Exhibit 12.1

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.
	** 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.