EXHIBIT 12.3

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.