| PUBLIC SERVICE COMPANY OF NEW MEXICO                                                                                                                                         |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Ratio of Earnings to Fixed Charges                                                                                                                                           |   |
| (In thousands, except ratio)                                                                                                                                                 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                         |   | Three Months Ended |   |   | Year Ended December 31, |   |
|                                                                                                                                                                         |   | March 31, 2010 |   |   | 2009 |   |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| Fixed charges, as defined by the Securities and Exchange                                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest expensed and capitalized                                                                                                                                            |   | $ | 18,647 |   |   | $ | 73,104 |   |   | $ | 72,427 |   |   | $ | 58,045 |   |   | $ | 49,379 |   |
| Amortization of debt premium, discount and expenses                                                                                                                          |   |   | 334 |   |   |   | 1,336 |   |   |   | 4,345 |   |   |   | 4,618 |   |   |   | 2,871 |   |
| Interest from discontinued operations (including capitalized interest)                                                                                                       |   |   | - |   |   |   | 1,027 |   |   |   | 13,758 |   |   |   | 12,546 |   |   |   | 11,790 |   |
| Estimated interest factor of lease rental charges                                                                                                                            |   |   | 905 |   |   |   | 4,517 |   |   |   | 4,553 |   |   |   | 4,661 |   |   |   | 4,337 |   |
|      Total Fixed Charges                                                                                                                            |   | $ | 19,886 |   |   | $ | 79,984 |   |   | $ | 95,083 |   |   | $ | 79,870 |   |   | $ | 68,377 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings, as defined by the Securities and Exchange                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Commission:                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings from continuing operations before income taxes and non-controlling interest                                                                                         |   | $ | 10,472 |   |   | $ | 45,627 |   |   | $ | (69,324 | ) |   | $ | 34,611 |   |   | $ | 89,657 |   |
| Fixed charges as above                                                                                                                                                       |   |   | 19,886 |   |   |   | 79,984 |   |   |   | 95,083 |   |   |   | 79,870 |   |   |   | 68,377 |   |
| Non-controlling interest in earnings of Valencia                                                                                                                             |   |   | (3,103 | ) |   |   | (11,890 | ) |   |   | (7,179 | ) |   |   | - |   |   |   | - |   |
| Interest capitalized                                                                                                                                                         |   |   | (1,016 | ) |   |   | (6,067 | ) |   |   | (7,363 | ) |   |   | (10,033 | ) |   |   | (5,257 | ) |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Earnings Available for Fixed Charges                                                                                                                                         |   | $ | 26,239 |   |   | $ | 107,654 |   |   | $ | 11,217 |   |   | $ | 104,448 |   |   | $ | 152,777 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                                                                                                                                           |   |   | 1.32 |   |   |   | 1.35 |   |   |   | 0.12 | * |   |   | 1.31 |   |   |   | 2.23 |   |
|                                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * The shortfall in the earnings available for fixed charges to achieve a ratio of earnings to fixed charges of 1.00 amounted to $83.9 million for the year December 31, 2008 |   |
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