| PNM      RESOURCES, INC. AND SUBSIDIARIES |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Ratio      of Earnings to Fixed Charges   |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |
| (In      thousands, except ratio)         |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          | Three      Months Ended                                                                                                                                                                                                     |   | Year      Ended December 31, |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |  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)                                                                                                                                                                                                                                                                                                                              |  $                            24,287                                       |   |  $                   98,455 |   |  $              85,757 |   |  $         87,755 |   |  $        67,463 |   |  $            35,445 |   |   |
|                                      | Amortization      of debt premium, discount and expenses                                                                                                                                                                                                                                                                                                                                      |                                  2,020                 |   |                         6,386 |   |                    6,566 |   |               4,729 |   |              3,962 |   |                  3,036 |   |   |
|                                      | Other      interest (including interest capitalized)                                                                                                                                                                                                                                                                                                                                          |                                  5,169                 |   |                       36,503 |   |                  38,542 |   |             48,064 |   |            15,939 |   |                  3,464 |   |   |
|                                      | Estimated      interest factor of lease rental charges                                                                                                                                                                                                                                                                                                                                        |                                  3,738                 |   |                       17,632 |   |                  19,308 |   |             19,235 |   |            19,934 |   |                18,843 |   |   |
|                                      | Preferred      dividend requirements of subsidiary                                                                                                                                                                                                                                                                                                                                            |                                     193 |   |                            689 |   |                       556 |   |                  798 |   |              4,063 |   |                     881 |   |   |
|                                      |      Total      Fixed Charges                                                                                                                                                                                                                                                                                                                                        |  $                            35,407                                       |   |  $                 159,665 |   |  $            150,729 |   |  $       160,581 |   |  $      111,361 |   |  $            61,669 |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings,      as defined by the Securities and Exchange                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Commission:                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings      from continuing operations before income taxes and non-controlling      interest                                                                                                                                                                                                                                                                                                |  $                            23,994                                       |   |  $               (388,381) | * |  $              63,112 |   |  $       164,018 |   |  $        76,502 |   |  $          107,060 |   |   |
|                                      | (Earnings)      loss of equity investee                                                                                                                                                                                                                                                                                                                                                       |                                (1,395)                           |   |                       29,687 |   |                   (7,581) |   |                     - |   |                    - |   |                       - |   |   |
|                                      | Earnings      from continuing operations before income taxes, non-controlling      interest,  and investee earnings                                                                                                                                                                                                                                                                 |                                22,599                            |   |                   (358,694) |   |                  55,531 |   |           164,018 |   |            76,502 |   |              107,060 |   |   |
|                                      | Fixed      charges as above                                                                                                                                                                                                                                                                                                                                                                   |                                35,407                            |   |                     159,665 |   | 150,729 |   | 160,581 |   | 111,361 |   | 61,669 |   |   |
|                                      | Interest      capitalized                                                                                                                                                                                                                                                                                                                                                                     |                                (2,527)                           |   |                       (8,301) |   |                 (10,419) |   |              (6,128) |   |            (3,626) |   |                (2,445) |   |   |
|                                      | Non-controlling      interest in earnings of Valencia                                                                                                                                                                                                                                                                                                                                         |                                (2,579)                           |   |                       (7,179) |   |                          - |   |                     - |   |                    - |   |                       - |   |   |
|                                      | Preferred      dividend requirements of subsidiary                                                                                                                                                                                                                                                                                                                                            |                                   (193)           |   |                          (689) |   | (556) |   | (798) |   | (4,063) |   | (881) |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Earnings      Available for Fixed Charges                                                                                                                                                                                                                                                                                                                                                     |  $                            52,707                                       |   |  $               (215,198) |   |  $            195,285 |   |  $       317,673 |   |  $      180,174 |   |  $          165,403 |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | Ratio      of Earnings to Fixed Charges                                                                                                                                                                                                                                                                                                                                                       | 1.49                                                                                                                                                                                                                        |   | N/M | ** | 1.30 |   | 1.98 |   | 1.62 |   | 2.68 |   |   |
|                                      |                                                                                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      | *      The presentation of non-controlling interest in earnings of Valencia was      changed effective January 1, 2009 in accordance with SFAS      160.  The 2008 presentation has been changed                                                                                                                                                                                    |                                                                                                                                                                                                                        |   |
|                                      | to      be consistent with 2009.  There is no impact on periods prior to      2008.                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |
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|                                      | **      The ratio of earnings to fixed charges for the year ended December 31,      2008 is not meaningful since earnings available for fixed charges is      negative.  The shortfall in the earnings available for      fixed charges to achieve a ratio of earnings to fixed charges of 1.00      amounted to $374.9 million for the twelve months ended December 31,      2008. |                                                                                                                                                                                                                        |   |
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