**Exhibit 12.1**

**PNM  RESOURCES, INC. AND SUBSIDIARIESRatio of Earnings to Fixed Charges(1,000'S)**
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| Line |  |  | YTD   
Year Ended December 31,

No.
06/30/05   
12/31/04
12/31/03
12/31/02
12/31/01
12/31/00
Fixed  charges, as defined by the Securities and Exchange Commission:
            
1

Interest  on Long-term Debt
$30,711   
 $46,702

 $  59,429

 $  56,409

 $	62,716 

 $ 62,823

2

Amortization  of Debt Premium, Discount and Expenses
1,619   
2,697

2,838

2,302

2,346

2,037

3

Other  Interest
2,377   
2,319

5,423

2,859

(42)

752

4

Estimated  Interest Factor of Lease Rental Charges
10,138   
19,617

20,452

23,233

22,856

19,716

5

      Total Fixed Charges
$44,845   
 $71,335

 $  88,142

 $  84,803

 $ 87,876

 $  85,328
      
Earnings,  as defined by the Securities and Exchange Commission:
            
6

Consolidated  Net Earnings from Continuing Operations
$34,250   
$ 88,258

 $  59,138

 $	64,272

 $150,433

 $100,946

7

Income  Taxes
18,584   
49,247

27,889

33,032

81,063

74,345

8

Add Fixed  Charges as Above
44,845   
71,335

88,142

84,803

87,876

85,328

9

Earnings  Available for Fixed Charges
$97,679   
 $208,840

 $175,169

 $182,107

 $319,372

 $260,619

10

Ratio for  Earnings to Fixed Charges
2.18   
2.93

1.99

2.15

3.63

3.05
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