752 |   |   |   | 909 |   |
|      Total      Fixed Charges                                                                                                                                                     |   |   | 64,158 |   |   |   | 73,319 |   |   |   | 65,762 |   |   |   | 62,193 |   |   |   | 58,714 |   |   |   | 72,800 |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Preferred      dividend requirements                                                                                                                                                                       |   |   | 431 |   |   |   | 781 |   |   |   | 815 |   |   |   | 746 |   |   |   | 891 |   |   |   | 859 |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      Fixed Charges and Preferred Dividend Requirements                                                                                                                                               |   | $ | 64,589 |   |   | $ | 74,100 |   |   | $ | 66,577 |   |   | $ | 62,939 |   |   | $ | 59,605 |   |   | $ | 73,659 |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings,      as defined by the Securities and Exchange                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                                                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      before income taxes                                                                                                                                                                          |   | $ | (63,159 | ) |   | $ | 34,611 |   |   | $ | 89,657 |   |   | $ | 51,034 |   |   | $ | 114,690 |   |   | $ | 74,400 |   |
| Fixed      charges as above                                                                                                                                                                                |   |   | 64,158 |   |   |   | 73,319 |   |   |   | 65,762 |   |   |   | 62,193 |   |   |   | 58,714 |   |   |   | 72,800 |   |
| Interest      capitalized                                                                                                                                                                                  |   |   | (264 | ) |   |   | (3,738 | ) |   |   | (1,946 | ) |   |   | (1,054 | ) |   |   | (752 | ) |   |   | (909 | ) |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings      Available for Fixed Charges                                                                                                                                                                  |   | $ | 735 |   |   | $ | 104,192 |   |   | $ | 153,473 |   |   | $ | 112,173 |   |   | $ | 172,652 |   |   | $ | 146,291 |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio      of Earnings to Fixed Charges and Preferred Stock Dividends                                                                                                                                      |   |   | 0.01 | * |   |   | 1.41 |   |   |   | 2.31 |   |   |   | 1.78 |   |   |   | 2.90 |   |   |   | 1.99 |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| *      The shortfall in the earnings available for fixed charges to achieve a      ratio of earnings to fixed charges of 1.00 amounted to $63.9 million for      the nine months ended September 30, 2008. |   |
|                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----